Ben Bernanke: Friedman's Murderer
Did Ben Bernanke kill Uncle Milty? Shame.
I disagree with Friedman being any libertarian patron saint I might be familiar with. Beyond that, win.
Ben Bernanke just had a fine month. For allegedly saving the world from a second Great Depression, President Barack Obama awarded the Federal Reserve chairman a second four-year term. “As an expert on the causes of the Great Depression, I’m sure Ben never imagined that he would be part of a team responsible for preventing another,” the president said. “But because of his background, his temperament, his courage and his creativity — that’s exactly what he has helped to achieve.” “Mission Accomplished,” the banner might have read.Well he did.
Missing from Obama’s speech was any mention of Bernanke’s economic ideology. The New York Times and Bloomberg News have called him a strict Keynesian — a liberal fan of fiscal stimulus — and that label has stuck. In reality, Bernanke is following the monetarist depression-prevention model hatched by Nobel laureate and libertarian patron saint Milton Friedman. Bernanke has repeatedly invoked the late libertarian economist in support of lowering interest rates to zero, bailing out banks, and pumping untold trillions of dollars into the financial system. The implicit goal of these policies is to ignite artificial inflation.
At the conclusion of his encomium [at Friedman's 90th birthday party], Bernanke made a stunning and ominous apology on behalf of the Federal Reserve. “I would like to say to Milton and Anna...regarding the Great Depression. You’re right, we did it. We’re very sorry. But thanks to you, we won’t do it again.”The ghost of Friedman will shriek when all hell is unleashed. Good luck with that, ZB.