who is john maynard keynes? um, economist dance party, $1,600. (beep) and that writer is paul krugman. back to you, jay. um, man booker prize, $2,000. what is "pi"? uh, man booker, $800, please. what is "the english patient"? lads named vlad, $1,200. who is vlad the impaler? man booker, $400. uh, who is schindler? oskar schindler. uh, lads named vlad, $1,600. who is horowitz? vladimir horowitz. lads named vlad, $2,000. and you have a $4,800 lead. $4,000. okay. here's the clue... anything? no, i'm sorry. who is vladimir zworykin? so you drop down to $8,800. it's a closer game now. you pick the next clue. give the order, $1,200. $1,200. all right. here is the clue... what is ursus? no. what is carnivore? carnivore. go again. uh, give the order, $1,600. what are lepidoptera? back to you, jay. give the order, $2,000. uh, what is echidna? no. what are monotremes? you wanna stick with the category? no, thank you. (laughter) um, economist dance party, $2,000. who is laffer? arthur laffer. economist, $800. what is the international monetary fund? dance p

he even said john maynard keynes did not know anything aut economics the other day, and i believe him >> i tnk obama made that lazy statement while on the lf course in hawi. i will have to check it is like anything in campaigns. it is an isolated incident, it is nothing to. but if it reinrces a sterereotype -- this is a president who has said that america is soft, it lacks the imagination that bill to the golden gate bridge, he said famously in 2008 that the people in the flyover coununtry cling to guns, d, and bigotry as a way to overcome theirr bitterness over economic circumstances. that is why it resonates, as a man who does not understand or has been camped in many ways for his own p people -- has contempt in many ways for his own peoplple. >> that was not even a comedy about people. it was about the country taking for granted thahat people would want to bring business here. you talk to any distance prison, and d they will tell you there are all kinds of -- talk to any business person, and they will tell you therere all kinds of barriers -- >> a country consists s of people. >> r

he will anything at this point, and the other day he said john maynard keynes did not know anything about economics. >> i think obama made that lazy statement on the golf course in hawaii. i will have to check. it is like anything in campaigns. if it is an isolated incident, is nothing, but it reinforces a stereotype -- this is a president who said america is now soft, america lacks the imagination and ambition that builds the golden gate bridge as an example, he is a man who said, as we know famously in 2008, that people in flyover country cling to guns, god, and bigotry as a way to overcome the bitterness over economic circumstances. that is why it resonates, as a man who does not understand or has contempt in many ways for his own people. >> that was not even a comment about people. it is about a country taking for granted that people would want to bring businesses here, and that we should do a better job -- you talk to any business person, and they will tell you there are all kinds of barriers. >> a country consists of people. >> romney runs against obama, gingrich runs against obama

their own individual currency then the so there's european wide currency there are some people john maynard keynes for example one of the world currency one of the bank or and there are some people who want to that would be even worse so we want to we want political decentralization monetary decentralization as long as we have a fee a currency if we had a gold standard then of course gold is exactly the same of the same weight and sinus whether it's industry long ago or luxembourg or venezuela that's actually what we'd like to have if we want real growth sound money. honest money and the government of the big banks and the other big institutions affiliated with governments ripping us are suddenly i found like you think the euro should be dropped just as a currency but right now the discussion is to drop greece from the euro zone do you think it fits that isn't about the interest of the eurozone to give greece the bit but i think it's probably in the best interest of greece not the greek establishment but of course as part of boston and threatened i'm sure that will not agree it was meeting in the

surge in discretionary spending and i think of it sometimes as the political resurrection of john maynard keynes. the man is dead. can't he just rest in peace? in his name and invoking his memory, this government has gone on as an unprecedented spending spree and the misguided notion that somehow weakened artery and spend our way back to prosperity one of the measures is telling the total spending by the percentage of the economy was about 19.7% by 2009 it was 24.7%. 25% increase in the size of the federal government as a percentage of our economy and a mere two years. i think that says it all. but let me say one more thing, and that is that what we have, what we are facing is not fundamentally tax problem as recently as 2007. the very tax rate generated revenue that was about the historical average in the recent decades by 18.5% of gdp and with revenue at 18.5% of gdp in 2007 we had a deficit that was almost trivial in size it was 1.2% of gdp, the size that seems quaint by contemporary standards, right? eminently manageable number and this is not ancient history and it is what the current tax r

i think of it sometimes as the political resurrection of john maynard keynes. the man is dead, canty just rest in peace? in his name, invoking his memory, this government has gone on an unprecedented spending spree in the misguided notion that somehow we can borrow and spend our way back to prosperity. by any measure, the spending has gone through the roof. one of the measures i think is particularly telling, in 2007, total spending and by the federal government as a percentage of our economy was 19.7%. by 2009, it was 24.7%. a 25% increase in the size of the federal government as a percentage of our economy in a mere two years. i think that says it all. let me say one more thing, that what we are facing is not fundamentally a tax problem. as recently as 2007, the very tax rates that we have today generated revenue that was about the historical average, 18.5% of gdp, and with revenue at 18.5% of gdp in 2007, we had a deficit that was almost trivial. 1.2% of gdp, a size the seems quaint by contemporary standards. an eminently manageable number. this is not ancie