[ExI] Is unemployment the future?

[JOSHUA JOB]

I'm definitely heavily influenced by Objectivism, though not entirely  
convinced by the epistemology of it (though I think its pretty close  
to right). Rand wasn't really anti-Keynesian so much as pro-laissez- 
faire. So the Federal Reserve shouldn't even exist in her view (and  
mine). Even so, that doesn't mean that anyone wants the Fed to  
intentionally cause harm. They didn't merely not act appropriately, or  
just maintain the status quo. They did the dumbest and most damaging  
thing they could possibly have done (granted, without meaning to do  
so, but the point remains, it was their fault). In fact, the  
Depression is one example of why trying to manage the economy is a bad  
idea, you'll always make mistakes. Another one would be the present  
recession, which was predominantly caused by Keynesian monetary  
policies such as super-low interest rates back in 03-04, which caused  
the housing bubble and the present crash. So when its being anti- 
Keynesian or Keynesian, the Fed still causes major catastrophes.

But yeah, politically Objectivism is all about a laissez-faire market  
economy. So anything the Fed does, "right" or "wrong", is undesirable  
(though, in my opinion, doing something which damages the market more  
than anything else you could possibly have done, is way way more  
undesirable than any other course of action, haha).
On Nov 8, 2009, at 1:49 AM, Damien Broderick wrote:

> On 11/8/2009 12:35 AM, JOSHUA JOB wrote:
>
>> The Federal Reserve turned what would have been an average recession
>> into the greatest economic disaster in history, by severely and
>> artificially restricting credit. It did the exact opposite of what it
>> "should" have done (that is, they made it
>
> That is, they were (if I understand this at all) savagely anti- 
> Keynesian. But from your previous remarks I took you for an  
> Objectivist, and wouldn't their policy be consistent with Rand's  
> anti-Keynesianism?
>
> Damien Broderick
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