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John Maynard Keynes Is the Economist the World Needs Now

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Been catching up on my stack of Businessweeks. Pay attention to the date:

https://www.bloomberg.com/news/articles/2014-10-30/why-john-maynard-keyness-theories-can-fix-the-world-economy

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Posted by MachineGhost
Posted on 06/27/2017 7:01 PM
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I think Keynes would respond:

“I am the economist you need ALL THE TIME”.

If you follow a proper Keynesian methodology you are always working against the cycle. So you’re always countercyclically adjusting your policy measures so they are ALWAYS working in the best interest of keeping the economy stable.

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Cullen Roche Posted by Cullen Roche
Answered on 06/28/2017 1:35 PM
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    “Fed’s Yellen expects no new financial crisis in ‘our lifetimes’

    Yahoo Finance Video•June 27, 2017
    U.S. Federal Reserve Chair Janet Yellen said on Tuesday that she does not believe that there will be another financial crisis for at least as long as she lives, thanks largely to reforms of the banking system since the 2007-09 crash.”

    Why? Because she understand’s Cullen’s MR! If only our legislatures did as well! The tools given to the Fed are very weak compared to Uncle Sam’s budget.

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    Posted by Dennis
    Answered on 06/28/2017 2:26 PM
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      Yellen’s an idiot.

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      Posted by MachineGhost
      Answered on 06/28/2017 10:10 PM
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        Yellen is a fine economist. Is there any actual evidence that she is an “idiot”? That strikes me as a rather extreme viewpoint to take….

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        Cullen Roche Posted by Cullen Roche
        Answered on 06/29/2017 12:04 AM
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          It wasn’t her economics that was idiotic, it was her sheer arrogance that central banking has conquered human follibles, including in herself, including the next financial crisis she is presently formenting. But hey, all central bankers always make these chutzpah statements then wind up with egg on their faces later. It’s almost uncanny what idiots they are. Yellen should have known better than to speak like that unless she’s now drunk the Kool Aid like Greenspan did.

          I’d like to draw eerie parallels between similar idiotness of Greenspan and Bernanke, but let’s see if she hangs herself with more rope first.

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          Posted by MachineGhost
          Answered on 06/29/2017 1:08 AM
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            Ah okay. Yeah, central bankers tend to think they’re more powerful than they really are.

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            Cullen Roche Posted by Cullen Roche
            Answered on 06/29/2017 1:10 AM
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              One (MachineGhost), that does not understand difficult things is always going to blame someone else for his lack of understanding. I recommend this book to Machine Ghost, and to keep his badmouthing habit to himself!

              https://www.amazon.com/FED-We-Trust-Bernankes-Great-ebook/dp/B002JCJ72E

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              Posted by Dennis
              Answered on 06/29/2017 6:13 PM
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                According to “New Paradigms in Macroeconomics” by Richard Werner, fiscal policy mostly failed to get growth back up in Japan after the bust in the 90s.

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                Posted by Incognito 7
                Answered on 06/30/2017 8:59 AM
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                  The only policy that would have worked in Japan was printing more people. When you have such a huge structural change in the population like that there’s virtually no govt policy that will overcome it.

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                  Cullen Roche Posted by Cullen Roche
                  Answered on 06/30/2017 1:07 PM
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                    I posted a link elsewhere about the fiscal policy in Japan. It was poorly targeted “bridges to nowhere” that made towns and cities look pretty with empty buildings, but didn’t really do anything about confidence. Japan has such deeply ingrained structural issues, its ridiculous!!! The only thing that has changed of late vs back then is women have been joining the workforce in huge numbers, so hopefully that portends liberal changes. But man, they are running out of time. All of Asia is so lopsided to multitudes of old people and not enough young people to support them via transfer payments.

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                    Posted by MachineGhost
                    Answered on 06/30/2017 11:53 PM
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                      The problem with infrastructure spending is that most people consider infrastructure to be bridges, roads, and other things like that. Those are the least useful and most wasteful for centralized governments to engage in. Infrastructure projects that’re needed are stuff like grid infrastructure (especially with renewable energy, which requires a smart grid), rehashing/taking care of old nuclear power plants, dams with hydropower, and other things like that. Infrastructure in terms of mass building of roads and bridges is often times not productive.

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                      Posted by Suvy Boyina
                      Answered on 07/02/2017 8:53 PM
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