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Economics

Material Evidence: Greece has been the very essence of Keynesian folly

The latest Material Evidence from Sean Corrigan:

What seems to escape every one of these fatuous macromancers is that, for years now, Greece has been the very essence of Keynesian folly: that the heavy hand of the state, by distributing a corrupting largesse derived from the government-supported evil of fractional reserve banking and constituted of laughably mispriced, fiat-money lending, had so successfully ‘stimulated’ the country and artificially boosted the shibboleth of its GDP that it is now reduced to a state of penury so extreme — and is plagued with a false sense of entitlement so engrained — that all conceivable solutions to its woes now seem like bad ones.

Material Evidence, 7 May 2010

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