Those Who Ignore History Are Doomed To Relive It

This article contains a some of the suggestions that Keynes made to FDR after the second dip in the US depression. Keynes recommended many of the fiscal policy actions that have been heavily debated today. He also recommended that the Fed purchase long term debt in order to reduce long term interest rates (Operation Swift). He also warned that taking weak actions might prove disastrous. Critics would use the failure of government actions to restore growth as a reason for limiting the potential for future governments to take necessary actions to deal with recession.