Keynes

Econometric models are constructed with the idea that they can be substituted for authentic human action. Not surprisingly, they fail badly.

Advocates of unbacked paper money claim that theirs is the “civilized” choice, as opposed to gold, or what Keynes called “that barbarous relic.” These inflationists, however, are the ones wrecking civilization as we have known it.

Econometric models are constructed with the idea that they can be substituted for authentic human action. Not surprisingly, they fail badly.

Advocates of unbacked paper money claim that theirs is the “civilized” choice, as opposed to gold, or what Keynes called “that barbarous relic.” These inflationists, however, are the ones wrecking civilization as we have known it.

The US economy has deteriorated into little more than a series of asset bubbles driven by the inflationary policies of the central bank.

Keynes denounced monetary gold as "a barbarous relic." In the end, it will be that "barbarous relic" that overthrows the regime of paper currency.

Keynes denounced monetary gold as "a barbarous relic." In the end, it will be that "barbarous relic" that overthrows the regime of paper currency.

The Keynesian prescription for an economic downturn is for government to increase spending to improve so-called aggregate demand. In reality, this is a recipe for worsening the recession.

With the US economy facing a severe downturn, we should remember that two recessions ended quickly because the government didn't intervene at all.

A central tenet of Keynesian economics is that governments must run budget deficits to stimulate economic growth. But government spending actually shrinks the economy.