Wednesday, August 10, 2011

Keynesian economics is welfare state economics

Keynesian economics is welfare state economics. It has always been a cover for wealth-redistribution. Officially, this wealth redistribution has been justified in the name of helping the poor. Operationally, it has always been wealth transfers to very large banks.

Every time there is a financial crisis, the government and the central bank bail out large banks. Every time, Keynesian economists hail this policy during the crisis period. Then, after the dust settles, and the surviving banks are larger than ever before, they bewail the fact that Wall Street was bailed out again.

These people are not slow learners. They are non-learners.
Gary North, The Crack in the Ice

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