bailouts and monetarism

Discussion in 'Miscellaneous' started by pettyfog, Apr 27, 2009.

  1. pettyfog

    pettyfog Well-Known Member

    Jan 4, 2005
    In keeping with my recent aversity to posting on every little {?} political foo-pah I see in the news, here's what I consider to be a key sidenote.

    Core in the tax-rape of our future is the management of the money being distributed and whether or not it will actually help. If you have a general grasp of Friedman's economic principles {vs Keynsian* to be blunt} then this is the ONE thing you should read on the subject.

    It addresses the various 'bubbles' in the last 20 years... the departure from 'Reaganomics' while paying it lip service, and what is needed at the present short term to keep the value of the dollar at least viable:
    Monetarism Defiant
    Legendary economist Anna Schwartz says the feds have misjudged the financial crisis.

    No need to fear clicking the link to the article. It's short, easy to read and fairly elemental.

    * While I often give the back of my hand to 'Keynsian' economics, I need to point out that this is not the same as doing so to John Maynard Keynes, himself. His views changed over the years as he learned and analysed more. Unfortunately SOME took a snapshot of his writings and insisted on using tactics that he himself disavowed later.

    And that is the crux of the problem: Keynsian economics is 'tactical' in scope. Chicago School/ Friedman is strategic in nature. Reading Keynes' wiki will point out some interesting elements in today's difficulties.
  2. pettyfog

    pettyfog Well-Known Member

    Jan 4, 2005
    And actually you can blame Keynsian Economics, and how it was taught to me in Econ 101 for my attitude on the "Educated Elite", It was outlined in glowing breathless sermons by my 'instructor' and when I questioned some of the boomerang effects in the longer term I was 'shushed'. "Who's teaching this, me or you?"

    I lived in the REAL world of course, and I saw those effects all the time. Even at the ripe age of 22.

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