Here are links to 2 videos of Economics Nobel Prize Winner Hayek on Keynes, the guy whose ideas form the basis of the world economic model today.
Hayek on Keynes' ignorance of economics:
https://www.youtube.com/watch?v=y8l47ilD0II
2nd Video:
https://www.youtube.com/watch?v=VqU-AZh-wqU
4:00 onwards in the 2nd video. Keynes is against the inflationary policies that we have in the world today, as I've always suspected so. Nevertheless, politicians used his ideas and make them highly destructive. The world is fixated on inflation, spending and consumption as a means to cure the ills of the economy, when in fact inflation, over-spending and over-consumption were the causes of those ills in the first place. The next 1-3 years will be very interesting for the financial community. We should probably see the full-blown problems caused by Keynesianism, especially in the West. Big symptoms have emerged in the past decade but politicians and central banks managed to cover it up. When Keynesianism will be banished forever is a question mark. But it won't be in the foreseeable future. I'll be really happy if I'm wrong in the preceding statement.
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