New Book for Readers Worried About the Economy

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Author Hunter Lewis challenges the Keynesian orthodoxy that guides our financial system and today's efforts to repair it.

worth reading aloud on a family vacation

In responding to the financial crash of 2008, both the Bush Administration and the Obama Administration have relied on prescriptions developed by John Maynard Keynes, the most important economist since Marx. But should we be relying on Keynes? What did Keynes actually say? Did he make his case? Hunter Lewis concludes that he did not. If Keynes was wrong then so are the economic policies of virtually all world governments today.

Lewis challenges many of Keynes's most established principles, arguing that:

*Creating new money to reduce interest rates ultimately backfires as we saw with inflation in the 1970s.
*Artificially reducing interest rates also leads to bubbles and busts, as in the 1990s and 2000s.
*If anyone benefits from inflation, it is rich, not poor people.
*Recessions cannot be abolished--they are sometimes needed to clear away the mistakes of the past so that healthy growth can follow.

"Just what the world needs, and just in time. Keynes is demolished and his quack system refuted. But this wonderful book does more. It restores clear thinking and common sense to their rightful places in the economic-policy debate. Three cheers for Hunter Lewis!"
--James Grant (Editor of Grant's Interest Rate Observer)

HUNTER LEWIS, co-founder of global investment firm Cambridge Associates, has written six books on economics and related subjects. His highly acclaimed book Are the Rich Necessary? Great Economic Arguments and How They Reflect Our Personal Values was called "highly provocative and highly pleasurable" by The New York Times, "great reading" by Publishers Weekly, and "worth reading aloud on a family vacation" by Barrons.

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