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Politics : Formerly About Advanced Micro Devices -- Ignore unavailable to you. Want to Upgrade?

To: bentway who wrote (732291)	8/12/2013 3:53:37 PM
From: combjelly	Read Replies (3) \| Respond to of 1578372

It doesn't surprise me that Rand Paul sides with the psychos of the Austrian School. Can't say that I am surprised that the Right would edit Friedman out of history. As Krugman notes, he was a little too friendly with reality.

To: bentway who wrote (732291)	8/12/2013 4:42:44 PM
From: i-node	Read Replies (1) \| Respond to of 1578372

>> “What ever happened to Friedman's role as a free-market icon? The answer to that question says a lot about what has happened to modern conservatism. Friedman, who used to be the ultimate avatar of conservative economics, has essentially disappeared from right-wing discourse. Friedman was NEVER a right-winger. He was totally about free markets, but he was libertarian if anything. And he was right about pretty much everything when it came to economics. He recognized, for example, the failure of the drug war -- yet there is little support on either the Right or the Left for ending it. He understood why the minimum wage is a devastating intervention for the working poor -- yet no one on the Left or Right would dare suggest getting rid of it. Same with the corporate income tax. >> "If free markets are so great, how come we have depressions? First, where are these "free markets" he is referring to? There are very few. But free markets can't undo the damage done by idiotic monetary and fiscal policy. Between 1921 and 1929, the money supply had increased by more than 60% (since 2008, worst than that). Inflationary booms cause markets to crater. What I wouldn't give to see Friedman roll over Krugman in a debate.