Does the government majority use Keynesianism over-spending tactics that jeopardize your wealth?
*Texas Straight Talk, by Congressman Ron Paul, January 4, 2010:
''Keynesianism Delivers a Decade of Zero
This past week we celebrated the end of what most people agree was a
decade best forgotten. New York Times columnist and leading
Keynesian economist Paul Krugman called it the Big Zero in a recent
column. He wrote that 'there was a whole lot of nothing going on
in measures of economic progress or success' which is true.
However, Krugman continues to misleadingly blame the free market and
supposed lack of regulation for the economic chaos.
It was encouraging that he admitted that blowing economic bubbles is a
mistake, especially considering he himself advocated creating a housing
bubble as a way to alleviate the hangover from the dotcom bust.
But we can no longer afford to give prominent economists like Krugman a
pass when they completely ignore the burden of taxation, monetary
policy, and excessive regulation.
Afterall, Krugman is still scratching his head as to why 'no'
economists saw the housing bust coming. How in the world did they miss
it? Actually many economists saw it coming a mile away,
understood it perfectly, and explained it many times. Policy
makers would have been wise to heed the warnings of the Austrian
economists, and must start listening to their teachings if they want
solid progress in the future. If not, the necessary correction is
going to take a very long time.
The Austrian free-market economists use common sense principles.
You cannot spend your way out of a recession. You cannot regulate the
economy into oblivion and expect it to function. You cannot tax
people and businesses to the point of near slavery and expect them to
keep producing. You cannot create an abundance of money out of
thin air without making all that paper worthless.''
*This information is solely a highlight of the opinion of a third-party publication and is incomplete. Please subscribe to this publication for the full and timely opinion of the author and call a Monex Account Representative for any additional up-to-date information. This is not an offer to buy or sell precious metals. Investors should obtain advice based on their own individual circumstances and understand the risk before making any investment decision.
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