Keynes And The Ruling Class - By Garet Garrett (22/10/11) PDF Print E-mail
Garet Garrett   
Saturday, 22 October 2011 08:54

Mises Daily 

The work cumbersomely entitled, The General Theory of Employment, Interest and Money, now commonly abbreviated as The General Theory, was published in 1936. It was therefore only ten years old when the author, John Maynard Keynes, died last April. Probably no other book has ever produced in so little time a comparable effect. It has tinctured, modified, and conditioned economic thinking in the whole world. Upon it has been founded a new economic church, completely furnished with all the properties proper to a church, such as a revelation of its own, a rigid doctrine, a symbolic language, a propaganda, a priestcraft, and a demonology. The revelation, although brilliantly written, was nevertheless obscure and hard to read, but where one might have expected this fact to hinder the spread of the doctrine, it had a contrary result and served the ends of publicity by giving rise to schools of exegesis and to controversies that were interminable because nothing could be settled. There was no existing state of society in which the theory could be either proved or disproved by demonstration — nor is there one yet.

The moment of the book was most fortunate. For the planned society they were talking about the Socialists were desperately in need of a scientific formula. Government at the same time was in need of a rationalization for deficit spending. The idea of welfare government that had been rising both here and in Great Britain — here under the sign of the New Deal — was in trouble. It had no answer for those who kept asking, "Where will the money come from?" It was true that government had got control of money as a social instrument and that the restraining tyranny of gold had been overthrown, but the fetish of solvency survived and threatened to frustrate great social intentions.



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Which Bank Is The Worst For America? 5 Behemoths That Hold Our Political System Hostage - By Sarah Jaffe and Joshua Holland (21/10/11) PDF Print E-mail
Sarah Jaffe and Joshua Holland   
Friday, 21 October 2011 08:56

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Global Systemic Crisis – First Half Of 2012: Decimation Of The Western Banks - By GEAB N°58 (20/10/11) PDF Print E-mail
GEAB N°58   
Wednesday, 19 October 2011 19:05

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UK Inflation Accelerates To CPI 5.2%, Bankrupt Britain's Stealth Debt Default Continues - By Nadeem Walayat (20/10/11) PDF Print E-mail
Nadeem Walayat   
Wednesday, 19 October 2011 18:59

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Last Updated on Wednesday, 19 October 2011 19:07
 
Monetary Madness — Is The US Monetary System On The Verge Of Collapse? - By David Galland (19/10/11) PDF Print E-mail
David Galland   
Wednesday, 19 October 2011 11:06

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