tag:blogger.com,1999:blog-5649887104105216342.post8873035710619185830..comments2024-02-12T00:37:40.170-08:00Comments on Patrick Barron, an Austrian Economist: Under Sound Money Everyone Understands Monetary PolicyPatrickBarron@msn.comhttp://www.blogger.com/profile/15099283038936284127noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-5649887104105216342.post-38685730263518779662012-12-09T04:22:59.219-08:002012-12-09T04:22:59.219-08:00Patrick continues failure to relate the Fed to Mar...Patrick continues failure to relate the Fed to Marxism:<br /><br />It has been said, “The first thing Keynes did was to disclaim any connection with Marxism. This was an elementary Fabian socialist diversionary move to distract the public from …” relating Keynesian economic theory with Socialist teachings.<br /><br />It is further said, “Marx’s socialist forces intended to “use its political supremacy to wrest, by degrees, all capital from the bourgeoisie” and that private savings would be eliminated by the simple expedient of, “centralization of credit in the hands of the state, by means of a national bank with state capital and an exclusive monopoly.”(1) This is pure Keynesianism 45 years before Keynes was born. The elimination of private savings … was the touchstone of the entire Keynesian edifice. Government manipulation of credit policies and regulations that control production movements to undermine the principle of property rights was boldly and directly proclaimed by Marx.” http://keynesatharvard.org/book/KeynesatHarvard-ch10.html<br /><br />What I am saying is there is a failure to relate the American Federal Reserve Bank to Marxism.<br /><br />Anonymousnoreply@blogger.com