In response to “anti-capitalists”

Mr. Keynes is famous and dead, but are his words useful or even important? In contrast to the quote above, we could say that anti-capitalism is the belief that when a civilization is so prosperous that is has the luxury time to develops breakthroughs like electrical power grids, automobiles, mass food production, the internet, and yes even machine guns, then why focus on the benefits available when one can focus on condemning the motives of those who do focus on the benefits available? Do anti-capitalists really condemn the motives of those who focus on the benefits available, or do they really just condemn the *results* of other people’s focus on the benefits available, but then say they condemn certain motives as nasty and then celebrate their own motives (over their own results)?

For instance, a week ago, a city in California (Richmond), announced plans to intervene in the mortgage market there. I forecast interventions like this as early as 2003, since I could see the “meltdown” coming back then. I believe that the motives of the city planners could be very sincere (and naive), with only “good intentions,” but after the short-term “rescue,” that plan would basically drive mortgage lenders out of the city, which would demolish the home prices in the area, which would contradict the stated motive of the program.…

While I could condemn the results of Mr. Keynes‘ interventionist political tyrannies (which he may have publicly retracted prior to his death, if I recall correctly), why not just learn from them? Intervention programs which promise to “rescue” idiotic ponzi schemes by allowing them to be subsidized by sustainable industries will ultimately result in dramatic and sudden collapses, like the emerging credit market crisis, in which the delusional discounting of cash will suddenly reverse, leading to a deflationary plunge in market prices of most everything.

Keynesians attempt to “make trends continuous,” rather than allowing for natural fluctuations, like the cycle of high tides and low tides. Then, when the Keynesian interventions produce sudden, catastrophic crisis in markets, Keynesians can blame the results of their own practices on… other people’s motives.



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