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I have trouble imagining that Keynes or any of his followers would ever have advocated "expansionary austerity" when confronted by the prospects of a collapsing debt bubble that had been building for 40 years. Did Keynes ever buy into the idea that "debt doesn't matter" that is so popular with the NCE crowd? Did Keynes ever repudiate Fisher's Debt Defaltion Theory of Great Depressions?

"It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Wed Nov 2nd, 2011 at 04:36:08 PM EST
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