It’s a pretty stupid notion when you stop and think about it for more than 3 seconds.
This coming from the founder of Keynesian economics is laughable. A baron by birth, steeped in capitalist outcomes, furthered the ideals of capitalists and created a brand of demand-side economics that damaged humanity on a scale we will never know.
In a general sense I won’t defend Keynes, but Keynesian economics was a better macroeconomics than the classical ones that preceded them or the neoclassical/neoliberal ones that succeeded them, and he had a better idea for international trade/balance of payments than US dollar hegemony: Bancor.
And yet some of his ideas, primarily the Bancor, would have fundamentally changed the course of post-WWII history.
I’m no capitalist, I just mean to say that the difference between the international currency exchange model Keyenes proposed and what the US forced on everyone is immense. Interestingly enough, many countries are once again looking to Keynes’ Bancor as inspiration for a new international financial paradigm.
Sounds like he really knew his stuff
