Hayek vs. Keynes Sequel Sneak Peak (English)

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0:07>> HOTEL CLERK: Lord Keynes! Welcome, sir. It's a pleasure.0:11>>KEYNES: The pleasure's all mine.
>>CLERK: Your agenda--0:13>>KEYNES: That won't be necessary. I am the agenda.
>>CLERK: [laughs]0:17>>KEYNES: Tell them I've arrived--
>>HAYEK: And then tell them I've arrived.0:20>>CLERK: And, your name is?0:24>>HAYEK: Hayek. F.A. Hayek. With an "H".0:50>>KEYNES: Freddy. (yeah) Keynes. Hey, listen, party at the Fed.0:54>>HAYEK: Already?
>>KEYNES: Twenty minutes. Lobby.0:57John Maynard Keynes. F.A. Hayek.1:01>>KEYNES: Yeah, we're opposed
>>HAYEK: We oppose each other philosophically1:05>>KEYNES: In the same studio1:06We've been going back and forth for a century1:09>>KEYNES: I want to steer markets1:10>>HAYEK: I want them set free1:11There's a boom and bust cycle, and good reason to fear it1:14>>HAYEK: Blame low interest rates
>>KEYNES: No... it's the animal spirits1:17John Maynard Keynes wrote the book on modern macro
The man you need when the economy's off track1:23Depression, recession,
Now your question's in session1:25Have a seat and I'll school you in one simple lesson1:29Boom! 1929: the big crash,
We didn't bounce back, economy's in the trash1:34Persistent unemployment, the result of sticky wages,
Waiting for recovery? (Seriously?) That's outrageous1:40I had a real plan any fool can understand,
The advice real simple: boost aggregate demand!1:45C, I, G, altogether gets to Y,
Keep that total growing, watch the economy fly1:51We've been going back and forth for a century1:54>>KEYNES: I want to steer markets1:54>>HAYEK: I want them set free1:56There's a boom and bust cycle, and good reason to fear it.1:59>>HAYEK: Blame low interest rates
>>KEYNES: No... it's the animal spirits2:02You see it's all about spending,
Hear the register cha-ching2:05Circular flow,
The dough is everything2:07So if that flow is getting low,
It doesn't matter the reason2:10We need more government spending,
Now it's stimulus season2:12So forget about saving,
Get it straight out of your head2:16Like I said, "In the long run, we're all dead"2:19Savings is destruction, that's the paradox of thrift,
Don't keep money in your pocket or that growth will never lift, because2:24Business is driven by the animal spirits,
The bull and the bear and there's reasons to fear2:30It's effects on capital investment, income, and growth
That's why the state should fill the gap, with stimulus both2:35The monetary and the fiscal, they're equally correct
Public works, digging ditches, war has the same effect2:41Even a broken window helps the glass man have some wealth
The multiplier driving higher the economy’s health2:46And if the Central Bank’s interest rate policy tanks
A liquidity trap, that new money’s stuck in the banks!2:52Deficits could be the cure, you been looking for
Let the spending soar, now that you know the score2:58My General Theory’s made quite an impression
[a revolution] I transformed the econ profession3:03You know me, modesty, still I’m taking a bow
Say it loud, say it proud, we’re all Keynesians now3:09We’ve been goin’ back and forth for a century3:12>>KEYNES: I want to steer markets,3:13>>HAYEK: I want them set free3:14There’s a boom and bust cycle and good reason to fear it3:17>>KEYNES: I made my case, Freddie H
Listen up , Can you hear it?3:20>>HAYEK: I’ll begin in broad strokes, just like my friend Keynes
His theory conceals the mechanics of change3:26That simple equation, too much aggregation
Ignores human action and motivation3:32And yet it continues as a justification
For bailouts and payoffs by pols with machinations3:37You provide them with cover to sell us a free lunch
Then all that we’re left with is debt, and a bunch3:42If you’re living high on that cheap credit hog
Don’t look for cure from the hair of the dog3:48Real savings come first if you want to invest
The market coordinates time with interest3:54Your focus on spending is pushing on thread
In the long run, my friend, it’s your theory that’s dead3:59So sorry there, buddy, if that sounds like invective
Prepare to get schooled in my Austrian perspective4:05We’ve been going back and forth for a century4:07>>KEYNES: I want to steer markets,
>>HAYEK: I want them set free4:11There’s a boom and bust cycle and good reason to fear it4:13>>HAYEK: Blame low interest rates.
>>KEYNES: No… it’s the animal spirits4:16The place you should study isn’t the bust
It’s the boom that should make you feel leery, that’s the thrust4:21Of my theory, the capital structure is key.
Malinvestments wreck the economy4:27The boom gets started with an expansion of credit
The Fed sets rates low, are you starting to get it?4:32That new money is confused for real loanable funds
But it’s just inflation that’s driving the ones4:38Who invest in new projects like housing construction
The boom plants the seeds for its future destruction4:44The savings aren’t real, consumption’s up too
And the grasping for resources reveals there’s too few4:50So the boom turns to bust as the interest rates rise
With the costs of production, price signals were lies4:54The boom was a binge that’s a matter of fact
Now its devalued capital that makes up the slack.5:01Whether it’s the late twenties or two thousand and five
Booming bad investments, seems like they’d thrive5:06You must save to invest, don’t use the printing press
Or a bust will surely follow, an economy depressed5:12Your so-called “stimulus” will make things even worse
It’s just more of the same, more incentives perversed5:17And that credit crunch ain’t a liquidity trap
Just a broke banking system, I’m done, that’s a wrap.5:23We’ve been goin’ back and forth for a century5:26>>KEYNES: I want to steer markets,
>>HAYEK: I want them set free5:29There’s a boom and bust cycle and good reason to fear it5:31>>HAYEK: Blame low interest rates.
>>KEYNES: No it’s the animal spirits