Pork barrel

Time for a change? August 14th 2016

The difficulty lies, not in the new ideas, but in escaping from the old ones, which ramify, for those brought up as most of us have been, into every corner of our minds…Most, probably, of our decisions to do something positive, the full consequences of which will be drawn out over many days to come, can only be taken as the result of animal spirits—a spontaneous urge to action rather than inaction, and not as the outcome of a weighted average of quantitative benefits multiplied by quantitative probabilities.” – John Maynard Keynes, General Theory It would be wonderful to have Keynes back in the 21st Century to get his take on the absurd contrivances of officialdom to translate his economic theory into practice. I suspect he would reserve a special place in the dungeons for a certain academic “economist” who wouldn’t recognise the real world if it bit him, but he would have the world’s central bankers and a raft of other “economists” and politicians to keep him company or in some cases to help the gaolers turn the screws in recompense for the duff ideas he sold them. Economics is now all about finding ways for governments to continue to borrow without anyone noticing. Keynes urges us to be spontaneous and not turn to the…

Click to Read More