Introduction: Reaching the Keynesian Endpoint

After the fall of Lehman Brothers in September 2008, the scope of the financial crisis became so great that the fiscal and monetary authorities of the developed world possessed the only balance sheets large enough to resolve the crisis and thereby restore stability to the world’s financial markets and the global economy. In essence, the ills of the private sector were set to shift to the public sector. The sense at the time was that it would work; after all, the borrowing abilities of the United States and the rest of the developed world were proven, and the ability of central banks to print money was and remains indisputable. Moreover, Keynesian economics had “succeeded” at restoring stability to ...

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