MF is synonymous with Chicago School of Economics, whose teachings and graduates were associated with many atrocities in the developing world back in the 70's eg Chile, Arg etc.
They preached a form of financial terrorism that destroyed economies all in the name of free markets, overthrowing democracies etc.
Its great that he had the foresight to see 'bitcoin' but he shouldn't be held up as an icon as to me, his legacy was destruction.
They preached a form of financial terrorism that destroyed economies all in the name of free markets, overthrowing democracies etc.
Its great that he had the foresight to see 'bitcoin' but he shouldn't be held up as an icon as to me, his legacy was destruction.
Ypu can't blame the concept of free markets on some destructive dictatorships in Latin America. Friedman was all about freedom and capitalism. It's a truism that you can't judge any system or belief by the worst atrocities of its proponents. That goes for Christianity, Capitalism and Cheese.
In all seriousness where would you rather live now, Argentina a booming capitalist nation or Venezuela a crumbling socialist one.
Not blaming the concept but definitely blaming the implementation.
These 'destructive dictatorships' were advised and guided by Friedman and installed with his economic plan.. In Chile, Allende was assassinated and the junta operated on a blueprint devised by Friedman. For him, a democratically elected leader, functioning state owned industries, low unemployment and growing economies meant nothing. Implementing his free market theories were more important and for that he needed a clean slate. Never mind the murder, poverty and wealth destruction it took to try and achieve this.
And remember all his experiments failed. Chile, Argentina have never really recovered.
Im neither a socialist nor free market capitalist. Still, the facts remain that democratically elected governments were overthrown and economies ruined. Doesn't matter what you adhere to, this is wrong. Latin America was experiencing a period of sustained growth under many left leaning governments, something that was considered abhorrent by the US.
And for god's sake, Argentina is hardly a booming capitalist nation, unless by booming you mean 20%+ inflation, capital controls and unemployment. Don't try and frame the debate through description. What you are saying is that it is OK to destroy a country because in 30 years time even though it will still be a basketcase, it will be better to live there than an "crumbling" socialist state. But you also say don't judge any system by its bad proponents so you are contradicting yourself.
Inflation is estimated at between 20-30%, they have had numerous defaults in the past 20 years.
