Keynes celebrates the end of the Gold Standard

Enjoy one of the very few video footage of John Maynard Keynes as he discusses the positive implications the end of the Gold Standard would have on Great Britain.

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  Education

[tvpnbb]

Except that the reason Keynes advocated stimulus during crisis was because he was afraid that a severe recession could cause a Communist revolution if the government did not help in recovery. He actually advocated free market, with government intervention only during crises.

Oh, and there are many Socialists who also support free market to a limited degree (Social Democrats and Social Liberals).

[lynch5552933]

Britain's economy recovered sharply after leaving the gold standard because other European governments were holding hundreds of millions of British pounds on reserve. So when Britain started printing fiat like crazy, the other nations that were holding British reserves bacame much more poor as a result. Printing fiat did not help your economy... legalized theft did :)

[smashfascismnow]

<3 The Austrian Church of Libertarianism <3

[OldSchopenhauer]

Oh no, I'm an atheist. I rely on the Holy Ghost of Ayn Rand for that.

[OBrien1510]

"Godless homosexual"... of course you'd support free market economics, your philosophy is probably 'God will do it'

[OldSchopenhauer]

But Keynes was a fascist antisemite and a Godless homosexual, and he probably was a serial killer on his spare time too!

[OBrien1510]

Those if you who say Keynes was a borderline fascist clearly have a startlingly meagrely knowledge of Keynes and economics as a whole, and as for bei g arrogant? No he's just charismatic and that should not be misconstrued as cockiness. Keynes was a genius.

[sfjeff1089]

Actually, no. He was basically right in this video. If you want proof note that England left the gold standard 2 years before we did and had a much shallower and shorter depression than we did. In both cases, the end of the gold standard was pretty close to simultaneous to the bottom, but they were 2 years apart.