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We are an absurdly dichotomous civilization.  Communism falls, so capitalism must be absolutely right.  This is even more extreme: Keynes doesn't model for stagflation, therefore Friedman is right.  Of course he was using a money model that was laughably 19th-Century and was ignoring the reality that oil price increases were simultaneously increasing the cost inputs of everything while destroying the last pillar supporting the US's post-war economic advantage, thus causing both rising prices and falling demand, but what the heck.  Miltie was painting a version of reality that was exactly what the Ueberklass wanted.
by rifek on Sun Jan 19th, 2014 at 10:38:53 PM EST

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