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Saying No to Keynesianism
Club for Growth —
Another great video by the Cato Institute's Dan Mitchell:
Are We All Keynesians Now?
Cato @ Liberty —
Reuters reports that Obama may propose as much as $1 trillion (yes, trillion) of new spending, which would be in addition to the huge expansion of government under Bush, is it true (as Richard Nixon once remarked) that “we are all Keynesians now?
Not quite. Here’s a new video that explains why Keynesian “stimulus” proposals are theoretically misguided. The video also provides real-world evidence showing that bigger government does not work.
So if Keynesian spending is theoretically flawed and doesn’t work in the real world, why are politicians on a spending binge? As I state in the conclusion, they ...
Dan Mitchell on Why Keynesian Fiscal Stimulus is Bad Public Policy
The Austrian Economists —
I went to graduate school with this guy. Good job Dan! I think we should, as a matter of educational purpose, have a lot more of these sort of videos available on you tube.
Just Say No To Keynesian Leaky Bucket Economics
CARPE DIEM —
In the video above, Cato Institute's Dan Mitchell explains why Keynesian economics sounds good but is fundamentally flawed, and why bigger government cannot stimulate the economy. Reason: Before government can inject money/spending into the economy, it first must take money out of the economy (borrow or tax), so the net result can never be anything more than an inefficient redistribution, shifting and transfer of income/spending from one group to another. Kind of like transferring water from Group A to Group B, but with a leaky bucket (see picture below). ...
Bigger Government Is Not Stimulus
Kudlow's Money Politic$ —
Here’s another video from my friend and senior fellow at the Cato Institute, Dan Mitchell – one that is particularly timely – on Keynesian “stimulus” proposals. Dan notes in his email to me, “With Reuters reporting that Obama may propose as much as $1 trillion (yes, trillion) of new spending, which would be in addition to the huge expansion of government under Bush, there is a desperate need for more education on this issue." Amen to that. As I recently wrote, government cannot spend our way into prosperity. What we need is a revival of the dormant animal spirits. They have been beaten down by ...
Keynesian Economics Is Wrong
The Mess That Greenspan Made —
This video was sent to me by the folks at the Center for Freedom and Prosperity Foundation - it's not a bad summary of the current system but offers no alternatives or suggestions for improvement. Now that we are probably nearing the end of the Keynesian era, it's natural to wonder what comes next and how we get from ...
THE FINTAG NEWSLETTER @ 16 December 2008
FiNTAG - Hedge Fund News, Views, Opinions and Gossip —
FINTAG COMMENT Madoff part 2. Last Thursday the news broke and it hardly registered a blip on the news radar. Today we face financial meltdown of the hedge fund industry and the loss of tens of billions of dollars and the destruction of livelihoods. Yesterday I looked critically at the investors who had not read the prospectuses or carried proper due diligence. The problem with Madman Madoff's funds is you could only touch them by investing through feeder funds. These feeder funds were promoted by interested parties who put layers of fees on top and sold them as proper fund of funds. Take the Fairfield Sentry fund. It has a proper Auditor - PWC, ...
Spendaholic Governors Want $1 Trillion from Feds to Replenish Political Liquor Cabinet
Cato @ Liberty —
Every interest group is busy in Washington lobbying for a slice of the so-called stimulus plan being concocted by the incoming Obama Administration. The governors are especially greedy, particularly the ones that already have taxed and spent their states into deep trouble. As Reuters reports, five of them are asking for $1 trillion. They say this money would restore the economy, but everyone who has watched this video knows that is nonsense. The real purpose is to buy more votes with other people’s money:
Governors of five U.S. states urged the federal government to provide $1 trillion in aid to the country’s 50 states to help pay for ...
Obama Wants 600,000 More Bureaucrats
Cato @ Liberty —
In his weekly radio address, President-Elect Obama regurgitated some typical nonsese about how everyone “across the political spectrum” agrees that the burden of government spending should increase and that this somehow will “stimulate” the economy (for an explanation of why this is nonsense, see here). Perhaps the most disturbing aspect of his radio address, though, is that he says he wants to create three million new jobs, eighty percent of them in the private sector. I’m no math genius, but 20 percent of three million works out to be 600,000 new bureaucrats to harass the American people. This is hope and change? ...
Why Keyensian Stimulus Plans Don't Work
CARPE DIEM —
1. At the national level (Cato's Dan Mitchell explains, see longer version here): 2. Or at the state level, watch a video of the Mackinac Center's investigation of the Michigan Film Incentive program, a state-level Keynesian stimulus program being implemented in Michigan.
The Joys of Global Gridlock
Cato @ Liberty —
The G-20 Summit in London on April 2 will feature politicians from around the world jockeying to promote bad ideas. Thankfully, there is a silver lining to this dark cloud since the United States and Europe do not agree on which bad idea deserves the most prominence. As the Wall Street Journal explains, the United States wants more nations to squander money of Keynesian-style schemes (see here to understand why bigger government is not stimulus). The Europeans, meanwhile, want to persecute tax havens and give the Keystone Cops at the IMF more money:
The U.S. will press world leaders to boost emergency government spending to lift the global ...
