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Keynes didn't believe his own theory

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Frederick Hayek speaks

Here's the punch line:

HAYEK: I asked him (Keynes) whether he wasn't alarmed that the real problem was inflation.

He completely agreed with me and assured me that "my Theory was frightfully important in combatting deflation Trust me, if inflation every becomes a danger, I'm going to turn public opinion around like this." Six weeks later he was dead and couldn't do it.

Ooops.

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