"The whole aim of practical politics is to keep the populace alarmed (and hence clamorous to be led to safety) by menacing it with an endless series of hobgoblins, all of them imaginary." ~ H.L. Mencken
What Became of the Liquidity Trap?
"Over half a century ago at Oxford, when along with my research appointment I was also doing some teaching, I had an Indian student who was a graduate of an Indian university but, for reasons of prestige, came to read an undergraduate course. Once I gave him an essay to do on the Natural Rate of Interest. At his next tutorial, he read out aloud an immensely complicated and confused text that I did not comprehend and I was sure that he did not either. I gathered all my forces of didactic persuasion and explained to him, or I thought I had, where he had gone astray and how the problem can be reduced to its essentials. Then, exhausted, I sat back, proud of myself and full of admiration for the quality of Oxford teaching of which I have just shown such a glowing example."
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