THE PROBLEM WITH THE "PURE KEYNESIAN" CURE THIS TIME...
IS THAT KEYNES WOULD NOT HAVE RECOGNIZED THE US ECONOMY PRIOR TO THE "CRISIS"...
THIS IS A CRISIS THAT KEYNES NEVER COULD HAVE THOUGHT WOULD HAPPEN...
THE NOTION OF A CENTRAL BANK BEING THE PROMOTER OF ASSET INFLATION...NOT THE GUARDIAN OF THE CURRENCY IS SIMPLY NOT IN THE FED MANDATE...AND NOT IN THE KEYNESIAN ORTHODOXY...
SO THIS IS A NEW BREED OF DEPRESSION...
ONE THE KEYNES COULD NOT HAVE ANTICIPATED...
THIS IS STRICTLY...AN IMPERIAL COLLAPSE...NOT CLASSIC OVER PRODUCTION...OR A PERIOD WHERE THE CENTRAL BANK "TOOK THE PUNCHBOWL AWAY...!"
KEYNES COULD NEVER HAVE ANTICIPATED THAT GREENSPAN AND BERNANKE WOULD NOT ONLY NOT TAKE THE PUNCH BOWL AWAY...BUT WOULD TURN THE FIREHOSE ON WALL STREET...AND FLOOD THE PLACE WITH MONEY...AFTER THE BUBBLES CAME CRASHING DOWN...
THIS IS A COWARDLY NEW WORLD...THAT KEYNES WOULD NOT HAVE RECOGNIZED...OR CONDONED.
