Discretion will guard you, understanding will watch over you, to deliver you from the way of evil, from the man who speaks perverse things; from those who leave the paths of uprightness, to walk in the ways of darkness; who delight in doing evil, and who rejoice in the perversity of evil; whose paths are crooked, and who are devious in their ways (Proverbs 2:11-15, New American Standard Version).
British economist John Maynard Keynes is most famous for his quip, “In the long run we are all dead.” This was his response to any criticism of his work that argued that the long-run consequences of his policies would be disastrous.
Keynes was the primary apologist for the economic policies that created today’s world of high debt, fiat currencies, and a search for an internationally managed monetary system. He and Harry Dexter White designed the International Monetary Fund, which came out of the now-defunct Bretton Woods agreement of 1944. It was Keynesian economics that dominated the academic world in the post-World War II era.
Why did Keynes design a system–or better put, why did he recommend a series of disjointed policies–that would fail in the long run? Because he was committed as a way of life to the short run. This is understandable, for he was a dedicated homosexual.
Lewis Lehrman, the businessman-scholar-politician who has defended the traditional gold standard so eloquently, once remarked that the reason why he favors a free market economy based on gold, and Keynes didn’t, is that he has a large family. He wants his children to inherit something. Keynes had no children to inherit anything.
This post was published at Gary North on July 02, 2016.