Having bankrupted the American middle class, the designated consumer of last resort, factions of the US ruling class thought they could keep things going in the emerging world. China tightening is showing different. With a billion people and massive overcapacity China still plans on being an exporter. Like Obama, who somehow promises to double exports in five years despite a crumbling Euro.
Keynes was a moderate in the 30's, basically a conservative and protector of the private profit system against a vibrant Left. Without a political impetus to reform - first and foremost by redistributing wealth - capitalism could very well consume itself, as a swarm of cannibalistic piranhas might.