Not long before he passed, John Maynard Keynes referred to his disciples as “fools.” With good reason. Their attempted articulation of the ideas of their hero only served to embarrass him. It’s true to this day. Imagine believing that economic growth is as simple as stimulating the depressed by depressing the stimulated through forced wealth redistribution.
Still, this opinion piece is not about wealth redistribution. Or at least it’s not about wealth redistribution as it’s traditionally understood. It’s about currencies, about which Keynes was expert. Quite unlike the fools who pay no mind to the horrors of currency volatility, Keynes paid it a great deal of attention.
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