It might seem strange that I would be saddened by the death of man who was supposed to have admired Lord Keynes, but Tony Dye knew a credit-money bubble when he saw one. What Tony Dye did not understand was politics. Every time he was certain that the crash must come, Alan Greenspan (and the mini me versions of him in charge of such institutions as the Bank of England) would just create more money to keep the credit boom going.
“But if he does that it will just make the crash worse when it does finally come” seemed to be Tony Dye’s position, and he was right.
However, he did not understand that political types (and Greenspan was certainly a political type) do not care about the long term.
“In the long run we are all dead” was the position of Lord Keyes, and Tony Dye is now dead. However, he did care about the long term – and the people who are left to live in it.