[rsj_hn]

> it's a lot of neo-Keynesian trash.

No, Keynes argued that the rich keep interest rates too high and prevent the poor from taking on debt. For this reason he advocated for low (zero, actually) interest rates and programs to encourage more borrowing. Basically Keynes got everything he wanted and now the present outrage is that debt is too high and the poor are allowed to borrow whereas before they were prevented from doing it. In fact the long march of history consisted of a sequence of credit easing measures, even including government guarantees, in order to extend credit market access to virtually everyone, with things like underwriting standards deemed to be racist and in need of weakening. The end result is almost everyone can borrow today and at historically low rates which leads to, surprise, a situation in which debt levels are historically high. Then that, too, is blamed on "the 1%".

At least Keynes had a sense of history and wasn't walking in the Eternal Now.