“The economic experiments of President Roosevelt may prove, I think, to be of extraordinary importance in economic history, because for the first time — at least I cannot recall a comparable case — theoretical advice is being taken by one of the rulers of the world as the basis of large-scale action. The possibility of such a remarkable event has arisen out of the utter and complete discredit of every variety of orthodox advice. The state of mind in America which lies behind this willingness to try unorthodox experiments arises out of an economic situation desperate beyond precedent.”

- John Maynard Keynes, January 1934

There doesn’t to seem to be much shortage of desperation today. Although, there’s still no shortage of apologists out there urging us to not “jump to conclusions” about the stock market’s 500 point plunge. Even if the market isn’t reacting to the sheer stupidity of the budget resolution the jobless numbers are more than enough. Combined with troubles in Europe and Asia, it looks as if the global economy is on the brink of collapse. There is one question that should be on everyone’s lips: where will the recovery come from? I’m willing to bet there are quite a few options out there waiting to be tried, apart from cutting government until confidence is magically restored.

Quote via Salon