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Noah Smith – Milton Friedman’s Cherished Theory Is Laid to Rest

When you’re wrong, you’re wrong, no matter how famous and respected you might be as a scientist. Albert Einstein was wrong about quantum mechanics. Linus Pauling was wrong about the structure of DNA. And Milton Friedman was wrong about the permanent income hypothesis. But unlike with the first two examples, where scientists quickly realized the mistake, economists haven’t yet come …

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Bernanke’s Former Advisor: “People Would Be Stunned To Know The Extent To Which The Fed Is Privately Owned”

With every passing day, the Fed is slowly but surely losing the game. Only it is not just former (and in some cases current) Fed presidents admitting central banks are increasingly powerless to boost the global economy, even if they still have sway over capital markets. What is far more insidious to the Fed’s waning credibility is when former economists affiliated …

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Paul Craig Roberts and Dave Kranzler – Central Banks Have Become A Corrupting Force

Are we witnessing the corruption of central banks? Are we observing the money-creating powers of central banks being used to drive up prices in the stock market for the benefit of the mega-rich? These questions came to mind when we learned that the central bank of Switzerland, the Swiss National Bank, purchased 3,300,000 shares of Apple stock in the first …

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Eco Economics Takes on Neoliberalism – ROBERT HUNZIKER

Ever since Milton Friedman, American economist (1912-2006), who considered himself the heir to Adam Smith, used the term neoliberalism in an essay “Neoliberalism and its Prospects” in 1951, the world has tilted in that direction, starting with Chile as the “Chicago Boys” lab experiment under the watchful eye of the infamous dictator General Augusto José Ramón Pinochet Ugarte, president from …

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Capitalism in America: Giving Crazy a Bad Name While Subverting Democracy

Ever since Milton Friedman’s series of essays on Capitalism and Freedom, conservatives have tried to link democracy and capitalism into essential handmaidens.  But as the evidence shows, it’s a reality-busting bundle that only a psychotic could love.  Or believe.The fact is, capitalism as practiced in America – far from being democracy’s handmaiden — is anathema to freedom, and ultimately, impoverishing to …

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Welcome to “Libertarian Island”: How these One Percenters are creating a dystopian nightmare in Silicon Valley

In the clever science fiction video game Bioshock, an Objectivist business magnate named Andrew Ryan (recognize those initials?) creates an underwater city, where the world’s elite members can flourish free from the controls of government. It is a utopian village that Ayn Rand and her hero John Galt would surely approve of, but unfortunately it ends up becoming a dystopian nightmare …