{"id":36743,"date":"2018-08-16T10:02:35","date_gmt":"2018-08-16T15:02:35","guid":{"rendered":"http:\/\/olduvai.ca\/?p=36743"},"modified":"2018-08-16T10:02:35","modified_gmt":"2018-08-16T15:02:35","slug":"patrick-barron-my-letter-to-the-ny-times-re-typical-keynesian-whitewash","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=36743","title":{"rendered":"Patrick Barron–My letter to the NY Times re: Typical Keynesian Whitewash"},"content":{"rendered":"

Patrick Barron–My letter to the NY Times re: Typical Keynesian Whitewash<\/a><\/h3>\n
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Dear Sirs:<\/div>\n
Fareed Zakaria\u2019s review of the Adam Tooze book\u00a0Crashed: How a Decade of Financial Crises Changed the World<\/i><\/a>\u00a0is a typical Keynesian whitewash of a deeply flawed monetary and regulatory system. Like Tooze, Zakaria sees the Federal Reserve Bank as the hero in \u201csaving the financial system\u201d that was going into free fall in 2008. But why was it going into free fall, and was the Fed\u2019s massive, multi-trillion dollar bailout really the answer? To agree with Tooze and Zakaria is to condone monetary counterfeiting pre-2008 and even more monetary counterfeiting thereafter. One of the prime\u00a0purposes of sound, as opposed to fiat, money is to allocate scarce resources. The Keynesians do not admit that resources are scarce. They equate the medium of exchange, in this case fiat dollars, with real capital. Yes, fiat dollars can be increased to unlimited amounts at the click of a Federal Reserve Bank computer, but real resources and real capital must be accumulated by hard-working people. Zakaria and Tooze\u2013and the rest of the Keynesian dominated Main Stream Media like the New York Times\u2013fail spectacularly to understand the distinction.<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Patrick Barron–My letter to the NY Times re: Typical Keynesian Whitewash Dear Sirs: Fareed Zakaria\u2019s review of the Adam Tooze book\u00a0Crashed: How a Decade of Financial Crises Changed the World\u00a0is a typical Keynesian whitewash of a deeply flawed monetary and regulatory system. Like Tooze, Zakaria sees the Federal Reserve Bank as the hero in \u201csaving […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[21269,21268,303,1856,467,8816,3650],"class_list":["post-36743","post","type-post","status-publish","format-standard","hentry","category-economics","tag-adam-tooze","tag-fareed-zakaria","tag-fed","tag-financial-crises","tag-keynesian-economics","tag-sound-money","tag-us-federal-reserve"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/36743","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=36743"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/36743\/revisions"}],"predecessor-version":[{"id":36744,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/36743\/revisions\/36744"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=36743"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=36743"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=36743"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}