from The Daily Bell
A Point of View: What would Keynes do? … What would John Maynard Keynes, one of the most influential economists of the 20th Century, have made of the current economic situation, ponders philosopher John Gray … The influential Cambridge economist has figured prominently in the anxious debates that have gone on since the crash of 2007-2008. For most of those invoking his name, he was a kind of social engineer, who urged using the power of government to lift the economy out of the devastating depression of the 30s. That is how Keynes’s disciples view him today. The fashionable cult of austerity, they warn, has forgotten Keynes’s most important insight – slashing government spending when credit is scarce only plunges the economy into deeper recession. – BBC/John Gray
Dominant Social Theme: John Maynard Keynes, the irreplaceable man.
Free-Market Analysis: John Maynard Keynes has had a bad run in the 21st century, and this article may mark an attempt by the powers-that-be to rehabilitate him.
This is no doubt important to a power elite that wants to run the world and needs the justifications that Keynes provided to continue to offer its modern brand of ruinous monopoly central banking. Keynes was extraordinarily important.