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The Austere Land

The Austere Land

The domestic exile of John Maynard Keynes.

Robert Skidelsky

June 22, 2012

AS AUSTERITY POLICIES took hold in most of Europe, a Hayekian “money-glut” analysis of the origins of the slump replaced the Keynesian “savings-glut” one. According to Friedrich Hayek, slumps result from overly loose monetary policy. Excessive money-creation by the central bank makes it possible for banks to lend more than the public wants to save.

Continue Reading in the USA's, "New Republic", after having been mislead here by Google.

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