Jennifer Burns

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19 January 2025

Jennifer BurnsKorrents 19 Jan 2025

From one piece Jennifer Burns: Milton Friedman, Ayn Rand, Economics, Capitalism, Freedom | Lex Fridman Podcast #457 2 beliefs, in the piece's order there

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The Chicago School's radical Depression-era proposals were meant as emergency measures, never as a permanent renegotiation of the line between state and market.

Their words

What is important to note though is that they thought of all of those as emergency measures to get through the emergency not as permanent alterations in the state of what had to be and not permanent alterations between state and market

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korrents.com
Friedman and Schwartz's account of the Great Depression became the Federal Reserve's permanent playbook, because no Fed chair wants to be the villain of the sequel.

interest rates

Their words

Friedman and Schwartz becomes the playbook for the Federal Reserve. We have lived through this, the financial crisis. The Federal Reserve is ready to loan. Covid, the Federal Reserve does all kinds of new things, because no Federal Reserve chair wants to be in Friedman-Schwartz 2.0 that somebody writes, where they're the bad guy who let the economy meltdown.

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