re: #177 Joe Bacon 🌹

Econ classes at Pitt in the 70s. Milton Friedman’s monetarists said that any increase in the money supply needed to be locked in at a fixed rate no matter what. Murray Rothbard’s Anarcho-Capitalists demanded a return to the gold standard with the elimination of those “counterfeit” DuPont created silver-less coins…Both of these camps denounced Keynesianism as Marxist…

I believe that Keynes was way more correct about responding to the market than Friedman, especially in regard to reponding to downturns. But no model is absolute, as can be seen in the failure of Keynesianism to properly deal with the effects of the oil embargo of the late 70s. But money’s purpose is to be a way to exchange our labor, and by putting more money in, not tied to labor, just means that the prices of goods and services will just go up to match the change. It won’t necessarily help introduce new goods and services.