It's Halloween! As candy, costumes and parties parse the night, we have our own goblins, ghouls and ghosts haunting economic policy.
We agree, what is going on right this moment has to be the biggest rip off in American history.
A ghost who haunts economic theory to this day is Milton Friedman. Milton Friedman promoted free markets, privatization, deregulation with all of his might until the day he died. Friedman's philosophies became the new multinational corporate religion to return to a period of distorted social Darwinism.
Thomas Friedman is the author of numerous best sellers on globalization. Unfortunately they are complete works of fiction of the economic realities, especially for America's middle class. David Sirota nailed Friedman for promoting the CAFTA-DR trade agreement, where Friedman admitted he knew nothing about the actual trade treaty itself. Friedman has also admitted to not having any background in economics. Unfortunately these books make it to the best sellers list and thus promote and perpetuate corporate generated globalization myths that have little basis in statistical fact or economic theory.
There are many ghouls, ghosts and golbins bedeviling and blocking economic policy in the United States national interest and these are but a few. In the spirt of inclusion, add your own economic ghoul, ghost, goblin in the comments.
Investopedia has a great Halloween piece on the worse investor fraud cases ever, The Ghouls And Monsters On Wall Street .
The horror show continues!