Keynes' Moronic Theories - The Level of Spending Determines the State of the Economy

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Keynesian theory says that the level of spending in the economy is what determines the state of the economy. And so it's a vicious cycle where the economy gets into recession. The only way out is for Keynes' banks, their bodies and government bodies to print a lot of money to give to themselves. That's one interpretation. But I've taught macroeconomics at university level for a while. So I know Keynesian nonsense better than most Keynesians know Austrians,. If not all of them, I guarantee you.

Saifedean Ammous is an Austrian economist and author of The Bitcoin Standard and The Fiat Standard. Please support this podcast by checking out our sponsors:
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OUTLINE:
Here’s the timestamps for the episode. On some podcast players you should be able to click the timestamp to jump to that time.
(00:00) – Introduction
(07:53) – Money
(20:58) – Gold standard
(34:09) – Collective hallucination
(39:59) – Austrian vs Keynesian economics
(1:12:20) – Free market
(1:28:49) – Monarchy
(1:34:23) – Fiat money
(2:21:13) – SWIFT system
(2:34:03) – Bitcoin
(2:40:20) – Satoshi Nakamoto
(2:48:04) – Criticisms of Bitcoin
(3:03:16) – Football/soccer
(3:06:58) – Criticisms of Bitcoin continued
(3:17:17) – Bitcoin Maximalism
(3:29:40) – Proof of stake
(3:46:46) – Central bank digital currency
(3:57:59) – Michael Malice
(4:00:12) – Advice for young people
(4:06:21) – Palestine
(4:18:00) – Mortality