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Southwestern Indiana | Friedman was a monetarist, which is just the flip (supply) side of Keyensianism. Instead of runaway inflation and high taxes, deflate with high interest rates (resulting in major drop in commodities) and slash corporate taxes to encourage full employment. That was Reaganomics. The ideal - a gradual high tide that raises all ships - devoid of the business cycle is: A free market devoid of any type of central bank or government intervention, a written constitution limiting the government by law, and enforced contract rights and bankruptcy laws. Anything can serve as money (grain, chocolate, cigarettes, or otherwise worthless paper) and the people are free to use whatever they want (no legal tender laws) However, most everyone will prefer gold and silver species or receipts. The regulations come from the robber baron class who want to regulate their competition and use government to help set up monopolies (Machiavelli) Once that happens the robber barons then propose a central bank and an income tax for everyone else (they're exempted through trusts and tax-exempt foundations) after 100 years or so, you get the bankrupt government, security/police state, welfare/food stamp nation we have today. just my $0.02 | |
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Milton Friedman
