Dec 112011
Friedrich Hayek explains what is happening today and has happened since Keynesianism economics and politicians joined forces.
This 5 minute excerpt is from an old William Buckley “Firing Line” show, filmed in 1977. Hayek’s answer was correct then and even more correct today. Over time we have so ratcheted up responses that we can no longer affect the short-term. The short-term has now morphed into John Maynard Keynes’ long term — “In the long term we are all dead.” Keynes’ nonsense may have been true for our ancestors, but the “long-term” has finally arrived for us and our descendants.
The relevant portion starts at the 3 minute mark and goes for about 2 minutes.
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