John D Rockefeller endows University of Chicago economics school which
publishes the Journal of Political Economy edited by J Laurence
Friedman, the lead theorist of the Chicago School of Economics for a half
century, was a staunch supporter of laissez-faire economics.
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
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
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
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.
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.
might be dismissed as wrongheaded but they were imbued with an aura of
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."-
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
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
"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
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
The financial engineers focused on
variables concerned with
expected returns and the default risk of financial instruments.
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."
"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
ideology of Milton Friedman.
Living off the heady vapors of the FIRE sector
they left in their wake a deindustrialized nation, full of
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
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
"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
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
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 03/02/09
"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
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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