The author appears to have learned little about the variation in the influences of Hayek and Keynes since the gold standard was abandoned under Nixon. His understanding of Keynes writing is poor. I suggest he and others read and understand Section 6 of Chapter 10 of the General Theory.

I have recently watched a discussion between Professor Murphy of the Chicago school and Warren Mosler, a wealthy businessman but proponent of updated Keynesian thought and read a discussion of the debate. The professor was left stranded. The debate and discussion are parts of a series at New Economic Perspective, currently the most up-to- date and competent of available economic blogs.

Now that most countries have now moved away from both gold and fixed exchange rates no currency issuing government can go broke because of debts incurred in the currency it issues.

If anyone doesn't understand this I suggest they watch the interview made available today at;

http://neweconomicperspectives.org/2013/07/warren-moslers-interview-on-ineteconomics.html

Unfortunately the volume output is erratic.

"Fight The Power" they once chanted.

Until they became The Power.

Then they did what The Power always does.
Enforce itself, demonise or ignore all alternatives.

Shockadelic-

"Exactly"

Probably the most important lesson of economics.