I won’t go through all the evidence that makes my title correct. All I need to say is the word “Stimulus.”
I have railed against Keynesian policies numerous times:
I ran across a very interesting quote from John Maynard Keynes today. It’s perfect!
“Practical men who believe themselves to be quite exempt from any intellectual influence, are usually the slaves of some defunct economist.”
– John Maynard Keynes
[Source: An Inheritance of Incompetence, by John Mauldin]
Here is the problem for old John Maynard. [From the Mauldin article] “I don’t often agree with Keynes, but he is the most quotable of all major economists. The above sentence was one of his best. He was right about defunct economists. Of course, he was talking about all those other defunct economists who no longer kept up with his new and improved way of thinking about all things economic. Now his quip comes back to haunt his legacy and his followers.“