Like Mr. Henry Geerken, I can look back over a considerable time span. I find on reflection that one of my early heroes in the area of economics and government erred seriously in two important areas. Professor Milton Friedman advocated a change in U.S. policy in the area of government control of money supply and the ending of the military draft.
In the monetary area, he advocated a gradual increase in the money supply with a targeted rate of inflation of 3 percent. He mainly trusted Congress to stay within that boundary. Now they create via fiat money — $85 billion a month. Our political leaders do not have the discipline or honesty to resist counterfeiting the money supply since that is what keeps them in power.
In the military area, Mr. Friedman advocated an all-volunteer armed forces as a deterrent to problems created during the Vietnam War. This has given the Pentagon and its many corporate and political allies a green light for useless wars in Iraq, Afghanistan, Libya and possibly Syria.
From a practical political standpoint, considering the critical debt situation our country is in, the wise political choice will be to continue the fiat money balloon with the hope that the future collapse will fall on future politicians. The cost of these flawed policies will be borne by our children and grandchildren.
In another area, natural gas production figures from Pennsylvania dispute Mr. Northrup’s long article in the Oct. 26 Star.