1893 John D Rockefeller endows University
of Chicago economics school which publishes 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
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
"bitter medicine" could "clear" the
economic distortions of ingrained
He envisioned de-patterned socialist societies
returned 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
His quest was for the purest possible form of
free market people
express free will through
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
Corporate interests saw the idea of solidarity among
workers' gaining ground around the world and saw this ideology as a way to
John M. Olin, realizing this
would give ultimate power to controlling corporate interests
became a longtime funder of Milton Friedman's ideological crusade and the
largest single funder of corporate think tanks.
"Countries don't go bust." - Walter
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.
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.
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
tanks supplying the counterrevolution's foot soldiers worldwide."- Naomi
In an attempt to upset the socialized state 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
"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
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 the information, which they usually already possessed, than in
achieving the act of betrayal itself.
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
David X. Li's Gaussian copula
|"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
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
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
The financial engineers focused on variables
concerned with expected returns and the default risk of
models failed to account for the fact fungible financial instruments must,
in a final accounting, be based on
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."
much like that of Dr.
Frankenstein, located in places like Wharton, Princeton, Harvard and
Berkeley wholeheartedly embraced the Reagan-Bush counterrevolution based upon
economic ideology of Milton
Living off the heady vapors of the
FIRE sector they left in their wake a deindustrialized nation, full of
2008 "Two wage-earners, working longer
hours, are now needed to (barely) sustain a standard of living once earned by
That doesn't count the melting away of
health insurance, pensions
and other forms of protection against the vicissitudes of the
free market or
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
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
"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
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
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
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
In order to enrich themselves,
the financiers, with a lot of help from
the government, designed the merger/buyout bubble of the 1980s,
the dot.com bubble
of the 1990s, and the predatory
lending bubble of the 2000s." - Richard C. Cook
"Investment banks, like
were never subject to the same kind of safety and soundness regulation as
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
"special purpose" entities." - Mark Jickling
2011 $1.2 billion disappears like
magic from Jon Stevens Corzine investment firm IM Global.
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
Corzine helps develop a plan to rescue
Long Term Capital
Corzine is a Steering Committee member of the
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