Milton Friedman Was Wrong

I have enormous respect and admiration for the mind of George Gilder. After all his book, Men and Marriage, was a big imputus to my desire to get married 25 years ago. Now Gilder has written The 21st Century Case for God: A New Information Theory of Money. Let’s hope it does for our immoral monetary system of floating currencies and government’s monopoly control of the medium of exchange what Men and Marriage did in exposing the illusions of feminism and the harm it has inflicted on men.

Here’s a taste (and pay close attention to the second paragraph):

Government money has shielded banks from many of the effects of these blunders and from the impact of mild but persistent CPI inflation. But average American households have gone through an economic wringer as their medical, fuel and food costs surged. Doggedly opposed by the Administration and the academy, fracking technology together with the strengthening dollar offered economic relief, but the damage had been done. Their real incomes and net worth incurred a steady deterioration with falling labor hours, anemic employment growth, and the breakdown of families.

This persistent disaster would not have been possible without the concession by conservatives (with the delighted concurrence of liberals) that money is the one great exception to their general opposition to government monopoly—that among all the powers of the earth, only the power over money does not corrupt. Milton Friedman was wrong to think that control over the money supply would empower governments beneficently to stabilize its value. Instead, government could exploit their monetary control to steer money and credit away from productive enterprise and toward pet projects, political donors, and perverse policies.

Download Gilders entire monograph for free here.

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One Comment on “Milton Friedman Was Wrong”

  1. Steve M Says:

    Sean
    Thanks for bringing this Gilder monograph to my attention. The taste you posted is intriguing enough to persuade me to read the rest.


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