Friday, January 21, 2011

Friday Flashback: Thomas Sowell Faces Off With Francis Fox Piven (Video)

Introduced by Ronald Reagan's economic advisor, Milton Friedman, this is an exchange between Thomas Sowell, the libertarian economist who opposes government intervention, and Francis Fox Piven, the co-creator of the Cloward-Piven strategy to overload the U.S. government bureaucracy with impossible welfare entitlement demands, thus pushing American society into crisis and economic collapse and forcing the government to implement socialism.

Milton Friedman, now deceased, started out supporting the ideas of John Maynard Keynes, the discredited British economist whose ideas were resurrected by Barack Hussein Obama and tested on the American economy with obvious results. Keynes believed that "a government can pull a country out of a deep recession by spending a lot."

Friedman evolved to become the main advocate for opposing the Keynesian mode. He predicted that Keynesian policies would cause high inflation and minimal economic growth. He opposed government intervention and regulation and supported school choice. Friedman "argued the central government could not micromanage the economy because people would realize what the government was doing and change their behavior to neutralize such policies."
H/t: Publius1787 at US Message Board.
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2 comments:

  1. Excellent find, Quite Rightly!

    ReplyDelete
  2. But if Keynes' theory was discredited, then what was it that ended the Great Depression?

    ReplyDelete