Can there be any more doubt? Modern laissez-faire economics is dying before our eyes. American Capitalism has poisoned itself, and the Global Economy, too.
This is a mixed blessing. It means we all will be suffering for a long time. It also means that we won't have to listen to arrogant conservative blowhards spouting off about the Wisdom of the Market. The Market has proven to possess the wisdom of an adolescent male. It needs a Parent to make sure it does what it is supposed to do.
So let the word go forth: Milton Friedman, the Nobel Prize-winning, U. of Chicago guru and godfather of Free Market economics has died again. Once in 2006, and now in 2008. So has Trickle-Down Theory, Supply-Side Economics, Reaganomics, and whatever the hell both Bushes were trying to do. The economic ideology of the Republican party is officially bankrupt. Gone. Kaput. To the ashbin of history.
What replaces it will be fascinating to watch as it evolves over the next months and years...
And because it's Friday, another Black Friday (after a Black Thursday, Black Wednesday, etc etc) here is a classic piece of Laughter:
And the Quote of the Day:
"Many people want the government to protect the consumer. A much more urgent problem is to protect the consumer from the government." -- Milton Friedman
1 comment:
I think Royal Swedish Academy of Sciences may agree that Friedman is finally dead since they just awarded the Nobel Prize in Economics to Paul Krugman. I think Krugman's views on economics may be as far from Friedman as you can get.
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