Smoke and mirrors. All that was accomplished by Keynesian pseudo-scientific monetary economics was an adjustment in who takes the hits and when, kicking the can down the road, but the can keeps getting bigger the further down the road it gets kicked. At some point the piper must get paid.
Keynes didn't tell us to make the dollar into a global reserve currency, he specifically warned us against it. Keynes didn't tell us to run a massive fiscal deficit in times of plenty the Chicago school adherents did... and even had the nerve to tell us 'deficits don't matter'. Keynes didn't tell us to run a massive trade deficit, he told us decades ago it would bankrupt us. Keynes didn't use the central bank to underprice monetary costs and induce asset bubbles, a couple Ayn Rand disciples did.
Keynes was not the end all and be all, he made mistakes like everyone else. But blaming him for a lot of our troubles is not only wrong but wrongheaded.
Will
