Word: viewing
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Dates: during 1960-1969
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...short-lived regime in 1968, a new inquest was ordered into Masaryk's death. Then came the Soviet invasion. Last week the new report was finally released, and it proved to be a tortured compromise between the Soviet position (suicide) and the popular view (murder...
...Friedman's monetarist view of economics, the chief instrument for controlling movements of the economy is the seven-man Federal Reserve Board. For months, the board has been following a tight-money policy of unusual severity. A year ago, it began to hold back the growth of the money supply; since midyear, it has permitted no growth at all. Ironically, Friedman's principal complaint is that the Federal Reserve is overdoing the restraints in its effort to cure inflation. "If the board continues to keep the growth of money at zero for another two months, I find it hard...
...blames unknowing monetary policy in large measure for the magnitude of the Depression of the 1930s. Partly because so many banks failed between 1929 and 1933, the U.S. supply of money shrank by 33%?and that compounded a worldwide economic collapse. The Federal Reserve, which took a narrow view of its responsibilities, felt itself almost powerless to reverse the tide of events. Not really understanding what should be done, it did practically nothing to offset the contraction of the money supply...
...consequence, in Friedman's view, was that John Maynard Keynes concluded that monetary policy had only a limited impact on economic trends. That led him to underrate the money supply as an economic regulator. Friedman maintains that Keynesian economists made the same error for decades afterward?and indeed, that many still do today. In reality, Friedman argues, the Federal Reserve in the 1930s had ample power to prevent the monetary contraction. "Had the facts been as Keynes assumed them to be," Friedman has written, "I could not hold the views I do about the role of money. Had Keynes recognized...
Faith in the free market has caused Friedman to condemn many Establishment institutions as monopolies. His targets include the New York Stock Exchange?in his view, a brokers' commission-fixing cartel?and the public-school system. He contends that the Government should issue vouchers that parents could cash at any school they choose for their children. This, he says, would encourage the founding of independent schools to compete with public schools, particularly "in the ghettos where schooling now available is extremely unsatisfactory." He believes that men who work as leaders in the free market should devote their full energies...