Nobel award winning economist Milton Friedman was born July 31, 1912 in Brooklyn, New York City, NY. Friedman was the undisputed champion of the proper capitalist system as described by Adam Smith in An Inquiry into the Nature and Causes of the Wealth of Nations published in 1776. He embarrassed the unconstitutional Federal Reserve by proving how they caused the Great Depression. Ben Bernake later admitted they “accidentally” caused the collapse of economies around the world.
Friedman correctly pointed out that in the era of less government regulation, the mass of the people were more well-off than in highly regulated society of today. In fact the “gap” between the poor and the wealthy continues to rise and the mainstream media questions what government regulation it will take to stop it. They championed the $15 an hour minimum wage in Washington which had the result of the loss of jobs as fast food restaurants installed ordering kiosks.
Of his many books, his most noted work is probably Capitalism and Freedom published in 1962. In it he points out the fallacy of “progressives” usurping the term “liberal” to describe their Marxist political philosophy.
His emphasis was on education in skills, instead of degrees in poetry and feminine studies, as a means to escape poverty. He founded the Friedman Foundation for Educational Choice.
Milton Friedman passed away in November of 2006.