In Defense of Capitalism, Liberty & Freedom

After watching Krugman (twice) in order to write the last post I felt I needed to balance his nonsensical academic ramblings with another Nobel Prize economist who has always made sense and had a wonderful ability to cut through B.S. and define what classical liberalism was, the ability of free people to pursue their own interests without government intrusion which, just happens to benefit all of society.

In the following two videos we hear themes that sound very familiar today. In fact, if you listened with your eyes closed you might think this video is from today.

 Milton Friedman argues:

• The Great Depression was a failure of the Federal Reserve.
  
  
• Government should not bail out Chrysler.
   
• Government is the cause of many of the regulations that kill companies like Chrysler.
  
  
• Losses are what gets rid of bad companies.

• The gas shortage is made in Washington.
  
  
• Government pushing synthetic fuel (think ethanol today) is ridiculous.
   
• Bankrupt companies restructure and become more efficient.
  
  
  
  
  
  
  
  
  That was from 1979. Has anything changed in 2012?
  
  
  Finally, I re-post an old cartoon and add one new one.