Milton Friedman Bitch Slap's Obama's "You didn't build that" nonsense

[TakeAStepBack]

 

[8537]

There are failed nations and impoverished people around the world thanks to Milton's brand of economics. The one US attempt at monetarism led to not one but two consecutive recessions in a four year period.

That's because the elasticity of money is a terrible idea and puts forth a moral hazard that will always lead to failure. Along with the idea that government should be in direct control of the supply of money. Central plannign never works. Ever.

Well, we can disagree on "why". In large part, I believe Milton's ideas worked exactly as those employing them hoped they would work. They became the justification of the early 80's recessions in the US, and they are/were the framework for the Washington Consensus at the IMF - which stripped billions of dollars of public goods away from the public in favor of foreign owned direct investment.

Now, did Milton himself expect his ideas to be used in such a way? I certainly don't believe so. He did, however, work with several Chicago colleagues to press the ideas in Central and South America. The Good Doctor can't be held accountable for what was pushed in his name.

 

[regent]

Every nation has a system for redistributing the wealth. Many economic textbooks even list one of the responsiblities of government is to insure a type of redistribution. It is the type of redistribution that helps determine the type of nation.
As Friedman said capitalism runs on greed, but in America at attempt is made to control that greed and that makes the wealthy conservatives unhappy.

 

[TakeAStepBack]

There are failed nations and impoverished people around the world thanks to Milton's brand of economics. The one US attempt at monetarism led to not one but two consecutive recessions in a four year period.

That's because the elasticity of money is a terrible idea and puts forth a moral hazard that will always lead to failure. Along with the idea that government should be in direct control of the supply of money. Central plannign never works. Ever.

Well, we can disagree on "why". In large part, I believe Milton's ideas worked exactly as those employing them hoped they would work. They became the justification of the early 80's recessions in the US, and they are/were the framework for the Washington Consensus at the IMF - which stripped billions of dollars of public goods away from the public in favor of foreign owned direct investment.

Now, did Milton himself expect his ideas to be used in such a way? I certainly don't believe so. He did, however, work with several Chicago colleagues to press the ideas in Central and South America. The Good Doctor can't be held accountable for what was pushed in his name.

Right. Using a theoretical/social "science" as a hard one doesn't work. It is true also in the case of Keynes. Their ideas are interesting, but experimentation in economics only happens on th e whole and people hate being wrong. Especially politicians or those associated with the "ideas".

I dont think Freidman deliberatley believed his ideas put to practice in the case of south america is really what he intended. then again when ones idea fails so miserably, it's easy to claim "the user did it wrong" or some other variation.

 

[PoliticalChic]

Friedman is dead, quite a trick.

Politically speaking....so is Obama.

 

[PoliticalChic]

More talking dead, like the Reagans.

Your post, drop-draws, is a validation of the following:

1. Because the Left relies on feelings and intentions, wisdom and the existing moral value system don’t count for much. The comparison with conservatives would be the reliance on data and experience, and tradition. Recall the Left-wing baby boomer war-cry: “Never trust anyone over thirty!” Consider the meaning: There is nothing to be learned from anyone older than thirty…hence, the ‘…old dead white men…” theme.


2. Note how this morphs into the adulation of youth. Therein lies the choice: youth, or wisdom. And the result is what our universities have become, no longer the repository of knowledge, instead, support for Marxist ideas, nuclear disarmament, beliefs that America was no different from the Soviet Union, sympathetic views toward Mao, Ho Chi Minh, Castro, and support for a whole host of Left-wing memes.
From Prager's "Still The Best Hope," chapter two.

 

[8537]

That's because the elasticity of money is a terrible idea and puts forth a moral hazard that will always lead to failure. Along with the idea that government should be in direct control of the supply of money. Central plannign never works. Ever.

Well, we can disagree on "why". In large part, I believe Milton's ideas worked exactly as those employing them hoped they would work. They became the justification of the early 80's recessions in the US, and they are/were the framework for the Washington Consensus at the IMF - which stripped billions of dollars of public goods away from the public in favor of foreign owned direct investment.

Now, did Milton himself expect his ideas to be used in such a way? I certainly don't believe so. He did, however, work with several Chicago colleagues to press the ideas in Central and South America. The Good Doctor can't be held accountable for what was pushed in his name.

Right. Using a theoretical/social "science" as a hard one doesn't work. It is true also in the case of Keynes. Their ideas are interesting, but experimentation in economics only happens on th e whole and people hate being wrong. Especially politicians or those associated with the "ideas".

I dont think Freidman deliberatley believed his ideas put to practice in the case of south america is really what he intended. then again when ones idea fails so miserably, it's easy to claim "the user did it wrong" or some other variation.

But that was an important part of Keynes' point - that economics as a hard science doesn't work. That we need to account for human behavior that does not fit the rational actor model. That's how markets move in irrational ways. That's why a liquidity trap is possible, and why an economy can exist for a long period of time at suboptimal levels of employment.

Like most economists, Keynes was probably more often wrong than right in totality, but some of the areas in which he was right proved to be critical insights. Ditto, Dr. Friedman.

 

[PoliticalChic]

“The world runs on individuals pursuing their separate interests. The great achievements of civilization have not come from government bureaus. Einstein didn’t construct his theory under order from a bureaucrat. Henry Ford didn’t revolutionize the automobile industry that way. In the only cases in which the masses have escaped from the kind of grinding poverty you’re talking about, the only cases in recorded history, are where they have had capitalism and largely free trade.

If you want to know where the masses are worst off, it’s exactly in the kinds of societies that depart from that. So that the record of history is absolutely crystal clear, that there is no alternative way so far discovered of improving the lot of the ordinary people that can hold a candle to the productive activities that are unleashed by the free-enterprise system.” --Milton Friedman

CARPE DIEM: Milton Friedman Responds to Obama

Every re-distributive economy is an inhumane shithole, every single one of them. It's so fucking bad they have to build walls to keep anybody with a brain from fleeing. But that's the exact system embraced and adored by the "American" Left. They love a system that has a 100% Guaranteed fail rate and while they're living in the #1 economy in the world.

Insanity. Absolute fucking insanity.

Your usual great work, Frank.

One of my fav Friedman quotes:

“If you put the federal government in charge of the Sahara Desert, in five years there'd be a shortage of sand.”

 

[PoliticalChic]

Mao and Stalin are dead but the "American" Left still follows their teachings

As are the Justices who signed on to Roe v. Wade.

 

[PoliticalChic]

Whatsa matter? Did I blaspheme against your messiah and his holy words?

At some point you may realize that it is you lack of education that prevents you from having the proper respect.

 

[BlindBoo]

How can he get bitch slapped for something he didn't say?

Romney/Rove will have a rude awakening for their lies this time around.

 

[TakeAStepBack]

Frank is Romney?




Progressives never fail to inspire......laughter.