Well Known Communist, Milton Friedman
- Thread starter Ponca Dan
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Why would you ever invoke tariffs if not for leverage? Leverage = weaponizing is your interpretation, which as we know is as enduring as dry ice in Fiji.
Let’s see. Team [P-DAN] consists of:
Hamas terrorists
Hezbollah terrorists
(Rumors that he was a big Papa Doc fan)
In the first round of the global political draft – Economics Expertise: [P-DAN] selects: John Maynard Keynes as his economic champion.
For a quick review of Keynes professional highlights, let’s go to the videotape: He has a record of ruining multiple global & regional economic systems and is currently an All-Star in repressed & communistic lands. His unique talents include:
- Inflation
- Keynesian policies can lead to inflation, especially when unemployment is low. Increased government spending can increase aggregate demand, which can lead to higher prices.
Increased government spending can lead to high levels of debt, which can crowd out private investment and raise interest rates.
- Short-term focus
- Keynesian economics focuses on short-term economic stability, which can come at the expense of long-term growth.
- Supply-side neglect
- Keynesian economics focuses on demand management, and often neglects supply-side factors like productivity and innovation.
- Red tape
- Keynesian models don't account for the impact of red tape, such as the cost of new regulations.
- Reduced productivity
- Keynesian models don't account for the reduced productivity that can result from shifting resources away from productive investment and toward redistribution.
- Government ability to estimate potential GDP
- The government may have difficulty estimating potential GDP.
- Lag time
- There can be a lag time between when Congress and the President try to pass legislation and when it actually happens.
- Centrally planned economy
- Keynesian economics can favor a centrally planned economy, which can undermine the role of market forces.
As I expected your understanding of economics is as archaic as Donald Trump’s. Economics and politics are not the same thing. You apparently don’t know that. And for the record I despise Keynesian economics. I’m more in the Austrian School. But I do give you credit for Googling something you could write and pretending you know what you’re talking about.
Oh, tell us more about how you came to side with the Austrian view.
Use your own words, not a link where others do the thinking.
As for many individualists it all began with Ayn Rand. Read *The Fountainhead” at 15 or 16, got hooked and read everything of hers I could find. Discovered there is an entire library of individualist books, many of them books on economics. I have no memory of what came first, but stumbled on von Mises, Hayek, Rothbard, Friedman (who is Chicago School, not Austrian), and others who called themselves “Austrian” as followers who expanded on Mises and Hayek. Read Adam Smith, the father of economics. I have written on here before about the “battle” between Keynes and Hayek. Hayek argued on behalf of the Invisible Hand, eschewing government involvement in market activities, while Keynes pushed hard for government to interfere “as needed.” Guess which economist the politicians chose to implement.
In Dan's mind he is an expert on international affairs, military operations, morality and economics, never mind he never looks at the big picture on anything.
What does this tripe have to do with tariffs. Literally everyone has watched the movie & read Ayn Rand. This is a smoke screen that does not deal with the specifics of tariffs, the topic header.
Milton Friedman’s comments on tariffs, the purpose of the thread, were not addressed by your original reply in this thread in which you Googled something about JM Keynes and attempted to equate my economic convictions to his. It’s fascinating that you brought up the Rand “movie” as something everyone knows about. That suggests to me you haven’t read a word she wrote. If you had you might have known she is the starting point for most libertarians in their philosophical quest, a quest that leads inexorably to free market economics.
Milton Friedman also thought federal government deficit's didn't matter either. Now we are over 36 trillion dollars in debt I have no doubt he would be rethinking that. What does that say about his other positions?
Friedman differed greatly with Austrians on monetary policy. But he is spot on in his criticism of tariffs and other aspects of protectionism.
It occurs to me you didn’t/don’t know who Milton Friedman was. I jeeringly called him a communist. You seem to have taken me seriously.
I can assure you, no one on this board takes you the least bit seriously.
I really hate to lower myself to this but sometimes the shoe just fits too well.
In the movie 'A Fish Called Wanda', Jamie Lee's "brother" Otto was obsessed about people believing he was not smart, not intellectual, so he over compensated by reading "intellectual" materials. He had a particular fondness for Nietzsche and his respected intellect. All during the movie Otto would quote Nietzsche at inappropriate times with erroneous context.
Finally, Jamie Lee had had enough and braced Otto with "Otto, apes read Nietzsche too, they just don't understand it".
[P-DAN] = Otto
Friedman never thought he was wrong about monetary policy and he defended his opinion with great energy. Economists from the Austrian School differed with him and argued with equal energy. Only a cultist would think his hero could never be wrong about anything. Frankly that describes your attitude about DJT. Has it ever occurred to you that you are a cultist?
Sure you - and they - do. You wouldn’t expend so much energy in calling me names if you didn’t.
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