We learned Milton Friedman was full of shit.
Like Karl Marx’s “From each according to his gifts to each according to his needs,” Friedman’s hands-off economics are a beautiful dream. And like Marx, Friedman seemed to lack the ability to factor in man’s unrelenting instinct to screw his fellow man. So just as Big Communism died an ugly death in the 1990’s, so unrestrained capitalism is about to bite it big time in the 2000’s.
Oh, you’ll still be able to make a buck, but like the so-called “workers’ paradise” envisioned by Lenin and Mao, Wall Street’s giddy deregulatory orgy resulted in a mutant form of feudalism. Only now you have oversized banks in place of a “people’s republic.” This week, coupled with the end of the Soviet Bloc so long ago, proves one point:
There is no wisdom, security, or morality in being ideologically pure. There are only doom, failure, and hypocrisy.