Not long ago Niall Ferguson, the flamboyant charlatan who has revolving gigs at Harvard, Oxford, and the Huntington Institute, protested to an interviewer that he was not just “cute,” he was “clever.” He had earned his way into the higher echelons of the higher education, he insisted, where he could write a book every six months on some ever larger topic, money and banking for a while there, and then on toward the sources—the very foundations—of western civilization as such. He hasn’t charmed his way to the top, no, he’s smart!
When our Great Recession was still metastasizing, in October 2008, Time Magazine let this well-educated twit announce that Milton Friedman had fully explained the Great Depression as a financial crisis made disastrous by the Fed’s mistakes. Here’s Niall’s initial foray into what ails us: “Yet the underlying cause of the Great Depression—as Milton Friedman and Anna Jacobson…
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