The Keynesian Playbook – Though there are multiple versions practiced today, John Maynard Keynes advocated using monetary policy to manage/stimulate aggregate demand and thus smoothen the business cycle. In his book “The General Theory of Employment, Interest, and Money”, he advocated running deficits during times of recession and surpluses during good years to pay down the debt. Given the compulsions of democratic politics, deficit financing has become a permanent feature of almost all governments today.
Didn’t work, not working and will not work. There, I think I covered all the tenses, didn’t I? We are now finding out after we f*cked around. It is all coming to a head and the can can no longer be kicked down the road.