Mark Atwood (fallenpegasus) wrote,
Mark Atwood

RIP, Milton Friedman

I was reading Milton Friedman's entry in Wikipedia, and came across what is probably the most straightforward, honest, and to-the-point description and admission of the cause of the Great Depression, ever.

Or, as a representative of the Federal Reserve (one Ben Bernanke) pithily expressed it on the occasion of Friedman's 90th birthday in 2002: Regarding the Great Depression. You're right, we did it. We're very sorry.

So much for the theory of it being a result of the "fundamental contradictions of capitalism". The Great Depression wasn't caused by an uncontrolled economy. It was caused by the one-two punch of slamming down protectionist tariffs, and by trying to use the central bank to "plan" and "control" the economy. Which is very foreboding, given the recent election of a lot of pols in the US who are all for protectionist-ism and economic planning. "It failed miserably before, let's TRY IT AGAIN!"

Goodbye, Professor Friedman. You will be missed.

  • Cute. Petite. Blonde. French. Nerd. Grrl.

    My best story about sex I didn't have: I was in Lille to give the final day keynote at fOSSa, and I had not yet written my talk. Each day, i had…

  • Razors

    I'm getting ads for I think five different "all metal" "get the best shave of your life" "throw away the plastic" razor startups. They all seem to be…

  • Doing what needs to be done

    On May 1st, one of my co-residents found one of the feral rabbits that live in the area cuddled up against a corner of the house. It was seriously…

  • Post a new comment


    Comments allowed for friends only

    Anonymous comments are disabled in this journal

    default userpic

    Your reply will be screened

    Your IP address will be recorded