Jake Towne: ‘The great slump of 2008’

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Today’s American FED and Treasury “bailouts” are finally giving the American corporate-cronyism form of capitalism all the remaining aspects of the Leninist “commanding heights” economy that served the Soviet Union so well. The classical Keynesian-Friedmanite school of thought is that smart and slick central planners can somehow control and manipulate the economy by stimulating it at opportune times by inflation with unsound money, or holding back the throttle in times of abundance.

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The “Great Slump” of 2008

December 26, 2008
by Jake, the Champion of the Constitution

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The outstanding contemporary relevance of Lord Keynes’ short essay “The Great Slump of 1930” comes from the fact that Keynes faced very similar dire auspices as he grappled with the uncertain future of the 1930 global economic downturn. At the time he wrote the essay, Keynes was trying to explain both the origins of the crisis and its future length and severity. Needless to say, he missed the boat completely, although like a good medieval soothsayer he did manage to hedge his bet a little. Obviously, the “Great Slump” was not a temporary downturn but instead heralded the Great Depression, which would last until the wartime economy of WWII stimulated industry in the United States while utterly destroying Europe, the epitome example of lost wealth via Henry Hazlitt’s “broken window” illustration. Based on recent FED manuevers and Obama’s future taxation and government expansion plans, most likely the modern-day Keynesian-Friedmanite command-and-control corporate governments will respond in a similar hapless manner as Keynes’ abject failure almost 80 years ago.

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2 thoughts on “Jake Towne: ‘The great slump of 2008’

  1. JimDavidson

    I wonder if the war time economy did the stimulating that everyone seems to claim. There were several up turns in the economy during the Great Depression, each of which was slammed very hard by new regulations and new controls.

    It seems to me that what happened with the war time economy was the looters all focused on the big pile of loot from the war contracts and began to ignore people making something of their own with what they had. The attention on restricting trade and commerce began to focus on war materiel rather than on all aspects of the economy.

    In any event, Keynes is thoroughly discredited. Only a guy like Nixon would like Keynes. There is no value to reading Keynes. He was a buffoon.

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