Utopia, you are standing in it!

Celebrating humanity's flourishing through the spread of capitalism and the rule of law

Has not anyone noticed that Trump is reneged on his plan to ban all Muslim immigration. No closer to than building his wall. His executive orders suspended immigration from bunch of failed and hostile states where vetting of visa applicants was suspect JONATHAN TURLEY I have a column in The Hill today on the decision …

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Milton Friedman’s Rabble-Rousing Case for Abolishing the Fed

June 27, 2018


Uneasy Money

I recently came across this excerpt from a longer interview of Milton Friedman conducted by Brian Lamb on Cspan in 1994. In this excerpt Lamb asks Friedman what he thinks of the Fed, and Friedman, barely able to contain his ideological fervor, quickly rattles off his version of the history of the Fed, blaming the Fed, at least by implication, for all the bad monetary and macroeconomic events that happened between 1914, when the Fed came into existence, and the1970s.

Here’s a rough summary of Friedman’s tirade:

I have long been in favor of abolishing [the Fed]. There is no institution in the United States that has such a high public standing and such a poor record of performance. . . . The Federal Reserve began operations in 1914 and presided over a doubling of prices during World War I. It produced a major collapse in 1921. It had a…

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JONATHAN TURLEY For decades, law professors have discussed the 1944 decision in Korematsu v. United States as one of the most disgraceful and indefensible opinions ever issued by the United States Supreme Court. Yet, the Court has continued to cite Korematsu and has never expressly disavowed its denial of basic constitutional rights to Japanese Americans.  In …

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