As soon as the magnitude of the financial storm sweeping the world became apparent, the thoughts of many journalists and commentators turned to Keynes. For anyone not familiar with the economist, Wiki has an entry here.
One of the most influential figures of the 20th century, he was a visionary who revolutionized economics and thereby affected the life of every person on the planet. Some weeks ago I was able to watch “Mortgaged to the Yanks,” a documentary made in 2006 about Keynes’ role in salvaging Britain’s economy immediately after World War 2. Today I read an article in The Independent (see here):
“Revered in his day, John Maynard Keynes was later pilloried as a dinosaur of big-state meddling by Margaret Thatcher and her fellow free marketeers. But now, as untrammelled capitalism implodes once more, people are asking: could the great economist’s ideas really save the world?”
If you would like to gain a better understanding of how the crisis came about, and possible solutions, Keynes’ ideas are a good place to start.