hippo,"He certainly doesn't seem to be an adherent of the...

hippo,

"He certainly doesn't seem to be an adherent of the Austrian school - he thinks if the US govt hadn't had such chronic deficits already it should have stimulated like under Roosevelt."

I reckon he is just dealing with "here and now". Not necessarily a believer in Keynesian doctrines.

Austrian theory is about what "should be", JS is looking at what we've got, and the consequences of different approaches and the most likely route the collective will chose.

He is a trader after all.