Many will point to the May employment numbers [38,000 "jobs" added; 102 million unemployed or no longer looking for work; millions of low-wage legal and illegal immigrants competing with citizens for jobs] and the weak economy in general and pin all the blame on President Obama. However, Obama is only part of the problem. The real culprit is an economic philosophy shared by both Republicans and Democrats for many decades. It is a belief in the fantasy of effective central economic planning by the Federal Reserve. It is a belief that a central bank can determine better than the free market what interest rates should be. This belief results in mal-investment, spiraling debt, distorted markets, inflation, bubbles, and finally economic depression. * * * *Stock up on baked beans and lemonade, bitchez.. . . What we are seeing is an epic failure of the Keynesians who have tricked so many people into believing that economic interventionism can create a perfect economy. They have mismanaged the economy and I am afraid the worst is yet to come.[1]
Notes
[1] "The Keynesians Stole The Jobs." By Ron Paul, Infowars.com, 6/6/16.
H/t: Gates of Vienna.
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