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... the US built the institutional freedom to maneuver, of course, in two world wars and a Great Depression, so it is perhaps not surprising that a large amount of that Keynesian stimulus is in the form of funding reckless military adventures abroad.

The big flaw with a collaborative policy negotiated under terms informed by the conventional wisdom is that the conventional wisdom is wrong, so rather than mandating sound economic policy, for much of the business cycle the negotiated terms forbid sound economic policy.


I've been accused of being a Marxist, yet while Harpo's my favourite, it's Groucho I'm always quoting. Odd, that.

by BruceMcF (agila61 at netscape dot net) on Wed Sep 3rd, 2008 at 10:48:34 AM EST

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