Debunking More Keynesian Nonsense!

For those of you who don't know, my foundation within economics is the Austrian School. The Austrian Theory of Laissez-Faire Capitalism has been vastly ridiculed by mainstream economists, politicians, university scholars, pundits on television, etc.




Peter Schiff, president of EuroPacific Capital, has been predicting a economic collapse as early as 2002, while the Keynesians continued to maintain all the way until the collapse that the markets were fine, economic growth was great, the fundamentals are great, fed policy and monetary policy couldn't be better, so on and so forth.

When the collapse happened, the Keynesians decided that it would be best if the federal government guaranteed all of the bad debt by printing up money, and bailing out corporations that should have otherwise failed. And so this pattern continued for a little while. AIG, CITIGROUP, BANK OF AMERICA, JP MORGAN&CHASE, GENERAL MOTORS, all received bailouts. They even made some banks who had too much capital take the bailouts. Many of the bailouts that were handed out so easily weren't even reported in the news.

People were protesting angrily in the streets over the bailouts. Bankers were receiving death threats, and some politicians were even being hanged-in-effigy. It's strange to me that the world's ELITE INTELLECTUALS can't figure out the simple things, like it's a bad idea to spend more than you save, it's bad to print money because that makes your currency worth less, it's bad to intervene and create artificial supply/demand, it's bad to create artificial savings by rigging interest rates really low.

This is simple stuff that a high-school ECON student could understand, yet, the ELITE INTELLECTUALS WHO HAVE THE COLLEGE DEGREES AND ARE RESPECTED EVERYWHERE IN ACADEMIC CIRCLES can't get it.

While the mainstream media continues even to this day to avoid the topic of Keynesian economics and it's disastrous effects, there are a few independent media sources who take it upon themselves to talk about what the mainstream media doesn't want to acknowledge.





The irony is the fact that we let "educated fools" run our nation, our schools, our economic and foreign policy. Until we as a society wake up and realize that a college degree doesn't make you intelligent, we're doomed beyond all hope.