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Craig Hemke at Sprott Money: The great Keynesian experiment ends here
By Craig Hemke
Sprott Money, Toronto
Tuesday, July 18, 2023
A long time ago in a galaxy far, far away, I came up with a tagline for my comments at ZeroHedge. It stated, "the end of the great Keynesian experiment is upon us, so prepare accordingly."
Well, it has taken longer than I expected, but at last here we are.
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Let's start with John Maynard Keynes. Who was he and what is this "great experiment"?
In short, it was Keynes who popularized the idea of a debt-based monetary system where governments allow for unchecked growth of debt and the growth of the monetary base needed to support it.
This was all well and good, and it worked for a while. However, the end of the experiment was always scheduled for the moment when new fiat currency creation for debt monetization became an economic and monetary necessity. And now here we are.
Last week the U.S. government reported its fiscal deficit numbers for the first half of calendar year 2023. (The fiscal year actually began on October 1, 2022, and ends on September 30, 2023.)
The numbers are astoundingly bad, with tax revenues sharply declining while expenditures are exploding higher. ...
... For the remainder of the commentary:
https://www.sprottmoney.com/blog/end-of-great-keynesian-experiment
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