The Problem with Keynesianism is that Most Keynesianist dont Understand Keynes

Discussion in 'Economy' started by JimBowie1958, Jul 12, 2012.

  1. JimBowie1958
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    JimBowie1958 Old Fogey

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    The trouble with most Keynesianists today is that they don't understand nor
    implement Keynesian economics but a bastrardization of Fabian socialism
    which they lie and call Keynesian and I think these quotes demonstrate this.

    John Maynard Keynes - Wikiquote

    "Lenin is said to have declared that the best way to destroy the capitalist
    system was to debauch the currency. By a continuing process of inflation,
    governments can confiscate, secretly and unobserved, an important part of
    the wealth of their citizens. By this method they not only confiscate, but
    they confiscate arbitrarily; and, while the process impoverishes many, it
    actually enriches some. The sight of this arbitrary rearrangement of riches
    strikes not only at security, but at confidence in the equity of the
    existing distribution of wealth.
    Those to whom the system brings windfalls,
    beyond their deserts and even beyond their expectations or desires, become
    'profiteers,' who are the object of the hatred of the bourgeoisie, whom the
    inflationism has impoverished, not less than of the proletariat. As the
    inflation proceeds and the real value of the currency fluctuates wildly from
    month to month, all permanent relations between debtors and creditors, which
    form the ultimate foundation of capitalism, become so utterly disordered as
    to be almost meaningless; and the process of wealth-getting degenerates into
    a gamble and a lottery."

    "There is no subtler, no surer means of overturning the existing basis of
    society than to debauch the currency.
    The process engages all the hidden
    forces of economic law on the side of destruction, and does it in a manner
    which not one man in a million is able to diagnose."

    "If the Treasury were to fill old bottles with banknotes, bury them at
    suitable depths in disused coal mines which are then filled up to the
    surface with town rubbish, and leave it private enterprise on well tried
    principals of laissez-faire to dig the notes up again ..., there need be no more
    unemployment
    and, with the help of the repercussions, the real income of the
    community, and its capital wealth also, would probably become a good deal
    greater than it actually is."

    "I expect to see the State, which is in a position to calculate the marginal
    efficiency of capital goods on long views and on the basis of the general
    social advantage, taking an ever greater responsibility for directly
    organising investment;.."

    "The outstanding faults of the economic society in which we live are its
    failure to provide for full employment and its arbitrary and inequitable
    distribution of wealth and incomes."

    "Capitalism is the astounding belief that the most wickedest of men will do
    the most wickedest of things for the greatest good of everyone
    ."

    "The decadent international but individualistic capitalism in the hands of
    which we found ourselves after the war is not a success. It is not
    intelligent. It is not beautiful. It is not just. It is not virtuous. And it
    doesn't deliver the goods. In short we dislike it, and we are beginning to
    despise it. But when we wonder what to put in its place, we are extremely
    perplexed
    ."

    "The book [Hayek's "Prices and Production"], as it stands, seems to me to be
    one of the most frightful muddles I have ever read, with scarcely a sound
    proposition in it beginning with page 45 [Hayek provided historical
    background up to page 45; after that came his theoretical model], and yet it
    remains a book of some interest, which is likely to leave its mark on the
    mind of the reader. It is an extraordinary example of how, starting with a
    mistake, a remorseless logician can end up in bedlam."

    "Markets can remain irrational longer than you can remain solvent."


    Regarding the peace process at the end of the First World War:
    "The division of the spoils between the victors will also provide employment
    for a powerful office, whose doorsteps the greedy adventurers and jealous
    concession hunters of twenty or thirty nations will crowd and defile."


    "If you owe your bank a hundred pounds, you have a problem. But if you owe a
    million, it has
    ."


    "They offer me neither food nor drink - intellectual nor spiritual
    consolation... [Conservatism] leads nowhere; it satisfies no ideal; it
    conforms to no intellectual standard, it is not safe, or calculated to
    preserve from the spoilers that degree of civilisation which we have already
    attained
    ."


    "When the accumulation of wealth is no longer of high social importance,
    there will be great changes in the code of morals. We shall be able to rid
    ourselves of many of the pseudo-moral principles which have hag-ridden us
    for two hundred years, by which we have exalted some of the most distasteful
    of human qualities into the position of the highest virtues. We shall be
    able to afford to dare to assess the money-motive at its true value. The
    love of money as a possession - as distinguished from the love of money as a
    means to the enjoyments and realities of life - will be recognised for what
    it is, a somewhat disgusting morbidity, one of those semi-criminal,
    semi-pathological propensities which one hands over with a shudder to the
    specialists in mental disease ... But beware! The time for all this is not
    yet. For at least another hundred years we must pretend to ourselves and to
    everyone that fair is foul and foul is fair; for foul is useful and fair is
    not. Avarice and usury and precaution must be our gods for a little longer
    still. For only they can lead us out of the tunnel of economic necessity
    into daylight."


    "This is a nightmare, which will pass away with the morning. For the
    resources of nature and men's devices are just as fertile and productive as
    they were. The rate of our progress towards solving the material problems of
    life is not less rapid. We are as capable as before of affording for
    everyone a high standard of life ... and will soon learn to afford a
    standard higher still. We were not previously deceived. But to-day we have
    involved ourselves in a colossal muddle, having blundered in the control of
    a delicate machine, the working of which we do not understand. The result is
    that our possibilities of wealth may run to waste for a time - perhaps for a
    long time."


    "The glory of the nation you love is a desirable end,-but generally to be
    obtained at your neighbor's expense."

    On Communism:
    "Leninism is a combination of two things which Europeans have kept for some
    centuries in different compartments of the soul - religion and business. We
    are shocked because the religion is new, and contemptuous because the
    business, being subordinated to the religion instead of the other way round,
    is highly inefficient
    ."

    "Comfort and habits let us be ready to forego, but I am not ready for a
    creed which does not care how much it destroys the liberty and security of
    daily life, which uses deliberately the weapons of persecution, destruction
    and international strife. How can I admire a policy which finds a
    characteristic expression in spending millions to suborn spies in every
    family and group at home, and to stir up trouble abroad?"

    "How can I adopt a creed which, preferring the mud to the fish, exalts the
    boorish proletariat above the bourgeois and the intelligentsia who, with
    whatever faults, are the quality in life and surely carry the seeds of all
    human advancement?
    "

    "I can be influenced by what seems to me to be justice and good sense; but
    the class war will find me on the side of the educated bourgeoisie
    ."


    "Marxian Socialism must always remain a portent to the historians of Opinion
    - how a doctrine so illogical and so dull can have exercised so powerful and
    enduring an influence over the minds of men, and, through them, the events
    of history."

    "For my part I think that capitalism, wisely managed, can probably be made
    more efficient for attaining economic ends than any alternative system yet
    in sight, but that in itself it is in many ways extremely objectionable."


    "I don't feel the least humble before the vastness of the heavens."

    "Education is the inculcation of the incomprehensible into the ignorant by
    the incompetent
    ".

    "In truth, the gold standard is already a barbarous relic." - 1924

    "When the facts change, I change my mind. What do you do, sir?"

    "We will not have any more crashes in our time." - Conversation with Felix
    Somary in 1927

    "I should have drunk more champagne." - last words, as quoted in Ben
    Trovato's Art of Survival (2007)

    And last but not least, Keynes was a member of the British Eugenics Society,
    Galton Institute - Wikipedia, the free encyclopedia
     
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    Last edited: Jul 12, 2012
  2. Dante
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    Dante On leave Supporting Member

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    and most Capitalists today do not understand or implement capitalism.


    next
     
  3. JakeStarkey
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    JakeStarkey Diamond Member Supporting Member

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    JimBowie does not get the K-man, for sure.
     
  4. JimBowie1958
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    JimBowie1958 Old Fogey

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    Most capitalist at least practice the fundamentals of capitalism correctly.

    Keynes wrote that inflation is bad economics and morally repugnant, and that one should pay off national debts during good years so that you can deficit spend during bad years.

    What Keynesianist has EVER done that?

    Show me that, beotch or go bugger off.
     
  5. JimBowie1958
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    JimBowie1958 Old Fogey

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    I was giving all quotes from HIM you dumbfuck.

    I guess Keynes didnt understand his own economics?

    Lol, you are such a moron, and I appologize to all the morons out there for comparing you to them.
     
  6. Dante
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    :cuckoo:
     
  7. JimBowie1958
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    JimBowie1958 Old Fogey

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    Lol, again, no reason, no counter factual assertions, just you being a kindergarden playground shithead.

    It is hilarious that you think quoting Keynes as a way of representing some of his core ideas is looney, lololol.
     
  8. JakeStarkey
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    JakeStarkey Diamond Member Supporting Member

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    I am sure he did, but you don't.
     
  9. JimBowie1958
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    JimBowie1958 Old Fogey

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    I understand what an unwarranted assertion is; do you?

    I mention that because that is about all you can ever do.

    What did I state that shows I dont comprehend Keynes?

    I wont hold my breath waiting for you to respond, lolol.
     
  10. JakeStarkey
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    JakeStarkey Diamond Member Supporting Member

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    I mention that you can quote Keynes but you have never demonstrated any understanding on the board of economic theory, JB.
     

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