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Of course its ridiculous. Just as ridiculous as if the gold fish in my pond was expected to fix anything. My gold fish has exactly the same amount of knowledge about the U.S. economy as Trump does. Trump is totally dependent on others , the professionals in important government agencies, to...

Thanks. Typical Friedman, but give us please the whole talk at Cornell. A Great American University -- though a little hard to get up that damn hill from Ithaca to the campus in February.

I see that I left out of the discussion above on the incorrect use of the term "libertarian" by many in the U.S. what the the linguist and political scientist, Chomsky, has contributed. He too has noticed the incorrect use of the term "libertarian" by neo-liberals and has expressed the view...

From Merriam Webster comes this delightful commentary on the word liberal." [https://www.merriam-webster.com/words-at-play/liberal-meaning-origin-history] Word History What Exactly Is a 'Liberal'? No one wants a 'servile arts' degree What does it mean to say that a person is a liberal, or to...

You think you're a Libertarian, but in fact political scholars would call you a neo-liberal. Many in the U.S. "libertarian party," not all by any means, have a rather spotty education in historical political movements. When the U.S. neo-liberals decided to start calling themselves...

Well I'll be damned if it wasn't the opposite party to Gramm, Leach and Bliley that got rid of Glass-Steagall. Who'd of guessed. :D

Amen!

Usually :rolleyes:

This is emphatically not true! You're way out of date in your basic economics. When you leave markets completely alone to do their thing they move away from equilibrium spontaneously! Suggest you read the Soros lectures at the Central European University. Available on Amazon.

Ha ha ha. Brilliant logic there.

They could easily be out voted. 12-5 = 7. But don't take my word for it, check out the votes yourself. You'll see they by and large just go along with "headquarters."

"Consensus" does not mean unanimous. You may be unaware that that the Fed was thoroughly revamped in the 1930s. The Rothchilds got together with the Warburgs on Jekyll Island once more. To pull off their deception and total revamp they had to sacrifice a goat at midnight under a new moon.

I heard that Boeing has decided they can also fly passenger aircraft !

Apparently Greenspan kept to himself all those letters he was getting from those warning of underwriting standards going to hell. I have been reading Greenspan's autobiography.

They did far, far more than that! It was brilliant actually the way they handled the crisis that they, indeed, played the major role in creating. A good lesson was learned I hope. Markets are self correcting (Eventually) but not always harmlessly as Greenspan firmly believed they would do...

They are out voted by governors if necessary. I don't know why I bother to respond to your ridiculous posts. All you'd have to do is look at the make-up of the FOMC to realize it's under firm control of the Governors. (Have you heard of Google?) Reality is that the Regional Banks follow...

There is truth in what you write. And I know your time frame now. I don't have time to discuss, but i plan to get back to you. Thanks for answering in a substantive way. But let me put you on warning that your going to have a hell of a time rationalizing the Fed should be blown up based on...

That's not as very sound criterion on which to base a high opinion of your position.

Can you explain how the Fed accomplished this?

Friedman was a radical. He was a mixture of very good ideas and horrible ideas. Whereas most of us are mixtures of pretty good ideas and some not so good. Friedman was at the extremes. When the Fed tried his ideas about controlling inflation via the money supply, the experiment failed...