Excerpt from The Great Deformation: The Corruption of Capitalism in America by David A. Stockman. Published by PublicAffairs. When Professor Friedman Opened Pandora’s Box: Open Market Operations At the end of the day, Friedman jettisoned the gold standard for a remarkable statist reason. Just as Keynes had been, he was afflicted with the economist’s ambition to prescribe the route to higher national income and prosperity and the intervention tools and recipes that would deliver it. The only difference was that Keynes was originally and primarily a fiscalist, whereas Friedman had seized upon open market operations by the central bank as the route … Continue reading →Read More
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