Title: The Wisdom and silliness of Mudboy Slim..! Stupidity too! Source:
war URL Source:[None] Published:Jan 13, 2010 Author:war Post Date:2010-01-13 07:47:43 by war Keywords:None Views:1417111 Comments:3287
Bet this gets more bumps than his vanity threads.
(Editors Note) This thread was formerly called Mudbutt sucks the big one thread.
I changed the title. Now you can debate if it is wisdom or unwisdom.
Mudboy is wrong on the war. He is right on most of his other conservative positions. You are right on the war. And wrong on most other issues. I am right on every issue.
Add a question mark at the end and I think you've got it.
Anything questioning whether he actually has it or impyling a lack of evidence thereunto is fine...but as an open ended statement it loses what this thread was about...
And you Marxist RAT-punks treat his words as if they are manna from the Messiah...ROFLMAO!!
Yer a buncha braindead RAT-minions following the "Retard-in-Chief" slavishly...I wonder why? Could it be becuz yer beholden to an ever-expanding Federal Leviathan? As we all know by now, war has been a ward of the state fer pretty much his entire life...what's yer excuse, Skippy? Are you a low-level Federal bureaucRAT with a make-work, worthless job that allows you to sponge off Big Guv'ment? And Abu...lemme guess...you and yer daughters are on public assistance and you beg fer yer scraps 'cuz you think living off yer neighbors is yer RIGHT as a lazy, deadbeat American, correct?
Yer a buncha braindead RAT-minions following the "Retard-in-Chief" slavishly...I wonder why? Could it be becuz yer beholden to an ever-expanding Federal Leviathan? As we all know by now, war has been a ward of the state fer pretty much his entire life...what's yer excuse, Skippy? Are you a low-level Federal bureaucRAT with a make-work, worthless job that allows you to sponge off Big Guv'ment? And Abu...lemme guess...you and yer daughters are on public assistance and you beg fer yer scraps 'cuz you think living off yer neighbors is yer RIGHT as a lazy, deadbeat American, correct?
I've yet to have the pleasure...I'm still sorta lo-tech with my AM radio. Where's Church broadcast from? Does he have a website I could check out?
He's Cajun - so I think he might broadcast from N'awlins. He's about the only purely states rights national talker that I've heard - he comes on Sirius @ 10am daily. (XM carries him too, but I'm not sure of the time)
He uses the term "federal leviathan" frequently - which is why your tagline reminded me of him.
#528. To: Get Outta Dodge!, A K A Stone, war (#508)
"In the beginning of a change, the Patriot is a scarce man, brave, hated and scorned. When his cause succeeds, however, the timid join him, for then it costs nothing to be a Patriot." Mark Twain
Ol' Sammy Clemons shore 'nuff was a wise one...MUD
Ol' Sammy Clemons shore 'nuff was a wise one...MUD
You're ability to come across as a complete moron no matter what you post continues to amaze me. What part of the south are you from again? I'd like to check the inbreeding statistics for your area.
The self assessment you provided is nice...but.....I'll still refer to you as the resident tweaker truck stop thrill ride ho bag you are:)
The data don't lie about your supposed cop job. Did you ever do any time for that one? Or get beat up by a real cop, since they hate impersonators. LOLOL
Hang around, silly BO!! Don't you raise RATS' wails anymore?! That's fer sure...Right's spent our whole lives achievin'!! Cap'n's pushin' age seventy three... Cave's the only MUD place singin' "Liberty!!"
Folks, Mudboy's home again... Down in old Virginny!! With my very best friends... We're singin', "RATS are silly!!" We're spreadin' TRUTH, RATS say, "Patriots are WEIRD!!" Right's gonna sweep away all of Left's fears... Ol' Slim's Rockin' Cave shall be laid bare!!
Vote NOW, Patriots!! OUR HEARTS' gonna WHUP Dem Marxist TOOLS!! It's true...and I believe MUD knows what we should do. Right the stern...Defeat Left's WHORE'd... RATS' TYRANNY shan't bury US no more!!
Folks, Mudboy's home again... Down in ol' Virginny!! With my very best friends... We're singin', "RATS are silly!!" Right, don't wait, let Left dispair!! Dip'n SKOAL, MUD don't have no cares!! Ol' Slim's Rockin' Cave...VOTE MUD fer Mayor!! ;)
Hear our sounds, feel our joy... MUD's beatin Limbaugh to the green!! That's MUD's belief... The TRUTH is, "Barry LIES!!" Church Hill's MUD's dream to Right!! Every day that remains, fight the GoodFight!!
Folks, Mudboy's home again... Down in ol' Virginny... With my very best friends... We're singin', "RATS are silly!!" Gonna be nice just t'see good folks... Listen, my friends...GanjahBarry SMOKES!! :smokin: Ol' Slim's Rockin' Cave knows life ain't fair!!
Right must hear Founders, "Save Liberty!!" Still, you know where MUD wantsta be... YO Barry, can't you dig MUD's sound?! Down In Old Virginny... Gotta git our Country's feet back on the ground!! Power DEVOLVED to many... And I'd love to see my very best friends... We'll rock Dem Lib'rals silly!! I believe MUD's Rockin' Cave's taught me...
A) I no longer post on LP so stop pinging me there. I don't hit the site any more and I have no idea what is going on there unless it's via an email. Tell your buddy Liberator the same thing as he's too much of a pussy to post here.
B) I don't use homo erotic imagery unlike your boys Boofer and e_type and Yuktard...
Yer IRA went up 50% last year?! My assets sure didn't...
"Patriot Mudboy's RightWing Tune!!" (To be sung to Arlo Guthrie's "Gabriel's Mother's Highway Ballad #16!!")
Folks, heed my warning, Guv'ment Debt HURTS this Land... Come on, children, come on... Algore was bawlin', "Yer killin' my Plan!!" Come on, children, come on...
Mudboy knows...Truth must be told!! Come on, Limbaugh, come on... Dem RAT-FREAKS keep spendin'...Right must be BOLD!! Come on, Glenn Beck, come on...
Come on, Patriots, let's be BOLD!! Freedom's gonna make US well!! WeThePeople, RAT-Elites MUST GO!! Vote Dem Statists straight to HELL!!
(BigMan pickin' it purty...)
Well, my kids grow'd up...folks, it don't take long... Come on, Jessie, come on... Family life is swell...let dad sing his songs!! Come on, Jakey, play drums...
Come on, RightWing, welcome home!! Briefers gonna treat you swell!! WeThePeople, righteous Right must VOTE!! Waco's where KIDZ blood was spil't!!
Come on, Patriots, let MUD sing... WHUP Dem Lib'rals, it's FUN!! All Americans gotta fancy FREE!! Come on, Clinton, yer done!!
ALL TeaParties oughtta sing 'gainst Power!! Come on, FReepers, come on... Left's got nobody 'round, MUD done whupped RATS' butts!! Come on, Briefers, come on...
One of these days, 'fore Lincoln's Stair... Come on, Martin, come on... Syntaurs gonna sing...watch DemRATS dispair!! Abe be likin' MUD's songs!!
Heed the FoundingFathers...Power's best dispursed!! Run on, Marxists, run on... Can't make a Heaven while on this Earth!! Run on, Statists, run on...
Come on, pod'nahs, let's be BOLD!! Freedom's gonna make US well!! WeThePeople, Socialism's OLDE!! Tell RINOs to go to HELL!!
Mudboy's gonna treat you well!! RATS know Kenyan Barry's leading US to HELL!! Freedom's gonna make US well!! Mmmm..MUD's gonna ring that bell!!
"WAR!!" (To be sung to Springsteen's live version of Strong/Whitfield's "War")
War!! What is it good for?! Nuthin'?! Liberty AIN'T nuthin'!! War!! What is it good for?! Sometimes...War defends our Freedoms!! War is something the Right despises... 'Cuz it means the loss of soldiers' lives!! War means fear's in thousands of mothers' eyes... Yet proud of their loved one's willingness to fight!!
War!! What is it good for?! Nuthin'?! Liberty AIN'T nuthin'!! Say it again... War?! What is it good for?! Freedom...Freedom sure AIN'T nuthin'!!
War!! It's sometimes just a PeaceMaker!! War!! Send yer enemies to the undertaker!! Left is the Enemy...of all Mankind... The thought of war chills my spine... Patriots fought each generation fer liberation... Emancipation...reconstruction...Right Wins the Fight!!
War!! What is it good for?! Nuthin'?! Liberty AIN'T nuthin'!! War!! What is it good for?! Briefers...Freedom sure AIN'T nuthin'!!
War's what happens when Right sheds Tyranny!! Hitler disabled...Mussollini!! Life is too precious to let Tyrants win the day!! War, it takes life...a cost of FReedom we must pay!!
War!! It's sometimes just a PeaceMaker!! War!! Send vile enemies to meet their Maker!! Peace Love and Understanding... Are moot when airplaines topple the World Trade!! Right knows we must fight to keep our Freedom!! Lord knows we gotta make Dem Leftists PAY!! Join our Culture War!!
War!! What is it good for?! Nuthin'?! Liberty AIN'T nuthin'!! War!! What is it good for?! Briefers...Freedom sure AIN'T nuthin'!!
#650. To: wry guy, Funky Dan, Landru (#637)(Edited)
MUD: "I'm with you to an extent, but it's quite Keynesian..."
"Screw Keyes, Mud. I met the guy. He's a 5'6" egomaniac & a black one at that, worst kind. So full of himself I could hardly beleive what I was seeing/hearing."
Heh heh heh...no wonder folks call you "Funky Dan", 'Dru...LOL!!
I wasn't talkin' 'bout Alan Keyes, whom I genuinely like and respect, I was talkin' about "John Maynard Keynes", the Progressive/Marxist/Leftist who FDR relied on to justify his MASSIVE expansion of Federal Guv'ment POWER!! Yeah, buddy, it's the same friggin' RAT-bastard who Glenn Beck's been focused on lately.
John Maynard Keynes, 1883-1946.
John Maynard Keynes is doubtlessly one the most important figures in the entire history of economics. He revolutionized economics with his classic book, The General Theory of Employment, Interest and Money (1936). This is generally regarded as probably the most influential social science treatise of the 20th Century, in that it quickly and permanently changed the way the world looked at the economy and the role of government in society. [And it's all a buncha Progressive Marxist RAT-Propoganda...Keynes is even more EVIL than those Envirowhacko RAT-scientists who LIED about Man-Made Global Warming!!] No other single book, before or since, has had quite such an impact. [BullKRAP...consider the source...]
The son of the Cambridge economist and logician John Neville Keynes, John Maynard Keynes was bred in British elite institutions - Eton and then King's College Cambridge. In 1906, he entered the British civil service for a little while, and then returned to Cambridge in 1909.
Three life-long connections were made during this time. Firstly, Keynes would remain a fellow of King's College, Cambridge. Secondly, he became the editor of the Economic Journal in 1911, a position he would hold almost until the end of his life. He also fell in with the "Bloomsbury group", a collection of upper- class Edwardian aesthetes such as Virginia Woolf, Clive Bell and Lytton Strachey, which would serve as his "life outside of economics".
His first book on Indian currency (1913) was directly related to his experience at the India office. From 1914 to 1918, J.M.K. was called to the UK Treasury to assist with the financing of the British war economy. He excelled at his job and the influence he gained earned him a position with the British delegation to the Versailles Peace Conference in 1918. J.M.K was appalled at the vindictive nature of the peace settlement, and was particularly opposed to the devastating consequences of the heavy "reparations" payments imposed on Germany. He resigned from the conference and published his Economic Consequences of the Peace (1919), denouncing the Treaty of Versailles and bringing him into the public spotlight.
After returning to Cambridge, Keynes published his Treatise on Probability (1921), where he dismantled the classical theory of probability and launched what has since become known as the "logical-relationist" theory of probability. [LIES! LIES! LIES!] Keynes's work caused something of a stir, arousing the young Cantabrigian logician, Frank P. Ramsey, to outline his own "subjective" theory of probability.
In 1923, Keynes published his Tract on Monetary Reform (1923), which was his contribution to the Cambridge cash-balance theory of money, then being developed by other Cambridge economists, Alfred Marshall, Arthur C. Pigou and Dennis H. Robertson. It was also in a 1923 newspaper article that he first proposed his "normal backwardation" theory of hedging and speculation.
Throughout the 1920s, Keynes remained active in public policy debates, channeled mainly through his numerous articles in the Nation and Atheneum, a Liberal-Labour weekly magazine which he helped purchase in 1923 (it was absorbed by the New Statesman in 1931). The best of Keynes public policy writings was collected in his Essays in Persuasion (1931). He was on the forefront of the battle against returning Britain to the gold standard on a pre- war parity (e.g. 1925). This led him to author two famous pieces in condemnation of laissez-faire economic policy (1925,1926). In 1929, he wrote an election pamphlet with Hubert D. Henderson advocating the use of public works to reduce unemployment and condemning the Treasury's fear of "budget deficits". [Folks, this scumbag seems to be the ROOT OF ALL LEFTIST/PROGRESSIVE/TYRANNICAL EVIL...LOL!!] In 1929, he also entered into a small debate with Bertil Ohlin and Jacques Rueff on German reparations problem. He also found time to marry the Russian ballerina, Lydia Lopokova in 1925. (To the EffeteElite RAT-bastards go the spoils, I reckon...GRRR!!)
In 1930, John Maynard Keynes brought out his heavy, two-volume Treatise on Money, which effectively set out his Wicksellian theory of the credit cycle. In it, the rudiments of a liquidity preference theory of interest are laid out and Keynes believed it would be his magnum opus. His bubble was soon pricked. Friedrich von Hayek reviewed the Treatise so harshly that Keynes decided to set Sraffa to review (and condemn no less harshly) Heyek's own competing work. The Keynes-Hayek conflict was but one battle in the Cambridge- L.S.E. war.
The Treatise also led to the formation of a reading group, known as "the [Marxist] Circus", composed of the young Cambridge economists Richard Kahn, Joan Robinson, Austin Robinson, James Meade and Piero Sraffa. Kahn dutifully delivered reports of the [Marxist] Circus's discussions to Keynes, who subsequently began revising his ideas. One resulting criticism of the Treatise was that it failed to provide a theory of the determination of output and employment as a whole -- a particular pertinent question given the huge amount of unemployment at the time.
The key was provided to Keynes in a short article by Richard Kahn (1931) -- the theory of the income-expenditure multiplier -- which was to be the basis of his future revolution. Already in a few 1933 articles and pamphlets, Keynes began announcing the new idea, and began submitting the drafts of his new book to the [Marxist]Circus and several fellow economists for review and dissection. His ideas on the marginal efficiency of investment took a little longer to work out.
In early 1936, the new book finally came out with the pretentious title of The General Theory of Employment, Interest and Money. Heavily anticipated, cheaply priced and propitiously timed for a world caught in the grips of the Great Depression, the General Theory made a splash in both academic and political circles. As one American politician put it, everyone always knew that the economic policies recommended by the Neoclassical economists were bad policies; but now they realized it was also bad economics.
With the General Theory, as it became known, Keynes sought to develop an theory that could explain the determination of aggregate output - and as a consequence, employment. He posited that the determining factor to be aggregate demand. Among the revolutionary concepts initiated by Keynes was the concept of a demand-determined equilibrium wherein unemployment is possible, the ineffectiveness of price flexibility to cure unemployment, a unique theory of money based on "liquidity preference", the introduction of radical uncertainty and expectations, the marginal efficiency of investment schedule breaking Say's Law (and thus reversing the savings-investment causation), the possibility of using government fiscal and monetary policy to help eliminate recessions and control economic booms. Indeed, with this book, he almost single-handedly constructed the fundamental relationships and ideas behind what became known as "macroeconomics".[Too bad the Commie RAT-bastard got it all WRONG...IDIOT LEFTISTS/STATISTS/PROGRESSIVES!!...sheeesh]
The Keynesian Revolution split the economics world in two generations: the young climbed over themselves to line up behind Keynes; the old rallied to condemn it. John Maynard Keynes responded to his most able critics -- Jacob Viner, Dennis Robertson and Bertil Ohlin -- in a series of 1937 articles, which helped him to expand upon some key aspects of his theory. A densely-written and difficult book, it was followed up immediately by elucidatory publications by the members of Keynes's Circus, such as Joan Robinson, and young economists elsewhere in Britain, such as Roy Harrod and Abba Lerner.
Of particular importance was the 1937 article by John Hicks which introduced the "IS-LM" representation of Keynes's theory that launched the "Neoclassical- Keynesian Synthesis" that was to pervade in America (and elsewhere) as the dominant form of macroeconomics in the post-war era, particularly in the 1950s and 1960s. However, the so-called "Cambridge Keynesians" -- which included veterans of Keynes's Circus, such as Joan Robinson -- and their American cousins, the Post-Keynesian school, would dispute the "Synthesis" twist on the Keynesian Revolution. They posited up their own versions of the theory, which, they argued, was more faithful to Keynes's original message.
Keynes's health collapsed circa 1938, and, consequently, he ducked out of the debate which was then raging. When World War II broke out in earnest, Keynes re- emerged and published his 1940 pamphlet, How to Pay for the War. In that small tract, he identified the "inflationary gap" created by resource constraints during the war effort, and promoted the device of "compulsory saving" and rationing to prevent price inflation, proposals that were adopted in 1941. The 1940 piece is notable for it provided the seeds of a theory of inflation to complement the "depression economics" of the General Theory.
During the course of the war, Keynes was at the Treasury and set himself to think about the post-war economic order. In 1938, he had warmed up to Benjamin Graham's proposals for an international "commodity-reserve" currency to replace the Gold Standard. In 1943, Keynes forged his ideas for "Bancor", a proposal for an international clearing union. In consultation with the Americans, Keynes eventually relented on his idea and accepted the American "White Plan" for an international equalization "fund" held in the currencies of the participating nations. However, several essential aspects of Keynes's clearing union idea were incorporated."
In 1944, Keynes led the British delegation to the international conference in Bretton Woods where the details of the system were hammered out. The American "White Plan" was accepted, countries would retain fixed exchange rates against the dollar, while the dollar itself would be matched to gold. Two institutions, the International Monetary Fund (IMF) and the World Bank (IBRD), were created to oversee the new international monetary system.
All these exhausting official missions and work taxed Keynes's already precarious health. He died in 1946, soon after arranging the guarantee of an American loan to Great Britain."
John Maynard Keynes is doubtlessly one the most important figures in the entire history of economics. He revolutionized economics with his classic book, The General Theory of Employment, Interest and Money (1936). This is generally regarded as probably the most influential social science treatise of the 20th Century, in that it quickly and permanently changed the way the world looked at the economy and the role of government in society. [And it's all a buncha Progressive Marxist RAT-Propoganda...Keynes is even more EVIL than those Envirowhacko RAT-scientists who LIED about Man-Made Global Warming!!] No other single book, before or since, has had quite such an impact. [BullKRAP...consider the source...]
The son of the Cambridge economist and logician John Neville Keynes, John Maynard Keynes was bred in British elite institutions - Eton and then King's College Cambridge. In 1906, he entered the British civil service for a little while, and then returned to Cambridge in 1909.
Three life-long connections were made during this time. Firstly, Keynes would remain a fellow of King's College, Cambridge. Secondly, he became the editor of the Economic Journal in 1911, a position he would hold almost until the end of his life. He also fell in with the "Bloomsbury group", a collection of upper- class Edwardian aesthetes such as Virginia Woolf, Clive Bell and Lytton Strachey, which would serve as his "life outside of economics".
His first book on Indian currency (1913) was directly related to his experience at the India office. From 1914 to 1918, J.M.K. was called to the UK Treasury to assist with the financing of the British war economy. He excelled at his job and the influence he gained earned him a position with the British delegation to the Versailles Peace Conference in 1918. J.M.K was appalled at the vindictive nature of the peace settlement, and was particularly opposed to the devastating consequences of the heavy "reparations" payments imposed on Germany. He resigned from the conference and published his Economic Consequences of the Peace (1919), denouncing the Treaty of Versailles and bringing him into the public spotlight.
After returning to Cambridge, Keynes published his Treatise on Probability (1921), where he dismantled the classical theory of probability and launched what has since become known as the "logical-relationist" theory of probability. [LIES! LIES! LIES!] Keynes's work caused something of a stir, arousing the young Cantabrigian logician, Frank P. Ramsey, to outline his own "subjective" theory of probability.
In 1923, Keynes published his Tract on Monetary Reform (1923), which was his contribution to the Cambridge cash-balance theory of money, then being developed by other Cambridge economists, Alfred Marshall, Arthur C. Pigou and Dennis H. Robertson. It was also in a 1923 newspaper article that he first proposed his "normal backwardation" theory of hedging and speculation.
Throughout the 1920s, Keynes remained active in public policy debates, channeled mainly through his numerous articles in the Nation and Atheneum, a Liberal-Labour weekly magazine which he helped purchase in 1923 (it was absorbed by the New Statesman in 1931). The best of Keynes public policy writings was collected in his Essays in Persuasion (1931). He was on the forefront of the battle against returning Britain to the gold standard on a pre- war parity (e.g. 1925). This led him to author two famous pieces in condemnation of laissez-faire economic policy (1925,1926). In 1929, he wrote an election pamphlet with Hubert D. Henderson advocating the use of public works to reduce unemployment and condemning the Treasury's fear of "budget deficits". [Folks, this scumbag seems to be the ROOT OF ALL LEFTIST/PROGRESSIVE/TYRANNICAL EVIL...LOL!!] In 1929, he also entered into a small debate with Bertil Ohlin and Jacques Rueff on German reparations problem. He also found time to marry the Russian ballerina, Lydia Lopokova in 1925. (To the EffeteElite RAT-bastards go the spoils, I reckon...GRRR!!)
In 1930, John Maynard Keynes brought out his heavy, two-volume Treatise on Money, which effectively set out his Wicksellian theory of the credit cycle. In it, the rudiments of a liquidity preference theory of interest are laid out and Keynes believed it would be his magnum opus. His bubble was soon pricked. Friedrich von Hayek reviewed the Treatise so harshly that Keynes decided to set Sraffa to review (and condemn no less harshly) Heyek's own competing work. The Keynes-Hayek conflict was but one battle in the Cambridge- L.S.E. war.
The Treatise also led to the formation of a reading group, known as "the [Marxist] Circus", composed of the young Cambridge economists Richard Kahn, Joan Robinson, Austin Robinson, James Meade and Piero Sraffa. Kahn dutifully delivered reports of the [Marxist] Circus's discussions to Keynes, who subsequently began revising his ideas. One resulting criticism of the Treatise was that it failed to provide a theory of the determination of output and employment as a whole -- a particular pertinent question given the huge amount of unemployment at the time.
The key was provided to Keynes in a short article by Richard Kahn (1931) -- the theory of the income-expenditure multiplier -- which was to be the basis of his future revolution. Already in a few 1933 articles and pamphlets, Keynes began announcing the new idea, and began submitting the drafts of his new book to the [Marxist]Circus and several fellow economists for review and dissection. His ideas on the marginal efficiency of investment took a little longer to work out.
In early 1936, the new book finally came out with the pretentious title of The General Theory of Employment, Interest and Money. Heavily anticipated, cheaply priced and propitiously timed for a world caught in the grips of the Great Depression, the General Theory made a splash in both academic and political circles. As one American politician put it, everyone always knew that the economic policies recommended by the Neoclassical economists were bad policies; but now they realized it was also bad economics.
With the General Theory, as it became known, Keynes sought to develop an theory that could explain the determination of aggregate output - and as a consequence, employment. He posited that the determining factor to be aggregate demand. Among the revolutionary concepts initiated by Keynes was the concept of a demand-determined equilibrium wherein unemployment is possible, the ineffectiveness of price flexibility to cure unemployment, a unique theory of money based on "liquidity preference", the introduction of radical uncertainty and expectations, the marginal efficiency of investment schedule breaking Say's Law (and thus reversing the savings-investment causation), the possibility of using government fiscal and monetary policy to help eliminate recessions and control economic booms. Indeed, with this book, he almost single-handedly constructed the fundamental relationships and ideas behind what became known as "macroeconomics". [Too bad the Commie RAT-bastard got it all WRONG...IDIOT LEFTISTS/STATISTS/PROGRESSIVES!!...sheeesh]
The Keynesian Revolution split the economics world in two generations: the young climbed over themselves to line up behind Keynes; the old rallied to condemn it. John Maynard Keynes responded to his most able critics -- Jacob Viner, Dennis Robertson and Bertil Ohlin -- in a series of 1937 articles, which helped him to expand upon some key aspects of his theory. A densely-written and difficult book, it was followed up immediately by elucidatory publications by the members of Keynes's Circus, such as Joan Robinson, and young economists elsewhere in Britain, such as Roy Harrod and Abba Lerner.
Of particular importance was the 1937 article by John Hicks which introduced the "IS-LM" representation of Keynes's theory that launched the "Neoclassical- Keynesian Synthesis" that was to pervade in America (and elsewhere) as the dominant form of macroeconomics in the post-war era, particularly in the 1950s and 1960s. However, the so-called "Cambridge Keynesians" -- which included veterans of Keynes's Circus, such as Joan Robinson -- and their American cousins, the Post-Keynesian school, would dispute the "Synthesis" twist on the Keynesian Revolution. They posited up their own versions of the theory, which, they argued, was more faithful to Keynes's original message.
Keynes's health collapsed circa 1938, and, consequently, he ducked out of the debate which was then raging. When World War II broke out in earnest, Keynes re- emerged and published his 1940 pamphlet, How to Pay for the War. In that small tract, he identified the "inflationary gap" created by resource constraints during the war effort, and promoted the device of "compulsory saving" and rationing to prevent price inflation, proposals that were adopted in 1941. The 1940 piece is notable for it provided the seeds of a theory of inflation to complement the "depression economics" of the General Theory.
During the course of the war, Keynes was at the Treasury and set himself to think about the post-war economic order. In 1938, he had warmed up to Benjamin Graham's proposals for an international "commodity-reserve" currency to replace the Gold Standard. In 1943, Keynes forged his ideas for "Bancor", a proposal for an international clearing union. In consultation with the Americans, Keynes eventually relented on his idea and accepted the American "White Plan" for an international equalization "fund" held in the currencies of the participating nations. However, several essential aspects of Keynes's clearing union idea were incorporated."
In 1944, Keynes led the British delegation to the international conference in Bretton Woods where the details of the system were hammered out. The American "White Plan" was accepted, countries would retain fixed exchange rates against the dollar, while the dollar itself would be matched to gold. Two institutions, the International Monetary Fund (IMF) and the World Bank (IBRD), were created to oversee the new international monetary system.
All these exhausting official missions and work taxed Keynes's already precarious health. He died in 1946, soon after arranging the guarantee of an American loan to Great Britain."
See, I told you so...MUD
Thank ya...thank ya very much...Mudboy Slim (aka d'WiseOne aka d'RatzRinoz Worst Nightmare!!)
We might ask ourselves: why is it important to revisit this history now? As regards the details of Bretton Woods, it is extremely important to understand that this was not a genuine gold standard. It was a fake gold standard managed by an unworkable plan cobbled together by governments. It is the height of absurdity that supply-siders and others have for years been pining for a return to Bretton Woods and calling it a return to the gold standard. A new Bretton Woods would fail as surely as the first one did. It would certainly not be a step in the right direction to reinstitute Bretton Woods.
That Bretton Woods was called a gold standard was an exercise in obfuscation. It happened for the same reason that NAFTA was called free trade or the FTC is said to protect competition. The state has long used the language of liberalism and the market economy as a plow to push through its opposite. The gold standard was an early victim in this war over words.
A genuine gold standard is implemented currency by currency. It provides for domestic, on-demand convertibility. It allows for banks to fail on their own. It has no central banks. It surely has no international monetary institutions for lending bankrupt governments money. This is the only way toward real stability. Hazlitt said it in the New York Times and it remains true today.
If we want an impenetrable system of money and banking, we would follow Rothbard (Hazlitt once told me that the greatest schievement of the Mises Institute was to give Murray a "suitable platform.") and completely privatize the system, permitting private coinage of any money. This would be all the more viable in our own times, with digital payment systems and global communication. In fact, I'm quite sure that had the state not intervened, the internet would have already put together a competitive system of currency and banking that would exist completely outside the state's purview. A very viable means of reform we could undertake right now is for the state to simply do nothing. The dollar might be beyond salvation at this point, but money itself is not, of course. Money is an essential part of the market economy, so therefore let us let the market make it and manage it.
The stakes are impossible to overstate. Fiat paper money is destroying civilization right now. It has fueled the predator state. It has destabilized markets. It has wrecked balance sheets and distorted financial markets. It has wrecked the culture by leading the whole world to believe that prosperity can come as if by magic, that stones can be turned into bread. It might yet unleash a ravaging inflation that will be welcomed by dictators, despots, and cruel tyrants.
How important is sound money? The whole of civilization depends on it. We must accept no compromise. Down with government plans. Down with international commissions. Down with attempts to manipulate and control that always end in robbing us and making us poorer than we would otherwise be. We should embrace no more and no less than what the old liberals of the 18th and 19th centuries championed. All we ask is laissez-faire.