Milton Friedman was one of the most famous economists ever, and also one of the greatest champions of free market entrepreneurial capitalismism. He was a frequent interview guest, he was oft-quoted, and his book “Capitalism and Freedom” is a masterpiece. His defense of true competition via free markets, his belief in overall freedom (libertarianism), and his strict view of allowing for businesses to fail with no bailouts, caused many to view him as cruel, heartless, harsh, and uncharitable. Yet this view of him is completely wrong.
He was always polite, affable, gracious, and yes, competent. A true gentleman. In other words, he was completely the opposite of the three amigos – Larry Summers, Paul Krugman and Kenneth Rogoff. These three are some of the most pompous, arrogant, and yes incompetent “economists” ever. These clowns are true modern day liberals. Their views promulgating negative interest rates, cashless societies, and total government involvement in economies, have played a huge part in the global economic problems which have built up over the last several decades. The massive debt and tax burden, the montrous size of governments, and the omnipresence of the government/central banking mafia, have completely distorted entrepreneurial capitalism, freedom, fairness, and economic vitality. Globalism, corporate welfare, and “big business” have taken over. This has led to corporate/government “partnerships” (pork), CEO stardom and idolatry, and the total reverence for completely incompetent multi-billionaire hedge “fund managers” (fee managers).
It is all about control. Taxes, government spending, interest rate setting, regulations, social policies, legal rulings – all about control. This has led to controlling us via “climate change” absurdity, immigration policy, racism, feminism, student loans, car loans, mortgages, etc – control and herding.
These horrific consequences, at least the extent of them, would not have occurred if we had listened to and adhered to the principles espoused by Milton Friedman, Adam Smith, and the true classical liberal economists. In the following interview, some of these principles are discussed. Phil Donahue was nothing like the new breed of totally biased, aggressive, and downright nasty hosts who are pervasive now throughout the media. Mr. Donahue was fair and gracious, allowing Dr. Friedman to discuss his “weird” ideas in depth. Remember this is from 1979, “nirvana” relative to now. The interview was far-ranging, such as a discussion about the invisible hand, and allowing competition and the free market to choose winners and losers. Also, there is a role for government, but how much, and even then, it was way too controlling. He explained how insane most government policies are, like with tobacco subsidies vs smoking regulations. The discussion also goes into deregulation, big corporations, do-gooders, individual responsibility, drug legalization, the gold standard, and more.
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