Milton Friedman, a father of financial futures

Leave it the Guardian to completely misrepresent Friedman’s views and his impact.

I’ve heard Melamed talk about this. He says Friedman knew immediately that the Chicago Merc would pressure the Fed (and other central banks) into pursuing better monetary policy.

It’s one thing to talk about economics, but experience is what matters. Years ago I worked for a Libertarian nonprofit (an oxymoron if there ever was one). I’m thinking back on that time because of the glowing articles written to honor the late Nobel Prize winning economist Milton Friedman, the father of Libertarianism. What the Libertarians that I worked with loved about free market ideology was that it gave them an excuse for corruption and greed. Cocaine was regularly delivered to the office because, hey, Libertarians don’t believe in drug laws. The owner of the non-profit regularly lined his own pockets with donor money meant for “free market” books. He left his wife and two young kids for a big donor with a fur coat. These weren’t just bad apples. Libertarian philosophy is an ideology of taking. They would sell their mothers to make a buck. What I learned from Libertarians is that if people think they’ll get away with it, they’ll cheat instead of doing the right thing. Look at the most recent Wall Street scandals of epidemic backdating of stock options. A stock market free for all since government stepped out of the way to let the market follow its natural path. Without government audits and regulations, you get Enrons and WorldComs. The cure to greed is big time government interference, something that’s anathema to free marketeers. The idea that I came away with working with Libertarians was the oppositie of Friedman’s “trust the people.” My experience was that there’s never enough for those that have the most.

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