Fight of the Century - Keynes vs. Hayek - Round Two

I'm watching you lord lord kaines wow it's it it it's it's such an honor indeed sir please just go just go right on [Music] through whoa whoa identification please Heek NOP haek like um High explosives high high explosives we have a 1066 HQ I repeat we have a 1066 copy that Mike a 1066 that was just an example of how to pronounce my ladies and gentlemen members of the committee we are here today to consider the impact of government spending on our economy we're fortunate to have two world-renowned economists to offer their testimony on a

matter I see it took a detour down the road to surom talk about the end of La Fair she well Shake It Off ready I'm not pulling any punches in there I'm ready are you prep prepare for the return of the master John Maynard KES fa H round two round 2.0 same Economist same beliefs new microphones new mustaches here we are peace out Great Recession thanks to me as you see we're not in a depression recovery the knee if you follow my lesson Lord can's here I come line up for the procession we brought out

the shovels and we're still in a ditch and still digging don't you think it's time for a switch from that Hair of the Dog Friend the party is over the long run is here it's time to get sober are you kidding my cure works perfectly fine have a look the Great Recession ended back in ' 09 I deserve credit things would have been worse all the estimates prove it I'll quote chapter and verse econometricians they're ever so biased are they doing real science or confirming their bias their Keynesian models are tidy and neat but that

top- down approach is a fatal conceit which way should we choose more bottom up or more tuck down the Fight Continues ging High ex second round it's time to win more from the to or from the ground let's listen to the great down we could have done better had we only spent more too bad that only happens when there's a World War you can carp all you want about stats and regression do you deny World War II cut short the depression wow one data point and you're jumping for joy the last time I checked Wars

only destroy there was no multiplier consumption just shrank as we use scarce resources for every new tank pretty perverse to call that Prosperity ration meat ration butter a life of austerity when that war spending ended your France cried disaster yet the economy thrived and grew faster faster f f you two only see what you want to see the spending on war clearly Goose GDP unemployment was over almost down to zero that's why I'm the master that's why I'm the hero creating employment's a straightforward craft when the nation's at War and there's a draft if every

worker was staffed in the Army and Fleet we'd have full employment and nothing to eat nothing to eat nothing to eat nothing to eat which way should we choose most bottom up more down the fight contines G in high ex second round it's time to win we from the to or from the ground let's listen to the B High it going down jobs are a means not the ends in themselves people work to live better to put food on the shelves real growth means production of what people people demand that's entrepreneurship not your central plan

my solution is simple and easy to handle it's spending that matters why is that such a scandal money slashes through the pipes and the sloes revitalizing the economy's juices it's just like an engine that stalled and gone dark to bring it to life we need a quick spark spending's the life blood that gets the flow going where it goes doesn't matter just get spending Clos you see slack in some sectors as a general blood but some sectors are healthy only some in are run so spending's not free that's the heart of the matter too much

is wasted as cronies get fatter the economy is not a car there's no engine to stall no expert can fix it there's no it at all the economy is us we don't need a mechanic put away the wrenches the economy's organic which way should we choose bot them up more down the Fight Continues gon High ex second round it's time to win walk from the tap or from the ground let's listen to the b s High it going down what would you do to help those unemployed this is the question you seem to avoid when

we're in a mess would you have us just wait doing nothing until markets equilibrate I don't want to do nothing there's plenty to do the question I Ponder is who plans for whom do I plan for myself or leave it to you I want Plans by the many not by the few let's not repeat what created our troubles I want real growth not a series of bubbles stop bailing out losers let prices work if we don't try to steer them they won't go berserk come on are you kidding don't Wall Street gyration challenge a worldview

of self-regulation even you must admit that the lesson we've learned is more oversight's needed or else will get burned oversight the government's long been in bed with those Wall Street execs and the firms that they've LED capitalism is about profit and loss you bail at the losers there's no end of a cost the lesson I've learned it's how little we know the world is complex not some circular flow the economy is not a classic can master in college to think otherwise is the pretense of [Music] knowledge down the Fight Continues gon High ex second round

it's time to win or from the to or from the crow let's listen to the High going you get on your high horse and you're Off to the Races I look at the world on a Case by case basis when people are suffering I'll roll up my sleeves and do what I can to cure our disease the future's uncertain our outlooks are frail that's why free markets are so prone to fail in a volatile world we need more discretion so State intervention can counter depression people aren't Chessmen you move on a board at your whim

their dreams and desires ignored with political incentives Discretions a joke those dials are twisting just mirrors and smoke we need stable rules and real market prices so Prosperity emerges and cut short the crisis give us a chance so we can discover the most valuable ways to serve one [Music] another which way should we choose BT up more down the Fight Continues Ching High EXC round it's time to W walk from the to from the ground let's listen to the Bri [Applause] down which way should we choose most bottom up for more top the Fight Continues

K and I ex second round it's time to win more from the top or from the ground let's listen to the great [Applause] down come get your EC [Music] stor Make some noise St yo CH say what say [Music] what I don't need to be subjective but this my Austrian perspective down yo where you at shout out to [Music] [Music] oh [Music]