Keynesianism’s Long March to the Dustbin of History
by Gary North
LewRockwell.com
We read on Wikipedia:
The phrase “ash heap of history” (or “dustbin of history”) figuratively refers to the place to where persons, events, artifacts, ideologies, etc., are relegated upon losing currency and value as history. A notable usage was that of the Russian revolutionary Leon Trotsky referring to the Mensheviks: “You are pitiful, isolated individuals! You are bankrupts. Your role is played out. Go where you belong from now on — into the dustbin of history!” in response to the Menshevik faction walking out of the All-Russian Congress of Soviets (25 October 1917) in Petrograd, which allowed the Bolshevik faction to dominate the party. In a speech to the British House of Commons (8 June 1982), U.S. President Ronald Reagan said that “freedom and democracy will leave Marxism and Leninism on the ash heap of history.”
It is now the Keynesians’ turn to join the losers of history.
They do not see it. Their critics do not see it. But it is a fact.
Allow me to shift metaphors away from the ashcan of history.
Continue Reading at LewRockwell.com…
Source: http://financialsurvivalnetwork.com/2016/02/keynesianisms-long-march-to-the-dustbin-of-history/?utm_source=rss&utm_medium=rss&utm_campaign=keynesianisms-long-march-to-the-dustbin-of-history
