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Politics : Formerly About Advanced Micro Devices
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bentway
To: i-node who wrote (885863)9/7/2015 5:04:18 PM
From: combjelly1 Recommendation  Read Replies (1) of 1577725
 
Dumbass. I quoted Milton Friedman.

And that is the problem, Dave. What happened in 2007 and 2008 was a direct result of decades of applying Friedman's policies to the economy. To varying degrees, it has happened every time and place his brand of economics has been tried. Like Chile. It implemented a lot of his policies in the 1970s. Which led to a banking crisis in 1982 and the eventual abandonment of many of those changes. Or Ireland. Which also adopted many of Friedman's policies until they had a banking crisis in 2008 Which their economy has yet to recover from. And there was Iceland, which adopted many of Friedman's policies until 2008...

Notice a pattern here? Now Ireland and Iceland were caught in the global banking collapse. But that affected only the timing. In both those cases, their banking collapse was much, much worse than the others. In fact, Iceland's banking collapse was the worse ever. Now both were doing very well before their banks collapsed, outpacing other countries with more prudent policies. But if you have to court a collapse of the banking system to very well, it is probably a good idea to trade off a little of that performance to have stability.

Friedman was influential. And wrong. His promoted policies result in a banking system that will and has collapsed. Every time it has been tried. Which is why there has been movement away from them across the globe.
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