Milton Friedman

"Each man can vote, as it were, for the color of tie he wants and get it; he does not
have to see what color the majority wants and then, if he is in the minority, submit."

I, Pencil

I, Pencil

1850 The police force of Chicago consists of nine men, for a population of 298,000 ~ 1 officer per 33,000 residents.

October 8–10, 1871 Great Chicago Fire kills approximately 300 people, burning roughly 3.3 square miles including over 17,000 structures, and leaving more than 100,000 residents homeless.

1888 The population has exploded to almost 1.1 million.

There are now more than 1,255 policemen in 20 district police stations ~ 1 officer per 876 residents.

1893 John D Rockefeller endows University of Chicago economics school to publish the Journal of Political Economy edited by J Laurence Laughlin.


Milton Friedman, the lead theorist of the Chicago School of Economics for a half century, was a staunch supporter of laissez-faire economics.

Friedman claimed that when an economy is highly distorted, the only way to reach that perfect capitalist laissez-faire state was to deliberately inflict painful shocks - like Ewen Cameron and Adolf Hitler.

Only "bitter medicine" could "clear" the economic distortions of ingrained socialist patterns.

He envisioned de-patterned socialist societies returned to a state of a pure free market cleansed of all government regulations, all trade barriers and all entrenched corporate interests.

Friedman dreamed of a free market state of "natural" health when all was in balance, before human 'interferences' interjected distorting patterns.

His quest was for the purest possible form of "participatory democracy".

In a free market people express free will through consumer purchases.

Friedman's ideology promised "individual freedom," a project that elevates citizens above any collective enterprise and liberates them to express free will through consumer choice.

Friedman's ideology appealed to controlling corporate interests.

Corporate interests saw the idea of solidarity among workers' gaining ground around the world and saw this ideology as a way to disempower workers.

John M. Olin, realizing this would give ultimate power to controlling corporate interests became a longtime funder of Milton Friedman' ideological crusade and the largest single funder of corporate think tanks

1949 Leo Strauss becomes a professor of political science at the University of Chicago.

Born in Germany to Jewish parents, Strauss emigrated to the United States.

Strauss belonged to the German Zionist youth group, along with his friends Gershom Scholem and Walter Benjamin.

He was "converted" to political Zionism as a follower of Vladimir Jabotinsky.

Strauss inculcated an elitist strain in American political leaders linked to imperialist militarism, neoconservatism and Christian Zionism.

Seymour Hersh claimed Strauss endorsed noble lies, "myths used by political leaders seeking to maintain a cohesive society."

Strauss maintained a sympathetic "problematic" interest in Zionism.

Strauss influenced The Weekly Standard editor Bill Kristol, William Bennett, Newt Gingrich, Antonin Scalia and Clarence Thomas, as well as Paul Wolfowitz.

"Strauss distorted the politics and history of ancient Greece, and of classical Athens specifically. Prominent among the Straussian advocates for vigorous military engagement abroad have been Deputy Defense Secretary Paul Wolfowitz; Abram Shulsky, who heads the Pentagon Office of Special Plans; Stephen Cambone, Undersecretary of Defense for Intelligence; Richard Perle, former chairman of the Defense Policy Board; and William Kristol, editor of the conservative journal the Weekly Standard." - William H. Leckie, Jr.

"Countries don't go bust." - Walter Wriston

"The Keynesian revolution against laissez-faire was costing the corporate sector dearly.

Clearly what was needed to regain lost ground was a counterrevolution against Keynesianism, a return to a form of capitalism even less regulated than before the Depression.

This wasn't a crusade that Wall Street could lead - not in the current climate.

If Milton Friedman's close friend Walter Wriston (BB,CFR), head of Citibank, had come forward and argued that the minimum wage and corporate taxes should both be abolished, he naturally would have been accused of being a robber baron.

That's where the Chicago School came in.

It quickly became clear that when Milton Friedman, a brilliant mathematician and skilled debater, made those same arguments, they took on an entirely different quality.

They might be dismissed as wrongheaded but they were imbued with an aura of scientific impartiality.

The enormous benefit of having corporate views funneled through academic, or quasi-academic, institutions kept the Chicago School flush with donations and in short order spawned a global network of neo-liberal think tanks supplying the counterrevolution's foot soldiers worldwide."- Naomi Klein

In an attempt to upset state institutions with political and economic shock therapy the oligarchs of South America targeted leaders of unions, "disappeared" community leaders and assassinated relgious leaders such as Padre Óscar Arnulfo Romero y Galdámez.

Augusto Pinochet and his Latin American compatriots attempted to heal their countries of the sickness of socialism, of the impulse toward collective action, by cutting their gangrene corrupted arms off.

They found out too late that you can not get much done without your arms.

"In testimony from truth commission reports across the region, prisoners tell of a system designed to force them to betray the principle most integral to their sense of self.

For most Latin American leftists, that most cherished principle was what Argentina's radical historian Osvaldo Bayer called "the only transcendental theology: solidarity."

The torturers understood the importance of solidarity well, and they set out to shock that impulse of social interconnectedness out of their prisoners.

Of course all interrogation is purportedly about gaining valuable information and therefore forcing betrayal, but many prisoners report that their torturers were far less interested in information than in achieving the act of betrayal.

The point of the exercise was getting prisoners to do irreparable damage to that part of themselves that believed in helping others above all else." - Naomi Klein

CIA: "Pinochet personally ordered" Letelier bombing

"By allowing money to flow in the direction of less impedance the invisible hand of the free market effectively balances the economy."

Chicago School of Economics

David X. Li's Gaussian copula function

David X. Li's Gaussian copula function
"Li's formula, known as a Gaussian copula function, looked like an unambiguously positive breakthrough, a piece of financial technology that allowed hugely complex risks to be modeled with more ease and accuracy than ever before. With his brilliant spark of mathematical legerdemain, Li made it possible for traders to sell vast quantities of new securities, expanding financial markets to unimaginable levels." - Felix Salmon

"Labs" much like that of Dr. Frankenstein, located in places like Wharton, Princeton, Harvard and Berkeley wholeheartedly embraced the Reagan-Bush counterrevolution based upon the laissez-faire economic ideology of Milton Friedman.

"The Chicago School bears the blame for providing a seeming intellectual foundation for the idea that markets are self-adjusting and the best role for government is to do nothing." - Joseph Stiglitz

"The entire thirty-year history of the Chicago School experiment has been one of mass corruption and corporate collusion between security states and large corporations, from Chile's piranhas, to Argentina's crony privatizations, to Russia's Oligarchs, to Enron's energy shell game, to Iraq's "free fraud zone."

The point of shock therapy is to open up a window for enormous profits to be made very quickly - not despite the lawlessness but precisely because of it." - Naomi Klein

The financial engineers of profit-driven innovation agree that mathematical models of risk simply failed to take into account all of the variables.

According to expert consensus risk models proved rather myopic.

The financial engineers focused on variables concerned with expected returns and the default risk of financial instruments.

Mathematical models failed to account for the fact fungible financial instruments must, in a final accounting, be based on tangible assets.

Variables neglected include an out of control debt spiral based on never ending growth within a closed finite biological system experiencing catastrophic environmental degradation world wide at a rapidly increasing pace.

Wall Street fabricators of avant-garde financial instruments are actually called "financial engineers."

Living off the heady vapors of the FIRE sector they left in their wake a deindustrialized nation, full of super-exploited settlers and families.

2008 "Two wage-earners, working longer hours, are now needed to (barely) sustain a standard of living once earned by one.

That doesn't count the melting away of health insurance, pensions and other forms of protection against the vicissitudes of the free market or natural calamities." - Steve Fraser 01/08

"To compel confidence authorities are placing enormous pressure on the Financial Accounting Standards Board to allow "mark-to-market" accounting.

Banks will not have to account for the actual value of the assets on their books but can claim instead that they are worth whatever they paid for them.

The Treasury, Federal Reserve and SEC all seem to view propping up stock prices as a critical part of their mission - the Federal Reserve sometimes seems more concerned than the average Wall Street trader with the market's day-to-day movements." - Michael Lewis & David Einhorn 01/03/08

"Neoliberal (neocon in America) economists in the last three decades have denied the possibility of a replay of the worldwide destructiveness of the Great Depression that followed the collapse of the speculative bubble unleashed by unfettered US financial markets of the 'Roaring Twenties'.

They fooled themselves into thinking that false prosperity built on debt could be sustainable with monetary indulgence.

Now history is repeating itself, this time with a new, more lethal virus that has infested deregulated global financial markets with 'innovative' debt securitization, structured finance and maverick banking operations flooded with excess liquidity released by accommodative central banks.

A massive structure of phantom wealth was built on the quicksand of debt manipulation." - Henry C. K. Liu 11/15/08

2009 "Until the last year, the biggest growth industry within the US had been the financial sector, producing profits of over $500 billion as late as 2006.

The US has replaced working for a living with the manipulation of money and the extraction of interest, either by lending it or by brokering the lending and investment by foreigners.

In order to enrich themselves, the financiers, with a lot of help from the government, designed the merger/buyout bubble of the 1980s, the bubble of the 1990s, and the predatory lending bubble of the 2000s." - Richard C. Cook 03/02/09

"Investment banks, like Merrill Lynch, were never subject to the same kind of safety and soundness regulation as commercial banks.

Over the years bank services and bank risks migrated outside of the regulatory safety net.

Wall Street securities traders developed the commercial paper market, which replaced much of banks' short term corporate lending.

Newer market participants, like hedge_funds, were not subject to any regulation at all.

Even regulated banks were gradually allowed to own securities and insurance businesses within a holding structure, and they were allowed to hold highly-risky speculative positions in off-balance-sheet "special purpose" entities." - Mark Jickling

2011 $1.2 billion disappears like magic from Jon Stevens Corzine investment firm IM Global.

Jon Stevens Corzine after earning a MBA from the Chicago School of Economics went on to become a CFO of Goldman Sachs, a US Senator and a Governor of New Jersey.

He made $400 million in the initial public offering of Goldman Sachs.

Corzine helps develop a plan to rescue Long Term Capital Management.

Corzine is a Steering Committee member of the Bilderberg Group.

"Corzine's Crime of the Century"

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