This is the sort of abysmally low intellectual level that you'd expect from
a Chomsky groupie. Bear in mind that Ed Herman is supposed to be a Professor
of Finance, yet has never had an article accepted in any peer-reviewed
journal in the field and appears never to have heard of the principal tenets
of financial theory, and that gives you some idea of the chronic ignorance
of the groupies regrading economics and finance.
Well, I know Keynes's work rather well, and I can assure you that this
witless remark never came from him. If you want to find out what he really
said on investment, look at his Collected Writings Vol. 12 pages 1-647, and
the correspondence held at the National Mutual Life Assurance Society (of
which Keynes was Chairman from 1921 to 1938). You'll find he took a highly
optimistic view of equity investment, consistent with the notion that
equities were intrinsically undervalued relative to interest rates. 60 years
on, we can apprecfiate how right he was.
xxx wrote in message <367FCF7B.C8BFD...@mindspring.com>...
> "Speculators may do no harm as bubbles on a steady stream of enterprise.
> But the position is serious when enterprise becomes
> the bubble on a whirlpool of speculation."
> John Maynard Keynes
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