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CommunityMy FDL

Hello world!

Welcome to My FDL. This is your first post. Edit or delete it, then start blogging!

CommunityMy FDL

Hello world!

Welcome to My FDL. This is your first post. Edit or delete it, then start blogging!

CommunityMy FDL

Hello world!

Welcome to My FDL. This is your first post. Edit or delete it, then start blogging!

CommunityMy FDL

Conservatism: Financial Flaw

The influence of Milton Friedman to the conservative movement in this country cannot be underestimated.  He was an economic advisor to Barry Goldwater and for 8 years served on Reagan’s Board of Economic Advisors.  I am not speaking of Friedman’s influence on monetary policy but on his belief that a modern version laissez-faire economics was the cornerstone of conservative economic ideology.  It is impossible to have conservative governance without the belief that the markets will regulate themselves. 

The core of this belief system is capitalism in its most basic form, existing without governmental regulatory oversight, will lead to the betterment of society by not placing any constraints on the markets.  Friedman and his Chicago School disciples have dominating the conservative movement’s economic philosophical thought since the days of a lone Bill Buckley being an isolated voice in the wilderness.  If there is a flaw in laissez-faire (Let us be) economics, then there is a fatal flaw in the entire conservative movement.

If the prime tenant of an argument is flawed then the entire hypothesis is flawed. This central law of rationalization is used in separating the validity of varying scientific and philosophical arguments. If the primary premise is flawed then no matter how strong the arguments that support this prime theorem are, they to are flawed.  If you think the world is flat, no matter how many good and logical arguments you put forth to support your belief that indeed the world is flat, if is not flat all arguments regardless of merit are also flawed.  No matter how logical those supporting arguments may be, they are superfluous.

In 2008 we experienced the consequences of the markets regulating themselves. Even Allen Greenspan, one of Friedman’s strongest proponents and a life long believer in market self regulation, admitted to Congress that the major work of his life was incorrect.  The flaw in this economic philosophical argument has the same flaw as Marxism.  They both deny human nature.  In communism, people doing more wanted a greater reward for their labor.  The markets are not the ones regulating them; it’s the greed of humans that do the regulating when you have any form of laissez-faire economics.  That greed will not allow for the economic good of the state but the profit of the people at the heart of that economy.  That’s exactly what happened and was the cause of the Great Recession.  I firmly believe governmental action is what kept it the Great Recession and not the Great depression part 2.  If what I’ve stated is true, conservatism as a viable government solution is financially flawed.

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