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Tuesday, July 21, 2009

Chris Leithner on John Maynard Keynes

Keynes was influential not because he made any sense, but because he told politicians precisely what they wanted to hear: namely, that they were a sine qua non of stability and prosperity. The fact that they are nothing of the sort – that in fact they invariably foment volatility and costly mishaps – seems to trouble very few people. Keynes anointed politicians as benefactors of consumption and as guardians of employment; he clothed their armed robbery in the garb of civic virtue; and above all he commanded them to do what the typical politician always strives to do – spend, spend and spend, which means expropriate, confiscate and steal.
--from "Poindexter: Philosophical Mediocrity, Economic Illiterate and Evil Political Genius" by Chris Leithner

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