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A Modest Proposal (apologies to Swift)

Decades ago, John Maynard Keynes famously wrote in his book The General Theory: "If the Treasury were to fill old bottles with bank-notes, bury them at suitable depths in disused coal-mines. . . and leave it to private enterprise on well-tried principles of laissez-faire to dig the notes up again. . . there need be no more unemployment." To Keynes, all that mattered was that people were employed doing something, anything. The quality of employment didn’t matter. Is it any wonder that Keynesian economics (the kind embraced by Bernanke, Greenspan, Krugman, et al) has destroyed the economy? It worked for Detroit.


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