T Nation

Is Obama a Keynesian?


#1

http://www.youtube.com/watch?v=gBrHkxqNT7s&feature=player_embedded#!

There you have it gentlemen, the H.L. Mencken quote life and in color:

Democracy is a pathetic belief in the collective wisdom of individual ignorance.

or maybe:

Democracy is also a form of worship. It is the worship of Jackals by Jackasses.


#2

I bet this same lady makes fun of Bachmann and Palin, too.


#3

They found a couple of people that do not know what Keynesian means and supplemented Kenyan , brilliant :slightly_smiling:


#4

What would be fun to watch is the same interviewer explaining them what "keynesian" really means.

For some reasons, i'm not absolutely sure he understand it clearly enough to teach it.


#5

Jay Walking libertarian style! Reminds me of the "END WOMEN'S SUFFRAGE!" prank videos.


#6

I wondered if he ever explained to that idiot what Keynesian means....


#7

She doesn't even know it's not a country and you still expect him to explain the tenets of Keynesianism to her?

If I were him I wouldn't even know where to begin.

It would be like having a discussion with all the usual PWI suspects.


#8

Not the tenets, but that it's an economic policy based on spending, rather than a country. I figure she could absorb that...


#9

When you think about it keynesian economics must be based on the story of yosef who`s brothers sold him as
a slave to the egyptians and who where able to explain dreams. His advice for the pharao after hearing the pharaos dream is to save the surplus from the seven good years of harvest to come and then to use it in the seven bad years of harvest to come. That is wery similar to keynesian economical policy: Less government spending in good financial years and increased government spending in bad financial years. I guess Maynard Keynes perhaps stole the idea from the old testament. ( I dont actually believe he did, I just think there is
a resemblance beetwen keynesianism and the moral from that part of the story of yosef )


#10

It wouldn't surprise me in the least if the modern statist fantasy and delusion of Keynesianism was founded on ancient irrational myths.


#11

As far as I know Keynes objective was not to create a statist fantasy, but rather to create a method to fix the failures of capitalism with the objective to save capitalism.

But if you like to think far fetched, you might say that Marx also where influenced by the old testament, because as as my memory serves me he where talking about a seven year cycle in capitalism. ( Again seven good years and seven bad years, just like the story of yosef ). Disclaimer: Not stating facts here, just having fun pretending to be a conspiratorial theorist :stuck_out_tongue_winking_eye:


#12

Problem: When you have a population increasingly reliant on entitlement programs, while at the same time shrinking the tax base, a nation may not be able to get it's financial house in order during those good times. Like, well, us. Spending isn't exactly an easy genie to wrestle back into the bottle as it is. Now, add the allure of government spending promises to likely voters, demographically doomed (unless major reforms) entitlements, and a smaller part of the population on the hook for the bill...DOOOOMMMM.


#13

If the premise to an argument is incorrect would their conclusion be logically certain?


#14

The answer is no, but you already knew that :wink:

I would argue though that on a sort term basis the idea of artificial stimuli to keep demand up probably works, but it doesnt save capitalism long term or fix it for ever as you proved with your illustration with logic, but I dont think Keynes claimed to have the eternal fix for the system, rather a method for getting the market back on track and with the knowing that there would be future depressions down the road since it is a natural part of capitalism according to some( Keynes, Marx etc ). Maybe a good analogy for keynesianism would be "economical herion", One fix ease the pain, but when the high wears off you are in pain again and you crave the next fix.

I am not a Keynesian btw, just throwing that out there if you where mistaking me for one.


#15

Is Obama a Keynesian.....if only!


#16

A Keynesian is a well-intentioned fool. Obama is something much worse; he actually does understand economics, and uses that knowledge to harm America.