When Nixon took the dollar off gold on August 15th 1971 he did not end the Bretton-Woods arrangement. On the contrary, he exacerbated the very same destructive effects that had forced him to renege on the promise to pay gold at a fixed exchange rate to the dollar in the first place. To fund wars…
The Humphrey-Hawkins Full Employment and Balanced Growth act signed into law by President Jimmy Carter on October 27, 1978, tried to translate into practical reality the right of all Americans to get useful paid employment at fair rates by embracing Keynesian economic theory. If someone magically has a right to work, someone must necessarily lose…
The Keynesian “growth” model as we know it over the last four decades consist of debt funded consumption backed by the ever increasing balance sheet of the central bank. Right wing nutcases believe households should be the ultimate bearer of that debt, while spendthrift statist on the left prefer government to be the main conduit…
The last time Greeks went to the ballot box for a referendum was December 8th 1974 and the question was simply whether the people wanted to be governed in a republic or by a monarch. The result was overwhelmingly in favour of a republic with almost 70 per cent of casted votes opting for a…