The Cult Of Beck's Lies About Keynes & Deficits! (Congress, Jesus, cost)

[kovert]

"What happened between 1945 and 1971, we lived within a framework called the Bretton Woods framework, which had been constructed by Roosevelt, President Roosevelt, and John Maynard Keynes and others after the war as a way of preventing the crisis of the 1920s and the '30s. It ensured that when a country built up a deficit, it was then required to, if you like, structurally adjust its economy, cut back and restore itself to balance."

All the members of the Rush & Beck revisionist school of history are flat out LIARS.

Roosevelt & Keynes helped set up a system to REDUCE DEFICITS, NOT EXACERBATE THEM!!!

[twista6002]

What's funny is they're always the first ones to claim those who disagree with them "revisionists". Takes one to know one I guess...

[kovert]

Originally Posted by twista6002

What's funny is they're always the first ones to claim those who disagree with them "revisionists". Takes one to know one I guess...

The way they smear Keynes and Roosevelt reputations with intentional and deliberate lies further cements it that the the cult of Beck is a lunatic fringe group that has ZERO credibility.

[sacredgrooves]

What politician is willing to "cut back and restore balance"? Their fear is cutting back on programs could cost them a reelection. We have to remove that fear(2 term limit) or nothing will ever get cut.

[kovert]

Joey Biggs, Keynes 2.0 for the 21st century.

[joejitsu]

I don't mind legitimate criticism of Keynesian economics, but I do mind when people criticize it without understanding what it is. I have a BA in economics, and find that most people are completely ignorant when it comes to economic issues. They just repeat talking points they hear.

[Sandpointian]

Originally Posted by kovert

"What happened between 1945 and 1971, we lived within a framework called the Bretton Woods framework, which had been constructed by Roosevelt, President Roosevelt, and John Maynard Keynes and others after the war as a way of preventing the crisis of the 1920s and the '30s. It ensured that when a country built up a deficit, it was then required to, if you like, structurally adjust its economy, cut back and restore itself to balance."

All the members of the Rush & Beck revisionist school of history are flat out LIARS.

Roosevelt & Keynes helped set up a system to REDUCE DEFICITS, NOT EXACERBATE THEM!!!

Pardon my French, but why on earth would anyone in their right mind expect a high school graduate to deliver a formal discourse on the political economy and monetary policy?

Jesus, are we so desperate in our ignorance that scholarship will now be promoted by someone who learns via Cliff's Notes?

Incredible.

BTW, the Bretton Woods System was designed for two primary purposes. One, it was designed to avoid the debacle of the interwar monetary experience that exacerbated the ill-will emanating from WW1 and threatened global financial stability. To do so, it imported the autostabilizers of the gold standard into a center-periphery system with the dollar as guarantor of the monetary architecture.

Two, it was designed to provide the real stability needed to rebuild a shattered world. Capital flows were prohibited and convertibility was only on the current account. Importantly, Bretton Woods was not a stand alone institution, but a component of a three part system that included the Bank of Reconstruction and Development (the forerunner of the World Bank-designed to rebuild Europe) and the UN. As was pointed out, its success was tied to fiscal discipline, especially by that of the US.

Like all monetary arrangements, its utility was endogenous to the economic structure and institutions of its underlying countries. And sure enough, by the late 1960s, its lifespan was clearly nearing an end. At that point, LBJ's Great Society, Vietnam, and perhaps most of all, disinterest in abiding by its restrictions made it clear it would soon be obsolete. It was dismantled between 1971-1973 having fulfilled its mandate in a way under-appreciated by today's narcissism.

For those interested in a real education, Barry Eichengreen and Maurice Obstfeld at UC Berkeley have written extensively on the BW system. I highly recommend both, not only for their scholarship but for the lucidity and accessibility of their writings.

And please spare us any commentary on the political leaning institution. Their scholarship is beyond reproach.

S.

[florida.bob]

Originally Posted by kovert

"What happened between 1945 and 1971, we lived within a framework called the Bretton Woods framework, which had been constructed by Roosevelt, President Roosevelt, and John Maynard Keynes and others after the war as a way of preventing the crisis of the 1920s and the '30s. It ensured that when a country built up a deficit, it was then required to, if you like, structurally adjust its economy, cut back and restore itself to balance."

All the members of the Rush & Beck revisionist school of history are flat out LIARS.

Roosevelt & Keynes helped set up a system to REDUCE DEFICITS, NOT EXACERBATE THEM!!!

These guys, along with many in Congress, repeatedly make really dumb statements. Now, we know these people are not dumb. It's just that they think we are. There is a good bit of evidence that they are correct in that thinking.

[LibertyandJusticeforAll]

1. Any nation willing to go into debt and not pay for it is doomed.
2. Any nation not willing to balance a budget is also doomed to be in debt.
Any nation who thinks they can provide economic and social justice at the hands of centralized government and expand this idealogy to the rest of the world expense of treasury and blood will always ignore 1 and 2.
You can call it anything you want economic debt comes from government spending and no matter what your reasons and or tax system the people are slaves to government intervention.

[Ferd]

Originally Posted by kovert

"What happened between 1945 and 1971, we lived within a framework called the Bretton Woods framework, which had been constructed by Roosevelt, President Roosevelt, and John Maynard Keynes and others after the war as a way of preventing the crisis of the 1920s and the '30s. It ensured that when a country built up a deficit, it was then required to, if you like, structurally adjust its economy, cut back and restore itself to balance."

All the members of the Rush & Beck revisionist school of history are flat out LIARS.

Roosevelt & Keynes helped set up a system to REDUCE DEFICITS, NOT EXACERBATE THEM!!!

LOL! riiiiiiiight. That is what FDR and Keynes did... the reduced deficits.

LOLLOLOLOL!

and Chairman Mao really didnt kill all those people either!