THE DEMISE OF KEYNESIAN ECONOMICS IS GOING DOWN A NEW PATH...ONE THAT WE HAVE NOT TRAVELED SINCE HOOVER WAS PRESIDENT...
BUT DID KEYNES REALLY "CURE" THE DEPRESSION...OR WAS IT THE CREATIVE DESTRUCTION OF WWII...?
THE AUSTRIAN ECONOMIC SCHOOL TEACHES "CREATIVE DESTRUCTION"...AND AT THE END OF THE SECOND WORLD WAR...AUSTRIA WAS NEAR TOTALLY DESTROYED...SO MAYBE THEY WERE ON TO SOMETHING...??
WHAT THAT WAR DID WAS ALLOW THE DOLLAR TO FIRMLY...ONCE AND FOR ALL...REPLACE THE UK POUND AS THE CURRENCY OF CHOICE...THAT IS WHAT BRETTON WOODS WAS ABOUT...AND KEYNES HAD GREAT RESPECT FOR THE DOLLAR AND THE US ECONOMY...IN 1945...!
BUT KEYNES WOULD NOT RECOGNIZE THE "SINS" THAT ARE BEING COMMITTED "IN HIS NAME" NOWADAYS...
KEYNES IS LIKE JESUS IN THAT REGARD...!
THE ECONOMY'S GLOBAL TECTONIC PLATES ARE SHIFTING AGAIN...AS IN 1931.
BUT THIS TIME WE MAY NOT HAVE THE "GOOD RESULT" THAT CULMINATED IN BRETTON WOODS...
THIS TIME THE END RESULT MAY BE LESS SATISFYING FOR AMERICANS AND THE WEST...
WE ARE ALL POST-KEYNESIANS NOW...
