The Great Keynesian “Experiment”

Harkening back to yet another desperate time, when even the most outlandish and preposterous notions seemed so reasonable.

Ignoring, altogether, the fact that only the victor (aka “the last industrial power left standing”) might be expected to profit from the exercise.  Besides, what’s a couple dozen million deaths, give or take, when you might expect your wages to rise?

“It is not an exaggeration to say that the end of abnormal unemployment is in sight.  And it isn’t only the unemployed who will feel the difference.  A great number besides will be taking home better money each week.  The grand experiment has begun.  If it works, if expenditure on armaments really does cure unemployment, I predict that we shall never go back all the way to the old state of affairs.  Good may come out of evil.  We may learn a trick or two which will come in useful when the day of peace comes.”

“If we can cure unemployment for the wasted purposes of armaments, we can cure it for the productive purposes of peace.” – John Maynard Keynes

I’d say his acolytes “learned a trick or two”, wouldn’t you? Of course, they also completely forgot that it was, in large part, a financial crisis that brought on that war.  – HT


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