Lord Keynes — I Know a Keynesian when I Hear One

Lord Keynes has the Keynesian part right but I think he is too optimistic in saying that other countries should exert their rights to protectionism, too.

A final issue: Trump’s “America First” trade policy will inevitably mean that the Trump administration will push trade deals on other countries and even some of the more odious US corporate vulture-style capitalism, such as opening up, or pushing privatisation, of nationalised industries and the public sector in other nations, with predatory US capitalism.

The answer to this: the rest of the world – particularly the Western world – must learn its own protectionism, guard public sectors, and rebuilt its own gutted manufacturing. The rest of the world needs to grow some balls and learn some economic nationalism of its own.

The first paragraph is clearly correct since it is the American modus operandi and fundamental to US foreign policy. The second paragraph is therefore problematic, since it is merely a matter of resisting but having the power to do so.

The historical record is not encouraging on this since the entire might of US finance, industry, the foreign policy establishment, the intelligence services and the military are aligned in making sure that the US wishes are met. The US brooks no resistance.

All leaders know that to do so put make the country a target is in US sights and pins a target to leaders banks. They realize that the the US has the power to take them apart and does not lack the will to do so. Even the European powers have to bend the will of the US, or else.

Furthermore, Donald Trump has left no doubt that he will not be shy about doing just that. There will be continuity in US policy in this regard — in spades. Trump will squeeze out every drop he can, because that is the kind of guy he is. Just "doing what comes natural."

Social Democracy For The 21St Century: A Post Keynesian Perspective
I Know a Keynesian when I Hear One
Lord Keynes