Are You a Gold-Hating, Fed-Loving Economist?...

[redcliffsw]

The future is bright for your opponents, says Gary North.


Higher education in the United States was transformed by Rockefeller money, beginning in 1902: the General Education Board. The GEB made grants to colleges only if they hired Ph.D-holding graduates of a handful of universities, which alone granted the Ph.D. This way, the universities could indirectly take over the rest of the colleges, which were mostly church-related. The strategy worked.

Rockefeller's academic empire included the University of Chicago, which he founded. From the turn of the 20th century, the University of Chicago's department of economics repudiated the use of gold in monetary affairs.

Milton Friedman earned his Nobel Prize for a book researched mainly by his co-author, Anna J. Schwartz: A Monetary History of the United States (1963). Born in 1915, she still works full time. In the Wikipedia entry for her, we read:

    Anna Jacobson Schwartz (born November 11, 1915) is an economist at the National Bureau of Economic Research in New York City, and according to Paul Krugman "one of the world's greatest monetary scholars". She is best known for her collaboration with Milton Friedman on A Monetary History of the United States, 1867 – 1960 which laid a large portion of the blame for the Great Depression at the door of the Federal Reserve. She is a past president of the Western Economic Association (1988).

The book is known in academic circles and policy-making circles only for its thesis regarding the Federal Reserve System, 1930-33. It says that the FED had not inflated enough, 1930-33.

rest of the story:

http://lewrockwell.com/north/north1069.html