Sunday Independent Stupid Statement of the Week January 29, 2012Posted by Garibaldy in Sunday Independent Stupid Statement of the Week.
Only one contestant this week
Much though I hate to disagree with our esteemed President, on Hayek, I have to. Far from being discredited, Hayek is our inspiration now. It was he who showed how state intervention — the US Fed and Bank of England setting ultra-low interest rates in the Twenties — contributed to the Great Depression, and how, far from causing recovery, Keynesian economics resulted in the US economy sliding back into recession in the late Thirties. Likewise, low interest rates and sub-prime mortgages a decade ago caused this crisis. Last week’s temporary pick-up in US growth is less a sign of recovery and more a sign that quantitative easing has moved from being a needed and justifiable tool to save the US financial system to an unsustainable counter-productive tool for pump-priming US domestic demand.
Hayek shone a beacon against the forces of state tyranny, forces that led ultimately to totalitarianism, evil and war.
Marc Coleman. Just after the bit I’ve quoted, he goes on to complain about the Front National. I’d like to say he’s just ignorant of Hayek and Pinochet, but he probably just doesn’t care.