Harvard economic historian and conservative quote machine Niall Ferguson told a conference that the reason that Keynes' economic theories don't work is because he was gay.
He's since apologized for the remark, but what is interesting is what it means that he said it in the first place. Ferguson isn't a dumb man. This wasn't Jeremy Irons suddenly discussing incest and gay marriage because some guy with a camera asked an actor his views on the topic. This is a guy who was scheduled to talk and did so. He was asked a question and came out with a statement that one witness said seemed thought out and not off the cuff.
But what is interesting is what this means for the larger austerity movement (Keynes believed that in times of economic downturn large spending by the government could kickstart recovery). After the Excel Error heard round the world showed that the one large study supporting austerity was wrong, it seems like there is no science left to support the idea.
So,what do you turn to when you don't have numbers on your side? Name calling and false dichotomies. Keynes didn't understand about why debt is bad because he didn't have kids since he was gay. And gay people can't care about the future of the world.
Even better is the banker in the audience who agreed with the sentiment because his outlook on the world changed when he had a kid.
Seriously. You didn't care about the future until you had some genetic skin in the game? I'm pretty sure that makes you a sociopath. The fact you work for an investment bank is supporting evidence.
I don't have kids. I do have a nephew I love. And the friends of my children who I adore. I care about their futures. I cut out the boxtops for their schools. I vote to have more funding for school because my life is better when I live in a place with well educated people.
In fact, maybe I'm better because I don't have kids. I can support a future where everyone can benefit instead of just my kid.
Ferguson's statements go to show how little he has on his side. It also shows that people aren't going to accept that type of gay bashing anymore. 10 years ago his comments might have gotten attention on some social justice blogs, but this was everywhere. And Ferguson did a real apology. Not a "I'm sorry that you want me to be sorry" thing. So, that's good.
But seriously, when your strongest argument is "but he's gay" then you don't have any argument at all.
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