Round two…

Keynes vs. Hayek.  This is really well done.  Enjoy:


Get your kids to watch this.  I think it presents the two very broad and general “camps” of economic policy.

Regular readers know what side I take.

Update: For those of you who didn’t see the original, here it is:


3 Responses to “Round two…”

  • NY Times article re:eliminating the Fed. Not as easy as it sounds, unfortunately.

    • When you put a link in the comments it goes into a moderation queue. It cuts down on the spam. Otherwise the spam bots would make the comments seciton look like an advertising directory for fake watches and ED pills

    • On breaking up the Fed:

      We humans create these crazy systems that will be our ruin!

      The Fed was set up (unconstitutionally, I might say as a real crank) to deal with the set of problems that existed due largely to the existing banking regulation of the time. So, as is typical of government action, instead of looking at how the exisitng regulation might be modified at the margins to alleviate the current troubles, a whole new institution was created!

      Some would argue things have gone well. Others say we shouldn’t be so sure, since we can’t know the alternative. But it takes times to get to a situation like this:

      In other words, under the 2011 budget, every hour of every day, the federal government spends $188 million it doesn’t have, $130 million of which is “borrowed” from itself.

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