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A free market participant buying low selling high is by his own action counter-cyclical. Having a coercive player is quite unnecessary for the functioning of the market place; and such a coercive player would become corrupt due to the power he wields.
Because Keynesian interventionism policies are coercive, getting a few good things done right is not nearly enough to justify a coercive bully in the market place . . . any more than say if a mafia donating some of its extorted proceeds to widows would justify mafia's continued existence on a moral ground.
BTW, for a time, John Law was thought of as a genius after his book "Money and Trade Considered with a Proposal for Supplying the Nation with Money (1705)"
posted by 76.118.39...
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