In this paper we will discuss the strength (austerity does not work) and the weakness (Quantitative Easing) of Keynesian economics. We will describe the ergodic hypothesis which plays a critical role in Keynesian economics. We will also try to provide an answer to the question: What role does people, debt and ensemble and time averages play in macroeconomics? The conclusion of the paper is that it was a mistake to abandon the gold standard (which Keynes argued for) because it gave price stability i.e. no fiat money.