My take on our economy!
Ludwig von Mises — Substantial
John Maynard Keynes — Versatile
Ben Bernanke — Clueless
Von Mises — Well-being is based on wealth.
Keynes — Yes, but wealth possessed by too few is dangerous.
Bernanke — I know, we’ll print more money.
This is where we are at.
von Mises and Keynes are right; but, Bernanke is wrong!
To be equal/fair it becomes useful/necessary to “manufacture” a mechanism to “transport,” “transfer,” “build,” “create,” wealth in various places — hence, paper money. Bernanke is missing the boat because he thinks you print money. No. You create wealth — A VERY IMPORTANT FIRST STEP. Now you can give your “paper” some value and create wealth somewhere else.
With paper money, quality is way more important than quantity.
Of course, you need a system that “promotes,” “makes possible,” or at the very least, doesn’t “discourage” this.
We are really “squandering” an opportunity here. We have a really good system that has become a bit out of adjustment ... over time.
Mismanagement of paper money can destroy wealth — as well as create it; another condition we are guilty of.
Instead of fighting about von Mises and Keynes, let’s join the two and put some value back in our paper.
We transformed the world once — we can again!