john maynard keynes of the british treasury, and harry dexter white of the new deal of the u.s. treasury. they were the two chief architects of bretton woods. john maynard keynes was a keynesian. he deliberately made room in the monetary situation he created, the wto derived -- he left rome and understood that one thing that was crucially important was to leave space for governments to temporarily impose capital control. why did he need this? living in britain in the late 1940s, having the experience of britain in the war period. being the inventor of stimulus policies, he knew that in a completely flat financial world with no capital controls, the country that tried to stimulus as a way out of recession would be subjected to be self-defeating. in order to allow i can see in world, heat, over the objections of economic purists, insisted upon not permanent capital control, the ability of governments in times of recession to invoke capital control. it sounds very technical and economist talk, but it is the crucial link which allowed governments, democratically elected governments f

spent forty fifty years trying to tear it down which is a real shame because right now we're in john maynard keynes this world and wouldn't it wouldn't of fairly straightforward way to explain that to the average american be to simply say that one of the roles of government in a time of crisis is to be the employer of last resort and if so why have why have democrats and progressives been so incompetent at putting that out enough and widely enough that that's not you know just a commonly used phrase like a like it was in the thirty's. yeah well we've had so much demonization of government the people are afraid to make their case i guess the way i like to say that is we're in a situation right now we're. basically everyone is trying to to to save and cut cut spending everybody's trying to pay down debt which doesn't work if we all try to do it at the same time if i because my spending is your income and your spending is my thumb and if everybody cuts at the same time you get a depression this is when the government needs to do something different right the government needs to be out there and it nee

totally agree with you certainly the fed has sort of become the mainstream topic as has the name john maynard keynes a very interesting peterson director of production at freedom works thanks so much thank you announcing the latest in the investigation into some law enforcement officials in minnesota they're accused of offering people mostly activists with occupy wall street movement their drugs and those officers apparently wanted to study the effects of drugs as part of the drug recognition evaluator program well this all came out in a documentary released last week let's take a look at one of the clips from that. he coming to downtown. will fix it when it's completed will use it to keep getting the serious young people who do close to dropping out thank you if. they give you food. or you know now if i know you'll be chosen for the interview about this well you know you were trying to craft not necessarily but yes this is the year that she wants to you do it a little gem this it and. it's really going to be able to look. like. one of them told me with a little something more for someone to do for.

or if the immortal words of the late great economist and equally accomplished investor john maynard keynes, when the facts change i change my mind. what do you do, sir? one of the easiest mistakes to make. and i know this. why? because i've done it countless times myself. i refuse to change my stripes after the facts are in and i've been proven wrong. it's natural to dig in your heels and refuse to change your mind when you think you're right but the market's going against you. it's also a quick and easy way to lose money. yet mad mailers and particularly twitter followers @jimcramer refuse to believe this principle. i have been blasted into reality over and over and over again whenever i've dug in my heels on either side. you are always angry when you get run over, and you're always willing to take it out on the people who are on the other side, the ones who got it right. the fact that i am about it -- i am open about this whole process and that i actually read the angry e-mails, oh, boy, and those tweets, and i engage with people, sometimes in a cranky way, has helped me to learn stories

i'm going to borrow a phrase from the father of stimulus john maynard keynes.ed to spend and invest in society. how does that apply to the tax code? i would offer you the best way to stoke animal spirits, get people ready to move, invest, spend, is to simplify this tax code. i want to curse before i say tax code, to simplify. raise revenues and create a conducive environment for growth by simplifying this tax code, dropping rates, getting rid of loopholes, more tax revenue and higher growth. >> you've seen my copy of the tax code, 73,000 pages, binders and binders. >> stretches across the room. >> everybody has to get together. >> that's not on the table. >> at the end of the year, tax and spending cliff by the end of the year, packed into the last two months of this year. >> a country that wants to raise defense spending on the backs of children, the disabled and those most vulnerable in society is really barbaric. i think that's why 56% of americans say we've got to get a little more funds coming in so we don't have to cut the kids, we don't have to cut the d

and the analogy, which i took from john maynard keynes is like saying you have a $30,000 car which won't run because it has a dead battery and somebody says "let's replace the battery, i can get you a replacement for $100." and you say "that's not possible. something as big and expensive as a $30,000 car can't be stopped by just a dead battery, your solution is too easy, we need to replace the entire engine." so what we have is really a quite narrow technical problem with the economy. it's something that could be solved in a matter of 18 months or a year provided we were willing to accept the reality. >> rose: okay, the technical problem is... just to make sure i understand it. >> lack of demand. not enough spending. >> rose: no consumer demand and if you put money in the hands of consumers they'll spend it. >> or in the hands of governments who will spend it. but it hardly matters who spends as long as we get an increase in spending, preferably on useful things but the important thing is to spend. more spending, more demand would mean more business investment, business investment is low