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Sunday May 20th 2018Tim Candler9

 

    Very tempted to explore recent reflections on Demand Side Economic Theory that's beginning to find a path into the rainbow of our elites. The theory is brave because it suggests that government cannot run out of money. The criticism has so far been that governments who spend prolifically pretty much guarantee a destructive inflation, which means we're all looking to replace wallets with wheelbarrows. The response to this criticism is that monetary policy, interest rates and so on, rather than the gold standard, are the more flexible mechanisms to control inflation. Of the gurus in this brave new Keynesian world, the canoeing enthusiast Stephanie Kelton is renowned for her assertion, "Money doesn't grow on rich people."

 

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     The reason that branch of the disgustingly wealthy who aren't dumb, who don't openly practice eugenics, who understand productivity and the challenges of technology to the common man, find this iteration of demand side economics appealing is that if accurate, then to ease the burden of living for the rest of us and by so doing prevent us from roaming the streets looking for wide eyed, troll-like saviors to return us to the 19th century there will be no requirement to raise taxes on the absurdly rich. As well, there's the crassness of the Political Class for whom a path to power is to manipulate the ideas of often un-saintly Economists to either promote social change or put an end to it. Have to wonder when it might be time to go boldly again.

 

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