Keynesians and Neo-Keynesians, of course, will see nothing fundamentally wrong with creating massive amounts of credit. As renowned Fed hysteric Mogambo Guru puts it:
Interestingly, a crucial part of the stupid Keynesian nonsense holds that the government can, by virtue of borrowing the money, replace any perceived lost “consumer demand”, in any economic downturn, by merely borrowing and spending money, even if borrowing and spending money was the cause of the original downturn, and that there are no repercussions that cannot be solved by more borrowing and spending, and that inflation in prices has nothing to do with the money supply but with irrational exuberance! Which doesn’t even make any sense! Hahahah! It doesn’t even freaking make sense!!He concludes:
The preponderance of people on this planet, and in our universities, and in our media, and in our governments, and in our central banks are BFC [Beyond Freaking Crazy] lunatics if they think that borrowing (racking up debt) and spending money will “cure” the bust of the boom produced by borrowing (racking up debt) and spending the money! Hahahaha!