Green: Who would your ideal Fed chairman be?
Paul: Hayek would be good, but he’s deceased.
Paul: Hayek would be good, but he’s deceased.
Green: Nondead Fed chairman.
Paul: Friedman would probably be pretty good, too, and he’s not an Austrian, but he would be better than what we have.
Paul: Friedman would probably be pretty good, too, and he’s not an Austrian, but he would be better than what we have.
Green: Dead, too.
Paul: Yeah. Let’s just go with dead, because then you probably really wouldn’t have much of a functioning Federal Reserve.
Paul: Yeah. Let’s just go with dead, because then you probably really wouldn’t have much of a functioning Federal Reserve.
I know, I'm an economist, and Friedman is, even if many economists disagree with him, still an economic icon. But if someone is running for President, a self-proclaimed student of Hayek and von Mises, that person should know that the great American icon of limited government, Nobel Laureate Milton Friedman, is dead! Paul not knowing that suggests to me that he is still getting his economic advice from non-economist, ideological, political hacks. Not good for someone who seeks to lead the largest economy in the world.
By the way, as a native New Jerseyan, I have to boast that Friedman was also a native of the Garden State: a 1928 graduate of Rahway High School, and a 1932 graduate of Rutgers University.