Commanding Heights: The Battle Of Ideas
Keynesian vs Hayek. Love it! Too bad we still have a quasi Keynesian global market economy which pays lip service to free market Hayek!
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January 12th, 2008 at 5:43 pm
Is that 2 hours, wow how did they fit that into youtube?
January 12th, 2008 at 8:48 pm
Yep, its about 2 hrs and it was posted on Google Videos first.
January 23rd, 2008 at 5:56 pm
Another great Bernanke jab from lrc, these libertarians really know how to insert a dagger proper,
““Fiscal action could be helpful in principle, as fiscal and monetary stimulus together may provide broader support for the economy than monetary policy actions alone,” said Ben Bernanke, appearing before the House Budget Committee. ‘Give us more helicopters,’ he might have said.
He endorsed a plan for “fiscal stimulus” of $150 billion to be added to his monetary stimulus. Not only are they going to cut rates and make it easier to borrow, in other words; the government is also going to step in and spend money it doesn’t have – probably by giving tax rebates.
Here at The Daily Reckoning we’ve never met a tax cut we didn’t like. But we smell sushi . No country ever tried as much fiscal stimulus as Japan.
After cutting rates down to “effectively zero,” the Japanese embarked on the biggest program of unnecessary government spending in history.
With no military to waste money, it had to turn to public works. New highways to nowhere…new bridges… new rail lines, by the late ’90s, the little island of Japan was pouring more concrete than all the fifty states.
It was very stimulating to cement sellers. But as to the economy…it did nothing. Here we are, 18 years later…and the Nikkei index is still down by two thirds.”