How Can One Man Be Right So Many Times? Ask the Ghost of Milton Friedman, His Predictions Live On
By Lance Winslow
As a self-proclaimed economist, I have my theories and know where I hang my hat. Over all, I'd say I am a Friedman Economist and agree that truly free-markets, free of crony capitalism are the best way to play it. This is why, I often side with Ayn Rand, Adam Smith, and Militon Friedman, and why I often recommend such books as; The Wealth of Nations, Fountain Head, Atlas Shrugged, Anthem, and Free to Choose. Okay so, let's talk about the fiasco going on in the Euro Zone presently.
The Wall Street Journal had an interesting article on June 13, 2012 titled; "How Will the Euro End" by Gerald P. O'Driscoll Jr. which stated that; "Greece will simply run out of cash. Then Spain's real estate bubble will ruin an economy that really matters," with or without the Spanish bank bailout. The author of that Op-Ed also duly noted and I believe he is spot on that:
"When the Euro was created in1999, Milton Friedman famously predicted its demise within a decade. He was wrong about the timing, but may yet be proven right about the fact."
Indeed.
But how can this be you ask? Well, simple, but let me explain it to you this way Human. First, Socialism doesn't work, it's never worked in history and even when it does for a brief amount of time, collapse is pre-ordained, as economic speaking the concept is fundamentally flawed from the get-go.
You see, the problem with borrowing money is that you have to pay it back - usually with interest - and last time I checked you couldn't borrow your way out of debt. Gee, who'd a thought? Well, apparently Greece and several other nations got so caught up in their socialist propaganda that they actually believed they could keep borrowing forever without consequence. That seems rather silly considering that these leaders have the best advisers, good education, and supposedly are the cream of the crop.
This great experiment in the Euro zone was just that, there were no guarantees, Milton Friedman and others warn them that it was doomed from the start, and would probably fail. Nevertheless those that had their head in the clouds, and were lost in the dream of socialism did not heed their words of wisdom. What did Margaret Thatcher say? "Socialism works great until you run out of other people's money to spend."
Well, it looks like the Euro zone has just run out of quarters, this game is over and coming to a close. Prolonging the inevitable is just throwing more good money after bad. Indeed I hope you will please consider all this and think on it.
Lance Winslow has launched a new provocative series of eBooks on Economic Issues. Lance Winslow is a retired Founder of a Nationwide Franchise Chain, and now runs the Online Think Tank; http://www.worldthinktank.net
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