Lol, obviously you haven't read very many books because you are dumb as shit. Austrian economics is a joke, it's not even taught in 95% of economic institutions across the world. There's some paid economists in some conservative groups like Mises, Cato, etc that preach it... but otherwise it is an absolutely joke in the rest of the world.
No surprise that you and Ron Paul agree on the same economic theory. Hahahaha, embarrassing.
Blah, blah, blah....Fox News this, Cato that.
Because the "rest of the world" are socialists/fascists...take your pick: STATISTS.
Because they believe in "social justice" -- ever listen to Krugman and his bellyaching about the poor?
So they look for economic models to fit their backward, illogical anti-American ideology.
the KKK -- Classic cult behavior.
Simple.
[h=1]Why do fascists and socialists both love Keynesian economics?[/h]
But it appears that both Fascists and socialists were big fans of Keynesian economics.
"Fascism has taken up an attitude of complete opposition to the doctrines of Liberalism, both in the political field and in the field of economics". --Benito Mussolini
Obviously Mussolini and Hitler were against free markets (Economic liberalism). They were anti-liberal but today it is called Classical liberalism. http://en.wikipedia.org/wiki/Classical_l...
Mussolini personally set his approval and signature over a book which proclaims:
“Fascism entirely agrees with Mr. Maynard Keynes, despite the latter’s prominent position as a [so called] Liberal. In fact, Mr. Keynes’ excellent little book, The End of Laissez-Faire (l926) might, so far as it goes, serve as a useful introduction to fascist economics. There is scarcely anything to object to in it and there is much to applaud..”
http://www.keynesatharvard.org/book/Keyn...
Keynes himself admired the Nazi economic program, writing in the foreword to the German edition to the General Theory (1936): "[T]he theory of output as a whole, which is what the following book purports to provide, is much more easily adapted to the conditions of a totalitarian state, than is the theory of production and distribution of a given output produced under the conditions of free competition and a large measure of laissez-faire." - John Maynard Keynes
http://www.independent.org/pdf/tir/tir_1...
The chief Nazi newspaper, Volkischer Beobachter, repeatedly praised “Roosevelt’s adoption of National Socialist strains of thought in his economic and social policies” and “the development toward an authoritarian state” based on the “demand that collective good be put before individual self-interest.”
http://reason.com/archives/2007/09/28/hi...
Hitler was named "Man of the Year" in 1938 by Time Magazine. They noted Hitler's anti-capitalistic economic policies.
"Most cruel joke of all, however, has been played by Hitler & Co. on those German capitalists and small businessmen who once backed National Socialism as a means of saving Germany's bourgeois economic structure from radicalism. The Nazi credo that the individual belongs to the state also applies to business. Some businesses have been confiscated outright, on other what amounts to a capital tax has been levied. Profits have been strictly controlled. Some idea of the increasing Governmental control and interference in business could be deduced from the fact that 80% of all building and 50% of all industrial orders in Germany originated last year with the Government. Hard-pressed for food- stuffs as well as funds, the Nazi regime has taken over large estates and in many instances collectivized agriculture, a procedure fundamentally similar to Russian Communism." (Source: Time Magazine; Jaunuary 2, 1939.)
Mussolini saw the connection of FDR and himself: In a laudatory review of Roosevelt’s 1933 book Looking Forward, Mussolini wrote, “Reminiscent of Fascism is the principle that the state no longer leaves the economy to its own devices. … Without question, the mood accompanying this sea change resembles that of Fascism.”
Does that mean the economics of fascism and national socialism (Nazism) is leftist just like the Fabian socialists?
- classical liberal asked 3 year ago
But it appears that both Fascists and socialists were big fans of Keynesian economics.
"Fascism has taken up an attitude of complete opposition to the doctrines of Liberalism, both in the political field and in the field of economics". --Benito Mussolini
Obviously Mussolini and Hitler were against free markets (Economic liberalism). They were anti-liberal but today it is called Classical liberalism. http://en.wikipedia.org/wiki/Classical_l...
Mussolini personally set his approval and signature over a book which proclaims:
“Fascism entirely agrees with Mr. Maynard Keynes, despite the latter’s prominent position as a [so called] Liberal. In fact, Mr. Keynes’ excellent little book, The End of Laissez-Faire (l926) might, so far as it goes, serve as a useful introduction to fascist economics. There is scarcely anything to object to in it and there is much to applaud..”
http://www.keynesatharvard.org/book/Keyn...
Keynes himself admired the Nazi economic program, writing in the foreword to the German edition to the General Theory (1936): "[T]he theory of output as a whole, which is what the following book purports to provide, is much more easily adapted to the conditions of a totalitarian state, than is the theory of production and distribution of a given output produced under the conditions of free competition and a large measure of laissez-faire." - John Maynard Keynes
http://www.independent.org/pdf/tir/tir_1...
The chief Nazi newspaper, Volkischer Beobachter, repeatedly praised “Roosevelt’s adoption of National Socialist strains of thought in his economic and social policies” and “the development toward an authoritarian state” based on the “demand that collective good be put before individual self-interest.”
http://reason.com/archives/2007/09/28/hi...
Hitler was named "Man of the Year" in 1938 by Time Magazine. They noted Hitler's anti-capitalistic economic policies.
"Most cruel joke of all, however, has been played by Hitler & Co. on those German capitalists and small businessmen who once backed National Socialism as a means of saving Germany's bourgeois economic structure from radicalism. The Nazi credo that the individual belongs to the state also applies to business. Some businesses have been confiscated outright, on other what amounts to a capital tax has been levied. Profits have been strictly controlled. Some idea of the increasing Governmental control and interference in business could be deduced from the fact that 80% of all building and 50% of all industrial orders in Germany originated last year with the Government. Hard-pressed for food- stuffs as well as funds, the Nazi regime has taken over large estates and in many instances collectivized agriculture, a procedure fundamentally similar to Russian Communism." (Source: Time Magazine; Jaunuary 2, 1939.)
Mussolini saw the connection of FDR and himself: In a laudatory review of Roosevelt’s 1933 book Looking Forward, Mussolini wrote, “Reminiscent of Fascism is the principle that the state no longer leaves the economy to its own devices. … Without question, the mood accompanying this sea change resembles that of Fascism.”
Does that mean the economics of fascism and national socialism (Nazism) is leftist just like the Fabian socialists?
Yeah, from dysfunctional engineered crisis to the next...if that's what you call "it's worked"... face)(*^%
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[h=1]At last, Japan may be about to abandon its disastrous Keynesian consensus[/h]
By Thomas Pascoe Economics Last updated: September 5th, 2012
237 Comments Comment on this article
Has Tokyo seen sense at last?The world’s third largest economy is in crisis. That, in itself is not news. The world’s largest economy is also in crisis, as is its second, as is…
What is newsworthy is that, having tried and failed with every other option, the Japanese government may be taking a remarkably novel approach. It appears as though they are going to try to spend close to what they receive in taxation. The Keynesian consensus is coming to an end in Japan, although not before it has wrought enormous damage to one of the world’s great economies.
“The government running out of money is not a story made up. It's a real threat," said Japan’s finance minister Jun Azumi on Friday. Opposition parties in Japan are blocking a deficit financing bill which would allow the government to continue to drive its debt levels above 200pc of GDP. If the opposition holds firm, the government has threatened the unthinkable – it will spend less. Tax rises are also on the table, although the doubling of sales tax to 10pc will not come fully into force until 2015.
This is a turnaround for Japan. The nation’s government has already contorted itself in all the ways now common in the West while attempting to postpone this day. This, after all, is a country whose own central bankrebuked itself last month for breaking its own rule and buying more bonds than there is currency in issue.
As in the West, the Japanese have stuck to the dogma of easy monetary policy to fight decline, and as in the West it has not worked. The Japanese instituted Quantitative Easing a decade ago and found that it has done little to fight deflation and nothing to avert stagnation.
Interest rates close to zero did work for a while, but not in the manner imagined. Now that Japan is not unique in having a low interest rate, the correction has been harsh.
The end of the yen carry-trade, where investors would borrow in yen at very low rates and shift their money into high risk investments in foreign currencies, has been devastating. When Japan was alone in having an artificially low interest rate, it attracted speculators. These speculators forced down the price of the yen by effectively taking a short position in it against an asset. This helped Japanese exporters because the currency was far weaker than fair value.
Now that the whole world has artificially low interest rates, the trade has unwound. The yen has appreciated 45pc in the last five years and is now within 5pc of its post-1945 high.
The manufacturing industry has been hit hard as US and German manufacturers have picked up market share. Factory jobs are at their lowest ebb since records began in 1953, while Japanese manufacturers will make 39pc of their products abroad this year, another record.Bloomberg has reported that one Japanese study envisages four million jobs being lost as Japanese manufacturers relocate production in the next decade. The impact of the currency on this cannot be overstated – Goldman Sachs has estimated that, for every one yen appreciation against the dollar, Toyota loses 3.3pc of its revenues.
Even so, Japan is in a better position than similar Western economies. For a start it has (or had at year end 2011) the best net asset position in the world, where assets held abroad are concerned. Net assets owned abroad by the Japanese central bank and private investors amounted to 54pc of GDP at the start of the year. In contrast, Britain had a net global liability of 13pc of GDP. The Japanese have liquid assets abroad which they can monetise and repatriate to mitigate any meaningful austerity programme, something our government lacks.
Moreover, despite China’s ‘hard landing’ and a shared cultural antipathy between the countries, Japan’s proximity to China should allow it to maintain a lucrative foothold in the largest of all the BRIC's, thus ensuring that the high end manufacturing industry does have a future as a meaningful component of the economy. Again this places Japan in a better position than Britain with its dependence on financial services.
However, Japan’s horizons have been blighted by cloud for much of the past two decades. If anything, those clouds are now blackening. The long-term impact of the Fukushima explosion, in terms of public health, is anyone’s guess. The clean-up work undertaken in and around the plant since the explosion has been exceptional. However, there is every chance that the generation coming to maturity in the next two decades may be blighted by significant levels of incapacity, hampering the economy and requiring even greater state spending.
The Japanese may have arrived at the idea of moving towards a balanced budget both 20 years late and by accident, but it offers them a chance to consolidate and restore order to the public finances. At a time when public appetite for government debt has fallen to a seven-year low, reducing borrowing is not just the sensible option, it's the only one left.
This is about how credible Sheriff Joe is. Basically a lying fraud.
Not a single country in Europe that claims to be practicing austerity has cut spending. Oh, they've reduced its rate of growth which in the perverse mind of a statist is 'cutting' -- but they haven't actually reduced it.
That's austerity.
Not a single country in Europe that claims to be practicing austerity has cut spending. Oh, they've reduced its rate of growth which in the perverse mind of a statist is 'cutting' -- but they haven't actually reduced it.
That's austerity.
“The government running out of money is not a story made up. It's a real threat," said Japan’s finance minister Jun Azumi on Friday.
But, but, but....according to Keynesians, government CAN'T run out of money...because "the government borrows it's money from the big bank in the sky"...just like kids Christmas gifts are paid for by the fat old guy in a red suit with a white beard!
Ho-Ho!-Ho! christsmiley)(*
But, but, but....according to Keynesians, government CAN'T run out of money...because "the government borrows it's money from the big bank in the sky"...just like kids Christmas gifts are paid for by the fat old guy in a red suit with a white beard!
Ho-Ho!-Ho! christsmiley)(*
