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Paul Krugman Misrepresents Milton Friedman

Posted by Steve Markowitz on May 2, 2012

Theblaze.com ran a story that again shows the Left does not allow facts to interfere with pursuing their agendas.  In an article reviewing a recent debate between Libertarian Congressman Ron Paul and ultraliberal economist Paul Krugman, Krugman responded to a Paul argument invoking a supposed position of Milton Friedman, the best-known conservative economist of the past hundred years, saying:

“I want to say something about Milton Friedman here because if you actually read what he wrote in his writing for economists, as opposed to some of his loose popular writings, he actually said that the Federal Reserve was responsible for the Great Depression because it didn’t go enough. Friedman’s complaint was that the Federal Reserve did not print enough money.  I know this … The state of the economic debate in America right now Milton Friedman would count on the far left of monetary policy.”

Theblaze.com properly did a fact check on Krugman and found the video below indicating that he either lied or doesn’t understand Friedman’s position.  Given Krugman’s significant intellectual capabilities, this Blog must conclude it is the former.

At least Krugman’s tactic pointed us to a valuable lesson from Dr. Freeman on one of the causes for the banking meltdown that occurred during the Great Depression.


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