Here he goes again...David Stockman is out rewriting history. In all fairness, if I had been Reagan's budget director during the '80s when U.S. debt tripled, I would be rewriting history as well.
You don't get cheap junk at Walmart without the debt:
ECON 101: Trade deficits axiomatically require debt accumulation. Capital account = Current account
I think someone needs to go back to school:
I can't spend all of my time refuting total fucking bullshit from denialist geezers...
Stockman's goal in his remaining days prior to the riots is to recast Supply Side Ponzinomics as Keynesianism to disassociate himself with the biggest economic clusterfuck in human history. Even though he readily admits that Reaganomics replaced Keynesianism??? So I'm not sure where to go with that non sequitur. As I always, I feel obliged to point out some of the Ponzinomic ideas that Keynes never once mentioned:
Here are the asinine ideas of today that Keynes never endorsed:
1) Running trade deficits for 35 years straight
2) Running fiscal deficits for 35 years straight compounding debt at 10% annually
3) Bailing out Wall Street 100 cents on the dollar after they collapsed the global financial system
4) Printing money to buy stocks to enhance the trick-down wealth effect from billunaires
5) Using the money supply to inflate a housing bubble under the auspice of the 'wealth effect'
6) Outsourcing the entire economy to China and then wondering why there are no real jobs
7) Cutting taxes for the ultra-wealthy
8) Destroying other countries to stimulate the economy
Globalization IS A Financial Crisis
Far more importantly, why Stockman & Co will always be dead wrong is because they can never admit that Globalization IS a financial crisis. As the chart above clearly shows, it represents a set of accumulating trade and fiscal imbalances that grow inexorably until collapse. Or as the UN Commission on Trade and Development said in 2013:
"Five years after the onset of the global financial crisis the world economy remains in a state of disarray. Prior to the Great Recession, buoyant consumer demand in the developed countries seemed to justify the adoption of an export-oriented growth model by many developing and transition economies. But that expansion was built on unsustainable global demand and financing patterns. Thus, reverting to pre-crisis growth strategies cannot be an option. The Report notes that to adjust to what now appears to be a structural shift of the world economy, fundamental changes in prevailing growth strategies are needed."
"That (pre-2008) expansion was built upon unsustainable global demand and financing patterns: Reverting to pre-crisis growth strategies cannot be an option."
Too late. Dumbfuckistan already reverted. They enjoy serial clusterfucks leading to anarchy and rioting.
And apparently "Monetary Keynesians" "socialized" all wealth in the hands of billionaires.
This can all end now, because I've heard literally every apology for extreme greed conceivable.