May 29, 2006

There's no such thing as a free lunch - Milton Friedman


Time for some Friedman:

Inflation is the one form of taxation that can be imposed without legislation

Only government can take perfectly good paper, cover it with perfectly good ink and make the combination worthless

The Great Depression, like most other periods of severe unemployment, was produced by government mismanagement rather than by any inherent instability of the private economy

10 comments:

asdf said...

first

FUNNOMINAL said...

Yes, the great Milton Friedman, God bless him for common sense.

You have to go back to the summer of '81 to see the roots of the current disaster. The Fed started lowering rates (pumping up the short term money supply)and continued to do so until 2004.
This created international trade defecits, governmental fiscal defecits, corporate malfeasance and defecits, personal defecits, lack of desire to work/earn real money.

Also commodity price rises.

Throw out the IRC entirely (Much of all activity has been centered around tax avoidance). Print a level amount of money on a formula basis, be totally transparent.
We libertarians say don't worry about the borders, just end welfare.

The governmental tits are still feeding too many for nothing.

foobeca said...

What do you mean there's no free lunch? Isn't it normal for houses to pay people to live in them?

Anonymous said...

Friedman is a disgrace. His theories on the depression and business in general typical Jewish kikery nonsense. Time to discredit and destroy this man.

Internationalist like him and the other free market internationalists needed to be thrown from history. Their anti-western beliefs needs exposed.

Anonymous said...

man, there are some bigoted weirdos out there

Sean Reynolds said...

I don't agree with Friedman on... I dunno, just about everything...

How has he ever 'proved' the Great Depression came about by govt intervention? What nonsense. One of the key roles of Reserve Banks since their inception has been to attempt to ward off the busts that occurred before there was intervention by careful management of a reserve and advocating the prudential behaviour of banks in general. There were capitalist booms and busts before govts got involved in setting interest rates, that's WHY reserve banks were created...

Friedman was a major beneficiary of the 1930's New Deal approach to access to higher education, he has completely bitten the hand that fed him. What patent hypocrisy.

Anonymous said...

The second half of 1930 is the true beginning of the depression. The economy tanked BADLY after this half year and the banking system collapsed causing liquidty to completely dry up, not the "FED" tightening the screws, that didn't begin to 1931 when they feared a outright financial disolvement of the US was near. If you talk to somebody, say, March 1930, they would hardly tell you a depression "had started". Fact is, no matter what F/S said, that was going to be MUCH more than a garden variety cycle as the downturn had been in the making for years. Much like Progressives that can't figure out all Welfare programs aren't always good, Market theorists like Friedman or Mises can't admit that markets fail and it can fail badly. If they just came to grips with that, maybe they would stop scapegoating everything else except the market, much like Progressives figured out that all Welfare programs didn't work, they would be more selective and cautious in starting them.

Alot of people don't like the FED for MANY different reasons. Free Market theorists like Friedman or Mises(though they represent different means and both are Jewish lol bigot poster!!) don't like having a central banks interfer with market set rates, though as Renyolds said, that was as problematic as well, if not more so. Economic Populists believe that the FED is a sinister bank developed by the Rich to essentially........make sure they stay rich and you stay poor.

foobeca said...


How has he ever 'proved' the Great Depression came about by govt intervention? What nonsense. One of the key roles of Reserve Banks since their inception has been to attempt to ward off the busts that occurred before there was intervention by careful management of a reserve and advocating the prudential behaviour of banks in general. There were capitalist booms and busts before govts got involved in setting interest rates, that's WHY reserve banks were created...


The "Federal Reserve" is neither federal nor is it a reserve. There were boom and busts because of the damn bankers. Bankers get loose with credit you have a boom. Then defaults start occuring because of excessive credit and banks tighten up on lending. Then you get a bust. All this can be blamed on fractional reserve banking.

The role of the federal reserve is not really to end boom and busts, but to enrichen the banks. The federal reserve is not a government entity, it is a private cartel of banks.

Since the FED was established the dollar has lost 96% of its purchasing power and we've had worse business cycles. The FED is a corrupt and abysmal institution. Let's rid ourselves of central banks and fractional reserve lending.

autofx in Phx said...

Anonymous said...
Friedman is a disgrace. His theories on the depression and business in general typical Jewish kikery nonsense. Time to discredit and destroy this man.

Internationalist like him and the other free market internationalists needed to be thrown from history. Their anti-western beliefs needs exposed.


You're an unbelievable idiot. No, I'm not Jewish.

autofx in Phx said...

The desire to make money is not bad in and of itself.

There's blind greed and there's intelligent greed.

There's greed that consumes and controls a person -- the kind of person who buys tech stocks in January of 2000 or expensive houses in January of 2006, and greed that simply acts as the motivator that gets Warren Buffett up in the morning to get up in the morning and go to work.

There's stupid, mob-mentality greed that makes people buy at the tops of rallies in markets, and greed that motivates experienced investors to identify potential trends, get in early, and get out when everyone else is in a frenzy.

Uncontrolled, blind greed: bad.

Controlled, intelligent greed: good.