he strikes...from BEYOND THE GRAVE

[lapsedmodernist]

Milton Friedman: 1

Iceland: 0 (or minus billions, as it were)

Inflation and unemployment have soared, and the krona currency has plummeted. Haarde's government has nationalized banks and negotiated around $10 billion in loans from the IMF and individual countries. But the country faces a bill likely to run to billions of dollars to repay thousands of Europeans who held accounts with subsidiaries of collapsed Icelandic banks.

As found on the internets:

Comments

[lapsedmodernist.livejournal.com]

crap, I don't remember. I got it googling some combo of Milton Friedman, Iceland and zombie...but I can't find it now. It was some website with zine in it--either planetzine or capitalistzine or something.

[mjmj.livejournal.com]

at least the icelanders have had the sense to nationalize their banks. in the u.s., "we" just keep letting the criminals rationalize their ongoing theft.

[mjmj.livejournal.com]

P.S., and the economist Dean Baker wrote this recently:


The bubble economy is a bi-partisan creation. It started in the Clinton years with the stock bubble. The top economic officials in the Clinton administration, including people like Larry Summers, Robert Rubin, and Tim Geithner, share the blame.

This does not in any way exonerate the Bush team, but we should be clear that the problem is much deeper. Most of the economics profession, not just the Chicago crew, is implicated in this mess.