..is the word, is the word, it’s got meaning..”
BBC bigging it up for John Maynard Keynes this morning. Just before 8am I heard Humphyrs ponder “Has John Maynard Keynes saved the world” regarding the G20 farce. The political left may not invest a lot in understanding the essence of how economic works but when they do direct their though process that direction, Guru Keynes is their idol. And so the BBC falls in line and offers us Keynes as the answer even though anyone with half a brain would know that Keynesian economic is utterly discredited. I remember when I was doing my Economic degree back in the late 1970’s – the lecturers all pushed Keynes and damned monetarism. Of course history proved them wrong but in the lofty bastions of the left, such as the BBC, Keynes never went away and his Utopian follies are now presented to us as the global saviour.
Also, in all the G20 coverage, do you notice how it is “the banks” that are presented as having caused the economic crisis? Why does the BBC sanitise the role of government? In the States we had the (Democrat) CRA as a central dynamic leading to disaster. Here in the UK we had McDoom’s ten year spending frenzy and yet, oddly enough, this is not discussed. Why? Is it because the BBC is itself institutionally Statist and cannot conceive that the State itself may be the central problem.