The Real Problem with Keynes

Reading Keynes’ critique of Gesell the key intellectual failing of Keynes’ entire body of work is best exemplified in this concluding remark:

“Thus if currency notes were to be deprived of their liquidity-premium by the stamping system, a long series of substitutes would step into their shoes — bank-money, debts at call, foreign money, jewellery and the precious metals generally, and so forth.”

If Keynes had merely taken one more step beyond Gesell (and himself) to identify in-place liquidation value of net assets as the tax base (or, if one prefers, one can call it the “demurrage base”) he would have escaped the profound irony embodied in his initial observation of Gesell:

“..whose work contains flashes of deep insight and who only just failed to reach down to the essence of the matter.”

Posted by James Bowery on Thursday, June 17, 2010 at 01:00 AM in
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Posted by cladrastis on June 17, 2010, 08:24 PM | #

The only “instruments” with liquidity premium are bankers and liberal humanist politicians.

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