[Cajundaddy]

Finally, but are we too late?!?
John Maynard Keynes was a British economist and his Marxist ideas on government "managing" the economy through borrowing during hard times were a principal driver in the fall of the British empire. The fundamental flaw in his reasoning is that he never considered basic human nature. People have been highly motivated to pursue their own best interest since the beginning of time. This applies to politicians as well. While going through a downturn in the economy it seems simple enough to borrow (print money) to stimulate the economy and then pay it back during the happy times. The fundamental problem is that politicians want to achieve re-election to hang onto their power and are never willing to pay it back. Ever.

Welcome to the debt crisis we are currently in.

There are no perfect economic models but Keynesian economics is fundamentally flawed for the reasons stated above. I favor the views of the Chicago School of Economics and Milton Friedman. There are some holes in these models as well but they are far more consistent with basic human nature, and civilizations who follow them tend to thrive.