Shashue 🌳🛖⛰️ on Nostr: This a long one #nostr fam. Feel free to bookmark and maybe come back to it when time ...
This a long one #nostr fam. Feel free to bookmark and maybe come back to it when time is on your side.
I am working on a project right now, which has me digging into some interesting history from the 70’s.
This essay represents my thoughts and understandings (and those do change and evolve over time). But I do welcome thoughts and feedback from those familiar with any topics mentioned within.
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Fighting Inflation:
The 1970s and the Ideas of Milton Friedman
In the 1970s, the United States was in the throes of an economic turmoil. The nation had recently emerged from a tumultuous decade marked by war, civil unrest, and a struggling economy. As #inflation rates soared, the public began to search for answers and solutions. It was in this climate that Milton Friedman, a renowned economist and advocate for #free-market #capitalism, rose to prominence with his ideas on how to combat inflation and restore economic stability.
Friedman's most famous quote, "The government solution to a problem is usually as bad as the problem," encapsulated his belief in the power of free markets and the dangers of government intervention. He argued that inflation was a direct result of excessive money supply growth, which was largely controlled by the Federal Reserve (J. Powell). According to Friedman, the government's attempt to stimulate the economy by printing more money only led to higher prices and a weakened dollar.
Inflation, Friedman believed, was a disease that plagued civil society. It eroded the purchasing power of the public, disproportionately affecting those with limited means. To combat this disease, he advocated for a return to the gold standard, which would limit the Federal Reserve's ability to print money.
Friedman's ideas were not well-received by everyone. Many politicians and economists argued that a gold standard was not practical in the modern world and that government (#BTC fixed that in 2009) intervention was necessary to maintain economic stability. However, Friedman's message resonated with a growing number of #Americans, particularly those in affluent suburban communities like #Fairfax and #Loudoun counties in Virginia.
As inflation rates continued to rise, these communities found themselves at the forefront of the economic turmoil. With low median incomes and a weak economy, they were most vulnerable to the effects of inflation.
In response to the economic crisis, Friedman's ideas gained traction among policymakers and business leaders. They began to implement policies that aimed to reduce inflation and restore price stability. These policies included reducing government spending, cutting taxes, and deregulating industries to promote competition and innovation.
Despite these efforts, inflation remained a persistent problem in the United States, and the nation's economy continued to struggle. As the 1970s drew to a close, many Americans grew disillusioned with the government's ability to address their economic concerns. In response, they began to look for alternative solutions to the nation's problems.
In 1978, the highest-income county in the United States was Fairfax County, Virginia. This figure reflects the high-income levels in the county during that time, which was the highest-income county in the United States at the time. The strong economy and affluent population in Fairfax County contributed to its high median income, making it the epitome of the American Dream in the late 1970s. I suspect this is about when the rich men north of Richmond set up camp in the area, they mobilized power sources and began to assert their influence in DC metro hubs such as K street.
K Street in Washington, D.C., is known for being a center for lobbying and the location of numerous advocacy groups, law firms, trade associations, and think tanks. The term 'K Street' has become a metonym for lobbying in the city. It is often associated with influence and politics, and is considered the hub of Washington's influence industry. Many lobbyists have traditionally had offices on this street, making it a prominent location for those seeking to influence public policy. Some notable lobbying firms and organizations with offices on K Street include the American Gaming Association, the National Venture Capital Association, and the American Petroleum Institute.
But I digress….
Located just outside of Washington, D.C., Fairfax County, Virginia was home to a booming economy and a growing population of affluent professionals. With a median income of $27,000, it was the epitome of the American Dream.
However, as inflation continued to soar, many residents of Fairfax County began to question the sustainability of their economic success. They realized that their wealth and prosperity were not immune to the effects of inflation and that their future depended on finding a solution to the nation's economic turmoil. So they realized at some point, inflation will become so extreme that even folks that are selling things no longer want it (inflation).
It was in this context that Milton Friedman's ideas gained renewed attention. As the nation entered the 1980s, his message of free-market capitalism and limited government intervention began to resonate with a new generation of Americans. His ideas became the foundation of a new economic philosophy that promised to restore the nation's economic stability and create a brighter future for all.
As the nation looks to the future, it is essential to remember the lessons of the past. Inflation remains a persistent problem that affects all aspects of our lives, from the prices we pay at the grocery store to the value of our savings accounts. It is a disease that can erode the purchasing power of the public and create economic turmoil in communities across the nation.
To combat this disease, we must look to the wisdom of economists like Milton Friedman and the power of free-market capitalism. We must promote competition, innovation, and economic growth while limiting government intervention and reducing the money supply. Only then can we restore price stability and create a brighter future for all.
In conclusion, the story of Milton Friedman and his fight against inflation in the 1970s is a cautionary tale of the dangers of government intervention and the power of free-market capitalism. As we look to the future, we must remember the lessons of the past so as to not repeat them and work to create an economy that is accessible, prosperous, and fair for all like Bitcoin.
****************************************
Ten facts about Milton Friedman:
1. Milton Friedman was born on July 31, 1912, in New York City. He was raised in a middle-class family and developed an early interest in economics.
2. Friedman earned his B.S. in economics from Rutgers University in 1932 and his Ph.D. in economics from Columbia University in 1946.
3. Friedman was one of the most influential economists of the 20th century, known for his work on monetary policy, the consumption-based capital asset pricing model, and his advocacy for free-market capitalism and deregulation.
4. He was a leading figure in the development of the "Chicago School" of economics, which emphasized the importance of free markets and limited government intervention in the economy.
5. Friedman won the Nobel Memorial Prize in Economic Sciences in 1976 for his work on consumption analysis, monetary history, and counterfactual economics.
6. One of Friedman's most famous works is "Capitalism and Freedom," co-authored with his wife, Rose Friedman. The book argued that free markets and individual liberty were essential for economic prosperity and social progress.
7. Friedman was known for his ability to communicate complex economic concepts to the general public through his books, television appearances, and public speaking engagements.
8. He was a staunch advocate for free-market capitalism and limited government intervention, and his ideas have had a significant impact on public policy in the United States and around the world.
9. Friedman's ideas on monetarism and the role of the Federal Reserve in managing the money supply had a significant influence on economic policy in the United States during the 1970s and 1980s.
10. After his retirement from the University of Chicago in 1976, Friedman continued to write, speak, and advocate for his ideas on free-market capitalism and limited government intervention until his death in 2006.
If you have made it this far, thanks, I appreciate you, your time and I wish you a wonderful rest of your day.
#Inflation #MiltonFriedman #USA #1970s #FreeMarket #MinimalGovIntervention #BrainThings
I am working on a project right now, which has me digging into some interesting history from the 70’s.
This essay represents my thoughts and understandings (and those do change and evolve over time). But I do welcome thoughts and feedback from those familiar with any topics mentioned within.
****************************************
Fighting Inflation:
The 1970s and the Ideas of Milton Friedman
In the 1970s, the United States was in the throes of an economic turmoil. The nation had recently emerged from a tumultuous decade marked by war, civil unrest, and a struggling economy. As #inflation rates soared, the public began to search for answers and solutions. It was in this climate that Milton Friedman, a renowned economist and advocate for #free-market #capitalism, rose to prominence with his ideas on how to combat inflation and restore economic stability.
Friedman's most famous quote, "The government solution to a problem is usually as bad as the problem," encapsulated his belief in the power of free markets and the dangers of government intervention. He argued that inflation was a direct result of excessive money supply growth, which was largely controlled by the Federal Reserve (J. Powell). According to Friedman, the government's attempt to stimulate the economy by printing more money only led to higher prices and a weakened dollar.
Inflation, Friedman believed, was a disease that plagued civil society. It eroded the purchasing power of the public, disproportionately affecting those with limited means. To combat this disease, he advocated for a return to the gold standard, which would limit the Federal Reserve's ability to print money.
Friedman's ideas were not well-received by everyone. Many politicians and economists argued that a gold standard was not practical in the modern world and that government (#BTC fixed that in 2009) intervention was necessary to maintain economic stability. However, Friedman's message resonated with a growing number of #Americans, particularly those in affluent suburban communities like #Fairfax and #Loudoun counties in Virginia.
As inflation rates continued to rise, these communities found themselves at the forefront of the economic turmoil. With low median incomes and a weak economy, they were most vulnerable to the effects of inflation.
In response to the economic crisis, Friedman's ideas gained traction among policymakers and business leaders. They began to implement policies that aimed to reduce inflation and restore price stability. These policies included reducing government spending, cutting taxes, and deregulating industries to promote competition and innovation.
Despite these efforts, inflation remained a persistent problem in the United States, and the nation's economy continued to struggle. As the 1970s drew to a close, many Americans grew disillusioned with the government's ability to address their economic concerns. In response, they began to look for alternative solutions to the nation's problems.
In 1978, the highest-income county in the United States was Fairfax County, Virginia. This figure reflects the high-income levels in the county during that time, which was the highest-income county in the United States at the time. The strong economy and affluent population in Fairfax County contributed to its high median income, making it the epitome of the American Dream in the late 1970s. I suspect this is about when the rich men north of Richmond set up camp in the area, they mobilized power sources and began to assert their influence in DC metro hubs such as K street.
K Street in Washington, D.C., is known for being a center for lobbying and the location of numerous advocacy groups, law firms, trade associations, and think tanks. The term 'K Street' has become a metonym for lobbying in the city. It is often associated with influence and politics, and is considered the hub of Washington's influence industry. Many lobbyists have traditionally had offices on this street, making it a prominent location for those seeking to influence public policy. Some notable lobbying firms and organizations with offices on K Street include the American Gaming Association, the National Venture Capital Association, and the American Petroleum Institute.
But I digress….
Located just outside of Washington, D.C., Fairfax County, Virginia was home to a booming economy and a growing population of affluent professionals. With a median income of $27,000, it was the epitome of the American Dream.
However, as inflation continued to soar, many residents of Fairfax County began to question the sustainability of their economic success. They realized that their wealth and prosperity were not immune to the effects of inflation and that their future depended on finding a solution to the nation's economic turmoil. So they realized at some point, inflation will become so extreme that even folks that are selling things no longer want it (inflation).
It was in this context that Milton Friedman's ideas gained renewed attention. As the nation entered the 1980s, his message of free-market capitalism and limited government intervention began to resonate with a new generation of Americans. His ideas became the foundation of a new economic philosophy that promised to restore the nation's economic stability and create a brighter future for all.
As the nation looks to the future, it is essential to remember the lessons of the past. Inflation remains a persistent problem that affects all aspects of our lives, from the prices we pay at the grocery store to the value of our savings accounts. It is a disease that can erode the purchasing power of the public and create economic turmoil in communities across the nation.
To combat this disease, we must look to the wisdom of economists like Milton Friedman and the power of free-market capitalism. We must promote competition, innovation, and economic growth while limiting government intervention and reducing the money supply. Only then can we restore price stability and create a brighter future for all.
In conclusion, the story of Milton Friedman and his fight against inflation in the 1970s is a cautionary tale of the dangers of government intervention and the power of free-market capitalism. As we look to the future, we must remember the lessons of the past so as to not repeat them and work to create an economy that is accessible, prosperous, and fair for all like Bitcoin.
****************************************
Ten facts about Milton Friedman:
1. Milton Friedman was born on July 31, 1912, in New York City. He was raised in a middle-class family and developed an early interest in economics.
2. Friedman earned his B.S. in economics from Rutgers University in 1932 and his Ph.D. in economics from Columbia University in 1946.
3. Friedman was one of the most influential economists of the 20th century, known for his work on monetary policy, the consumption-based capital asset pricing model, and his advocacy for free-market capitalism and deregulation.
4. He was a leading figure in the development of the "Chicago School" of economics, which emphasized the importance of free markets and limited government intervention in the economy.
5. Friedman won the Nobel Memorial Prize in Economic Sciences in 1976 for his work on consumption analysis, monetary history, and counterfactual economics.
6. One of Friedman's most famous works is "Capitalism and Freedom," co-authored with his wife, Rose Friedman. The book argued that free markets and individual liberty were essential for economic prosperity and social progress.
7. Friedman was known for his ability to communicate complex economic concepts to the general public through his books, television appearances, and public speaking engagements.
8. He was a staunch advocate for free-market capitalism and limited government intervention, and his ideas have had a significant impact on public policy in the United States and around the world.
9. Friedman's ideas on monetarism and the role of the Federal Reserve in managing the money supply had a significant influence on economic policy in the United States during the 1970s and 1980s.
10. After his retirement from the University of Chicago in 1976, Friedman continued to write, speak, and advocate for his ideas on free-market capitalism and limited government intervention until his death in 2006.
If you have made it this far, thanks, I appreciate you, your time and I wish you a wonderful rest of your day.
#Inflation #MiltonFriedman #USA #1970s #FreeMarket #MinimalGovIntervention #BrainThings