Just look up Warren Harding on Wikipedia. The first entry you will find is not the 29th president of the United States of America, but a rock climber with the same name.
October 26th, 2009 | Bill Bonner | 12 comments | ContinuedAll Posts Tagged With: "Keynes"
Cash is Created When the Feds “Monetize the Debt” by Buying US Treasury Bonds
Are you kidding, dear reader? After being the single largest buyer on the planet? Imagine what will happen to the bond market when investors realize that the Fed is selling! It’s not going to happen.
October 23rd, 2009 | Bill Bonner | 5 comments | Continued
US Federal Government Ran the Biggest Deficit in History
In theory, the US government could do the same. But, in fact, it never runs significant surpluses. There are too many people who want too much bread and too many circuses. And you don’t win votes by denying the voters…
September 30th, 2009 | Bill Bonner | 2 comments | Continued
Public Works Done Right
John Maynard Keynes once argued that, in a depression, it would be worthwhile to pay workers to dig holes, and to pay other workers to fill them up. But, as Nathan Lewis points out, below, when short-term “stimulus” becomes the focus, the effect is more likely to be short-term welfare. Read on…
February 19th, 2009 | Nathan Lewis | 7 comments | Continued
Wall Street Gets the Boot
Yesterday, President Obama, seeing Wall Street on the mat, walked over and gave it the boot. The $18 billion in bonuses, paid out on to Wall Street honchos last year, were “shameful,” said he. It was the “height of irresponsibility” to take so much capital out of the system when it was losing money, he pointed out. Of course, he’s right. It was certainly irresponsible. And the Wall Street crowd deserves the boot, no doubt about it. But it’s a shame no one mentioned it in 2006 or 2007 – not even Mr. Obama – when the bonuses and the irresponsibility were even higher…
February 2nd, 2009 | Bill Bonner | 0 comments | Continued
Keynesian Economists Bluff in Global Economic Gamble
One step forward, three steps back. That’s what the trading action looks like in the markets now. For every big one day advance of 1% to 5% or more, you’re going to get a corresponding sell off equal or greater to that. It’s not normal to see these kinds of one-day moves. But these aren’t normal times. We’re back on the edge of a credit abyss. Just when investors were convinced that the Gordon Brownification of the world’s banking sector had put the credit crisis behind us, we have more bad news.
October 16th, 2008 | Dan Denning | 3 comments | Continued