Monday, August 12, 2013

Milton Friedman

I am a Milton Friedman Libertarian and not a von Mises Austrian School one. I am a supporter of Ben Bernanke's leadership of the Federal Reserve because it is a apparent the he read MIlton Friedman and Anna Schwartz's Monetary History of the United States.  He took careful note of the Fed's misguided Austrian School thinking during the Great Depression, which made it substantially worse than it needed to have been, and successfully steered a course toward moderate growth.

FED Chairman Alan Greenspan's tenure, on the other hand, was a disaster in spite of his Ayn Rand libertarian philosophical predilection because he forgot that free markets do not work as described by Adam Smith in a system spiraling toward concentration of economic power. The mix of government intervention and laissez faire economics is particularly noxious, and Alan presided over a witches brew that as a Libertarian I will not forgive.

Larry Summers is in the  same camp with Alan.  He promoted concentration by killing Glass Steagal and sided with rapacious Wall Street by brow beating down Brooksley Born on her attempt to regulate derivatives at the CTFC.  I am on record as of approving of two women in finance, one being the before mentioned Ms. Born as well as former FDIC chairperson Sheila Baird, so much so that I am prepared to support Janet Yellen, the current Vice Chairman of the FED, without really knowing too much about her.

No comments:

Post a Comment