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Club Fed

- Tom DiLorenzo - lewRockwell

DiLorenzo's article would make a whole lot more sense if only Keynesian economics were actually being followed somewhere.... anywhere. But it is not. Yes, Keynes advocated for easy money in times such as these, it is true. However, this policy was to be accompanied by a lowering of taxes. Anybody hear of taxes going down anywhere?.... I have no idea what name the current economic practice goes under, but most assuredly, it is not Keynesianism. As an economist, DiLorenzo should know this....To be certain, the economic practices currently being followed merit heaps of scorn. But they have nothing whatsoever to do with what Keynes proposed.

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Beginning of the headline :The Nobel prize-winning Austrian School economist F.A. Hayek titled his last book The Fatal Conceit to describe the conceit of the notion that socialist central planners could possibly possess all of the detailed knowledge that is in the minds of millions in a market economy to "plan" a socialist economy. His 1974 Nobel prize speech was entitled "The Pretense of Knowledge" and conveyed the same message... Read More

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