Guest Post: Why Krugman and the Keynesians Are Lackeys for the Neofeudal Debtocracy…(The “New World Order”!!)
by Charles Hugh-Smith
The heart and soul of the Keynesian Cargo Cult is the dogma that the cure for all economic ailments is more aggregate demand, i.e. consumption. The Keynesians’ fanatic faith in boosting consumption would be merely childishly naive if it didn’t directly support a parasitic neofeudal debt-serfdom. Sadly, Krugman and his fellow cultists’ single-minded parroting of “aggregate demand” makes them well-paid lackeys and toadies for an extractive neofeudal-neocolonial debtocracy. If you set out to design a system that would implode with devastating consequences, it would be the Keynesian Cargo Cult’s neofeudal financialization debtocracy. All the incentives favor increasing debt, misallocation of capital and mindless consumption, and all the disincentives weaken investments in productivity and the creative destruction of malinvestments and subsidies to favored cartels.