"If the Treasury were to fill old bottles with bank-notes, bury them at suitable depths in disused coal-mines which are then filled up to the surface with town rubbish, and leave it to private enterprise on well-tried principles of laissez-faire to dig the notes up again (the right to do so being obtained, of course, by tendering for leases of the note-bearing territory), there need be no more unemployment and, with the help of repercussions, the real income of the community, and its capital wealth, would probably become a good deal greater than it actually is."This is Ponzi economics at its best.
Sunday, August 29, 2010
This does not sound very earthly. From John Maynard Keynes "The General Theory of Employment, Interest and Money (London: Macmillan, 1936), p. 129."