Comment by pipio21 | Hacker News Reader

Comment by pipio21 | Hacker News Reader

For me this is economics propaganda from a mainstream economics info company, as biased as you could be.

Keynesianism is simply the idea that the people in power could avert crisis doing terrible things like printing money, which is what QE (quantitaive easing) and negative interest rates is.

Of course the people in power love to have all the power. Those people love taking automatically economic resources from you(and billions of other people) and doing things like traveling the world in their private jets fighting "climate change".

I personally know those guys. They believe you should not overpopulate the world having kids, and that you should always use public transport, while they use multiple mansions and private jets consuming more energy and generating more contaminating in a single move than thousands of families do in an entire year.

But they believe they are special and they could do it. Because they are luminaries.

Keynesianism is the dogma based in Keynes that justify, the 0.1 percent automatically taking 3 or 4 percent of the wealth of the world every single year in order to "save the world".

We have not lived yet the consequences of printing that much money. Debt has grown exponentially and this can't be sustained and it will stop.

This is propaganda for us letting them double down.

> Keynesianism is simply the idea that the people in power could avert crisis doing terrible things like printing money, which is what QE (quantitaive easing) and negative interest rates is.

No, it's not; while Keynesians tended to view QE as necessary monetary policy given the absence of fiscal stimulus, Keynesians almost invariably viewed the crisis to which QE was the response as one which called for fiscal rather than monetary stimulus as the primary response, viewing monetary policy responses as poorly adapted to the situation and ineffective at dealing with it (which they generally turned out to be). In fact, Keynesianism as a modern school of economic policy is more about countercyclical fiscal policy than anything else.

I'm not sure there is any theoretical school behind the current de facto total reliance on monetary policy; that seems to more be a result of Congress being completely disinterested in dealing with the economy in any productive manner leaving the Fed as the only institution that is capable of acting than any coherent, theoretically grounded policy approach.

I dont think you understand what Keynesianism is. Keynesianism doesn’t say anything about money giving the 0.1 percent. You should read up in what Keynes actually said

Also, if you think that Keynes advocated a negative interest rate, you should read Ch 16 and 17 of the General Theory.

You've got a cartoonish view of Keynesianism. Where did you get it from?

I think he is talking about "Keynesians", who use Keynes as theoretical cover for their statist/elitist policies.

For example, Keynes advocated that governments spend the money that they HAVE (saved from budget surpluses when the times are good) to help the economy recover from a recession - and it is not a bad idea, per se.

The problem is that the US government has never had a surplus in recent history (save for one year 20 years ago).

Hence money printing.

This has never worked. The government was never able to control economic cycles, although they advertise as such.

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