Monday, December 5, 2011
- No Free Lunch
Dr. Friedman debunking the myth of the free lunch.
Someone posted a piece of that speech he gave at Cornell in 1978 in the corner, where the hippie socialist kids got up and tried to explain to him how wrong he was everything. He very politely made minced meat of them of course. but it got me looking around to see if anything new was posted on youtube and I found this.
I have to admit, I found the youtube comments for this clip really disturbing. I hope it's just high school kids or crazy OWS people who don't know any better. I'd hate to think that they represents any sort of reasonable sample of Americans. If so, then we should all start lobbying to eliminate teacher's unions immediately, because they have raised an illiterate generation - utterly incapable of rational thought.
One comment poster went out of his way to try to associate Dr. Friedman with Augusto Pinochet - the Chilean strongman who took power in a military coup during the 70's. Marxists and socialists don't have any problem with military coups per se, so long as it's their military coup. Che Guevara killed plenty of people and they put him on a T-shirt, so we know that's no big deal to them. The thing that bothers them is that Pinochet didn't embrace their economic ideas and as a result, Chile has had a period of relative stability and growth, totally unprecedented in the region.
It's still Latin America so they'll screw it up eventually. It's really only a matter of time. But while the socialist nations in the region declare bankruptcy, and wash back and forth from hyperinflation to deflationary crisis, the Chilean model is continuing to get deeply under socialists skin by succeeding at creating relative prosperity where they've always failed.
The funny thing is, except for the fact that the staff at Chile's Catholic university all learned economics at the university of Chicago, Dr. Friedman didn't have anything specifically to do with Chile or Pinochet. But you know socialists - they don't care about facts. The people leaving youtube comments are no different.
Shame that. They cheat themselves of some brilliant ideas.