“As the long lines at Greek banks and ATMs attest to, banks don’t really have all of your money. Bloated government spending in Greece also reveals the failure of Keynesian economics, which advocates a large state role in the economy. It reveals the failure of the bailouts, which did nothing constructive. They only delayed the inevitable. Greece reveals that government bonds are not sacrosanct. All of these things – fractional reserve banking, Keynesian economics, the false safety of government debt, and the bailout model – are firmly embedded in today’s conventional wisdom. The crisis there helps to illuminate these fundamental flaws in mainstream economic thinking.”
Related posts:
David Galland: What the Hell Is Wrong with Obama?
Who Says You Can Kill Americans, Mr. President?
Concealed Carry Proves Guns Are Part of Solution to Gun Violence
Ryan and Biden: Birds of a Feather
Edward Snowden and Joshua Glover
For Pakistanis It’s A Boston Marathon Bombing Nearly Everyday
Continued EU Weakness Gives Rise to Two Inflationary Trends
Foreclosures are the Solution, Not the Problem
Michael Scheuer: Observing King Obama’s Syrian madness
Cops held liable in SWAT killing of unarmed man; city blames jurors' racial bias
Ron Paul: The Internet Revolution is a Liberty Revolution
Jacob Hornberger: Celebrating The Cuban Air Crash
Anthony Gregory: The Twisted Premises Implicit in the Drive for War
Bernanke Hates This Fed Candidate
Jacob Hornberger: More Judicial Deference on National-Security State Murder