Nicholas Wapshott on Keynes Vs Hayek

9 Replies to “Nicholas Wapshott on Keynes Vs Hayek”

1. So even Keynes with his optimism and great grasp of economics saw that governments would not manage economies correctly. Hayak with his pessimistic view of human nature saw the conclusion from the beginning.

2. $50 mill from soros buys you this anti market tinged elitist prattle.
   Despite that, they cannot get around the fact that Hayek had it right from the getgo.

3. I think maybe Hayek has been proven right. The collapse of Keynes ideas is all around us. The msm like to call it the collapse of capitalism, when in reality it is state socialism that is collapsing. All of the Western nations that drank the Keynesian Kool-Aid and have adopted cradle to the grave central planning and state managed economies have hit the wall. All of this massive socialist debt load is being passed down through the banks to the taxpayer. Our future is Greece. The total debt of Ottawa which began under Trudeau is around 4T, for 30M citizens, then we have Provincial Debts which include Massive Municipal Debts which will eventually be added to the Federal Debt. Ontario over 320B, Quebec over 400B close to 500B now. Taxes now consume more of the average Canadian Families annual budget than Food, Clothing and Housing combined. The 3 neccessities of life, and still the socialists in Canada demand more debt for more useless programs. Official Bilingualism over 700B spent, result one Unilingual Rascist Province, the other 9 cowering in constipated fear. The collapse is coming because none of the countries can squeeze more taxes out of the population. Greece is now financing their social programs at 25% interest, the same as financing their country with a credit card. Does anyone really think anymore that that kind of nonsense is sustainable? Governments have to get out of the face of the taxpayer, leave more money in our pockets so we can take care of ourselves and our families. We are in the 3rd year of a Global Depression and still haven’t found the bottom. Increasing debt to maintain the trappings of wealth is a suckers game meant to keep the parasites in power at all 3 levels in the style they have become accustomed to.

4. Rather than keep programs with a reduced budget, governments should just stop doing things that are not part of governmment: build houses, regulate household items; design cars by fiat etc,etc. The list goes on.
   Problem is, this list has been growing for 60 years or more, and the population has been convinced by the government provided schooling, and government provided communications networks, that these essentials things do not occur without government.

5. The Institute for Economic Thinking is an apologist for government intervention in the marketplace. I’m surprised to see it featured on SDM.

6. You are right Robert. Just start ending programs and cutting regulations. Municipalities are really bad. They have began using By-Laws as a method of generating income, due to the fact they are growing their bureuracies faster than mere property taxes can sustain. Municipal governments are now even using property tax income for International Foreign Aid. These guys need reined in fast. Canadian taxpayers now sustain 3 levels of government with over 500,000 PAGES of Laws, Rules and Regulations. That is a stack of paper over 10 stories high and growing daily. The cost of this is over 100B per year alone.. Be sure and try to get to Municipal meetings and tell them no more…. They are bankrupting us all…

7. Is it ironic that they both took extemes against each other (in journals as noted in the video) trying to defend why there system would keep societies from heading to political extemes?
   That just stood out. I wonder if they themselves realized what they were doing.
   I am a Hayek believer.

8. It’s important to know what your political opponents believe. These two twits obviously buy into Keynes even though he’s being proved disastrously wrong all over the world today. But this is typical of the Left. They never let the facts stop them from worshiping at the alter of government-god.

9. During my formal education back in the 60’s it was put forth that Maynard Keyne’s ideas ended the Great Depression.
   In reality when FDR et al adopted Keynes theories, the recession deepened into the Great Depression….what Hitler and the Nazi’s did was not Keynsian but rather corporatism.
   WW2 brought the US out of the depression but also was not Keynesian. Putting the nation in uniform is not ending unemployment, massive armament industries, loading goods on ships to be sunk….produces no Gross Domestic Product….you are not making money when you are spending/burning/sinking/breaking it.
   What prosperity the US gained was from selling armaments to their allies….the bullion of the beligerants stored in the New York depositary just got wheeled over to the US pile. The Marshall Plan was merely a refund….
   Much of Maynard Keyne’s thinking was predicated on a mindset devoid of consideration for the future….like most “funny boys”, he had no anticipated descendants….