Keynes Vs Hayek: Part II - Fight Of The Century

Hayak v. Keynes
Whether one favors the economic theories of Keynes or Hayak, any attempt to implement policy based on either MUST be constrained by the powers and authority granted to the federal government by the Constitution. Therefore most Keynesian ideas can never be permitted because they can only be implemented through tyranny.

The Tree of Liberty is very thirsty...

Milt "The Killer" Friedman had much to do with death and destruction in Chile.
Bringing his "Expertise to the Military Junta

"During the early part of the regime they concentrated on the getting rid of the political opposition. Then they went after the intellectuals, the trade unions, small business,dismantle public services and essentailly redistributed the wealth of the nation into the hands of the large coorporations and wealthy landowners. Then they went after the farmers and started exporting cash crops while not producing enough food to feed its own population."

from: Economic Genocide in Chile
An Open Letter to Milton Friedman and Arnold Harberger

http://www.jstor.org/pss/4364704

Economic and Political Weekly © 1976 Economic and Political Weekly

i like what "Hayek" was saying. but he also talked about how the government was already in bed with the corporations so then the hayek way of economy wouldnt work either.

Could one of you explain to me how exactly the economy is a living thing and not a human construct?

lazloman is obviously incorrect, if there was runaway inflation, they did NOT embrace the Austrian school of sound money.

This one isn't as good as the original.

Lazloman shows his ignorance by comparing Hayek to Friedman. They are not the same. Only those exposed only to leftist economic theories would think so.

It IS time to advance individual rights. Been saying it for a while.

These Hayek (Friedmanism) economic tactics have been used in several countries over the last few decades. You folks should do a little research in what happened in Chile, Argentina, Bolivia and to some extent in the UK during the 70's and 80's. To implement these policies in South America, lots of repression had to be employed. You've probably heard or read about what happened when Pinochet overthrew Allende. Tens of thousands of people tortured and killed. An economy that tanked, runaway inflation (700% in Chile in '73), unemployment 20-40% and worse. People living in the streets because they can't find a job. All the while a hand full of people at the top were raking in the dough.
You can't impose this type of economy on people without the means to keep the people from fighting back. Democracy is actually problem for Freidmanism. Hence you see small steps to keep people down. Suppressing the vote, so only supporters can vote. Removing elected officials, so you can impose policy on people without fear of dissent. Small steps, but things will snowball eventually. We existed on Keynesian economics from 1933 (FDR) until the end of Carter(1981). How bad were things during that time? What's happened to our economy since Reagan began to introduce Freidmanism on this country? The best stretch we had was during Clinton's term, a Democrat. The rethuglicans are damned determined to impose Friedman economics on us come hell or high water.
No corporate taxes
No regulation
No social programs
Privatization of government programs

Just what they want to do here. And when the bottom falls out, they will blame someone else. You all should read "The Shock Doctrine" by Naomi Klein. You'll get a complete rundown of how it all went down and a peak at what's in store for us.

Awesome!

Hayek for the win! ding ding ding!

I was just watching this a little bit ago. A rap video is definitely an interesting format to present the different Schools of Economic Theory. They should broaden it to include others schools like the Chicago school and Milton Friedman and Karl Marx and the Marxist School.

Hayek is the winner!!