Forster Herbert Martin Maynard | |
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![]() Forster Maynard by Elliott & Fry | |
Nickname(s) | Sammy |
Born | Waiuku, New Zealand | 1 May 1893
Died | 26 January 1976 | (aged 82)
Allegiance | United Kingdom |
Service/ | Royal Navy (1914–18) Royal Air Force (1918–45) |
Years of service | 1914–45 |
Rank | Air Vice Marshal |
Unit | No. 1 Squadron RNAS |
Commands held | No. 19 (Reconnaissance) Group (1944–45) RAF Mediterranean (1940–41) University of London Air Squadron (1935–37) No. 12 Squadron (1929–30) |
Battles/wars | First World War Second World War |
Awards | Companion of the Order of the Bath Air Force Cross Mentioned in Despatches (4) Commander of the Legion of Merit (United States) |
Relations | Air Chief Marshal Nigel Maynard (son) |
Air Vice Marshal Forster Herbert Martin "Sammy" Maynard, CB, AFC (1 May 1893 – 26 January 1976) was a senior commander in the Royal Air Force and a flying ace credited with six aerial victories during the First World War.[1] He also served as the Air Officer Commanding Malta during the early part of the Second World War.
His son, Nigel Maynard, also became an air marshal in the RAF.
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Fear the Boom and Bust: Keynes vs. Hayek - The Original Economics Rap Battle!
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Hayek on Keynes's Ignorance of Economics
Transcription
>> HOTEL CLERK: Lord Keynes! Welcome, sir. It's a pleasure. >>KEYNES: The pleasure's all mine. >>CLERK: Your agenda-- >>KEYNES: That won't be necessary. I am the agenda. >>CLERK: [laughs] >>KEYNES: Tell them I've arrived-- >>HAYEK: And then tell them I've arrived. >>CLERK: And, your name is? >>HAYEK: Hayek. F.A. Hayek. With an "H". >>KEYNES: Freddy. (yeah) Keynes. Hey, listen, party at the Fed. >>HAYEK: Already? >>KEYNES: Twenty minutes. Lobby. John Maynard Keynes. F.A. Hayek. >>KEYNES: Yeah, we're opposed >>HAYEK: We oppose each other philosophically >>KEYNES: In the same studio We've been going back and forth for a century >>KEYNES: I want to steer markets >>HAYEK: I want them set free There's a boom and bust cycle, and good reason to fear it >>HAYEK: Blame low interest rates >>KEYNES: No... it's the animal spirits John Maynard Keynes wrote the book on modern macro The man you need when the economy's off track Depression, recession, Now your question's in session Have a seat and I'll school you in one simple lesson Boom! 1929: the big crash, We didn't bounce back, economy's in the trash Persistent unemployment, the result of sticky wages, Waiting for recovery? (Seriously?) That's outrageous I had a real plan any fool can understand, The advice real simple: boost aggregate demand! C, I, G, altogether gets to Y, Keep that total growing, watch the economy fly We've been going back and forth for a century >>KEYNES: I want to steer markets >>HAYEK: I want them set free There's a boom and bust cycle, and good reason to fear it. >>HAYEK: Blame low interest rates >>KEYNES: No... it's the animal spirits You see it's all about spending, Hear the register cha-ching Circular flow, The dough is everything So if that flow is getting low, It doesn't matter the reason We need more government spending, Now it's stimulus season So forget about saving, Get it straight out of your head Like I said, "In the long run, we're all dead" Savings is destruction, that's the paradox of thrift, Don't keep money in your pocket or that growth will never lift, because Business is driven by the animal spirits, The bull and the bear and there's reasons to fear It's effects on capital investment, income, and growth That's why the state should fill the gap, with stimulus both The monetary and the fiscal, they're equally correct Public works, digging ditches, war has the same effect Even a broken window helps the glass man have some wealth The multiplier driving higher the economy’s health And if the Central Bank’s interest rate policy tanks A liquidity trap, that new money’s stuck in the banks! Deficits could be the cure, you been looking for Let the spending soar, now that you know the score My General Theory’s made quite an impression [a revolution] I transformed the econ profession You know me, modesty, still I’m taking a bow Say it loud, say it proud, we’re all Keynesians now We’ve been goin’ back and forth for a century >>KEYNES: I want to steer markets, >>HAYEK: I want them set free There’s a boom and bust cycle and good reason to fear it >>KEYNES: I made my case, Freddie H Listen up , Can you hear it? >>HAYEK: I’ll begin in broad strokes, just like my friend Keynes His theory conceals the mechanics of change That simple equation, too much aggregation Ignores human action and motivation And yet it continues as a justification For bailouts and payoffs by pols with machinations You provide them with cover to sell us a free lunch Then all that we’re left with is debt, and a bunch If you’re living high on that cheap credit hog Don’t look for cure from the hair of the dog Real savings come first if you want to invest The market coordinates time with interest Your focus on spending is pushing on thread In the long run, my friend, it’s your theory that’s dead So sorry there, buddy, if that sounds like invective Prepare to get schooled in my Austrian perspective We’ve been going back and forth for a century >>KEYNES: I want to steer markets, >>HAYEK: I want them set free There’s a boom and bust cycle and good reason to fear it >>HAYEK: Blame low interest rates. >>KEYNES: No… it’s the animal spirits The place you should study isn’t the bust It’s the boom that should make you feel leery, that’s the thrust Of my theory, the capital structure is key. Malinvestments wreck the economy The boom gets started with an expansion of credit The Fed sets rates low, are you starting to get it? That new money is confused for real loanable funds But it’s just inflation that’s driving the ones Who invest in new projects like housing construction The boom plants the seeds for its future destruction The savings aren’t real, consumption’s up too And the grasping for resources reveals there’s too few So the boom turns to bust as the interest rates rise With the costs of production, price signals were lies The boom was a binge that’s a matter of fact Now its devalued capital that makes up the slack. Whether it’s the late twenties or two thousand and five Booming bad investments, seems like they’d thrive You must save to invest, don’t use the printing press Or a bust will surely follow, an economy depressed Your so-called “stimulus” will make things even worse It’s just more of the same, more incentives perversed And that credit crunch ain’t a liquidity trap Just a broke banking system, I’m done, that’s a wrap. We’ve been goin’ back and forth for a century >>KEYNES: I want to steer markets, >>HAYEK: I want them set free There’s a boom and bust cycle and good reason to fear it >>HAYEK: Blame low interest rates. >>KEYNES: No it’s the animal spirits
Early life
He was born in New Zealand to a Church of England clergyman. The family returned to England two years later and he was educated at St John's School, Leatherhead, and University College London.[2]
World War I
Maynard joined the Royal Naval Division in 1914 as an engineer. He transferred to the Royal Naval Air Service the following year. After training, he became an instructor until 1916.[3]
In January 1917, he was posted to No. 1 Squadron RNAS on the Western Front. While there, flying a Sopwith Triplane, he ran up a string of six victories from 29 April through 1 June 1917; his final tally included an enemy fighter set afire, another one destroyed in conjunction with a couple of squadron mates, and four enemy planes driven down out of control, including one shared with Cyril Ridley and six other pilots.[3]
In September 1917, he was transferred to the aircraft depot at Dunkirk. After his return to England, he was injured in a crash. After recovery, he became officer commanding of a training depot.[3] He subsequently received the Air Force Cross for his work in training.
Inter war
Between the wars he attended the Imperial Defence College. He was posted to HQ Iraq Command and served administrative positions for the Air Staff.
World War II
When Italy declared war in June 1940, a part of the very limited strength of the fighter squadron based at Malta were four Gloster Gladiators, which were found in crates marked "Boxed Spares – Property of the Royal Navy" (these having been left by HMS Glorious in April). Maynard obtained permission to assemble them, and three of these units, named "Faith", "Hope", and "Charity", they were part of the initially limited defence during the Siege of Malta.[4]
After he was replaced on Malta, he was AOA, HQ RAF Coastal Command. In 1944 he was AOC of No. 19 (Reconnaissance) Group.
Notes
References
- Forster Maynard at New Zealand Fighter Pilots Museum
- Above the Trenches: a Complete Record of the Fighter Aces and Units of the British Empire Air Forces 1915–1920. Christopher F. Shores, Norman L. R. Franks, Russell Guest. Grub Street, 1990. ISBN 0-948817-19-4, ISBN 978-0-948817-19-9.
- Playfair, Major-General I.S.O.; Molony, Brigadier C.J.C.; with Flynn, Captain F.C. (R.N.) & Gleave, Group Captain T.P. (2009) [1st. pub. HMSO:1954]. Butler, Sir James (ed.). The Mediterranean and Middle East, Volume I: The Early Successes Against Italy, to May 1941. History of the Second World War, United Kingdom Military Series. Uckfield, UK: Naval & Military Press. ISBN 978-1-84574-065-8.
- Air Vice-Marshal F H M Maynard – Air of Authority – A History of RAF Organisation
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