Monday, May 28, 2012

Gary North says there is Keynesianism in the conservative camp

Keynesian is in the conservative camp, Gary North says, and that is not, by the way, a good thing.

It starts with this:
Someone posted a video of a LKeftist millionaire entrepreneur with a Ph.D. in philosophy. He told us that raising taxes on the rich will not reduce jobs. He is an economic idiot, even though he is a smart businessmen. There are lots of them.

What disturbed me was the reply.

It went on with this:

The site member begins with straight Keynesianism: “It is consumers who create demand and therefore jobs. The rich are globalists.” This is the very heart of Keynes’s economics. He began his analysis with the consumer. He assumed that the consumer had come out of nowhere, ready to consume, yet for some reason he was unable to consume. Keynes blamed the refusal of capitalists to invest, to employ unemployed people. He called on the government to borrow money and hire people. Everything centered on increasing demand.

Read the rest for more analysis. It's better in its full context.

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