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Money excess
Milton Friedman said¹ that inflation is caused in US for money excess created for Federal Reserve Board of US. There is a big truth in this statement: that money excess causes inflation. But also there is a big lie behind that. The bigger lie in the world.
As was discovered for Keynes when did analyze 1929 crac and the great depression that follows that, he finds that between 1919 and. 1929, US industry show a grow in productivity 43%, while capitalist class expenses grow only 3%, capital goods grow 6%, wages remain stable and also other expenses. In other words, during years preceding 29 crisis, capitalists gather a money mass that not was invested neither expended in their luxuries. After all, must not to surprise that if capitalists put all their capacity, all science available, the best technique to... earn money. Must not to surprise that capitalist stuff self of money. Keynes innocently calls this one Midas effect.
The lie consist In to attribute to Federal Reserve Board, the economic unbalance created systematically for capitalists while gather money. When Friedman frees capitalists of responsibility and blame for to cause inflation and depression, simply is speaking a solid lie. That is to say, a lie with tangible effects and disastrous.
While, thanks to Friedman & Chicago boys preaching, US government cut public charity expenses, Chase Manhattan Bank Japan branch loan billions of dollars at low interests rates to real state speculators in S.E. Asia, which is considered as principal cause of "Asiatic crisis". Is well known pernicious influence of Friedman ideas in throw millions of people to street, and in all kind of evil over the more poor and needed.
From 1970's US banks loan billions of inorganic dollars to 3 world countries bringing inflation and depression along the world. This practice is not new one. Galbraith reports in is book "29 Crack", that National City Bank pay 450.000 $ bribe to Peruvian president for to accept a 50 million $ loan. Also Galbraith reports Chase Manhattan Bank 200.000$ bribe to Cuban president Machado to make business in Cuban bonds. Venezuelan ex ‑ president Carlos Andres Perez recently did admit to receive 37.000$ in "helps" from US while Venezuela was falling in debts for 13.000 million dollars.
Friedman ideas becomes FMI ideology, and are the bases to permits US capitalists invest their inorganic money in assets along third world with the full complicity of native nick capitalists. Growing misery in Argentina, Brazil, Mexico, Venezuela is a constant. Reports of all basic indexes of health scare.
It is necessary to stop this. To victorious pace.
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[¹] Milton Friedman, interview for Playboy magazine, republished for Fedecamaras in 1974.