May 14, 2009

At the Mercy of the Clueless

The Keynesians in control of our economic lives have got our backs.  Maybe joblessness continues to rise, they say, but at least we don’t have to worry about the grim prospect of falling prices.  In the wake of my union’s agreement to a substantial pay cut this year, I’m really happy to receive that assurance.

For an antidote to this idiocy, I strongly recommend Tom Woods’s Meltdown.  All other accounts of our predicament are ultimately nonsensical, and in fact based on the same nostrums that caused the current problems.

Keynesianism, it seems, is akin to Marxism in being ultimately non-falsifiable.  When Keynesianism (in the guise of Fed easy money) leads to disasters such as the current one, the “solution” is always more Keynesianism (in the form of “bailouts,” “loans,” and other gifts to the well-connected).  The model does not allow of refutation.

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