What Economists Still Don’t Get About the 2008 Crisis
Keynesian Economics are the economics of political convenience. If something goes wrong, we can juice the economy by engaging in extaordinary activities which generate the illusion of wealth resulting in increased spending.<p>These ideas were very popular until Great Britain encountered stagflation - conditions under which both economic recession and inflation coincided and traditional Keynesian levers and predictions did not function.<p>Zero Interest Rate conditions are not normal. Never in this history of humanity have interest rates been held this low for so long.<p>I strongly recommend taking a long walk through the videos on the Mises Institute, reading Daniel DiMartino Booth and listening to several Peter Schiff podcasts.<p>I don’t recommend buying gold, but if you want a real critique of what is happening, listen to the leading critics and not this weirdly mangled and factually questionable Bloomberg piece.<p>There are many better people to learn about this from.<p>We are living in absolutely extraordinary times which will need with a severe economic implosion.