Jeff Tucker nails it

A fantastic article appeared on mises.org today. Jeff Tucker hits the nail on the head when he writes how the Austrians predicted it all and the Keynesians are all washed up. And to think that while I'm teaching history, some knucklehead is teaching all those Keynesian untruths next door. Ugh! Read Jeff's great article here.

Add this book to your library

Hunter Lewis has exposed, as the Austrians have often done, perhaps the worst economist of the 20th century, John Maynard Keynes. Building on the work of other Austrians, Lewis details how Keynesianism is destructive and has no place in 21st century economics. A great addition to any home library. Buy it at mises.org.

How Much Proof Do You Need?

Since this blog started I've been touting the evils of Keynesian economics and government-run systems like public education. The People's Republic of Kalifornia, as you can read in this article, has a massive budget shortfall and the schools are going to take a major hit. The state is imploding before our very eyes. Unfortunately, as Bernanke prints money like a fool and Obama stimulates our way to the Third World, all of Amerika will look like this soon. How much proof do you need, comrade?

Keynesian economics is dead

Well, at least it should be. But the government rolls it out, year after year, teaching it in the schools and using it to "guide" us to prosperity. Well, we know how that's turned out. As Hans Herman-Hoppe stated in his The Misesian Case Against Keynes:

I will show that Keynes's new economics, like that "underworld" tradition, is nothing but a tissue of logical falsehoods reached by means of obscure jargon, shifting definitions, and logical inconsistencies intended to establish a statist, anti-free-market economic system.

Why is the U.S. economy in bad shape? Because of the Federal Reserve, its fiat currency, and devotion to Keynesian economics. When, and only when, we are able to free ourselves from paper money backed by nothing and the cranky economics of Keynes will we be able to return to true prosperity.

Do you need any more proof?

All presidents and congresses use Keynesian economists to "help" them guide the economy. Unfortunately for all of us, Keynesian economics, what they teach in high schools and colleges, doesn't work. How do I know? History. Take a look at the current state of California, which is going broke. After years of Keynesian economics, how well is California doing? Take a look from an article on Bloomberg today:

California, the most-populous U.S. state, forecasts it will collect about $42 billion less than it will need to pay its bills over the next 18 months because of the yearlong national recession.

If Keynesian economics was so good, why is California in dire straits? Is there anyone who needs any more proof? The U.S. is in a recession that will last a long time. Time to get rid of Keynesiansim and use free market, or Austrian, economics. Ludwig von Mises and the rest of the Austrians get it. The government and the Keynesians don't.