newsweek.com:
Anna Schwartz is 93 and has been working at the same place since 1941. She's that rarity in economics, or indeed any field: a living legend from another era who hasn't lost a step mentally and who grasps everything that's going on around her in the present. Or at least she seems to--but more on that later. Schwartz is one of the most renowned monetary scholars in the world.
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It is interesting how many of you try to define Friedman's philosophy by what happened in Chili..... something he had no active role in....... Yet you ignore what his philosophies did here in the US during Reagan's administra
-Inflation went from double digits to 5% or less....
-unemployment went from double digests to less than 7%
-interest rates went from from 20% +, down to 7-9%
and the government took in record amounts of revenue...
Where is Chili?
Why are you lying? What happened in Chile is the exact same thing that happend here. It took longer because the world relies on the dollar and their was some prestige about America that kept things going. By cutting taxes, you get a bubble of spending, but all the money ends up going out the window to China. His deregulation made a worse place, not a better one.
im not lying.... your making claims.... i'd like to see how you prove your statements
Audit the Fed..now
Keynsian economics made America the strongest economy on earth. I don't understand people who like to argue with results and try to reinvent the wheel when things are working just fine. Taxes recycle money for investment in our country, lower the trade deficit, and allow large needed projects to be built that the private sector cannot build. They restore confidence in the economy. Cutting taxes allows a bubble of spending that quickly goes out the window and into China's economy.
The United States had the strongest economy on Earth long before Keynesian economics. John Maynard Keynes' ideas didn't become popular until the 1930s. The middle class is deteriorating fast. It surprises me that so many progressive liberals support Keynesian economics embraced by Nixon, Regan, and neocons everywhere. Keynesian philosophy encourages deficit spending fueling an out of control foreign policy that keeps troops in 150 countries and supports unnecessary wars like Iraq, killing thousands. Imagine if Bush had to raise taxes to fight the Iraq war. As Ralph Nader puts it, "deficit spending encourages reckless American adventurism". Keynesian policies devastate the working class and punish poor and elderly on fixed incomes through inflation. Your 1999 dollar saved has lost 20% of its purchasing power (Bureau of Labor Statistics). How can you morally justify the inflation to someone who has saved all his life for retirement? Keynesian economics should not be the liberal choice.
There is so much b.s in your post, it is not even worth taking apart point by point. Everything you said is wrong about Keynsian economics.
Interesting perspectives
http://wha
http://wha
A Federal Agency in our Government, the Office of the Comptroller of the Currency, OCC, issues a quarterly Report that has the following info:
1 JPM0RGAN C $81 TRILLION in Toxic Derivatives
2 B 0F AM $78 TRILLION
3 G0LDMAN SA $48 TRILLION
4 M0RGAN STA $39 TRILLION
5 C1T1GROUP $32 TRILLION
6 WE11S F@RG $5 TRILLION
7 HSBC NORTH $3.4 TRILLION
8 TAUNUS COR $1.2 TRILLION
9 BANK OF NE $1.1 TRILLION
10 STATE STR $600 Billion
11 BARCLAYS $400 Billion
http://www
It is on page 23!
This is sickening.
Schwartz and Friedman believe, "In Monetary History that had the Federal Reserve not existed, the Great Depression might never have happened. Their argument: the Fed bungled things by tightening money from 1929 to 1932, something the New York bankers who used to be in charge of resolving crises would never have done." Audit the FED Reserve!
"But she maintains that the current crisis is less a liquidity problem and more a crisis of confidence because of the market's doubts about the toxic assets on banks' balance sheets." She did NOT mention the MASSIVE $TRILLIONS in Toxic stuff hidden "OFF-BALANCE-SHEET" but reported by the Office of Comptroller of the Currency!
Yes! I saw that quote and Schwartz makes the case for an audit. The best thing we can do is expose the trillions of dollars of shenanigans the Federal Reserve takes part in. Especially the foreign central bank loans the American tax payer is on the hook for. At least we'll know. We should not be afraid of the truth. The American public has a right to know.
So that's where all the angst over "the FED" is coming from, THE BANKERS. I should have known. The reason why the private sector hasn't take advantage of an opportunity is because they don't want to change their current wind fall and continually buy out any potential competitors. It's as if the buggy whip makers had the money to buy all the automobiles and stop them from being produced. Peak Oil means greater and greater and greater profits until it's all gone. Then, and only then, would/will they turn to something else. Then, of course, there's always those people who believe that oil is actually a renewable resource, produced by the earth by normal processes and not "from the dinosaurs".
a fairly strong case can be made for renewable oil...if proven correct..w
Schwartz: "And Friedman would say, 'Look, if these really are such desirable things, why isn't it that the private sector has taken advantage of an opportunity to make money and to improve things?' "
What a disingenuous complaint. I'm sure she knows, and he knew, that the government does subsidize petroleum, coal, and nuclear -- in short, the only technologies which have the *possibility* of competing as sources of household energy are the ones subsidized by the state. Their fake "free market" argument are therefore nothing of the sort. They are apologists for the status quo, for those already taking most of the government's largess: closet fascists.
Ah, but they see subsidies as regulations. Subsidies skew the market and distort the free flow of supply and demand. Trouble is, so to do a lot of other things, skew the market. Government is supposed to protect property, the property of all the people. Right now, they're certainly not doing that. You know what's going on right now? The big guys with all the money are pushing it around, passing it back and forth and back and forth, but nothing tangible is actually being produced. They're playing the game as they've always played it in their stratosphere.
Crony Capitalism.
you have no idea what your talking about.....
BTW, all the corrupt companies your talking about, are giant companies that have formed because of the heavy regulations on those industries
if you guys think nationalizing health care by increasing the regulations put on doctors and health providers is going to produce higher quality care for a lower cost you've got another thing coming.
"BTW, all the corrupt companies your talking about, are giant companies that have formed because of the heavy regulations on those industries
LOL!!!
Take away all regulations and you end up with workers as slaves and crony capitalism.
We know this because it has happened before. Many times. In USA Ref: Gilded Age. But there is also what happened in South America, SE Asia, Russia, etc etc etc
this economy is in such deep *&^ yet Obamma & Summers live on another astral plane, unwilling to acknowledge reality, even though 995 of Americans experience and know what's going on, and are tired of the BS.
good articles: http://www
Milton who..?
Forget him....fai
Read John Stuart Mill...
Learn about this genius and economist, want to understand Krugman, read J.S. Mill...
http://www
An overview worth bookmarkin
Sorry bad link here it is John Stuart Mill...an Overview..
http://www
J.S. Mill..
"Forget him....fai
Really? Look up the economic history of Chile. Chile embraced many of Friedman's ideas and went from abject poverty to South American powerhouse with a thriving middle class. The economic freedom ushered in political freedom and Chile is no longer ruled by a military junta.
Wrong! The combination of the coup to overthrow Allende for Pinochet, by the US, led to the implementation of Friedman's "Shock Doctrine" economic plan that nearly destroyed the Chilean middle class and their economy. Chile didn't begin to recover until the threw the "Chicago Boys" out. Read the "Shock Doctrine" and get your facts straight. You are 180 degrees off course.
The military junta (installed and supported by the US) was used to experiment with Friedman's neo liberal economic policy and had a huge human price tag. As far as socio-economic outcomes for Chile, can you argue that it wouldn't have happened without Pinochet and the junta? Would it have been better in terms of economic equality and social justice? The simple answer is its none of our business. The Chileans wanted Allende and we robbed them of their sovereignty. I agree with your earlier post though. We are not a free market. Haven't been in a long time.
Chile embraced??? Bull picks ! Chaos reigned people were killed and disappeared; the military and Pinochet held the power. Purges touched everyone.
Wow you are sooo very wrong.
Through the policies of free-market capitalism, we ended up with companies poisoning their best customers by introducing untried cost-cutting measures. Companies robbed their best customers blind until those customers had no buying power left.
Far better to build your customers' health and wealth, so they will keep buying from you. Oh, but wait, that means you won't make maximum profits in the short-term. Unfortunately, most of the people in charge of these companies seem unable to think long-term.
Stop calling it "free-market". It's NOT FREE! In the words of Ralph Nader, it's a "corporate managed market". The companies who, "robbed their best customers blind " hired lobbyists to write regulations and laws that kill off competitioin. There is nothing free about bailing out a bank that has failed. There is nothing free about 14,000 pages of NAFTA regulation design to help mega-corporations. There is nothing free about central economic planning orchestrated by the Federal Reserve to get profits for private banks. You need to look up the definition of a free market.
We don't have free market capitalism. NOBODY has free market capitalism.
It is ALL regulated.
We were closer to free market capitalism when we had Armor canning rotten meat and child labor.
We have Crony Capitalism.
Our busines model is Suharto's Indonesia.
This old woman's so full of it.
The past and current Fed chairs, Allen "Ayn Rand-groupie No.1" Greenspan and Ben Bernanke are fans of Milton J. Friedman and her stupid book.
I'm sure Hank Paulson and Timmy Geithner read her and Friedman's stupid book.
It's because of that stupid book that we now find ourselves in this economic shape.
Libertarianism is not an economic philosophy, it's a mental illness.
Your 1999 dollar has lost 20% of its purchasing power (US Bureau of labor statistics) thanks to Keynesian economic philosophy, the real mentally questionable philosophy.
We haven't experienced Keynsian economics since the 1970's. Try again.
Geithner is a protege of Kissinger, the man responsible for implementing Friedman's disaster economics policy in Latin America.
"We are grateful to the Washington Post, the New York Times, Time Magazine and other great publications whose directors have attended our meetings and respected their promises of discretion for almost forty years." He went on to explain: "It would have been impossible for us to develop our plan for the world if we had been subjected to the lights of publicity during those years. But, the world is more sophisticated and prepared to march towards a world government. The supernational sovereignty of an intellectual elite and world bankers is surely preferable to the national autodetermination practiced in past centuries.
-attributed to David Rockefeller at the June 1991 Bilderberger meeting in Baden Baden, Germany (a meeting also attended by then-Governor Bill Clinton and by Dan Quayle).
Banks run the world, not just the nation.
Banks extorted that bailout money from the taxpayers. They would have crashed the economy completely otherwise, and they could have done it.
Free market capitalism with no regulation or oversight represents nothing but the freedom to be a financial criminal. And economic theories that support funny money thugs have in the last dozen years lead to our doom.
Well said
I'm sorry,but you are incorrect. Regulation does not protect against crime.... laws do.... you can have laws without regulation
Crime is punishable by law.... if your goal is to prevent crime.... than i would say you change your goals to more realistic ones..... if you choose to continue to live in make believe...
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First Posted: 07-17-09 04:38 PM | Updated: 07-17-09 04:45 PM