Bill Fleckenstein of Seattle, where I live, has a book out now on Alan Greenspan showing the fake PhD for what he really is. Vic and Laurel always referred to Greenspan as a fake PhD. I watched the tele-circus every time Greenspan appeared before Congress. Just as in a circus the main clown was Greenspan and the crowd were the Congressmen who were the suckers P.T. Barnum referred to when he said "there's a sucker born every minute." My study of the Federal Reserve dove into many books written by Real PhDs with genuine insights into the nefarious activities of people claiming to be economists under guise of their position. I have shown that the Fed is not an independent agency but is a tool of politics. In view of that Fleckenstein should have pointed to the pseudo-science of economists and the gullibility of Congress as the culprit in the fiascos and bubbles, he writes about. Actually, at the heart of bubbles lies the economics of Chicago, the Friedmanist fantasy that mathematics makes economics a science and deregulation, hands-off, free markets, makes wealth grow for everyone. If massive deregulation had not occurred the criminal, crocodile brain stem of financiers would not have been freed to swindle everyone into accepting the Chicago fantasy. Flooding the world with fake money is not science, it is merely political policy. And bubbles, as in champagne, produce headaches; in this case, world-shaking headaches. Oil is up around $110 but it is there because the dollar is not worth anything. Oil has a value but dollars do not; that's the root of our problems; it takes more worthless dollars to buy oil. If the dollar were solid, oil could be bought with fewer dollars. And that is were Friedman's Chicago School has got us to.

Adi Schnytzer adds:

I disagree with Ken about lumping Friedman in with the Fake PhDs of this world. If Friedman's policies had been followed, the robber banks would be broke now, the US economy would be in a depression, but it would at least recover therefrom quickly. All of these attempts to save the thieving mongrel bankers is simply delaying the collapse, not preventing it. Free markets give good folks pain but the also take out the trash like nothing else.


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