Like one of George Romero’s zombies, it just never dies – and here’s why:
…why are Keynes’ thoroughly debunked notions still in vogue? …
This question appears at first a lot harder to answer. …
I believe there are two answers. First, a dumbed-down American populace, trained to believe that economic theory is deadly dull and of no practical use, tends to cover their ears when such stuff is discussed.
But the second reason is far more obvious. Imagine any of our egotistical and money- and power-hungry members of Congress or chief executives (of either party) today announcing, “Gee, this economic downturn sure is a misery. Too bad there’s nothing the central government can do but to slash spending till our budget is in surplus so Washington is no longer crowding out private borrowers, meantime putting us back on the silver standard and shutting down the Federal Reserve. So all you lobbyists here to plead for special favors just might as well go home. Store’s closed.”
What? Give up the greatest excuse since Hitler and Tojo for enacting every pork barrel spending spree they can imagine? Are you crazy?!
Instead, what passes for “change” in Washington today are a chief executive and a Congress so desperate to place the heir-apparent to the guys who got us into this mess — Timothy Geithner, head of the Federal Reserve Bank of New York — in charge of their government monetary policy, that they avert their eyes and imitate Sgt. Schultz (“I see Nuh-think!”) when it turns out their guy failed to pay tens of thousands of dollars in personal income taxes.
If we really want to change things, then we have to cut spending down to the basics for survival and safety and then kill any regulation which burdens the tasks of making, mining and growing things. We go down Obama’s road, and we’ll just be more broke at the end of it than we are now. Meanwhile, if we go Obama-lite in a new, improved centrist-loving GOP, then we’ll just arrive at complete national bankruptcy a little later and pure Obamunism would have us do. We need conservatism – pure, fresh conservatism, from top to bottom.
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