Keynesianism ignores the fact that government spending must come either from tax dollars or from the printing presses, both of which harm the common man. Instead, Keynesianism promises that we can all pick one another's pockets — and all get rich doing it!
In the real world, of course, the real danger of credit expansion and the boom-bust cycle comes from fiat money and fractional-reserve banking.
The beginning of a new credit expansion runs across remainders of preceding malinvestment and malemployment, not yet obliterated in the course of t
Governments have caused the monetary and economic debacle by taking control of money production.
"Refusing to accept wage reductions, workers must accept unemployment."
People rebel against the insight that the malinvestment and overconsumption of the boom period are the cause of the bust.
From Part I of A History of Money and Banking in the United States: The Colonial Era to World War II: “The History of Money and Bank
"The discount of future goods as against present goods is a necessary and eternal category of human action."
As long as the money- supply rate of growth remains a positive figure, there can be no deflation.
If the dictator invests more and thus curtails the means available for current consumption, the people must eat less and hold their tongues.
