I am a student of Austrian Economics. I was pleased to see Hayek fairly treated in a documentary, and Keynes ideas mostly discredited. However, one cannot discuss the effects of Keynesian economics and world politics without also discussing central banking. The central bank and it's evil spawn; fiat money is the vehicle for government intervention. Without a central bank in control of money and credit, deficit spending would be strangled in it's cradle. Without deficit spending, the socialists would never prevail. That is why one of the 10 planks of the communist manifesto is the control of all money and credit through a central bank.
Again, some interesting history is available in this documentary, but it provides a distorted view of economics. Hayek was right, and Keynes was wrong. This documentary would have you believe that the political class was attracted to Keynes on principled grounds. Hogwash! The attraction is obvious: Money and power. Hayek denied them this, which is why they hated him.
Again, some interesting history is available in this documentary, but it provides a distorted view of economics. Hayek was right, and Keynes was wrong. This documentary would have you believe that the political class was attracted to Keynes on principled grounds. Hogwash! The attraction is obvious: Money and power. Hayek denied them this, which is why they hated him.