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Alasdair Macleod: Keynesians go all in
By Alasdair Macleod
GoldMoney, St. Helier, Jersey, Channel Islands
Thursday, January 21, 2021
Mainstream economists are celebrating Joe Biden’s election as U.S. president. For Keynesians, the outlook is for a reaffirmation of economic management by the state, and of reflationary monetary policies to restore economic growth, following the damage caused by covid lockdowns.
This article points out the fallacies in the Keynesian argument. It shows how key economic statistics have been manipulated and misrepresented to conceal the delusions behind state interventions. And based on inflationary programmes only announced so far, we can expect the US budget deficit in fiscal 2021 to rise to over $5 trillion. Furthermore, the twin deficit hypothesis suggests that when the temporary increase in the savings ratio unwinds, the U.S. trade deficit will also increase accordingly.
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This assumes no disruption from the known unknowns, such as an inevitable banking crisis and foreigners’ liquidation of their $27 trillion pile of financial assets and bank deposits, causing a sharp rise in interest rates.
As with every cycle of bank credit, Keynesian monetary policies will be disproved again. But this time and without a major shift in economic and monetary policies, fiat currencies are almost certain to collapse, necessitating their urgent replacement with sound money. ...
... For the remainder of the analysis:
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