In the long run we are all deadwhich I think should help most of the liberal haters accept the fact that Keynes was re-incarnated as Jim Morrison.
As usual
tongodeon offers us the apparently modestly reasonable rant The Return of John Maynard Keynes, which of course obviously FAILS to point out the Jim Morrison Connection.What would be at least interesting to hear from the Chicago Schoolers, were some deeply religious commitment as to why we were suppose to buy into the mythologies of a Monetarist Policies in a Global Economy, when one of the nations gets to play fast and loose about the Global Currency...
Granted, that way does run into a whole series of big UGLY SCARY BITS, not the least of which is one of the central cult Mytho's
Reagan has already proved that deficits do not matter.Which offers up the Fuggly in the current events, that if this were REALLY TRUE, then of course the whines about any of the bail outs, is, well, just more of the same old "stabbing our troops in the back" that it had been under both Klinton and Dubya.
But if the whole give away tax cuts, well, never really solved the 'saving problem' in the actual real world. { I do not discount that in some slip stream world, where Reaganism is an actual conservative movement, and not merely one more Psuedo-Con-In-Drag-Cult, that the economics in that space, is, well, under a totally different Gravity Well.. } It should likewise not come as that strong a piece of work to step back and start looking at what may well have been the core DEFECT in Keynesianism.
The FUGGLY LEFT OVER of the sixties.... What if deficits DO MATTER! and matter even MORE in the nation with the Global Currency? Hence that fiscal fiasco of the Unfunded Vietnam Era weapons testing programme, REALLY was a bad thing, since it lead to the financial crisis that Nixon would 'fix' by allowing the Global Currency to sorta float... I say sorta float, since we end the seventies with it once again safely protected by being the currency used for buying BTU's, that was backed by the full faith and credit that we would NUKE any unbelieving god haters who failed to be our bestist-bestist friends.
Granted, that direction leads us into the somewhat unpleasant question set about why folks were soooooo hoping that the OneCurrencyToRuleThemAll was the great solution from Mordor!!! And yes boys and Non-Perkin, Greenspan FAILED to take the Ring Out of the Shire... So Get Over It!!!
OK, so we will also need to address the whole issue about privatizing militaries on the tax payers dime, rather than allowing the Majik of the free markets to do that on the mere profit motive....
Now do not get me wrong here boys and Chumps, but, uh, we may need to go and solve various issues that had not been available for testing. Keynes was writing from the context in which the UK was still the Major Global Currency, with the global backing of it's military and economic forces. While the USofA was still play acting that it did not really mean to be an Imperialist Power. Since, well, we were sorta thinking about giving the PI it's national sovereignty, which, well, was also assumed by the Territory of Hawai'i, to imply that it toooo would be allowed to return to it's own indigenous cultural heritage...
Clearly we may need to deal with whether or not Nuclear Stock Piles make a better basis for both Morality and Economics... Or... Heaven forbid, that we start working on which parts of the economic analysis we really want to have as 'scientific' and therefore in some way external to the various fading fashions of Lysenkoisms that come and go, like slender ones on the fashion runways.
But that would mean that the Chicago Schoolers would have to PUT DOWN THE BONG, and get back to, OH MY GOD!!! that whole failed Pre-911 culture of factualism, as if, OH NO!!!! NO Mr. Bill! NO!! Not stabbing the troops in the back by saying that 911 failed to change the core epistemology!!!!
How ever will americans be able to live!!! and if we go there, OH NO!!!! what will keep them from becoming mass murderers as they lose faith in their false gods and Idols!!!
So maybe we do not want to take Economics out of the realm of Mystico-Religion......
And therefore be able to re-purpose Generalissimo Pinochete as the New Grand Inquisitor of the Holy Order of the True Believers in the one true and only corrector Chicago School of Milton Friedmanism!!!
All Hail the True Profit!!! And the War President who made it all possible....