Lets go back to 1930 and Andrew Mellon who raised interest rates sky high and saw to it that the Smoot-Hawley tariff was passed. Half of the people in the US found themselves on the street.
But, so what. Mellon was the richest man in the world and he meant to stay that way. Works if you are a billionaire.
But, so what. Mellon was the richest man in the world and he meant to stay that way. Works if you are a billionaire.
27 days ago
Given his policy of cutting taxes, I doubt that Mellon supported the Smoot-Hawley Tariff, but in any case that is entirely irrelevant to the question of Keynesian theory of deficit spending.
27 days ago
