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InvisibleGI_Luvmoney
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How Milton Friedman Saved Chile
    #12128449 - 03/02/10 03:10 PM (14 years, 29 days ago)

I found an interesting article about that great economist who is admired so much by everyone on this forum, Milton Friedman.  According to this article, Friedman's influence was responsible for the economic success of Chile which resulted in better earthquake resistant buildings compared to Haitian buildings.  The overthrow of Allende, which has caused many of the left to piss in their pants, was a rightous act of justice.

Compare the buildings in Chile (top) to the buildings in Haiti (bottom) after the earthquakes.




How Milton Friedman Saved Chile
Milton Friedman gave Chileans the intellectual wherewithal first to survive the quake, and now to build their lives anew.

Milton Friedman has been dead for more than three years. But his spirit was surely hovering protectively over Chile in the early morning hours of Saturday. Thanks largely to him, the country has endured a tragedy that elsewhere would have been an apocalypse.

Earthquake magnitudes are measured on a logarithmic scale. The earthquake that hit Northridge in 1994 measured 6.7 on the Richter scale. But its seismic-energy yield was only half that of the 7.0 quake that hit Haiti in January, which was the equivalent of 2,000 Hiroshima-sized bombs exploding all at once.

By contrast, Saturday's earthquake in Chile measured 8.8. That's nearly 500 times more powerful than Haiti's, or about one million Hiroshimas. Yet Chile's reported death toll—711 as of this writing—was a tiny fraction of the 230,000 believed to have perished in Haiti.

It's not by chance that Chileans were living in houses of brick—and Haitians in houses of straw—when the wolf arrived to try to blow them down. In 1973, the year the proto-Chavista government of Salvador Allende was overthrown by Gen. Augusto Pinochet, Chile was an economic shambles. Inflation topped out at an annual rate of 1000%, foreign-currency reserves were totally depleted, and per capita GDP was roughly that of Peru and well below Argentina's.

What Chile did have was intellectual capital, thanks to an exchange program between its Catholic University and the economics department of the University of Chicago, then Friedman's academic home. Even before the 1973 coup, several of Chile's "Chicago Boys" had drafted a set of policy proposals which amounted to an off-the-shelf recipe for economic liberalization: sharp reductions to government spending and the money supply; privatization of state-owned companies; the elimination of obstacles to free enterprise and foreign investment, and so on.

In left-wing mythology—notably Naomi Klein's tedious 2007 screed "The Shock Doctrine"—the Chicago Boys weren't just strange bedfellows to Pinochet's dictatorship. They were complicit in its crimes. "If the pure Chicago economic theory can be carried out in Chile only at the price of repression, should its authors feel some responsibility?" wrote New York Times columnist Anthony Lewis in October 1975. In fact, Pinochet had been mostly indifferent to the Chicago Boys' advice until the continuing economic crisis forced him to look for some policy alternatives. In March 1975, he had a 45-minute meeting with Friedman and asked him to write a letter proposing some remedies. Friedman responded a month later with an eight-point proposal that largely mirrored the themes of the Chicago Boys.

For his trouble, Friedman would spend the rest of his life being defamed as an accomplice to evil: at his Nobel Prize ceremony the following year, he was met by protests and hecklers. Friedman himself couldn't decide whether to be amused or annoyed by the obloquies; he later wryly noted that he had given communist dictatorships the same advice he gave Pinochet, without raising leftist hackles.

As for Chile, Pinochet appointed a succession of Chicago Boys to senior economic posts. By 1990, the year he ceded power, per capita GDP had risen by 40% (in 2005 dollars) even as Peru and Argentina stagnated. Pinochet's democratic successors—all of them nominally left-of-center—only deepened the liberalization drive. Result: Chileans have become South America's richest people. They have the continent's lowest level of corruption, the lowest infant-mortality rate, and the lowest number of people living below the poverty line.

Chile also has some of the world's strictest building codes. That makes sense for a country that straddles two massive tectonic plates. But having codes is one thing, enforcing them is another. The quality and consistency of enforcement is typically correlated to the wealth of nations. The poorer the country, the likelier people are to scrimp on rebar, or use poor quality concrete, or lie about compliance. In the Sichuan earthquake of 2008, thousands of children were buried under schools also built according to code.

In "The Shock Doctrine," Ms. Klein titles one of her sub-chapters "The Myth of the Chilean Miracle." In her reading, the only thing Friedman and the Chicago Boys accomplished was to "hoover wealth up to the top and shock much of the middle class out of existence." Actual Chileans of all classes—living in the aftermath of an actual shock—may take a different view of Friedman, who helped give them the wherewithal first to survive the quake, and now to build their lives anew.

Write to bstephens@wsj.com

http://online.wsj.com/article/SB10001424052748703411304575093572032665414.html?mod=rss_Today%27s_Most_Popular


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Offlinezappaisgod
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Re: How Milton Friedman Saved Chile [Re: GI_Luvmoney]
    #12128461 - 03/02/10 03:11 PM (14 years, 29 days ago)

Yeah, I saw that.  They're totally right.


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InvisibleGI_Luvmoney
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Re: How Milton Friedman Saved Chile [Re: zappaisgod]
    #12128723 - 03/02/10 03:59 PM (14 years, 29 days ago)



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Invisiblememes
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Re: How Milton Friedman Saved Chile [Re: GI_Luvmoney]
    #12129116 - 03/02/10 05:18 PM (14 years, 29 days ago)

Way to go Friedman!

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Offlinellama farmer
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Re: How Milton Friedman Saved Chile [Re: memes]
    #12132895 - 03/03/10 07:41 AM (14 years, 28 days ago)

Actually the Chicago boys destroyed Chile, Codelco is the main reason it survived and anything to the contrary is actually the mythology.


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The labourer who tends a garden is perhaps in a truer sense its owner than the listless voluptuary that enjoys its fruits

Edited by llama farmer (03/03/10 07:47 AM)

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Offlinezappaisgod
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Re: How Milton Friedman Saved Chile [Re: llama farmer]
    #12133080 - 03/03/10 08:44 AM (14 years, 28 days ago)

Whatever you say, pal.  Facts on the ground directly contradict you.  Chile has graduated beyond third world status.  The leftist shitholes in S.A. are still dumps, including your beloved Venezuela which, despite vast oil wealth, is still fucked.  Columbia continues to improve in spite of Chavez's efforts to support terrorists operating there.
http://www.telegraph.co.uk/news/worldnews/europe/spain/7348376/Spanish-judge-accuses-Venezuela-of-helping-terrorists.html
Quote:

A Spanish judge has accused Venezuela of collaborating with Basque separatist militants and Colombian rebels, and said the two groups plotted to assassinate Colombia's president while he visited Spain.


Published: 10:04PM GMT 01 Mar 2010

Judge Eloy Velasco made the allegation in a 26-page indictment in which he charged six members of the Basque group ETA, most of them exiled in Latin America, and seven members of the Colombian leftist rebel group FARC, with a variety of crimes including terrorism and conspiracy to commit murder.

Judge Velasco wrote that a Spanish probe launched in 2008 has turned up evidence "that demonstrates Venezuelan governmental co-operation in the illicit collaboration between FARC and ETA."

He identified a suspected ETA member, Arturo Cubillas Fontan, as a key figure in links between ETA and the FARC.

The man lives in Venezuela, has held a job in the Chavez government and may still have one, the judge wrote.




Quite the scummy little hero you have there.  I suppose you're going to tell us that the Columbian rebels and ETA are fine upstanding freedom fighters.


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InvisibleArmFromTheAbyss
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Re: How Milton Friedman Saved Chile [Re: GI_Luvmoney]
    #12133135 - 03/03/10 08:58 AM (14 years, 28 days ago)

What a retarded comparison. Chile is better off simply because of their climate and agricultural exports to the US. Did Friedman introduce the apple to Chile?


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Offlinezappaisgod
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Re: How Milton Friedman Saved Chile [Re: ArmFromTheAbyss]
    #12133148 - 03/03/10 09:02 AM (14 years, 28 days ago)

Bullshit.  They managed their economy better.  It's quite simple.  Chile doesn't have demonstrably better resources than their neighbors Argentina and Peru, certainly nowhere near the advantage Venezuela has.  Their advantage lies in their rejection of socialism.


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InvisibleArmFromTheAbyss
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Re: How Milton Friedman Saved Chile [Re: zappaisgod]
    #12133165 - 03/03/10 09:06 AM (14 years, 28 days ago)

I meant the comparison of Haiti to Chile.


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Offlinezappaisgod
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Re: How Milton Friedman Saved Chile [Re: ArmFromTheAbyss]
    #12133273 - 03/03/10 09:35 AM (14 years, 28 days ago)

Haiti?  What the fuck does that hopeless dump have to do with Chile?  You might as well use Zimbabwe.


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InvisibleGI_Luvmoney
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Re: How Milton Friedman Saved Chile [Re: zappaisgod]
    #12135404 - 03/03/10 03:29 PM (14 years, 28 days ago)

Was there an earthquake in Zimbabwe recently?


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OfflineRedstorm
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Re: How Milton Friedman Saved Chile [Re: zappaisgod]
    #12136816 - 03/03/10 06:35 PM (14 years, 28 days ago)

Quote:

Haiti?  What the fuck does that hopeless dump have to do with Chile?




You might try looking at the original post.

The better question is what the two pictures have anything to do with the rest of the post.

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Offlinezappaisgod
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Re: How Milton Friedman Saved Chile [Re: Redstorm]
    #12136871 - 03/03/10 06:42 PM (14 years, 28 days ago)

Oh the pictures have nothing to do with anything.  Nor, really, does Haiti have anything to do with Milton Friedman and Chile.  What is relevant is that Chile was formerly a shithole and got turned around by following Friedmanite policies.


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Re: How Milton Friedman Saved Chile [Re: zappaisgod]
    #12136898 - 03/03/10 06:46 PM (14 years, 28 days ago)

I'm not disputing any of that; just answering your question.

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Offlinezappaisgod
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Re: How Milton Friedman Saved Chile [Re: Redstorm]
    #12136912 - 03/03/10 06:48 PM (14 years, 28 days ago)

Ah.


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InvisibleEntheogenicPeace
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Re: How Milton Friedman Saved Chile [Re: zappaisgod]
    #12160680 - 03/07/10 06:53 PM (14 years, 24 days ago)

---

Edited by EntheogenicPeace (01/04/22 07:40 PM)

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Offlinezappaisgod
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Re: How Milton Friedman Saved Chile [Re: EntheogenicPeace]
    #12162622 - 03/08/10 01:25 AM (14 years, 24 days ago)

Columbia is getting better. 

Being center left in SA is a huge advantage over your far left socialist heroes.  Imagine how great Chile could have been if they had been center right.  Imagine how great they will be now that they are.

You don't follow me.  Amost no good things happen because of the government.  Fewer bad things happen because of the GOP than because of the Dems.  If you expect government to be the answer to your problems you will be forever disappointed.


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InvisibleGI_Luvmoney
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Re: How Milton Friedman Saved Chile [Re: zappaisgod]
    #12171760 - 03/09/10 03:41 PM (14 years, 22 days ago)

Jewel of the Caribbean...NOT!

In the 1700’s what is now Haiti was called the “Jewel of the Caribbean,” and supplied about 40% of the world’s sugar. In 1791 the government of France passed legislation to phase out slavery in its Caribbean colonies and grant the former Negro slaves citizenship. Rather than becoming citizens, Haiti’s Negro population mass murdered all whites and Mulattoes who could not flee the Island in time.

In 1804 only full blooded Negros remained and Haiti became the first Negro ruled nation. The Haitian revolution dominated America’s debate over slavery. While both the north and the south agreed that slavery should be ended, southerners and a large percentage of northerners universally opposed having a large population of freed slaves living in their midst.. The Haitian “Revolution” was fresh in every one’s mind.

Flash forward to 1915. The “Jewel of the Caribbean” is now a desolate cesspool, that is exporting almost no sugar. The United States decides to “take up the white man’s burden” and send the US Marine Corps to rebuild Haiti’s infrastructure and feed it’s starving population. The United States gave huge amounts of money to Haiti and over-saw the building of 1,000 miles of road, telephone lines, modernized its port, and helped Haiti to start exporting sugar once again. The US also put an end to the thousands of bandits along Haiti’s border with the Dominican Republic.

The US left in 1934 at the request of the then stabilized and very ungrateful Haitian government. Haiti immediately sank straight back into total desolation and strife.

In 1973 the United State once again began playing a huge role in Haiti, giving the Island huge sums of money in handouts each year.

In 1994 the Clinton administration once again sent the US military to Haiti to rebuild the Island’s infrastructure. In 1995 the Peace Corps went to Haiti in large numbers to train the Haitians in job skills. The US government spent almost one Billion providing food and job training to the Haitians between 95 and 99.

So when Obama says that Haiti has our “full, unwavering, support,” they have already had our full support since 1915.

http://www.floort.com/show.php/7462


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InvisibleGI_Luvmoney
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Re: How Milton Friedman Saved Chile [Re: GI_Luvmoney]
    #12484563 - 04/30/10 04:30 PM (13 years, 10 months ago)

Looks like Argentina didn't follow Milton Friedman's advice either.  Obummer is compared to Peron in this article.
Obummer = Coola Peron (hairy ass in Spanish)

United States of Argentina
Examiner Editorial

When White House Chief of Staff Rahm Emanuel last year advised "never waste a good crisis," he likely was thinking ahead to President Obama's economic stimulus program and health care plan. After swelling the federal deficit by passing the stimulus at a cost of nearly $1 trillion, Democrats in Congress signed off on Obamacare, with a price tag, according to Rep. Paul Ryan, R-Wis., of $2.3 trillion in its first decade alone. With federal spending exploding at such a rate, it's no wonder that Moody's Investor Service recently warned that it would downgrade the U.S. government's credit rating if it concludes "the government was unable and/or unwilling to quickly reverse the deterioration it has incurred."

What the United States government will do in the future may be in question, but we need not look far to find past examples of countries unwilling to get their finances in order. Consider Argentina. In 1914, it was one of the wealthiest countries in the world, and its living standard exceeded that of Western Europe until the late 1950s. Then President Juan Peron squandered his nation's prosperity by introducing a host of redistributionist economic and regulatory policies, nationalizing utilities and foreign investments, and pumping up the national debt. What followed was three decades of political instability, growing dependency, and economic stagnation.

There was a brief period of privatization and booming foreign investment in what the American Enterprise Institute's Mark Falcoff called Argentina's "go go" 1990s. But that was negated by the return of political leaders espousing Peronist principles who created a downward economic spiral by breaking contracts with foreign utility companies that had invested heavily in Argentina. Today, the country has lost its international credit standing and an estimated 10 percent of the population has moved abroad to escape the stifling taxes, regulation and inefficiency. To make matters worse, President Cristina Kirchner recently attracted attention for firing the president of the country's central bank. His sin was refusing to go along with her inflationary spending policies (Argentina's inflation is 17 percent) and challenging her demand that he hand over $6.6 billion in bank reserves.

Besides sending federal spending skyrocketing, Obama has, like so many of the politicians who ruined Argentina, dramatically increased government regulation of business, nationalized major sectors of the economy, and imposed a lengthy list of tax increases. America today is no more exempt from economic reality than Argentina was in years past. Make no mistake, these actions will eventually drain the life from this nation's economic vitality, just as they did in Argentina.

http://www.washingtonexaminer.com/opinion/United-States-of-Argentina-89551242.html

http://www.shroomery.org/forums/showflat.php/Number/3428976


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Edited by GI_Luvmoney (04/30/10 04:31 PM)

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