Niall Ferguson’s attack on Keynesian economics

Niall Ferguson would undoubtedly like to go back to starvation deaths being the leading cause of premature departure for the elderly. Or at least see nearly half of all the elderly living in poverty—it is estimated that 43.6% would be so without Social Security. The starvation death thing may be an urban legend, something I know I’ve heard (somewhere) along the way, but have been unable to find a reputable source for.

Nevertheless and notwithstanding, our “dear” Professor Ferguson is probably just absolutely oh so enamored with Paul Ryan’s lunatic plan to give the elderly a voucher instead of health care! And moreover, according to the “learned” Harvard professor, Ferguson, “It is the economic ideals of Keynes that have gotten us into the problems of today.” I think with that comment he’s not even referring to the Derivatives Panic of 2008 (caused by the repeal of Glass-Steagall which has nothing to do with Keynesianism); instead, he’s referring to the goal of rolling back the 20th century! And he says that, in my opinion, because according to his “unimpeachable” economic theology—that will unequivocally be a cure-all/panacea!

Virtually all of these modern day conservatives (whether identifying openly as neo or not), as an article of faith, vehemently believe in the “indispensable” rolling back of the 20th century!

Well, read your Das Kapital Professor Ferguson, I say. Because I think that you’ve been drinking far too much of the Chicagoan/Austrian Kool-Aid! In the development of things like OSHA (Occupational Health and Safety Administration), the 40-hour work week, the weekend, and trade unions there were, certainly, a great deal of “collateral damage”/casualties on that bumpy way. And indeed, if we could, in fact, resurrect the Lawrence, Massachusetts strikers (not that far from your home base in Harvard Yard!), I think that they’d have nary a positive word for you, and your recklessly audacious attitude, my friend!

Sean Fenley is an independent progressive, who would like to see some sanity brought to the creation and implementation of current and future, US military, economic, foreign and domestic policies. He has been published by a number of websites, and publications throughout the alternative media.

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