Papantonio: The Death of Keynesian Economics

[GoLeft TV]

Run time: 09:48 https://www.youtube.com/watch?v=5q15bQbaujY   Posted on YouTube: November 16, 2011 By YouTube Member: golefttv Views on YouTube: 1   Posted on DU: November 17, 2011 By DU Member: GoLeft TV Views on DU: 2179

 
Any credible economist in America will tell you that Keynesian economic policies are the only policies that will help spur economic growth. From FDR to Bill Clinton, Keynesian economics helped pull America out of the great Depression, as well as the recessions that were created by Ronald Reagan and Bush Senior. So why have Democrats today abandoned those policies? To help answer that question, Mike Papantonio spoke with Michael Corcoran, an investigative journalist with Truth-Out.org.


read the full article here: http://www.truth-out.org/democrats-and-death-keynesian-economics/1318864268

[DonCoquixote]

1. why

Because a bunch of DLC types want to appear like they agree with Joe stupid Sixpack, whose brain has been melted by Norquist.

[Philosopher King]

2. "From FDR to Bill Clinton, Keynesian economics helped pull America out of the great Depression."

Huh...say what...? The Great Depression lasted until Bill Clinton's tenure...? Oh, boy.

Like many bad ideas, the current Keynesian revival began under George W. Bush. Now, the fiscal bills (as well as the political ones) are coming due, even the U.S. and European economies are merely muddling along.

The Europeans have had enough and have decided to enter rehab in an effort to overcome their addiction to the euphoria of magic money. It is my sincere hope that the US will follow suit.

The world has reached the Keynesian dead end.

[oldhippydude]

3. we should have known

when Obama appointed the cat food commission

[dawg]

4. You want us to follow what Europe is doing?

Check back with me in six months and see if you still feel that way.

[Philosopher King]

6. Not really--but you know what they say about broken clocks.

[Dutchmaster]

5. Wow, someone has no clue what keynesian economics are

FREEP board = thataway --------->

[Philosopher King]

7. I may not always catch the magician’s sleight of hand, but I am never fooled by his tricks.

AUSTRIAN SCHOOL

[Name removed]

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[fasttense]

10. Some people are watching way too much Fox.

As if the bushes did not embrace every neo-liberal, Milton Friedman (tool for the idle rich) idea. Keynesian ideas are the opposite of Milton's. Let's name a few of the bushes ideas:

Privatize Social Security - Milton would swoon over this idea, especially when he wrote a letter to Pinochet telling him to privatize Chile's Social Security. In no way is this a Keynesian idea.

Implement torture policies - Milton advised many a world leader to use torture to implement his ideas because in a true democracy "free" trade fantasizes are know for what they are - fake. Not a Keynesian idea at all. In fact, as far as I know Keynes never advised leaders on the use of torture or force.

Free trade fake agreements - Another Milton love story.

Charter School - Milton wanted everything and everybody to report to a corporation, even 6 year old kids.

Using shocks to implement ideas a true democracy would reject. Another wonderful Milton idea he even coined the phrase "shock" economics. So, bush used the 9/11 shock to start a war with Iraq where he implemented even more of Milton's stupid ideas and ensured the ruination of that country for centuries to come.

Just because Raygun and the bushes borrowed money does not make them Keynesian. Keynesian economy clearly states borrowing during times of economic stress is good while paying off the debt during economic prosperity is good too. But don't pay off debt in the middle of an economic downturn and don't give tax cuts to the idle rich during war.

And the banker owned and ruled Europe you seem to love is just another continuing horror story of stupid, useless, excuses for fat rich men to con millions, Milton, neo-liberal (Milton's word for it, not mine) economics in practice. Because Milton just loved the idea of creating crisis out of nothing, borrowing money to pay off borrowed money, in order to turn perfectly functioning democracies into oligarchies of the moneyed elite.

[Name removed]

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