Are you ready to be a Revolutionary?
In Chapter 2 of John Maynard Keynes book "The Economic Consequences of the Peace" he speaks of the "vanity of abstinence" and the selfishness of savings. The book was written 90 years ago, but as Nixon said in the early 70's "We are all Keynesians now" and the economic philosophy first developed by Keynes is today the exclusive economic philosophy held by prominent economists as well as virtually all of our leaders and policymakers. If you read the news at all, it is not difficult to see that those trying to centrally direct the economy in America right at this moment are struggling with the "Paradox of Thrift/Paradox of Savings" that Keynes laid out in his General Theory so many years ago. How do we get people to stop saving and start spending? This is the question that is likely keeping Obama awake at night. Saving, the theory goes is evil in a way because it "destroys" income. Somehow (its a very complicated argument- and a circu...