Friday, October 28, 2011

What caused the 2008 Economic Collapse?

And without Keynesian intervention,
how can we rationally hope to avoid a second,
much worse collapse?

"The modern conservative is engaged in one of man's oldest exercises in moral philosophy; that is, the search for a superior moral justification for selfishness."
~ John Kenneth Galbraith

“Capitalism is the astounding belief that the most wickedest of men will do the most wickedest of things for the greatest good of everyone.”
~ John Maynard Keynes

In this video clip Alan Greenspan pretty much admits that the cause of the financial system collapse in 2008 was his ignoring that Keynes truism. Quite a blind spot considering that the most wickedest of men were also his best friends!

"Political economy came into being as a natural result of the expansion of trade, and with its appearance elementary, unscientific huckstering was replaced by a developed system of licensed fraud, an entire science of enrichment."
~ Engels, Outlines of Political Economy (1844)

"A developed system of fraud" -- aka banksterism.

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