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  • reaganrestricted reaganrestricted Jun 20, 2011 1:22 PM Flag

    greece's keynesian borrow and spend economy


    epic fail.

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    • Until history happens? The entire world was pro-Keynes, pro-stimulus for a brief moment, and just as the economy began to recover, GDP reversed, unemployment declining, private savings increasing, etc, everyone from the IMF to Obama completely reversed course and started implementing austerity, financial retrenchment, and talking about the need for deficit reduction and entitlement reform. Keynes did not teach anywhere that the private sector just needed a little one time boost, and would magically do the rest on its own.

    • But I agree there was a brief resurgence of Keynesianism throughout the Western world from late 2008 to late 2009. Surely you wouldn't expect that to be sufficient to recover from a crisis that was at 20 years in the making, at least?

    • Umm..that lasted how long, exactly? By late 2009, it was already back to deficit reduction and all of the laissez-faire neoliberal economists that had scurried away into their holes at the onset of the crisis that they promised would never happen came back out again recommending the very same policies that got us into the mess: more deregulation, less taxes for the rich, fiscal austerity for the middle and working class and disadvantaged, etc.

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