I will always defend a big spender like J.M. Keynes

Nancy Dell�Olio

29 November 2008

Nancy Dell’Olio makes an impassioned case for Keynesian economics as the necessary remedy for the global crisis. It is to the Cambridge economist that we should turn once more

A chill wind not unlike the spectre of recession came from my left with the words, ‘You can’t just spend your way out of recession, if you spend too much money today, you will have to pay for it tomorrow.’

Sitting next to me was Andrew Roberts, known best for his historical biographies and his exhaustive NBC commentary of the funeral of Diana, Princess of Wales — in full Churchillian mode. ‘Do you have something against John Maynard?’ I asked, thinking, do I need a lesson in Tory economics from a man who inherited the UK Kentucky Fried Chicken franchise? But Andrew was warming to his theme and I have never been one to shrink from a charming argument. ‘Of course,’ he said, ‘it’s all very well in theory, and Keynes is back in vogue now, but if something sounds too good to be true, it normally is.’ I am thinking, so that’s it — in Andrew’s eyes, Keynes is just another fashion accessory for Nancy.

‘So,’ I asked, ‘we should sit on our hands and do nothing — the government shouldn’t boost spending to help the economy?’ I looked around and saw the whole table looking at us. I realised the intensity of our argument was beginning to hint at the opening exchange of rival campaign slogans for the next general election. ‘Well, if you both feel so strongly about it, why don’t you write about it?’ was the challenge that Nicholas Coleridge proposed as host and referee. The prospect of a duel in print between Nancy Dell’Olio and Andrew Roberts was too good to miss for Matthew d’Ancona, who immediately requested the piece. ‘Using pens instead of pistols?’ I quipped.

Previous page 1 | 2 | 3 | 4 Next page

More articles from: Nancy Dell�Olio | this section

Print this article | Email to a friend | Permalink | Comments (7)

Post this entry to: del.icio.us | Digg | Newsvine | NowPublic | Reddit

Post comment

Augustus

November 26th, 2008 4:47pm Report this comment

Yes, the more you spend, the more important you are!

Jim

November 27th, 2008 11:38am Report this comment

"By a continuing process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens" J.M.Keynes.
Your stimulus package is of course inflation. As you sit around fine tables, drinking finer wines, with fine friends, spare a thought for the old lady opening a tin of dog food for her dinner. As all her life savings have been confiscated by the state, in stimulus packages to save wealthy, incompetent, thieving bankers.
Keynes was immoral, and an evil genius.

Tim Calvert

November 27th, 2008 12:20pm Report this comment

Congratulations Mr D'Ancona.
You have achieved your ambition - a merger with Hello!

Must rush - Heat Magazine has an insightful ananlysis of the CDS market

Dwight Vandryver

November 28th, 2008 12:28am Report this comment

It's as if Labour is expecting a miracle, or some divine intervention, in a few years time to defray the debt it has, and will be, amassing. Perhaps Ms Dell'Olio would care to enlighten us as to the mechanism that will make this possible. Manufacturing is no longer the UK's forte and the financial services sector have taken a big hit. With the building industry at a standstill, we have become a nation of shopkeepers. The only secure employment appears to be in the public sector, which is non-productive and a constant drain on public spending. It is difficult to see how a 15% VAT rate will revive personal spending, and even if it did, the goods purchased would add yet more to the balance of payments deficit. Let us hope that these concerns live in a virtual world on databases, and that in practical terms, Ms Dell'Olio is correct, but do we live in a virtual world?

JohnAnt

November 28th, 2008 1:49am Report this comment

What next? Prescott on serialism?

Andrew Forbes

November 28th, 2008 10:32am Report this comment

This was actually written by Craig Brown, surely, and it's brilliant.

Helen Jackson

November 30th, 2008 2:02pm Report this comment

What a pointless article.

The Spectator is rapidly becoming a vehicle for a cosy clique, seemingly unable to write about issues of national significance unless refracted through the minor details of their everyday lives (Venetia Thompson's sock draw springs to mind), anecdotal evidence about what their mates think, and a heavy dependence on the 'I' key.

Please consider you have a readership which buys the Spectator hoping for quality insights into current affairs from people with superior knowledge, not the outpourings of people the editor has randomly met at dinner parties.

It is unprofessional journalism and hugely off-putting.

Post comment