FIGHT OF THE CENTURY - IN THIS CORNER
In the England during WWII at King’s College, there was John Maynard Keynes and Friedrich Hayek.
Each had different ideas about how to run an Economy.
Keynes’ followers were Pres. FDR, Pres. Nixon and others.
Keynes believed that when capitalism went through its boom and bust cycle and blew up the Economy, the Gov had to come in and spend to restart the Economy. This theory was used by FDR during the Depression of the 1930s. It worked until the Republicans stopped the spending. Then, WWII came along with massive Gov spending and the Economy started back up again. Even a Republican Pres. Nixon said “We are all Keynesians now”.
Hayek’s followers were the University of Chicago, Milton Friedman, Alan Greenspan, Big Business and others.
Hayek believed that markets free from any intervention by Gov would make everybody richer. His disciple Friedman tried the theory out in Chile in 1973. The Rich got richer, and everyone else got poorer. The next time that the theory was tried was under Pres. Reagan starting in 1982. We are now seeing the same thing happen. After the Busts of the 90s (Dotcom Bubble) and 2000s (Housing Bubble), the Economy is depressed, and Gov is not spending due to the Republicans. So, the Rich are richer, and the rest of us are poorer. Wages haven’t risen in decades. Unemployment is very high, and Big Corps are taking more jobs and their headquarters overseas.
One would think that this Fight of the Century ended in a KO for Keynes in the early rounds. But, it appears that Big Business has bought the referee (Politicians) and that the fix is in.
Remember what Deep Throat said, “FOLLOW THE MONEY”. Follow it right to Big Business.
In the England during WWII at King’s College, there was John Maynard Keynes and Friedrich Hayek.
Each had different ideas about how to run an Economy.
Keynes’ followers were Pres. FDR, Pres. Nixon and others.
Keynes believed that when capitalism went through its boom and bust cycle and blew up the Economy, the Gov had to come in and spend to restart the Economy. This theory was used by FDR during the Depression of the 1930s. It worked until the Republicans stopped the spending. Then, WWII came along with massive Gov spending and the Economy started back up again. Even a Republican Pres. Nixon said “We are all Keynesians now”.
Hayek’s followers were the University of Chicago, Milton Friedman, Alan Greenspan, Big Business and others.
Hayek believed that markets free from any intervention by Gov would make everybody richer. His disciple Friedman tried the theory out in Chile in 1973. The Rich got richer, and everyone else got poorer. The next time that the theory was tried was under Pres. Reagan starting in 1982. We are now seeing the same thing happen. After the Busts of the 90s (Dotcom Bubble) and 2000s (Housing Bubble), the Economy is depressed, and Gov is not spending due to the Republicans. So, the Rich are richer, and the rest of us are poorer. Wages haven’t risen in decades. Unemployment is very high, and Big Corps are taking more jobs and their headquarters overseas.
One would think that this Fight of the Century ended in a KO for Keynes in the early rounds. But, it appears that Big Business has bought the referee (Politicians) and that the fix is in.
Remember what Deep Throat said, “FOLLOW THE MONEY”. Follow it right to Big Business.
