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The Empire has us on the brink of nuclear Armageddon. The central bank has us flirting with economic-social collapse. Americans are increasingly paranoid of one another and simultaneously invested in wielding the state against one another.

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Stimulus Is Not the Answer to Your Economic Woes

Stimulus Is Not the Answer to Your Economic Woes

Congress is hard at work on a stimulus bill. Doubtless their efforts will pay off. Does anyone stop to ask what it is about stimulus that stimulates? And what, exactly, does it stimulate? Start by spending a lot of money that the government does not have, borrow the difference, and the central bank prints the difference and buys up the debt. But does that increase the production of useful things? To answer this, we look at an unlikely friend, Keynes and his General Theory. The British Austrian school economist William Harold Hutt penned a devastating critique of the new economics, The...

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The Cult of Keynes and Its Origins

The Cult of Keynes and Its Origins

The British Austrian economist W.H. Hutt was a great critic of Keynes’s economic theories. However, his speculations on why the New Economics revolution happened are even more fascinating. Hutt shows it to be a fundamentally dishonest undertaking. Keynes held a long-standing belief in inflation and public spending. His General Theory was the culmination of his search for an intellectual foundation on which to support his belief. Yet it was an unstable foundation. Had he stated his thesis in clear terms, it would have been seen as noncontroversial in some parts and in the rest untrue. The...

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