Who here believes in Keynesian Economics?

Who believes this actually works?

Can you give me an example of a foreign country in the past who has practiced the Keynesian strategy and has prospered?


Lastly, how many had to stop and look up what the term means?

(pssst.... it's the Socialist-Liberal platform...aka Obama's policy)
Update: @David Carrington... care to elaborate at all? Definitive examples maybe?
Update 2: @michelob86... I think you might be confused... it was Nixon who completely removed us from the gold standard on August 15, 1971. And the 40 year time frame you speak of...you think the industrial revolution had anything to do with that?
Update 3: @cattledog....thnx for a thought out answer... but, let's see...: "We have allowed the Fed to make interest rates (Keynes) for at least 50 years," ... which creates artificial bubbles and assists increasing of inflation = bad for economy. "we have allowed bail outs (long before Keynes was... show more @cattledog....thnx for a thought out answer... but, let's see...:

"We have allowed the Fed to make interest rates (Keynes) for at least 50 years," ... which creates artificial bubbles and assists increasing of inflation = bad for economy.

"we have allowed bail outs (long before Keynes was even known), we have allowed government programs to stimulate the economy (keynes)" ... either of those bailouts or economic stimulus plans actually work on the grand scale? I think we are finding out right now for sure. Let's go look at GM for an example....

lastly... "you could say that the de-regulation of the markets and banking (getting away from Keynesian principles) caused our current economic problems." ....no, I [emphasis on "I"] would say that taking us off the gold standard along with empowering the Fed caused our economic problems.
Update 4: @Socrates' Dog: To respectively help you with your slightly misguided assumption revealed in the second half of your answer... The stable dollar, and the almost complete absence of taxation, enabled the explosive growth of the U.S. economy in the period to 1914. The United States was the sole major power... show more @Socrates' Dog: To respectively help you with your slightly misguided assumption revealed in the second half of your answer...

The stable dollar, and the almost complete absence of taxation, enabled the explosive growth of the U.S. economy in the period to 1914. The United States was the sole major power to stick to the gold standard through the war, although its commitment was rather shaky between 1917 and 1920. Also, unlike Britain, it slashed back its high wartime tax rates beginning in 1921. While much of Europe struggled through deflation and recession, the United States enjoyed a boom built on low taxes and hard money, which gained momentum throughout the decade as taxes fell further (opposite of where we are now and the direction we are heading; high taxes and soft, fiat currency.)

After WWI and the Great Depression, which plunged all of Europe into monetary disarray, the gold-linked dollar became the world's leading currency.

A strong, stable dollar deserves the credit.
14 answers 14