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To: Qbert

I said he studied and learned from what Friedman found about the 1930s. FED policy under Bernanke has led to a stable US price level.

That is what any central bank can do. So you are clearly an anti Friedman, Keynesian, I guess or you would as Friedman did understand what a central bank can do.

So go ahead and say Friedman is wrong and you are in the Keynesian camp that believes a central bank has some kind of magic wand to undo real shocks like Obamacare or oil prices or just plain Obama?


10 posted on 07/13/2011 2:08:05 PM PDT by JLS (How to turn a recession into a depression: elect a Dem president with a big majorities in Congress)
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To: JLS

That’s some really odd thinking there. Helpful advice: you might want to go in and get checked out...

In the meantime, I’ll defer to Anna Schwartz, Milton Friedman’s long-time collaborator for her assessment of Helicopter Ben:

“...Fed Chairman Ben Bernanke, of all people, should understand this, Ms. Schwartz says. In 2002, Mr. Bernanke, then a Federal Reserve Board governor, said in a speech in honor of Mr. Friedman’s 90th birthday, “I would like to say to Milton and Anna: Regarding the Great Depression. You’re right, we did it. We’re very sorry. But thanks to you, we won’t do it again.”

“This was [his] claim to be worthy of running the Fed,” she says. He was “familiar with history. He knew what had been done.” But perhaps this is actually Mr. Bernanke’s biggest problem. Today’s crisis isn’t a replay of the problem in the 1930s, but our central bankers have responded by using the tools they should have used then. They are fighting the last war. The result, she argues, has been failure. “I don’t see that they’ve achieved what they should have been trying to achieve. So my verdict on this present Fed leadership is that they have not really done their job.”

http://online.wsj.com/article/SB122428279231046053.html


11 posted on 07/13/2011 2:39:23 PM PDT by Qbert ("The best defense against usurpatory government is an assertive citizenry" - William F. Buckley, Jr.)
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