Please don't embarrass yourself by suggesting you support the gold standard. As for the rest, are you going to blame Keynes, or those who have "misapplied" his model at best. In the US, for example, the GOP has repeatedly cuts taxes and borrowed (to pay for those tax cuts) at precisely the WRONG times. To blame Keynes's model on such stupidity is insult to injury. Also, are you even remotely aware of the distinction between fiscal and monetary policy? Communicating with you on this subject matter is like trying to have an exchange with a boisterous and inattentive child in a remedial economics high school class. You don't even know what you don't know and, quite frankly, I've had my fill, thanks.
Why does the greatest economy ever dreamed of in all the history of mankind have to borrow? I watched Reich speaking of the 7 lies... he conjures up a connection between tax cuts for the rich and wages falling. Wages fell due to automation and outsourcing... he conjures up a connection between high tax rates and economic growth from WW2 to 1980. The US bombed out all the manufacturing capability of the world and then exported stuff in that time period, the 70% tax rates were there just because the public sector could get away with it in such good economic times... There is so much wrong with that bullshit artist snide little video that it's making my stomach churn...
You know, I have to give this more than a +1. I know some will blame Obama for his spending, some will blame Bush for his wars, but this is not new. 1791 had $75 million dollars per a quick google. c
Brass they are very well aware of the difference between keynes and Hayek. They have been educated since you were away. Just so you know. <iframe width="560" height="315" src="http://www.youtube.com/embed/GTQnarzmTOc" frameborder="0" allowfullscreen></iframe>
Yet another ET I'm right/you're wrong thread. This is what goes on all over the country. This is exactly what your slave masters (the government) wants all of you to keep doing. Without your help, they don't exist with the power they have today. Our problems have nothing to do with a "tax" or a "trust". It has to do with special interests and government overspending. Never vote for a Democrat. Never vote for a Republican. Either way, the government wins. So---keep demanding term limits and a balanced budget amendment.
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You miss the point entirely. Reich was simply dismissing the simple if-then false relationships that faith-based "economists" such as you have come to rely upon for your false sense of reality. The Right thinks it's all easy, simple and clear. The causal relationships you assume simply don't stand the test of history. They haven't then and they don't now. Again: faith-based. You believe that tax cuts for the rich trickle down to the rest of the economy. Reich showed (actually, history showed it for him) that it does not. Next, the higher taxes on the rich he referred to went on until 1980. Are you suggesting that the economic growth of WWII lasted until then to offset such top marginal rates? Really? And so on.
Actually it is you that is embarassing yourself, it is very sad that far left radicals like yourself are simply to indoctrinated to realize that the number one force behind the destruction of the middle class has been keynesian economics, and the inflation/destruction of the dollar it has brought along with it. It is unfortunate that you guys are going to take all of us off the ledge with you, and i doubt even then that you will wake up and realize what a destructive force keynes has been. It is simply mind boggling when you look at where keynes has gotten us that people actually still believe that it works. You should really pick up a few economics books and try to educate yourself a little, instead of just buying into what partisan hacks like krugman and reich tell you, until you gain the slightest grasp on economics there is no point in talking to you about it.