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- Money and Banking
- Jeffrey M. Herbener
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Mises Daily
Author:
Jeffrey M. Herbener
Online Publish Date:
In 1943, John Maynard Keynes claimed that central-bank credit expansion performs the “miracle of turning a stone into bread.” In its attempt to revive itself after a long recession, the Japanese government and central bank have given the world its last twentieth-century Keynesian experiment. It is an experiment that has failed, and miserably so.