Wednesday, July 27, 2011

Milton Friedman Video of the Day

Celebrate Milton Friedman's legacy of freedom for Friedman Day 2011, this Friday, June 29th!


Hempy said...

Milton Friedman apparently wasn't too well informed about how Wall Streeters spent money on prostitutes and other illicit activities. They weren't too careful about how the money was spent.

As to welfare you might want to consider what Alexander Hamilton wrote in his Opinion as to the Constitutionality of the Bank of the United States, 1791. Hamilton wrote:

"There is an observation of the Secretary of State to this effect which may require notice in this place: — Congress, says he, are not to lay taxes ad libitum, for any purpose they please, but only to pay the debts or provide for the welfare of the Union. Certainly no inference can be drawn from this against the power of applying their money for the institution of a bank. It is true that they cannot without breach of trust lay taxes for any other purpose than the general welfare; but so neither can any other government. The welfare of the community is the only legitimate end for which money can be raised on the community. Congress can be considered as under only one restriction which does not apply to other governments, they cannot rightfully apply the money they raise to any purpose merely or purely local."

Hamilton correctly understood the principle of the Abrahamic covenant, which said that it's to our mutual benefit to work for the good of all. It's briefly summarized as love your neighbor as you love yourself.

Friedman evidently wasn't any more familiar with the Abrahamic covenant than Blue Grass Policy Blog is.

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