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It's really quite fascinating how Keynesian management of the business cycle was abandoned for being "politically impossible", except in the cases when you manage the cycle with Keynesians means to increase the osciallations. It's just not here in California we see that, but in lots of places during the Asian crisis, the Latin American crises of the 90's and so on.

Peak oil is not an energy crisis. It is a liquid fuel crisis.
by Starvid (arvid.hallen at gmail.com) on Sun Jul 12th, 2009 at 05:53:59 AM EST
[ Parent ]
I luvs me sum Friedmanite Monetarist Capitalism.

The peak-to-trough part of the business cycle is an outlier. Carnot would have died laughing.
by Migeru (migeru at eurotrib dot com) on Sun Jul 12th, 2009 at 06:09:32 AM EST
[ Parent ]
Keynes:
Thus we are so sensible, have schooled ourselves to so close a semblant of prudent financiers, taking careful thought before we add to the 'financial' burdens of posterity by building them houses to live in, that we have no such easy escape from the sufferings of unemployment. We have to accept them as inevitable results of applying to the conduct of the State the maxims which are best calculated to 'enrich' an individual by enabling him to pile up claims to enjoyment which he does not intend to exercise at any definite time.
We have learned nothing. Worse, we have forgotten what we once learned.

The peak-to-trough part of the business cycle is an outlier. Carnot would have died laughing.
by Migeru (migeru at eurotrib dot com) on Sun Jul 12th, 2009 at 06:14:21 AM EST
[ Parent ]
Great Keynes quote.

We have learned nothing. Worse, we have forgotten what we once learned.

Common Krugmanite theme...

Peak oil is not an energy crisis. It is a liquid fuel crisis.
by Starvid (arvid.hallen at gmail.com) on Sun Jul 12th, 2009 at 06:21:46 AM EST
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