Obama vs Romney Is Really Keynes vs Friedman

Obama vs Romney Is Really Keynes vs FriedmanThe GOP and the Democrats have held their conventions. Romney and Obama are the candidates. But we already knew that. Did we learn anything new? The Democrats have better music. The GOP has a more orderly group of delegates on the floor. Joe Biden never learned that it's impolite to point your finger at someone...even on TV. Obama sounds like a preacher. Romney sounds like a doctor. No. We didn't learn anything new. What we should remember, however, is that the 2012 presidential election is a classic clash between the two prevalent econonic theories that have controlled politics in the past 80 years. The Democrats follow John Maynard Keynes. He was an English economist who developed the theory in the period of the Great Depression that when economic activity is slow and unemployment is high, the government should go into debt by borrowing money or printing it, i.e., increasing the supply of money, to pump up econonic activity - in the hope that good times will return and the borrowed money will be repaid from greater tax income. The Republicans follow Milton Friedman who developed the theory that if the money supply is kept stable and taxes are low and regulations minimal, then the free market will find its balance and economic activity and jobs will grow. After more than 40 years of Keynesian economic policy in America, started by Franklin Roosevelt in the 1930s, Ronald Reagan brought Friedman to the forefront in the 1980s. The debate goes on about these two economic theories. But, with the money supply growing exponentially today under a Federal Reserve guided by Ben Bernanke, and with the enormous expansion of the national debt as a consequence of President Obama's use of the money printed by the Fed or borrowed from China and other investors to pump the economy, we see the logical outcome of Keynesian economics -- large and growing public debt, devalued currency because there is too much of it in circulation, and business not investing in infrastructure or developing new job opportunities. That is what 2012 is all about. That is what Paul Ryan (and Bill Clinton when he spoke at the Democrat Convention) means when he says we must get a handle on the national debt before it destroys America. That is why the choice is so clear and clearcut. Continue to print Dollars and fall further into debt, while business shrinks - vote Obama Biden. Regain control of the Dollar, the debt and the business outlook - vote Romney Ryan.