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Getting To Know You — Intimacy — Love — Both Sides Now — Send In The Clowns — Turn Turn Turn — Amazing Grace — Videos

Posted on November 18, 2017. Filed under: Art, Blogroll, Books, Business, Communications, Culture, Dance, Diet, Entertainment, Faith, Family, Films, Food, Health, Law, liberty, Life, Links, Love, media, Money, Movies, Movies, Music, Music, Narcissism, Newspapers, People, Philosophy, Photos, Politics, Psychology, Radio, Radio, Television, Television, Wealth, Wisdom, Writing | Tags: , , , , , , , , , , , , , , , , , |

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Why we love repetition in music – Elizabeth Hellmuth Margulis

The Beatles All You Need Is Love (Official Promo)

Sternberg’s Triangular Theory of Love

The Secret to Intimacy | The Science of Love

Looks aren’t everything. Believe me, I’m a model. | Cameron Russell

Cameron Russell’s Mission to Make Beauty About Brains

The secret to desire in a long-term relationship | Esther Perel

How to love and be loved | Billy Ward | TEDxFoggyBottom

Tony Robbins Identifies 4 Types of Love | Oprah’s Life Class | Oprah Winfrey Network

How being heartbroken was the best thing to ever happen to me: Emma Gibbs at TEDxSouthBankWomen

Creating extraordinary intimacy in a shutdown world | Michael J. Russer | TEDxUniversityofNevada

TEDxJaffa — Niveen Rizkalla — Getting Intimate with Intimacy

Mork & Mindy (1978-1982)

Published on Nov 15, 2015

Mork & Mindy was the first tv show to display an incredible talent of Robin Williams. The audience instantly fell in love with the “cute and cuddly” alien Mork and his human friend Mindy. I think of this show with great fondness because it’s extremely funny, lovely and kind. It’s the kind of TV product we really need these days. It was a huge hit back in the day and i think the people in 2015 could really use a little happiness it gives. Anyway, here’s a little video, i hope you gonna like it! Song: Walk The Moon – Shut Up and Dance

The Love Story of Mork & Mindy

Mork & Mindy – Never Thought That I Could Love

Mork & Mindy – Getting To Know You

Mork and Mindy – Dance With Me

Bing Crosby – Getting To Know You

JAMES TAYLOR – GETTING TO KNOW YOU

Getting to Know You from The King and I

Yul Brynner and Deborah Kerr perform “Shall We Dance” from The King and I

Julie Andrews – Getting to Know You

Getting to Know You
It’s a very ancient saying
But a true and honest thought
That if you become a teacher
By your pupils you’ll be taught
As a teacher I’ve been learning
You’ll forgive me if I boast
And I’ve now become an expert
On the subject I like most
Getting to know you
Getting to know you
Getting to know all about you
Getting to like you
Getting to hope you like me
Getting to know you
Putting it my way
But nicely
You are precisely
My cup of tea
Getting to know you
Getting to know all about you
Getting to like you
Getting to hope you like me
Getting to know you
Putting it my way
But nicely
You are precisely
My cup of tea
Getting to know you
Getting to feel free and easy
When I am with you
Getting to know what to say
Haven’t you noticed
Suddenly I’m bright and breezy?
Because of all the beautiful and new
Things I’m learning about you
Day by day
Getting to know you
Getting to feel free and easy
When I am with you
Getting to know what to say
Haven’t you noticed
Suddenly I’m bright and breezy?
Because of all the beautiful and new
Things I’m learning about you
Day by day
Songwriters: Oscar Ii Hammerstein / Richard Rodgers
Getting to Know You lyrics © Imagem Music Inc

Both Sides Now

Both Sides Now

Bows and flows of angel hair and ice cream castles in the air
And feather canyons everywhere, I’ve looked at clouds that way
But now they only block the sun they rain and snow on everyone
So many things I would have done, but clouds got in my way
I’ve looked at clouds from both sides now
From up and down and still somehow
It’s cloud’s illusions I recall
I really don’t know clouds at all
Moons and Junes and Ferris wheels the dizzy dancing way you feel
As every fairy tale comes real, I’ve looked at love that way
But now it’s just another show, you leave ’em laughin’ when you go
And if you care don’t let them know, don’t give yourself away
I’ve looked at love from both sides now
From give and take and still somehow
It’s love’s illusions I recall
I really don’t know love at all
Tears and fears and feeling proud, to say, “I love you” right out loud
Dreams and schemes and circus crowds, I’ve looked at life that way
But now old friends are acting strange they shake their heads, they say
I’ve changed
But something’s lost but something’s gained in living every day
I’ve looked at life from both sides now
From win and lose and still somehow
It’s life’s illusions I recall
I really don’t know life at all
Songwriters: Joni Mitchell
Both Sides Now lyrics © Sony/ATV Music Publishing LLC, Crazy Crow Music / Siquomb Music Publishing

Judy Collins – “Both Sides Now” 1987

Joni Mitchell – Both Sides Now (Live, 1970)

Judy Collins Send in the Clowns

Send in the Clowns
Isn’t it rich?
Are we a pair?
Me here at last on the ground,
You in mid-air,
Where are the clowns?
Isn’t it bliss?
Don’t you approve?
One who keeps tearing around,
One who can’t move,
Where are the clowns?
There ought to be clowns?
Just when I’d stopped opening doors,
Finally knowing the one that I wanted was yours
Making my entrance again with my usual flair
Sure of my lines
No one is there
Don’t you love farce?
My fault, I fear
I thought that you’d want what I want
Sorry, my dear!
But where are the clowns
Send in the clowns
Don’t bother, they’re here
Isn’t it rich?
Isn’t it queer?
Losing my timing this late in my career
But where are the clowns?
There ought to be clowns
Well, maybe next year

JUDY COLLINS – Turn Turn Turn (1966 )

Judy Collins Lyrics

“Turn, Turn, Turn (To Everything There Is A Season)”

Words-adapted from the bible, book of ecclesiastes
Music-pete seegerTo everything (turn, turn, turn)
There is a season (turn, turn, turn)
And a time for every purpose, under heavenA time to be born, a time to die
A time to plant, a time to reap
A time to kill, a time to heal
A time to laugh, a time to weepTo everything (turn, turn, turn)
There is a season (turn, turn, turn)
And a time for every purpose, under heaven

A time to build up, a time to break down
A time to dance, a time to mourn
A time to cast away stones, a time to gather stones together

To everything (turn, turn, turn)
There is a season (turn, turn, turn)
And a time for every purpose, under heaven

A time of love, a time of hate
A time of war, a time of peace
A time you may embrace, a time to refrain from embracing

To everything (turn, turn, turn)
There is a season (turn, turn, turn)
And a time for every purpose, under heaven

A time to gain, a time to lose
A time to rend, a time to sew
A time to love, a time to hate
A time for peace, I swear its not too late

Celtic Woman – Amazing Grace

The Most Beautiful “Amazing Grace” I’ve ever heard

AMAZING GRACE

Amazing grace, How sweet the sound
That saved a wretch like me.
I once was lost, but now I am found,
Was blind, but now I see.’Twas grace that taught my heart to fear,
And grace my fears relieved.
How precious did that grace appear
The hour I first believed.Through many dangers, toils and snares
I have already come,
‘Tis grace has brought me safe thus far
And grace will lead me home.The Lord has promised good to me
His word my hope secures;
He will my shield and portion be,
As long as life endures.Yea, when this flesh and heart shall fail,
And mortal life shall cease
I shall possess within the veil,
A life of joy and peace.When we’ve been there ten thousand years
Bright shining as the sun,
We’ve no less days to sing God’s praise
Than when we’ve first begun.

The Four Faces of Intimacy

By Beverley Golden

December 16, 2011Health, Healthy Living, Living

Intimacy among animals

 

 

 

 

 

 

 

 

It started with what seemed like a simple question I asked myself. That question, not surprisingly for anyone who knows me, led to a series of additional questions. Somehow, I wasn’t getting clear answers for myself, so I started asking people I came in contact with the same questions. The results were fascinating to me and I wanted to explore the topic more fully. The basic question: “What does intimacy mean to you?

The range of responses was wide and varied. I included both men and women, different ages, some were in relationships and others were not. Most people had to stop for a moment to really think about and put into words what intimacy meant to them. As I looked more deeply at the topic, I found that there are in fact four key types of intimacy.

What Does Intimacy Mean to You?

The people I asked generally started with the most common of the four types of intimacy: Sexual. This wasn’t too much of a surprise because sexual intimacy is probably the most stereotypical and most familiar definition of the word in modern society. Having sex, however, often has less to do with intimacy than with a physical act between people. As it ended up, the people I talked to wanted more than just the act of sex — they wanted some depth. They wanted to feel safe while being vulnerable, wanting to be seen by his/her partner. That made sense, as this form of intimacy also includes a wide range of sensuous activity and sensual expression, so it’s much more than having intercourse.

It’s interesting that the word intercourse is also defined as an “exchange especially of thoughts or feelings.” It’s curious why intimacy is challenging to people in their relationships. I continued to look further.

Connecting Emotionally

The next of the four faces of intimacy is emotional intimacy.This happens when two people feel comfortable sharing their feelings with each other. The goal is to try to be aware and understand the other person’s emotional side. My guess is that women have an easier time with this in very close female friendships, but I’d like to believe that men too are becoming more comfortable experiencing emotional intimacy. This form of intimacy I’ve become comfortable with and see as a healthy part of the give-and-take in all relationships, whether female or male.

Margaret Paul, Ph.D, refers to the fears people have in relation to emotional intimacy. She says, “Many people have two major fears that may cause them to avoid intimacy: the fear of rejection (of losing the other person), and the fear of engulfment (of being invaded, controlled, and losing oneself).” This made some sense to me.

Love and Intimacy

However, if we believe that there are only two major energies we humans experience, love and fear (or an absence of love), then I find it interesting that in this area of intimacy, it seems people have moved from their hearts and love to an energy that stops them from experiencing their true essence and what they often yearn for the most. Love and intimacy.

In her book A Return to Love, the brilliant Marianne Williamson says it most eloquently:

“Love is what we were born with. Fear is what we have learned here. The spiritual journey is the relinquishment or unlearning of fear and the acceptance of love back into our hearts. Love is our ultimate reality and our purpose on earth. To be consciously aware of it, to experience love in ourselves and others, is the meaning of life.”

Even the Bible says, “There is no fear where love exists.” Of course I believe that love and intimacy are highly spiritual. In her book Love for No Reason, Marci Shimoff states, “Love for no reason is your natural state.” She also tells a wonderful story about a spiritual teacher who once said to her, “I love you and it’s no concern of yours.” To love, from your heart, just to love. As I talked about in my piece on what makes a good relationship, my ideal is definitely a loving spiritual partnership.

True Intimacy

I kept wondering if true intimacy could be as simple as a matter of moving back to loving ourselves first? To rediscovering the unconditional love we all were born with? The idea of self-intimacy and self-love is a fascinating concept. I’ll leave these as open-ended questions for you to ask yourselves for now. I was curious to look more closely at the other two types of intimacy.Intellectual Intimacy_conversation between men

 

The next, intellectual intimacy, is something I personally have the most comfort with. This one is about communication, and as someone who lives and breathes words, it’s extremely familiar to me. The ability to share ideas in an open and comfortable way can lead to a very intimate relationship indeed, as I’m fortunate to discover quite frequently. As someone who engages in this type of interaction all the time, it offers me a wonderful and fulfilling form of intimacy. I wondered if this was my strongest area of intimacy.

Experiential Intimacy

The fourth kind of intimacy is experiential intimacy, an intimacy of activity. I realized I experience this every time I get together with a group to create art in a silent process. It’s about letting the art unfold, by working together in co-operation. The essence of this intimate activity is that very little is said to each other, it’s not a verbal sharing of thoughts or feelings, but it’s more about involving yourself in the activity and feeling an intimacy from this involvement.

During a recent encounter I had at a contact improv jam, I realized was actually this form of intimacy. I interacted with a young man, letting our body energy lead the dance, with no eye contact and no words, just movement in a sensual and open, if not dramatic, dance. So, I understood that this experiential intimacy is also, somewhat surprisingly, in my intimacy vocabulary.Intimacy_experiential

 Joining and Separating

Rick Hanson, Ph.D says that having intimacy in our lives requires a natural balance of two great themes — joining and separation — that are in fact central to human life. Almost everyone wants both of them, to varying degrees. He goes on to say, “In other words: individuality and relationship, autonomy and intimacy, separation and joining support each other. They are often seen at odds with each other, but this is so not the case!” This also made perfect sense to me. Yin and yang. Light and dark. All the polarities we live in life, lead to a balance.

My understanding and curiosity were greatly expanded after exploring the four faces of intimacy. Maybe this awareness might make it easier to find your own perfect personal balance between them all. For me, it comes down to our willingness to explore intimacy in all its forms. It’s not necessary that every intimate relationship includes all the different types of intimacy. Ultimately it is each individual’s choice.

What I learned, makes me believe that with some balance in these areas, we might find a deeper connection and understanding of the relationships in our life. I also fully recognize that we all have different definitions of intimacy. Are men and women’s definitions dramatically different? It is a fascinating conversation to continue to explore.

Soul Intimacy

Then, as often happens with perfect synchronicity, I received my daily Gaping Void email by Hugh MacLeod with the subject: Has your soul been seen lately? It went on to say, “I saw your soul today and it made me want to cry with joy and thanks.” The topic was intimacy. What followed was a beautiful way to end my piece.

“Intimacy isn’t strictly about romantic relationships, or even relations with family — sometimes it happens quickly, and often times in ways we hardly notice.

I’m talking about that moment when someone allows the world to see what’s inside… what they are really about. It’s about seeing someone for who and what they are and that the glimpse was offered either voluntarily or without the person’s knowledge. This is an incredible moment where our existence suddenly makes sense and all comes together in a singular place.

For those of you who have experienced this, it’s something that never gets lost in memory or time. It’s like a little mirror we take out every now and then to remember a time when something so complex became so inconceivably simple. It’s pretty incredible.”

This is the essence of what intimacy is really all about. Dare to be vulnerable, dare to be seen.

Intimacy is Key to Being Healthy and Vital

Dr. Christiane Northrup in her newest book “Goddesses Never Age”, tells us that intimacy is an important part of life regardless of age. As she shares, “Age is just a number, and agelessness means not buying into the idea that a number determines everything from your state of health to your attractiveness to your value.” As a member of Team Northrup, a team whose mission is to support people to live their most vital and healthy lives, I invite you to a complimentary health and vitality consultation.

Before we talk to customize a plan for you, find out how healthy you are with the True Health Assessment. The three-part report, identifies your top health risk factors, maps out a recommended lifestyle plan that identifies ways you can improve your health and provides you with individualized nutrition recommendations based on your specific assessment answers.

Now let me ask you my starting question: What does intimacy mean to you?

https://www.beverleygolden.com/the-four-faces-of-intimacy/

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Electrolytes — Body Type — Diet — Sleep More — Less Stress — Exercise — Fast — Videos

Posted on October 29, 2017. Filed under: American History, Beef, Biology, Blogroll, Books, Bread, Business, Chemistry, College, Communications, Computers, Congress, Crisis, Diet, Diet, Disease, Documentary, Education, Energy, Environment, Exercise, Family, Famine, Farming, Food, Freedom, Friends, Fruit, Geology, government spending, Health, Health Care, history, Language, Law, liberty, Life, Links, Literacy, Love, media, Medical, Medicine, Milk, Money, Non-Fiction, Philosophy, Photos, Physics, Political Correctness, Politics, Press, Psychology, Rants, Raves, Raymond Thomas Pronk, Regulations, Resources, Reviews, Science, Security, Sleep, Speech, Sports, Strategy, Stress Reduction, Success, Talk Radio, Technology, Trade, Unemployment, Vegetables, Video, Water, Wealth, Welfare, Wisdom, Work, Writing | Tags: , , , , , , , , , , , , , , , , , , , , , , , |

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Breaking Bad Battery

Fluid and Electrolytes: Everything You Need to Know!

Fluids & Electrolytes Made Simple

What Is An Electrolyte?

The 4 Electrolytes and their Symptoms When Losing Weight

POTASSIUM: The MOST Important Electrolyte – MUST WATCH!

The Top Symptoms of a Potassium Deficiency

Potassium & Blood Pressure: MUST WATCH!

How to Fix a Slow Metabolism: MUST WATCH!

How to Fix Urination at Night (Nocturia)? MUST WATCH!

What Urine Color Indicates About Your Body

Why Does My Urine Have a Strong Stinky Odor?

Electrolyte Imbalance Signs & Symptoms: Sweet and Simple

Belly Swelling & Bloating as the Day Progresses?

How to Reduce BLOATING Quickly

#1 Top Food to Burn Belly Fat Tip

The Best Time to Eat to Lose Weight

The 10 Causes of Inflammation

Stop the 5 Causes of Inflammation: FAST!

Deeper Causes of Pain and Inflammation – by Dr. Eric Berg DC

My Theory on Dementia, Blood Pressure & Stroke – Dr. Eric Berg DC

Why Vitamin K2 is so important (and how to get it)

Can Vitamin K2 Fix Cavities

Clogged Arteries, Osteoporosis and Vitamin K2 – Dr. Eric Berg DC

Dr. Berg’s Vitamin K2: and how to use it

The Best Vitamin K2 Foods

Vitamin D3 and K2 Facts ~ Why you need vitamin D3 and K2 in a supplement

Hypertension and Vitamin K2 & D3 Testimonial – Dr. Eric Berg DC

Vitamin K2 Sources and its Health Benefits

Should I Supplement Vitamin K2?

How To Get Vitamin K2

Vitamin K2 & What It Does – Calcium Metabolism – Dr. Eric Berg DC

Drop 1 SIZE In 1 Week GUARANTEED!

What Are The 4 Body Types?

What to Eat for Your Body Type?

Body Type l What Is My Shape l How to Find Your Body Type l Mesomorph l Take the Quiz

What Body Type and Belly Shape Are You? How Hormones Distort The Way Look

How To Fix Your Adrenal Body Type

Published on Apr 29, 2017

http://bit.ly/AdrenalBodyTypeKit Take Dr. Berg’s Advanced Evaluation Quiz: http://bit.ly/EvalQuiz Your report will then be sent via email analyzing 104 potential symptoms, giving you a much deeper insight into the cause-effect relationship of your body issues. It’s free and very enlightening. Dr. Berg talks about the Adrenal Body Type. This type has a series of symptoms: 1. Belly Fat 2. Low tolerance to stress 3. Asthma 4. Allergies 5. High blood pressure 6. Low vitamin D 7. Buffalo hump 8. Diabetes 9. Inflammation 10. Acid reflux Here’s what to do: 1. Low intensity exercise 2. Sleep more 3. No sugar 4. Lots of greens (7-10 cups of vegetables) 5. Protein 3-6oz 6. The Adrenal Body Type Kit Dr. Eric Berg DC Bio: Dr. Berg, 51 years of age is a chiropractor who specializes in weight loss through nutritional and natural methods. His private practice is located in Alexandria, Virginia. His clients include senior officials in the U.S. government and the Justice Department, ambassadors, medical doctors, high-level executives of prominent corporations, scientists, engineers, professors, and other clients from all walks of life. He is the author of The 7 Principles of Fat Burning, published by KB Publishing in January 2011. Dr. Berg trains chiropractors, physicians and allied healthcare practitioners in his methods, and to date he has trained over 2,500 healthcare professionals. He has been an active member of the Endocrinology Society, and has worked as a past part-time adjunct professor at Howard University. DR. BERG’S VIDEO BLOG: http://www.drberg.com/blog FACEBOOK: http://www.facebook.com/DrEricBerg TWITTER: http://twitter.com/DrBergDC YOUTUBE: https://www.youtube.com/user/drericbe… ABOUT DR. BERG: http://www.drberg.com/dr-eric-berg/bio DR. BERG’S SEMINARS: http://www.drberg.com/seminars DR. BERG’S STORY: http://www.drberg.com/dr-eric-berg/story DR. BERG’S CLINIC: https://www.drberg.com/dr-eric-berg/c… DR. BERG’S HEALTH COACHING TRAINING: http://www.drberg.com/weight-loss-coach DR. BERG’S SHOP: http://shop.drberg.com/ DR. BERG’S REVIEWS: http://www.drberg.com/reviews

What To Do If You Have Adrenal Fatigue

Improve Your Sleep With Acupressure / Reduce Adrenal Stress To Get a Restful Sleep

Breathing Exercises For Sleep

How to Sleep Super Fast – MUST WATCH!

Can’t Sleep? DO THIS!

 

Dr. Berg Scheduled to Do the Dr. Oz Show…Then THIS Happens! MUST WATCH

How Dr. Oz Disappointed Us With His Double Life

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The Pronk Pops Show — Week in Review — September 1-9, 2017 — Videos

Posted on September 10, 2017. Filed under: American History, Blogroll, Books, Business, Climate, College, Communications, Congress, conservatives, Constitution, Corruption, Crime, Crisis, Cult, Culture, Demographics, Education, Elections, Employment, Entertainment, Essays, Faith, Family, Fraud, Heroes, history, Homes, Law, liberty, Life, Links, Literacy, Love, Mastery, media, Money, Movies, Newspapers, Non-Fiction, Nuclear Proliferation, People, Philosophy, Photos, Plays, Police, Politics, Presidential Candidates, Press, Programming, Radio, Radio, Rants, Raves, Raymond Thomas Pronk, Television, Television, Video, War, Water, Wealth, Weapons of Mass Destruction, Weather, Welfare, Wisdom, Work, Writing | Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , |

Project_1

The Pronk Pops Show Podcasts

Pronk Pops Show 960, September 8, 2017

Pronk Pops Show 959, September 7, 2017

Pronk Pops Show 958, September 6, 2017

Pronk Pops Show 957, September 5, 2017

Pronk Pops Show 956, August 31, 2017

Pronk Pops Show 955, August 30, 2017

Pronk Pops Show 954, August 29, 2017

Pronk Pops Show 953, August 28, 2017

Pronk Pops Show 952, August 25, 2017

Pronk Pops Show 951, August 24, 2017

Pronk Pops Show 950, August 23, 2017

Pronk Pops Show 949, August 22, 2017

Pronk Pops Show 948, August 21, 2017

Pronk Pops Show 947, August 16, 2017

Pronk Pops Show 946, August 15, 2017

Pronk Pops Show 945, August 14, 2017

Pronk Pops Show 944, August 10, 2017

Pronk Pops Show 943, August 9, 2017

Pronk Pops Show 942, August 8, 2017

Pronk Pops Show 941, August 7, 2017

Pronk Pops Show 940, August 3, 2017

Pronk Pops Show 939,  August 2, 2017

Pronk Pops Show 938, August 1, 2017

Pronk Pops Show 937, July 31, 2017

Pronk Pops Show 936, July 27, 2017

Pronk Pops Show 935, July 26, 2017

Pronk Pops Show 934, July 25, 2017

Pronk Pops Show 934, July 25, 2017

Pronk Pops Show 933, July 24, 2017

Pronk Pops Show 932, July 20, 2017

Pronk Pops Show 931, July 19, 2017

Pronk Pops Show 930, July 18, 2017

Pronk Pops Show 929, July 17, 2017

Pronk Pops Show 928, July 13, 2017

Pronk Pops Show 927, July 12, 2017

Pronk Pops Show 926, July 11, 2017

Pronk Pops Show 925, July 10, 2017

Pronk Pops Show 924, July 6, 2017

Pronk Pops Show 923, July 5, 2017

Pronk Pops Show 922, July 3, 2017

Pronk Pops Show 921, June 29, 2017

Pronk Pops Show 920, June 28, 2017

Pronk Pops Show 919, June 27, 2017

Pronk Pops Show 918, June 26, 2017

Pronk Pops Show 917, June 22, 2017

Pronk Pops Show 916, June 21, 2017

Pronk Pops Show 915, June 20, 2017

Pronk Pops Show 914, June 19, 2017

Pronk Pops Show 913, June 16, 2017

Pronk Pops Show 912, June 15, 2017

Pronk Pops Show 911, June 14, 2017

Pronk Pops Show 910, June 13, 2017

Pronk Pops Show 909, June 12, 2017

Pronk Pops Show 908, June 9, 2017

Pronk Pops Show 907, June 8, 2017

Pronk Pops Show 906, June 7, 2017

Pronk Pops Show 905, June 6, 2017

Pronk Pops Show 904, June 5, 2017

Pronk Pops Show 903, June 1, 2017

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Image result for hurricane irma Sunday 10 september 2017 5 pm EDTImage result for hurricane irma hits florida 30 minutes ago Image result for hurricane irma latest track

 

The Pronk Pops Show 960

September 8, 2017

The Breaking and Developing Story 1: Category 4 Hurricane Irma Over 500 Miles Wide Bigger Than Texas with 150 MPH Sustained Winds Slows Down Turns Toward West and Tracks Directly Over All of South Florida — Evacuate Now — Hurricane Irma Will Hit Landfall Sunday Morning With Storm Surge  Up To 12 Feet and Rain Fall 10-18 Inches — Over Florida For 24 Hours — All Day Sunday —  Mass Mandatory Evacuation For South Florida — Videos

For additional information and videos:

https://pronkpops.wordpress.com/2017/09/09/the-pronk-pops-show-960-september-8-2017-the-breaking-and-developing-story-1-category-4-hurricane-irma-over-500-miles-wide-bigger-than-texas-with-150-mph-sustained-winds-slows-down-turns-toward-we/

September 09, 2017 01:21 PM PDT

The Pronk Pops Show 959

September 7, 2017

The Breaking and Developing Story 1: Mandatory Evacuation Ordered For South Florida — Floridians Flee Monster “Nuclear” Hurricane Irma With Wind Speeds Exceeding 185 MPH That Could Hit Either Coast and Miami/Dade County By Saturday — High Rise Buildings With Glass Windows Near Construction Cranes A Major Concern — Gas Shortage A Serious Major Problem For Those Evacuating — Get Out If You Can Now! — When Will Irma Turn North? — Videos —

Story 2: Perspective Please — Over 1200 Killed by Flood in South Asia (India, Bangladesh, Nepal and Pakistan) vs. Over 60 in Texas By Raining Weather Not Climate Change — Worst Flooding in Decades — Videos

For additional information and videos:

https://pronkpops.wordpress.com/2017/09/08/the-pronk-pops-show-959-september-7-2017-the-breaking-and-developing-story-1-mandatory-evacuation-ordered-for-south-florida-floridians-flee-monster-nuclear-hurricane-irma-with-wind-speeds/

September 08, 2017 02:28 PM PDT

The Pronk Pops Show 958

September 6, 2017

Story 1: President Trump Strikes His True Colors Cuts Deal With Democrats — Just Another Big Government Spending Manhattan Liberal Democrat — American “Big Apple” Pie — The Day The Music Died — Videos —

Story 2: The Day The Republican Party and/or President Trump Gives Citizenship To Illegal Alien Dreamers will Be The Day Republican Party Commits Political Suicide and Gives Birth to the American Independence Party — Trump The Flip Flopper –The Night They Drove Old Dixie Down — Helpless — I Shall Be Released — Forever Young — Videos

For additional videos and information:

https://pronkpops.wordpress.com/2017/09/07/the-pronk-pops-show-958-september-6-2017-story-1-president-trump-strikes-his-true-colors-cuts-deal-with-democrats-just-another-big-government-spending-manhattan-liberal-democrat-american-big/

September 07, 2017 01:46 PM PDT

The Pronk Pops Show 957

September 5, 2017

Story 1: Attorney General Sessions Announced The Rescinding of  Deferred Action for Childhood Arrivals (DACA) But Gives Congress Six Months To Enact Law — Deport and Remove All 30-60 Million Estimated Illegal Aliens In The United States — Enforce U.S. Immigration Laws — No Citizenship For Illegal Aliens — Videos —

Story 2: Kim’s Bada Boom — Hydrogen Bomb Test — China Enabled North Korea’s Nuclear and Missile Weapon Programs — China Should Dismantle North Korea’s Nuclear and Missile Programs —  Otherwise on 1 January 2019 U.S. Government Should Impose A Total U.S. Embargo On All Chinese Imports To U.S. and Ban All Exports From U.S. To China Until North Korea’s Nuclear Weapons and Missile Weapon Programs Are Completely Dismantled — Videos —

Story 3: Preparing For Hurricane Irma — Category 5 Destroyer and Killer Hurricane With Sustained Winds Over 180 Miles Per Hour and  Wind Gusts Exceeding 200 Miles Per Hour — Will It Hit Florida? — Videos

For additional information and videos:

https://pronkpops.wordpress.com/2017/09/06/the-pronk-pops-show-957-september-5-2017-story-1-attorney-general-sessions-announced-the-rescinding-of-deferred-action-for-childhood-arrivals-daca-but-gives-congress-six-months-to-enact-la/

September 03, 2017 02:54 PM PDT

The Pronk Pop Show 956

August 31, 2017

Part 2 of 2, Story 1: President Trump’s Tax Speech — Very Light On Specifics — Let Congress Fill in The Details — Formula For Failure — Tax Rate Cuts Are Not Fundamental Tax Reform — A Broad Based Consumption Tax Such as The FairTax or Fair Tax Less Not Even Mentioned — What Good Is Dreaming It If You don’t actually do it! — Videos —

For additional information and videos:

https://pronkpops.wordpress.com/2017/09/01/the-pronk-pops-show-956-august-31-2017-part-2-of-2-story-1-president-trumps-tax-speech-very-light-on-specifics-let-congress-fill-in-the-details-formula-for-failure-tax-rate-cuts-are/

September 03, 2017 11:59 AM PDT

The Pronk Pops Show 955

August 30, 2017

Part 1 of 2, Story 1: President Trump’s Tax Speech — Very Light On Specifics — Let Congress Fill in The Details — Formula For Failure — Tax Rate Cuts Are Not Fundamental Tax Reform — A Broad Based Consumption Tax Such as The FairTax or Fair Tax Less Not Even Mentioned — What Good Is Dreaming It If You don’t actually do it! — Videos —

Story 2: Revised Second Estimate of Real GDP Growth in Second Quarter of 2017 Is 3 Percent — Videos

For additional information and videos:

https://pronkpops.wordpress.com/2017/08/31/the-pronk-pops-show-755-story-1-president-trumps-tax-speech-very-light-on-specifics-let-congress-fill-in-the-details-formula-for-failure-tax-rate-cuts-are-not-fundamental-tax-reform/

 

 

 

The Pronk Pops Show Podcasts Portfolio

Listen To Pronk Pops Podcast or Download Shows 955-960

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Listen To Pronk Pops Podcast or Download Shows 938-945

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Listen To Pronk Pops Podcast or Download Shows 906-915

Listen To Pronk Pops Podcast or Download Shows 889-896

Listen To Pronk Pops Podcast or Download Shows 884-888

Listen To Pronk Pops Podcast or Download Shows 878-883

Listen To Pronk Pops Podcast or Download Shows 870-877

Listen To Pronk Pops Podcast or Download Shows 864-869

Listen To Pronk Pops Podcast or Download Shows 857-863

Listen To Pronk Pops Podcast or Download Shows 850-856

Listen To Pronk Pops Podcast or Download Shows 845-849

Listen To Pronk Pops Podcast or Download Shows 840-844

Listen To Pronk Pops Podcast or Download Shows 833-839

Listen To Pronk Pops Podcast or Download Shows 827-832

Listen To Pronk Pops Podcast or Download Shows 821-826

Listen To Pronk Pops Podcast or Download Shows 815-820

Listen To Pronk Pops Podcast or Download Shows 806-814

Listen To Pronk Pops Podcast or Download Shows 800-805

Listen To Pronk Pops Podcast or Download Shows 793-799

Listen To Pronk Pops Podcast or Download Shows 785-792

Listen To Pronk Pops Podcast or Download Shows 777-784

Listen To Pronk Pops Podcast or Download Shows 769-776

Listen To Pronk Pops Podcast or Download Shows 759-768

Listen To Pronk Pops Podcast or Download Shows 751-758

Listen To Pronk Pops Podcast or Download Shows 745-750

Listen To Pronk Pops Podcast or Download Shows 738-744

Listen To Pronk Pops Podcast or Download Shows 732-737

Listen To Pronk Pops Podcast or Download Shows 727-731

Listen To Pronk Pops Podcast or Download Shows 720-726

Listen To Pronk Pops Podcast or DownloadShows 713-719

Listen To Pronk Pops Podcast or DownloadShows 705-712

Listen To Pronk Pops Podcast or Download Shows 695-704

Listen To Pronk Pops Podcast or Download Shows 685-694

Listen To Pronk Pops Podcast or Download Shows 675-684

Listen To Pronk Pops Podcast or Download Shows 668-674

Listen To Pronk Pops Podcast or Download Shows 660-667

Listen To Pronk Pops Podcast or Download Shows 651-659

Listen To Pronk Pops Podcast or Download Shows 644-650

Listen To Pronk Pops Podcast or Download Shows 637-643

Listen To Pronk Pops Podcast or Download Shows 629-636

Listen To Pronk Pops Podcast or Download Shows 617-628

Listen To Pronk Pops Podcast or Download Shows 608-616

Listen To Pronk Pops Podcast or Download Shows 599-607

Listen To Pronk Pops Podcast or Download Shows 590-598

Listen To Pronk Pops Podcast or Download Shows 585- 589

Listen To Pronk Pops Podcast or Download Shows 575-584

Listen To Pronk Pops Podcast or Download Shows 565-574

Listen To Pronk Pops Podcast or Download Shows 556-564

Listen To Pronk Pops Podcast or Download Shows 546-555

Listen To Pronk Pops Podcast or Download Shows 538-545

Listen To Pronk Pops Podcast or Download Shows 532-537

Listen To Pronk Pops Podcast or Download Shows 526-531

Listen To Pronk Pops Podcast or Download Shows 519-525

Listen To Pronk Pops Podcast or Download Shows 510-518

Listen To Pronk Pops Podcast or Download Shows 500-509

Listen To Pronk Pops Podcast or Download Shows 490-499

Listen To Pronk Pops Podcast or Download Shows 480-489

Listen To Pronk Pops Podcast or Download Shows 473-479

Listen To Pronk Pops Podcast or Download Shows 464-472

Listen To Pronk Pops Podcast or Download Shows 455-463

Listen To Pronk Pops Podcast or Download Shows 447-454

Listen To Pronk Pops Podcast or Download Shows 439-446

Listen To Pronk Pops Podcast or Download Shows 431-438

Listen To Pronk Pops Podcast or Download Shows 422-430

Listen To Pronk Pops Podcast or Download Shows 414-421

Listen To Pronk Pops Podcast or Download Shows 408-413

Listen To Pronk Pops Podcast or Download Shows 400-407

Listen To Pronk Pops Podcast or Download Shows 391-399

Listen To Pronk Pops Podcast or Download Shows 383-390

Listen To Pronk Pops Podcast or Download Shows 376-382

Listen To Pronk Pops Podcast or Download Shows 369-375

Listen To Pronk Pops Podcast or Download Shows 360-368

Listen To Pronk Pops Podcast or Download Shows 354-359

Listen To Pronk Pops Podcast or Download Shows 346-353

Listen To Pronk Pops Podcast or Download Shows 338-345

Listen To Pronk Pops Podcast or Download Shows 328-337

Listen To Pronk Pops Podcast or Download Shows 319-327

Listen To Pronk Pops Podcast or Download Shows 307-318

Listen To Pronk Pops Podcast or Download Shows 296-306

Listen To Pronk Pops Podcast or Download Shows 287-295

Listen To Pronk Pops Podcast or Download Shows 277-286

Listen To Pronk Pops Podcast or Download Shows 264-276

Listen To Pronk Pops Podcast or Download Shows 250-263

Listen To Pronk Pops Podcast or Download Shows 236-249

Listen To Pronk Pops Podcast or Download Shows 222-235

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Listen To Pronk Pops Podcast or Download Shows 194-201

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The Pronk Pops Show — Week in Review — July 13-20, 2017 — Videos

Posted on July 22, 2017. Filed under: American History, Articles, Blogroll, Business, Congress, conservatives, Constitution, Corruption, Crime, Defense Intelligence Agency (DIA), Economics, Education, Elections, Employment, Family, Federal Bureau of Investigation (FBI), Federal Government, Federal Government Budget, Fiscal Policy, Foreign Policy, government spending, Health, Health Care, history, Illegal, Immigration, Investments, Journalism, Language, Law, Legal, liberty, Life, Links, Literacy, media, Middle East, Money, Obamacare, People, Philosophy, Photos, Politics, Press, Programming, Radio, Rants, Raves, Regulations, Resources, Reviews, Strategy, Talk Radio, Tax Policy, Taxation, Taxes, Technology, Wealth, Welfare, Work | Tags: , , , , , , |

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The Pronk Pops Show Podcasts

Pronk Pops Show 932,  July 20, 2017

Pronk Pops Show 931,  July 19, 2017

Pronk Pops Show 930,  July 18, 2017

Pronk Pops Show 929,  July 17, 2017

Pronk Pops Show 928,  July 13, 2017

Pronk Pops Show 927,  July 12, 2017

Pronk Pops Show 926,  July 11, 2017

Pronk Pops Show 925,  July 10, 2017

Pronk Pops Show 924,  July 6, 2017

Pronk Pops Show 923,  July 5, 2017

Pronk Pops Show 922,  July 3, 2017 

Pronk Pops Show 921,  June 29, 2017

Pronk Pops Show 920,  June 28, 2017

Pronk Pops Show 919,  June 27, 2017

Pronk Pops Show 918,  June 26, 2017 

Pronk Pops Show 917,  June 22, 2017

Pronk Pops Show 916,  June 21, 2017

Pronk Pops Show 915,  June 20, 2017

Pronk Pops Show 914,  June 19, 2017

Pronk Pops Show 913,  June 16, 2017

Pronk Pops Show 912,  June 15, 2017

Pronk Pops Show 911,  June 14, 2017

Pronk Pops Show 910,  June 13, 2017

Pronk Pops Show 909,  June 12, 2017

Pronk Pops Show 908,  June 9, 2017

Pronk Pops Show 907,  June 8, 2017

Pronk Pops Show 906,  June 7, 2017

Pronk Pops Show 905,  June 6, 2017

Pronk Pops Show 904,  June 5, 2017

Pronk Pops Show 903,  June 1, 2017

Pronk Pops Show 902,  May 31, 2017

Pronk Pops Show 901,  May 30, 2017

Pronk Pops Show 900,  May 25, 2017

Pronk Pops Show 899,  May 24, 2017

Pronk Pops Show 898,  May 23, 2017

Pronk Pops Show 897,  May 22, 2017

Pronk Pops Show 896,  May 18, 2017

Pronk Pops Show 895,  May 17, 2017

Pronk Pops Show 894,  May 16, 2017

Pronk Pops Show 893,  May 15, 2017

Pronk Pops Show 892,  May 12, 2017

Pronk Pops Show 891,  May 11, 2017

Pronk Pops Show 890,  May 10, 2017

Pronk Pops Show 889,  May 9, 2017

Pronk Pops Show 888,  May 8, 2017

Pronk Pops Show 887,  May 5, 2017

Pronk Pops Show 886,  May 4, 2017

Pronk Pops Show 885,  May 3, 2017

Pronk Pops Show 884,  May 1, 2017

Pronk Pops Show 883 April 28, 2017

Pronk Pops Show 882: April 27, 2017

Pronk Pops Show 881: April 26, 2017

Pronk Pops Show 880: April 25, 2017

Pronk Pops Show 879: April 24, 2017

Pronk Pops Show 878: April 21, 2017

Pronk Pops Show 877: April 20, 2017

Pronk Pops Show 876: April 19, 2017

Pronk Pops Show 875: April 18, 2017

Pronk Pops Show 874: April 17, 2017

Pronk Pops Show 873: April 13, 2017

Pronk Pops Show 872: April 12, 2017

Pronk Pops Show 871: April 11, 2017

Pronk Pops Show 870: April 10, 2017

Pronk Pops Show 869: April 7, 2017

Pronk Pops Show 868: April 6, 2017

Pronk Pops Show 867: April 5, 2017

Pronk Pops Show 866: April 3, 2017

Image result for branco cartoons trump obamacare july 13-20, 2017

Image result for branco cartoons trump obamacare july 13-20, 2017

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The Pronk Pops Show 932

July 20, 2017

Story 1: O.J. Simpson Granted Parole When Eligible — The Juice Will Soon Be Loose — Videos —

Story 2: President Trump’s First Six Months — Videos —

Story 3: President Trump Will Keep Attorney General Sessions For Now — Videos

For additional information and videos:

https://pronkpops.wordpress.com/2017/07/20/the-pronk-pops-show-932-story-1-o-j-simpson-granted-parole-when-eligible-the-juice-will-soon-be-loose-videos-story-2-president-trumps-first-six-months-videos-story-3-president-tr/

July 22, 2017 10:49 AM PDT
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The Pronk Pops Show 931

July 19, 2017

Story 1: “Obamacare Failed” Says President Trump — Wants Obamacare Completely  Repealed and Replaced Sooner or Later — Obama Lied To American People — Does President Trump Understand The Relationship Between Pre-existing Conditions, Guaranteed Issue, Community Rating and Adverse Selection — Many Doubt Trump Really Understands The Relationship That Is The Real Reason Obamacare Was Designed To Fail From The Beginning So It Could Be Replaced By Single Payer Government Health Care — Videos

For additional information and videos:

https://pronkpops.wordpress.com/2017/07/20/the-pronk-pops-show-931-july-19-2017-story-1-obamacare-failed-says-president-trump-wants-obamacare-completely-repealed-and-replaced-sooner-or-later-obama-lied-to-american-people/

July 19, 2017 07:34 PM PDT
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The Pronk Pops Show 930

July 18, 2017

Story 1: Will Trump Challenge The Washington Establishment To Achieve His Promises? You Betcha. Will He Win? Long Shot –A Movement Is Not A Viable Political Party That Can Beat The Democratic Party and Republican Party and Their Allies In The Big Government Bureaucracies, Big Lie Media and The Owner Donor Class — Votes Count — Independence Party???– Videos —

Story 2: Replace Republicans With D and F Conservative Review Grades and Scores Root and Branch With Real Conservatives, Classical Liberals and Libertarians Until New Political Party Is Formed and Becomes A Viable Party — Videos

For additional information and videos:

https://pronkpops.wordpress.com/2017/07/19/the-pronk-pops-show-970-july-18-2017-story-1-will-trump-challenge-the-washington-establishment-to-achieve-his-promises-yes-will-he-win-long-shot-a-movement-is-not-a-viable-political-party-tha/

July 19, 2017 01:38 PM PDT
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The Pronk Pops Show 929

July 17, 2017

Story 1: Downsizing The Federal Government or Draining The Swap: Trump Should Permanently Close 8 Departments Not Appoint People To Run Them — Cut All Other Department Budgets by 20% — Video —

Story 2: Federal Spending Breaks $4 Trillion for Fiscal Year 2017 —

Story 3: The American People and President Trump Vs. Political Elitist Establishment of The Big Government Democratic and Republican Parties — Videos

For additional information and videos:

https://pronkpops.wordpress.com/2017/07/18/the-pronk-pops-show-929-july-17-2017-story-1-downsizing-the-federal-government-or-draining-the-swap-trump-should-permanently-close-8-departments-not-appoint-people-to-run-them-cut-all-other-de/

July 17, 2017 08:21 PM PDT
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The Pronk Pops Show 928

July 13, 2017

Story 1: Senate Revised Republican Repeal and Replacement Bill A Betrayal of Voters Who Gave Republicans Control of Senate and House — Does Not Repeal All Obamacare Mandates, Regulations and Taxes but Does Bailout Insurance Industry and States Who Extended Medicaid Benefits — Trump Should Veto This Betrayal By Republican Establishment of Republican Voters — Videos —

Story 2: Estimated insolvency date of Social Security’s Trust fund is 2034 — and Medicare’s Hospital Trust Fund is 2029 —  Social Security and Medicare Benefits Will Be Cut or Taxes Raised or Combination of Benefit Cuts and Tax Increases — Videos —

Story 3: Trump’s Broken Promises and Kept Promises — Good Intentions are Not Enough — Only Results Count — Videos

For additional information and videos:

https://pronkpops.wordpress.com/2017/07/15/the-pronk-pops-show-928-july-13-2017-story-1-senate-revised-republican-repeal-and-replacement-bill-a-betray-of-voters-who-gave-republicans-control-of-senate-and-house-does-not-repeal-all-obamac/

July 14, 2017 05:00 PM PDT
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The Pronk Pops Show 927

July 12, 2017

Story 1: Putin’s Sting — How Russian Intelligence Service (FSB) Played The Washington Political Elitist Establishment (Democrats and Republicans) And Big Lie Media And How They Fell Hook, Line and Sinker for Russian Intelligence Disinformation Campaign — Russian Trump Dossier — The Dangers of Opposition Research, Confirmation Bias, True Believers, Useful Idiots, Blind Ambition and Two Party Tyranny — The Sting Redux — Videos —

Story 2: Republican Sellout The Republican Voter Base By Not Repealing Obamacare Completely — Leaves Many Obamacare Regulations, Subsidies, and Taxes In Place –Republican Replacement of Obamacare  Is A Big Bailout Bill of Insurance Industry — The Stupid Republican Party About To Commit Political Suicide — Rest In Peace — Videos

For additional information and videos:

https://pronkpops.wordpress.com/2017/07/13/the-pronk-pops-show-927-july-12-2017-story-1-putins-sting-how-russian-intelligence-played-the-washington-political-elitist-establishment-democrats-and-republicans-and-big-lie-media-and-the/

July 12, 2017 08:04 PM PDT
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The Pronk Pops Show 926

July 11, 2017

Story 1: Much Ado About Nothing — What Dirt Did The Russians Have On Hillary Clinton? — Donald Trump Jr. Wanted To Know — Smells Like A Russian Setup and/or Democrat Dirty Trick — Who Leaked The Emails To New York Times? — American People Ignoring Paranoid Progressive Propaganda of Big Lie Media — Still Waiting For Any Evidence of Trump/Russian/Putin Collusion — Clinton Collusion Conspiracy Crashing — Desperate Delusional Democrat Deniers of Reality — Videos —

Story 2: When Will Attorney General Sessions Appoint A Special Counsel To Investigate Intelligence Community Leaks and Hillary Clinton Mishandling of Classified Documents and Related Pay for Play Public Corruption of Clinton Foundation? — Was Democratic Hired Opposition Research firm Fusion GPS and Christopher Steel Formerly of British Intelligent MI-6 Agent A Cutout For The Russian Disinformation Campaign Included in The Donald Trump — Russia Dossier? — Videos

For additional information and videos:

https://pronkpops.wordpress.com/2017/07/12/the-pronk-pops-show-926-july-11-2017-story-1-much-ado-about-nothing-what-dirt-did-the-russians-have-on-hillary-clinton-donald-trump-jr-wanted-to-know-smells-like-a-russian-setup-andor/

The Pronk Pops Show Podcasts Portfolio

Listen To Pronk Pops Podcast or Download Shows 926-932

Listen To Pronk Pops Podcast or Download Shows 916-925

Listen To Pronk Pops Podcast or Download Shows 906-915

Listen To Pronk Pops Podcast or Download Shows 889-896

Listen To Pronk Pops Podcast or Download Shows 884-888

Listen To Pronk Pops Podcast or Download Shows 878-883

Listen To Pronk Pops Podcast or Download Shows 870-877

Listen To Pronk Pops Podcast or Download Shows 864-869

Listen To Pronk Pops Podcast or Download Shows 857-863

Listen To Pronk Pops Podcast or Download Shows 850-856

Listen To Pronk Pops Podcast or Download Shows 845-849

Listen To Pronk Pops Podcast or Download Shows 840-844

Listen To Pronk Pops Podcast or Download Shows 833-839

Listen To Pronk Pops Podcast or Download Shows 827-832

Listen To Pronk Pops Podcast or Download Shows 821-826

Listen To Pronk Pops Podcast or Download Shows 815-820

Listen To Pronk Pops Podcast or Download Shows 806-814

Listen To Pronk Pops Podcast or Download Shows 800-805

Listen To Pronk Pops Podcast or Download Shows 793-799

Listen To Pronk Pops Podcast or Download Shows 785-792

Listen To Pronk Pops Podcast or Download Shows 777-784

Listen To Pronk Pops Podcast or Download Shows 769-776

Listen To Pronk Pops Podcast or Download Shows 759-768

Listen To Pronk Pops Podcast or Download Shows 751-758

Listen To Pronk Pops Podcast or Download Shows 745-750

Listen To Pronk Pops Podcast or Download Shows 738-744

Listen To Pronk Pops Podcast or Download Shows 732-737

Listen To Pronk Pops Podcast or Download Shows 727-731

Listen To Pronk Pops Podcast or Download Shows 720-726

Listen To Pronk Pops Podcast or DownloadShows 713-719

Listen To Pronk Pops Podcast or DownloadShows 705-712

Listen To Pronk Pops Podcast or Download Shows 695-704

Listen To Pronk Pops Podcast or Download Shows 685-694

Listen To Pronk Pops Podcast or Download Shows 675-684

Listen To Pronk Pops Podcast or Download Shows 668-674

Listen To Pronk Pops Podcast or Download Shows 660-667

Listen To Pronk Pops Podcast or Download Shows 651-659

Listen To Pronk Pops Podcast or Download Shows 644-650

Listen To Pronk Pops Podcast or Download Shows 637-643

Listen To Pronk Pops Podcast or Download Shows 629-636

Listen To Pronk Pops Podcast or Download Shows 617-628

Listen To Pronk Pops Podcast or Download Shows 608-616

Listen To Pronk Pops Podcast or Download Shows 599-607

Listen To Pronk Pops Podcast or Download Shows 590-598

Listen To Pronk Pops Podcast or Download Shows 585- 589

Listen To Pronk Pops Podcast or Download Shows 575-584

Listen To Pronk Pops Podcast or Download Shows 565-574

Listen To Pronk Pops Podcast or Download Shows 556-564

Listen To Pronk Pops Podcast or Download Shows 546-555

Listen To Pronk Pops Podcast or Download Shows 538-545

Listen To Pronk Pops Podcast or Download Shows 532-537

Listen To Pronk Pops Podcast or Download Shows 526-531

Listen To Pronk Pops Podcast or Download Shows 519-525

Listen To Pronk Pops Podcast or Download Shows 510-518

Listen To Pronk Pops Podcast or Download Shows 500-509

Listen To Pronk Pops Podcast or Download Shows 490-499

Listen To Pronk Pops Podcast or Download Shows 480-489

Listen To Pronk Pops Podcast or Download Shows 473-479

Listen To Pronk Pops Podcast or Download Shows 464-472

Listen To Pronk Pops Podcast or Download Shows 455-463

Listen To Pronk Pops Podcast or Download Shows 447-454

Listen To Pronk Pops Podcast or Download Shows 439-446

Listen To Pronk Pops Podcast or Download Shows 431-438

Listen To Pronk Pops Podcast or Download Shows 422-430

Listen To Pronk Pops Podcast or Download Shows 414-421

Listen To Pronk Pops Podcast or Download Shows 408-413

Listen To Pronk Pops Podcast or Download Shows 400-407

Listen To Pronk Pops Podcast or Download Shows 391-399

Listen To Pronk Pops Podcast or Download Shows 383-390

Listen To Pronk Pops Podcast or Download Shows 376-382

Listen To Pronk Pops Podcast or Download Shows 369-375

Listen To Pronk Pops Podcast or Download Shows 360-368

Listen To Pronk Pops Podcast or Download Shows 354-359

Listen To Pronk Pops Podcast or Download Shows 346-353

Listen To Pronk Pops Podcast or Download Shows 338-345

Listen To Pronk Pops Podcast or Download Shows 328-337

Listen To Pronk Pops Podcast or Download Shows 319-327

Listen To Pronk Pops Podcast or Download Shows 307-318

Listen To Pronk Pops Podcast or Download Shows 296-306

Listen To Pronk Pops Podcast or Download Shows 287-295

Listen To Pronk Pops Podcast or Download Shows 277-286

Listen To Pronk Pops Podcast or Download Shows 264-276

Listen To Pronk Pops Podcast or Download Shows 250-263

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Southern Rock Star Gregg Allman Dies at Age 69 — Rest in Peace — Videos

Posted on May 27, 2017. Filed under: Art, Articles, Blogroll, Entertainment, liberty, Life, media, Money, Music, Music, People, Philosophy, Photos, Raves, Video, Welfare, Work, Writing | Tags: , , , , , , , , |

Gregg Allman, icon of Southern Rock, dead at 69

Gregg Allman Dies At 69

CBS This Morning: Gregg Allman Today

Gregg Allman – Tuesday’s Gone (Lynyrd Skynyrd – One More For The Fans)

Gregg Allman – “Tuesday’s Gone” – Skynyrd Tribute Concert @ Fox Theatre, Atlanta 11.12.2014

Gregg Allman – I’m No Angel

Gregg Allman LIVE – “I’m No Angel” | Back to Macon, GA

Gregg Allman 01/21/2012 “These Days”

Gregg Allman (and Redd Foxx) on Late Night, November 18, 1987

The Allman Brothers Band – After The Crash

The Big Interview Sneak Peek: Gregg Allman

GREGG ALLMAN DEAD AT 69 — The Last Time We Saw Him in 2014 | TMZ

“Midnight Rider” with Vince Gill, Gregg Allman and Zac Brown

The Allman Brothers Band – Midnight Rider – 9/10/1973 – Grand Opera House (Official)

Allman Brothers Band – Blue Sky

Gregg Allman performing soulful version of Come And Go Blues

Gregg Allman – Come And Go Blues – 12/11/1981 – unknown (Official)

The Allman Brothers Band – Ramblin’ Man – 7/12/1986 – Starwood Amphitheatre (Official)

The Allman Brothers Band – Ramblin’ Man – 12/16/1981 – Capitol Theatre (Official)

The Allman Brothers Band – Whipping Post – 9/23/1970 – Fillmore East (Official)

The Allman Brothers Band – Full Concert – 09/23/70 – Fillmore East (OFFICIAL)

The Allman Brothers Band – Full Concert – 01/16/82 – University Of Florida Bandshell (OFFICIAL)

The Allman Brothers Band – Jessica (EPIC Version!!!); Wanee Festival 2014-04-11

The Allman Brothers Band – Melissa – 7/29/1981 – NBC Studios (Official)

“Melissa” featuring Jackson Browne and Gregg Allman

The Allman Brothers Band – Soulshine live

The Allman Brothers Band – Soulshine – 8/14/1994 – Woodstock 94 (Official)

Gregg Allman – Queen of Hearts – 07/03/13

The Gregg Allman Band 1982 – Queen of Hearts – Saenger Theatre New Orleans

Allman Brothers Band – A Decade of Hits 1969-1979

The Allman Brothers Band enters the Rock and Roll Hall of Fame

Gregg Allman on Regis & Kathie Lee, 1991

Gregg Allman Reminisces On His Allman Brothers Days – CONAN on TBS

Howard Stern interviews Gregg Allman (05/22/12)

Gregg Allman interview – PART 1 of 14 – Dickey Betts – Saenger Theater New Orleans 1982

Gregg Allman interview PART 2 of 14 – Saenger Theater New Orleans 1982

Gregg Allman interview PART 3 of 14 – Saenger Theater New Orleans 1982

Gregg Allman interview PART 4 of 14- Saenger Theater New Orleans 1982

Gregg Allman interview PART 5 of 14- Saenger Theater New Orleans 1982

Gregg Allman interview PART 6 of 14- Saenger Theater New Orleans 1982

Gregg Allman interview PART 7 of 14- Saenger Theater New Orleans 1982

Gregg Allman interview PART 8 of 14- Saenger Theater New Orleans 1982

Gregg Allman interview PART 9 of 14- Saenger Theater New Orleans 1982

Gregg Allman interview PART 10 of 14- Saenger Theater New Orleans 1982

Gregg Allman interview PART 11 of 14- Saenger Theater New Orleans 1982

Gregg Allman interview PART 12 of 14 – Cher – Saenger Theater New Orleans 1982

Gregg Allman interview PART 13 of 14- Saenger Theater New Orleans 1982

Gregg Allman interview PART 14 of 14- Saenger Theater New Orleans 1982

Gregg Allman, Southern Rock Pioneer, Dies at 69

Gregg Allman Tour Bus Crash

REX/SHUTTERSTOCK

MAY 27, 2017 | 12:34PM PT

Gregg Allman, whose hard-jamming, bluesy sextet the Allman Brothers Band was the pioneering unit in the Southern rock explosion of the ‘70s, died Saturday due to currently unknown causes. He was 69.

As recently as April 24, reports surfaced claiming Allman was in hospice. His manager previously denied those reports to Variety, which Allman then substantiated in a Facebook post. However, he had suffered a number of ailments in recent years — including an irregular heartbeat, a respiratory infection, a hernia and a liver transplant — and cancelled many scheduled tour dates in recent months due to undisclosed health reasons.

For his work with the Allman Brothers, the legendary band he cofounded with his late brother Duane, and as a solo artist, Allman is one of the leading lights of Southern Rock. While the group’s greatest work was done before and shortly after Duane’s death in 1971, they stayed together, off and on, over 45 years and remain a singular influence on Southern rock and jam-band musicians. They were a top-drawing touring outfit until October 2014, when the group finally closed the book on their career with a series of dates at their longtime favorite venue, New York’s Beacon Theatre.

Allman’s solo career always played second to that of the band, but he enjoyed solo success with 1973’s “Laid Back” and 1987’s “I’m No Angel,” both of which were certified gold. In 2011 he released an unexpectedly strong album entitled “Low Country Blues” that was produced by T Bone Burnett (Alison Krauss/Robert Plant, Los Lobos, Elvis Costello, “O Brother Where Art Thou?”), who, along with instrumentalists like pianist Dr. John and guitarist Doyle Bramhall II, brought Allman back to his gutsy roots with stellar results.

With his older sibling, guitarist Duane Allman, the singer-keyboardist-guitarist-songwriter led one of the most popular concert attractions of the rock ballroom era; the group’s 1971 set “At Fillmore East,” recorded at Bill Graham’s New York hall, was a commercial breakthrough that showed off the band’s prodigious songcraft and instrumental strengths.

After Duane Allman’s death in a motorcycle accident weeks after the live album’s release, his younger brother led the band through four more stormy decades of playing and recording. The Allman Brothers Band’s latter-day history proved tumultuous, with other fatalities, disbandings, regroupings and very public battles with drugs and alcohol on the part of its surviving namesake.

Though Gregg Allman’s highly publicized addictions, his tabloid-ready marriage to pop vocalist Cher, and his equally public disputes with co-founding guitarist Dickey Betts came under harsh and sometimes mocking scrutiny over the years, Allman prevailed as the linchpin of an act that maintained popularity over four decades and opened the commercial door for such other Southern acts as Lynyrd Skynyrd and the Marshall Tucker Band.

As a member of the Allman Brothers Band, Allman was inducted into the Rock and Roll Hall of Fame in 1995 and was honored with a Grammy Lifetime Achievement Award in 2012.

He was born Gregory LeNoir Allman on Dec. 8, 1947, in Nashville; brother Duane was born 13 months earlier in the same hospital. In 1949, his father was shot to death by a man he offered a ride to in a bar. As their mother was studying accounting to support the family, the brothers were sent to a Tennessee military school at an early age.

The Allmans became attracted to music after seeing a 1960 concert by R&B singer Jackie Wilson in Daytona Beach, FL, where the family had moved the year before. Using money from a paper route (augmented by his mother), Gregg bought a guitar, and taught Duane his first chords. Both played guitar in the bands they founded after returning to the military academy in their teens.

Their pro bands the Escorts and the Allman Joys, which favored R&B, blues and rock covers, found work on the Florida club circuit in the mid-‘60s; Gregg began playing keyboards in the latter unit. The Allman Joys were playing without success in St. Louis when Bill McEuen, manager of the Nitty Gritty Dirt Band, met them and offered to set them up in Los Angeles.

Renamed Hour Glass, the L.A.-based group cut two unsuccessful pop-oriented albums for Liberty Records in 1967-68. Duane chafed at the direction being forced on the combo and fled for Alabama, where he became a prominent session guitarist at FAME Studios in Muscle Shoals, AL. Gregg remained in L.A. to fulfill obligations to Liberty, but was summoned to Jacksonville, FL, in 1969 by his brother, who envisioned a new blues-based band with two guitarist and two drummers, featuring members of another local combo, the 31st of February.

Calling themselves the Allman Brothers Band, the new unit – the Allmans, guitarist Betts, bassist Berry Oakley and drummers Butch Trucks and Jai Johanny “Jaimoe” Johanson – was signed by Otis Redding’s former manager Phil Walden for management and as an act on his Macon, GA-based label Capricorn Records. The group moved to Macon, which became its base for the duration.

Neither of the ABB’s first two albums was an enormous success: Its self-titled bow peaked at No. 188 in 1969, while sophomore set “Idlewild South” topped out at No. 38 in 1970. But they established Gregg Allman as a vocal, instrumental and songwriting power: His compositions included such future staples of the band’s live set as “Not My Cross to Bear,” “Dreams,” “Whipping Post” and “Midnight Rider.”

Though problems with hard drug abuse were already surfacing in the band, the Allmans became a huge concert attraction in the South; the enthusiastic sponsorship of promoter Graham led to high-profile gigs at New York’s Filllmore East (where the band attained a rabid following) and San Francisco’s Fillmore.

The Allmans made their commercial mark with “At Fillmore East”: The expansive, Tom Dowd-produced two-record set, recorded during two nights at the venue, shot to No.13 ultimately sold more than 1 million copies and became one of the defining concert recordings of its day. However, Duane Allman’s tragic death at 24 on a Macon street on Oct. 29, 1971, cast a shadow over its success.

The band completed a follow-up two-LP set, “Eat a Peach,” as a quintet, with live numbers featuring Duane filling out the contents. The 1972 package rose to No. 4 nationally and went platinum, but disaster again struck: In a mishap eerily similar to Duane Allman’s fatal crash, hard-drinking bassist Oakley died after driving his bike into the side of a truck that November.

Shaken by the deaths of his brother and Oakley and increasingly incapacitated by heroin, cocaine and alcohol, Gregg Allman ceded much of the band’s songwriting and front man duties to Betts; as he noted in “My Cross to Bear,” his 2012 memoir, “Up until then, we’d never really had a front man; Dickey took it upon himself to create that role.”

The ABB released its only No. 1 album, “Brothers and Sisters,” in 1973; the record was powered to the top by the Betts-penned No. 2 single “Ramblin’ Man,” the group’s only top-10 45.

Allman retreated from the group to cut his solo debut “Laid Back” in 1973; rising to No. 13, it would be his most popular work away from the band for nearly 40 years, and it spawned his only top-20 solo single, a down-tempo remake of “Midnight Rider.”

On the heels of the lugubrious but popular “Win, Lose or Draw” (No. 5, 1975), the group set out on its biggest, and costliest, tour to date. The ABB flew to its dates on a lavishly appointed private jet previously used by the Rolling Stones and Led Zeppelin; in his book, Allman recalls, “The first time we walked onto the plane, ‘Welcome Allman Brothers’ was spelled out in cocaine on the bar.”

The ABB returned from the 41-date tour with a mere $100,000 in hand, owing to over-the-top spending. This financial catastrophe was compounded by the indictment of the group’s security man (and Allman’s drug bag man) Scooter Herring on cocaine distribution charges; Allman testified against Herring before a grand jury and at his trial, which netted a 75-year prison sentence.

Addicted to heroin and embroiled in inter-band conflict with Betts, Allman began spending more time in Los Angeles with Cher, whom he had wed in June 1975. The incongruous couple was followed avidly by gossip columnists. In the wake of an unsuccessful 1977 solo album, “Playin’ Up a Storm” (No. 42), Allman and Cher released their only duo album, “Two the Hard Way”; embarrassingly credited to “Allman and Woman,” the set failed to chart, and its accompanying tour witnessed scuffles between hostile camps of fans in the audiences. Allman and Cher divorced in 1978.

Membership in the ABB rotated repeatedly for the remainder of the group’s career, which saw ever-diminishing contributions from writer Allman. He authored just one song for the group’s final Capricorn album, “Enlightened Rogues” (No. 27, 1979); the financially unstable imprint crashed within a year of its release. Allman was also a minor contributor to a pair of slick, poorly received albums for Arista Records in 1980-81.

During the band’s protracted hiatus of the ‘80s, Allman issued a pair of solo sets; the more popular of the two, 1987’s “I’m No Angel” (No. 30, 1987), spawned the titular radio hit.

Encouraged by airplay on the burgeoning “classic rock” radio format, the ABB reconvened for a 1989 tour. In 1990, the group recorded “Seven Turns” (No. 53) with “Fillmore East” producer Tom Dowd; the group also began multi-night residencies at New York’s Beacon Theatre, which became an annual tradition. They issued four commercially unrewarding albums – two studio sets and two concert releases – between 1991 and 1995.

Following a drunken appearance at the Rock and Roll Hall of Fame induction ceremony in New York in January 1995, onetime junkie Allman, after 11 stints in rehab, finally stopped drinking on his own, under the 24-hour watch of two nurses.

Following the exit of longtime guitarist Warren Haynes and bassist Allen Woody and the recruitment of Butch Trucks’ young nephew Derek Trucks on guitar, the ABB cut the live “Peakin’ at the Beacon” in 2000. Tension within the band had reached the breaking point, and, following a severely worded fax to Betts from the other members and subsequent legal arbitration, the Allman Brothers Band’s other founding guitarist made his exit.

The front line of Allman, Haynes and Derek Trucks and the group’s founding drummers were heard on the Allman Brothers Band’s studio collection “Hittin’ the Note” (No. 37, 2003) and the live “One Way Out” (No. 190, 2004). After 45 years in business, the band was formally dissolved after an October 2014 show at the Beacon.

Allman’s old habits caught up with him in the ‘00s. Diagnosed with hepatitis C – a disease common to intravenous drug users – in 2007, he learned that he was suffering from liver cancer in 2008. He underwent successful liver transplant surgery at the Mayo Clinic in 2010.

Before his surgery, Allman entered the studio to record his first solo album in 13 years. “Low Country Blues,” a striking and powerful recital of old blues songs, augmented by one Allman-Haynes original and produced by T Bone Burnett (Alison Krauss/Robert Plant, Los Lobos, Elvis Costello, “O Brother Where Art Thou?”), garnered the best reviews of his career, collected a Grammy Award nomination and became his highest-charting solo release, reaching No. 5 in early 2011.

However, health problems and catastrophe continued to dog him. He cut short a 2011 European tour because of respiratory issues, which ultimately mandated lung surgery. He faced a drug relapse spurred by painkillers, and did a stint in rehab. In 2014, a film based on his 2012 memoir, “Midnight Rider,” ceased production after a camera assistant on director Randall Miller’s feature was killed by a freight train on the first day of shooting.

Married and divorced six times, Allman is survived by three sons and two daughters, all by different mothers. Four of the children are professional musicians.

http://variety.com/2017/music/people-news/gregg-allman-dies-dead-69-southern-rock-1202446640/

Gregg Allman

From Wikipedia, the free encyclopedia
Gregg Allman
Gregg Allman (5880514910).jpg

Allman performing in 2011
Born Gregory LeNoir Allman
December 8, 1947
Nashville, Tennessee, U.S.
Died May 27, 2017 (aged 69)
Savannah, Georgia, U.S.
Cause of death Complications from liver cancer
Occupation
  • Singer-songwriter
  • musician
Years active 1960–2017
Spouse(s) Shelley Jefts (m. 1971; div. 1972)
Janice Mulkey (m. 1973; div. 1974)
Cher (m. 1975; div. 1979)
Julie Bindas (m. 1979; div. 1984)
Danielle Galliano (m. 1989; div. 1994)
Stacey Fountain (m. 2001; div. 2008)
Children 5; including Devon and Elijah Blue
Musical career
Genres
Instruments
  • Vocals
  • keyboards
  • guitar
Labels
Associated acts
Website greggallman.com

Gregory LeNoir “Gregg” Allman (December 8, 1947 – May 27, 2017) was an American musician, singer and songwriter.

He is best known for performing in the Allman Brothers Band. He was born and spent much of his childhood in Nashville, Tennessee, before relocating to Daytona Beach, Florida. He and his brother, Duane Allman, developed an interest in music in their teens, and began performing in the Allman Joys in the mid-1960s. In 1967, they relocated to Los Angeles and were renamed the Hour Glass, releasing two albums for Liberty Records. In 1969, he and Duane regrouped to form the Allman Brothers Band, which settled in Macon, Georgia.

The Allman Brothers Band began to reach mainstream success by the early 1970s, with their live album At Fillmore East representing a commercial and artistic breakthrough. Shortly thereafter, Duane was killed in a motorcycle crash in 1971. The following year, the band’s bassist, Berry Oakley was also killed in a motorcycle accident very close to the location of Duane’s wreck. Their 1973 album Brothers and Sisters became their biggest hit, and Allman pursued a solo career afterward, releasing his debut album, Laid Back the same year. Internal turmoil took over the group, leading to a 1975 breakup. Allman was married to pop star Cher for the rest of the decade, while he continued his solo career with the Gregg Allman Band. After a brief Allman Brothers reunion and a decade of little activity, he reached an unexpected peak with the hit single “I’m No Angel” in 1987. After two more solo albums, the Allman Brothers reformed for a third and final time in 1989, and continued performing until 2014. He released his most recent solo album, Low Country Blues, in 2011, and his next, Southern Blood, is set to be released in 2017.

For his work in music, Allman was referred to as a Southern rock pioneer[1] and received numerous awards, including several Grammys; he was inducted into the Rock and Roll Hall of Fame and the Georgia Music Hall of Fame. His distinctive voice placed him in 70th place in the Rolling Stone list of the “100 Greatest Singers of All Time”.[2] Allman released an autobiography, My Cross to Bear, in 2012.

Early life

Allman and his brother Duane attended Castle Heights Military Academy in Lebanon, Tennessee in their childhood.

Allman was born Gregory LeNoir Allman at St. Thomas Hospital on December 8, 1947 in Nashville, Tennessee, to Willis Turner Allman and Geraldine Robbins Allman.[3] The couple had met during World War II in Raleigh, North Carolina, when Allman was on leave from the U.S. Army, and were later married. They moved to Vanleer, Tennessee, in 1945.[citation needed] Their first child, Duane Allman, was born in Nashville in 1946.

In 1949, Willis Allman, having been recently promoted to captain, offered a hitchhiker a ride home and was subsequently shot and killed.[4]Geraldine moved to Nashville with her two sons, and she never remarried.[5] Lacking money to support her children, she enrolled in college to become a Certified Public Accountant (CPA)—state laws at the time, according to her son, required students to live on-campus.[6] As a result, Gregg and his older brother were sent to Castle Heights Military Academy in nearby Lebanon.[3] A young Gregg interpreted these actions as evidence of his mother’s dislike for him, though he later came to understand the reality: “She was actually sacrificing everything she possibly could—she was working around the clock, getting by just by a hair, so as to not send us to an orphanage, which would have been a living hell.”[7]

While his brother adapted to his surroundings with a defiant attitude, Allman felt largely depressed at the school. With little to do, he studied often and developed an interest in medicine—had he not gone into music, he hoped to become a dentist.[8] He was rarely hazed at Castle Heights as his brother protected him, but often suffered beatings from instructors when he received poor grades.[9] The brothers returned to Nashville upon their mother’s graduation. Growing up, he continually fought with Duane, though he knew that he loved him and that it was typical of brothers. Duane was a mischievous older child, who constantly played pranks on his younger sibling.[10] The family moved to Daytona Beach, Florida, in 1959.[6] Gregg tended to look forward to his summer breaks, where he spent time with his uncles in Nashville, who he came to view in a fatherly regard.[11] Allman would later recall two separate events in his life that led to his interest in music. In 1960, the two brothers attended a concert in Nashville with Jackie Wilson headlining alongside Otis Redding, B.B. King, and Patti LaBelle.[8] Allman was also exposed to music through Jimmy Banes, a mentally challenged neighbor of his grandmother in Nashville. Banes introduced Allman to the guitar and the two began spending time on his porch each day as he played music.[12]

Gregg worked as a paperboy to afford a Silvertone guitar, which he purchased at a Sears when he saved up enough funds.[6] He and his brother often fought to play the instrument, though there was “no question that music brought” the two together.[13] In Daytona, they joined a YMCA group called the Y Teens, their first experience performing music with others.[14] He and Duane returned to Castle Heights in their teen years, where they formed a band, the Misfits.[15] Despite this, he still felt “lonesome and out of place,” and quit the academy.[16] He returned to Daytona Beach and pursued music further, and the duo formed another band, the Shufflers, in 1963.[14] He attended high school at Seabreeze High School, where he graduated in 1965.[17]However, he grew undisciplined in his studies as his interests diverged: “Between the women and the music, school wasn’t a priority anymore.”[18]

Music career

Early bands (1960–1968)

“We would rehearse every day in the club, go have lunch, rehearse some more, go home and take a shower, then go to the gig. Sometimes we would rehearse after we got home from the gig too, just get out the acoustics and play. The next day, we’d go have breakfast, go rehearse, and do it all over again. We rehearsed constantly.”

—Allman on his musical evolution[19]

The two Allman brothers began meeting various musicians in the Daytona Beach area. They met a man named Floyd Miles, and they began to jam with his band, the Houserockers. “I would just sit there and study Floyd […] I studied how he phrased his songs, how he got the words out, and how the other guys sang along with him,” he would later recall.[20] They later formed their first “real” band, the Escorts, which performed a mix of top 40 and rhythm and blues music at clubs around town.[21] Duane, who took the lead vocal role on early demos, encouraged his younger brother to sing instead.[22] He and Duane often spent all of their money on records as educational material, as they attempted to learn songs from them. The group performed constantly as music became their entire focus; Allman missed his high school graduation because he was performing that evening.[23] In his autobiography, Allman recalls listening to Nashville R&B station WLAC at night and discovering artists such as Muddy Waters, which later became central to his musical evolution.[19] He narrowly missed being drafted into the Vietnam War by intentionally shooting himself in the foot.[24]

The Escorts evolved into the Allman Joys, the brothers’ first successful band. After a successful summer run locally, they hit the road in fall 1965 for a series of performances throughout the Southeast; their first show outside of Daytona was at the Stork Club in Mobile, Alabama—where they were booked for 22 weeks straight.[25] Afterwards, they were booked at the Sahara Club in nearby Pensacola, Florida, for several weeks.[26] Allman later regarded Pensacola as “a real turning point in my life,” as it was where he learned how to capture audiences and about stage presence.[27] He also received his first Vox keyboard there, and learned how to play it over the ensuing tour.[28] By the following summer, they were able to book time at a studio in Nashville, where they recorded several songs, aided by a plethora of drugs. These recordings were later released as Early Allman in 1973, to Allman’s dismay.[29] He soon grew tired of performing covers and began writing original compositions.[30] They settled in St. Louis for a time, where in the spring of 1967 they began performing alongside Johnny Sandlin and Paul Hornsby, among others, under various names. They considered disbanding, but Bill McEuen, manager of the Nitty Gritty Dirt Band, convinced the band to relocate to Los Angeles, outright giving them the funds to do so.[31]

He arranged a recording contract with Liberty Records in June 1967,[32] and they began to record an album under the new name the Hour Glass, suggested by their producer, Dallas Smith. Recording was a difficult experience; “the music had no life to it—it was poppy, preprogrammed shit,” Allman felt.[33] Though they considered themselves sellouts, they needed money to live.[33] At concerts, they declined to play anything off their debut album, released that October, instead opting to play the blues.[34] Such gigs were sparse, however, as Liberty only allowed one performance per month.[35] After some personnel changes, they recorded their second album, Power of Love, released in March 1968. It contained more original songs by Allman, though they still felt constricted by its process. They embarked on a small tour, and recorded some new demos at FAME Studios in Muscle Shoals, Alabama.[36] Liberty disliked the recordings, and the band broke up when Duane explicitly told off executives. They threatened to freeze the band, so they would be unable to record for any other label for seven years.[37]Allman stayed behind to appease the label, giving them the rights to a solo album. The rest of the band mocked Allman, viewing him as too scared to leave and return to the South.[37]

Meanwhile, Duane Allman had returned to Florida where he met Butch Trucks, a drummer in the band the 31st of February. In October 1968, the 31st of February, aided by Gregg and Duane Allman, recorded several songs.[38] Allman returned to Los Angeles to fulfill his deal with Liberty, writing more original songs on the Hammond organ at the studio.[39] Duane began doing session work at Fame in Muscle Shoals during this time, where he began putting together a new band. He phoned his brother with the proposition of joining the new band—which would have two guitarists and two drummers. With his deal at Liberty fulfilled, he drove to Jacksonville, Florida, in March 1969 to jam with the new band. Allman at first thought two drummers would be a tortuous experience, but found himself pleasantly surprised by the successful jam.[40] He called the birth of the group “one of the finer days in my life […] I was starting to feel like I belonged to something again.”[41]

The Allman Brothers Band and mainstream success

Formation and touring (1969–1971)

The Allman Brothers Band moved to Macon, Georgia,[42] and forged a strong brotherhood, spending countless hours rehearsing, consuming psychedelic drugs, and hanging out in Rose Hill Cemetery, where they would write songs—”I’d be lying if I said I didn’t have my way with a lady or two down there,” said Allman.[43][44] The group remade old blues numbers like “Trouble No More” and “One Way Out“, in addition to improvised jams such as “Mountain Jam“.[45] Gregg, who had struggled to write in the past, became the band’s sole songwriter, composing songs such as “Whipping Post” and “Black-Hearted Woman.”[46] The group’s self-titled debut album was released in November 1969 through Atco and Capricorn Records,[47] but received a poor commercial response, selling less than 35,000 copies upon initial release.[48] The band played continuously in 1970, performing over 300 dates on the road,[49][50] which contributed to a larger following.[51] Oakley’s wife rented a large Victorian home in Macon and the band moved into what they dubbed “the Big House” in March 1970.[52] Their second record, Idlewild South (named after a farmhouse on a lake outside of Macon they rented),[53] was issued by Atco and Capricorn Records in September 1970, less than a year after their debut.[53]

Elder brother Duane Allman, who was killed in a motorcycle crash in 1971

Their fortunes began to change over the course of 1971, where the band’s average earnings doubled.[54] “We realized that the audience was a big part of what we did, which couldn’t be duplicated in a studio. A lightbulb finally went off; we needed to make a live album,” said Allman.[55] At Fillmore East, recorded at the Fillmore East in New York, was released in July 1971 by Capricorn.[56] While previous albums by the band had taken months to hit the charts (often near the bottom of the top 200), the record started to climb the charts after a matter of days.[57] At Fillmore East peaked at number thirteen on Billboard‘s Top Pop Albums chart, and was certified gold by the Recording Industry Association of America that October, becoming their commercial and artistic breakthrough.[57] Although suddenly very wealthy and successful, much of the band and its entourage now struggled with addiction to numerous drugs; they all agreed to quit heroin, but cocaine remained a problem.[58] His last conversation with his brother was an argument over the substance, in which Gregg lied. In his autobiography, Allman wrote: “I have thought of that lie every day of my life […] told him that lie, and he told me that he was sorry and that he loved me.”[59]

Shortly after At Fillmore East was certified gold in domestic sales, Duane was killed in a motorcycle accident in Macon.[60] At his funeral the next day, Gregg performed “Melissa”, which was his brother’s favorite song.[61] After the service, he confided in his bandmates that they should continue. He left for Jamaica to get away from Macon, and was in grief for the following few weeks.[62] “I tried to play and I tried to sing, but I didn’t do too much writing. In the days and weeks that followed, […] I wondered if I’d ever find the passion, the energy, the love of making music,” he remembered.[62] As the band took some time apart to process their loss, At Fillmore East became a major success in the U.S. “What we had been trying to do for all those years finally happened, and he was gone.”[63] Allman later expanded upon his brother’s passing in his autobiography:

“When I got over being angry, I prayed to him to forgive me, and I realized that my brother had a blast. […] Not that I got over it—I still ain’t gotten over it. I don’t know what getting over it means, really. I don’t stand around crying anymore, but I think about him every day of my life. […] Maybe a lot of learning how to grieve was that I had to grow up a little bit and realize that death is part of life. Now I can talk to my brother in the morning, and he answers me at night. I’ve opened myself to his death and accepted it, and I think that’s the grieving process at work.”[64]

Mainstream success and fame (1972–1976)

Allman performing with the Allman Brothers in 1975

After Duane’s death, the band held a meeting on their future; it was clear all wanted to continue, and after a short period, the band returned to the road.[65] They completed their third studio album, Eat a Peach, that winter, which raised each member’s spirits: “The music brought life back to us all, and it was simultaneously realized by every one of us. We found strength, vitality, newness, reason, and belonging as we worked on finishing Eat a Peach“, said Allman.[66] Eat a Peach was released the following February, and it became the band’s second hit album, shipping gold and peaking at number four on Billboard‘s Top 200 Pop Albums chart.[67] “We’d been through hell, but somehow we were rolling bigger than ever,” Allman recalled.[68] Betts had to convince the band members to tour, since all other members were reluctant.[69] The Allman Brothers Band played 90 shows in 1972 in support of the record. “We were playing for him and that was the way to be closest to him,” said Trucks.[69] The band purchased 432 acres of land in Juliette, Georgia for $160,000 and nicknamed it “the Farm”; it soon became a group hangout.[70] Oakley, however, was visibly suffering from the death of his friend,[71] and he too was killed in a motorcycle crash in November 1972.[72] “Upset as I was, I kind of breathed a sigh of relief, because Berry’s pain was finally over,” Allman said.[68]

The band unanimously decided to carry on, and enlisted Lamar Williams on bass and Chuck Leavell on piano. The band began recording Brothers and Sisters, their follow-up album, and Betts became the group’s de facto leader during the recording process.[73] Meanwhile, after some internal disagreements, Allman began recording a solo album, which he titled Laid Back. The sessions for both albums often overlapped and its creation caused tension within the rest of the band.[74] Both albums were released in the autumn of 1973, with Brothers and Sisters cemented the Allman Brothers’ place among the biggest rock bands of the 1970s. “Everything that we’d done before—the touring, the recording—culminated in that one album,” Allman recalled.[75]Ramblin’ Man“, Betts’ country-infused number, received interest from radio stations immediately, and it rose to number two on the Billboard Hot 100.[67] The Allman Brothers Band returned to touring, playing larger venues, receiving more profit and dealing with less friendship, miscommunication and spiraling drug problems.[67][76] This culminated in a backstage brawl when the band played with the Grateful Dead at Washington‘s RFK Stadium in June 1973, which resulted in the firing of three of the band’s longtime roadies.[77] The band played arenas and stadiums almost solely as their drug use escalated. In 1974, the band was regularly making $100,000 per show, and was renting the Starship, a customized Boeing 720B used by Led Zeppelin and the Rolling Stones.[78] “When [we] got that goddamn plane, it was the beginning of the end,” said Allman.[79]

In between tours, Allman embarked on another tour to promote Laid Back. He brought along the musicians who helped record the album as his band, and hired a full string orchestra to accompany the group.[74] A live album of material from the tour was released as The Gregg Allman Tour later that year, to help recoup costs for the tour.[80] It went up against Betts’ first solo record, Highway Call, prompting some to dub their relationship a rivalry. Their relationships became increasingly frustrated, amplified by heavy drug and alcohol abuse.[81] In January 1975, Allman began a relationship with pop star Cher—which made him more “famous for being famous than for his music,” according to biographer Alan Paul.[82] The sessions that produced 1975’s Win, Lose or Draw, the last album by the original Allman Brothers Band, were disjointed and inconsistent. Allman was spending more time in Los Angeles with Cher.[83] Their time off from one another the previous fall “only exaggerated the problems between our personalities. With each day there was more and more space between us; the Brotherhood was fraying, and there wasn’t a damn thing any of us could do to stop it.”[84]

Upon its release, it was considered subpar and sold less than its predecessor; the band later remarked that they were “embarrassed” about the album.[85] From August 1975 to May 1976, the Allman Brothers Band played 41 shows to some of the biggest crowds of their career.[86] Gradually, the members of the band grew apart during these tours, with sound checks and rehearsals “[becoming] a thing of the past.”[86] Allman later pointed to a benefit for presidential candidate Jimmy Carter as the only real “high point” in an otherwise “rough, rough tour.” The shows were considered lackluster and the members were excessive in their drug use.[87][88] The “breaking point” came when Allman testified in the trial of security man Scooter Herring.[67]Bandmates considered him a “snitch,” and he received death threats, leading to law-enforcement protection.[89] Herring was convicted on five counts of conspiracy to distribute cocaine and received a 75-year prison sentence, which were later overturned as he received a lesser sentence.[89] For his part, Allman always maintained that Herring had told him to take the deal and he would take the fall for it, but nevertheless, the band refused to communicate with him.[89] As a result, the band finally broke up; Leavell, Williams, and Jaimoe continued playing together in Sea Level, Betts formed Great Southern, and Allman founded the Gregg Allman Band.[90]

Mid-career and struggles

Marriages, breakups, and music (1977–1981)

Allman married Cher in June 1975, and the two lived in Hollywood during their years together as tabloid favorites.[4] Their marriage produced one son, Elijah Blue Allman, who was born in July 1976.[91] He recorded his second solo album, Playin’ Up a Storm, with the Gregg Allman Band, and it was released in May 1977. He also worked on an collaborative album with Cher titled Two the Hard Way, which, upon its release, was a massive failure.[73] The couple went to Europe to tour in support of both albums,[92] though the crowd reception was mixed.[93] With a combination of Allman Brothers fans and Cher fans, fights often broke out in venues, which led Cher to cancel the tour.[94] Turmoil began to overwhelm their relationship, and the two divorced in 1978.[95] Allman returned to Daytona Beach to stay with his mother, spending the majority of his time partying, chasing women, and touring with the Nighthawks, a blues band.[96]In a 2011 interview with WBUR’s On Point, Allman told host Tom Ashbrook that he was also uncomfortable with his wife’s celebrity lifestyle.

The Allman Brothers Band reunited in 1978, hiring two new members: guitarist Dan Toler and bassist David Goldflies.[90] Betts had approached Allman during his time in Daytona regarding a reunion.[97] Allman remembered that each member had their own reasons for rejoining, though he surmised it was a combination of displeasure with how things ended, missing each other, and a need for money.[98] The band’s reunion album, Enlightened Rogues, was released in February 1979 and was a mild commercial success.[99][100] Betts’ lawyer, Steve Massarsky, began managing the group,[100] and led the band to sign with Arista, who pushed the band to “modernize” their sound.[101] Their first Arista effort, Reach for the Sky (1980), was produced by Nashville songwriters Mike Lawler and Johnny Cobb.[101] Drugs remained a problem with the band, particularly among Betts and Allman.[102] The band again grew apart, replacing Jaimoe with Toler’s brother Frankie.[103] “One of the real blights on the history of the Allman Brothers Band was that Jaimoe, this gentle man, was fired from this organization,” said Allman later.[104]Not long after, “the band changed managers, hiring the promoter John Scher after Massarsky eased himself out, reportedly saying, ‘It’s a million-dollar headache and a quarter-million-dollar job.'”[105]

For their second and final album with Arista, Brothers of the Road, they collaborated with a “name producer” (John Ryan, of Styx and the Doobie Brothers), who pushed the band even harder to change their sound.[106]Straight from the Heart” was the album’s single, which became a minor hit but heralded the group’s last appearance on the top 40 charts.[107] The band, considering their post-reunion albums “embarrassing,” subsequently broke up in 1982 after clashing with Clive Davis, who rejected every producer the band suggested for a possible third album, including Tom Dowd and Johnny Sandlin.[108] “We broke up in ’82 because we decided we better just back out or we would ruin what was left of the band’s image,” said Betts.[108] The band’s final performance came on Saturday Night Live in January 1982, where they performed “Southbound” and “Leavin’.”[109] “It was like a whole different band made those records […] In truth, though, I was just too drunk most of the time to care one way or the other,” Allman would recall.[110]

Downtime, a surprise hit, and another reformation (1982–1990)

“No two ways about it, the ’80s were rough. […] It was seven years of going, “What is it that I do?” Being self-employed your whole life, that becomes a certain rock, a reinforcement. When that’s gone, not only are you bored stiff, but you just want to cry—”What do I do? I know I used to serve a purpose.”[111]

—Allman reflecting on his career in the 1980s

Allman spent much of the 1980s adrift and living in Sarasota, Florida with friends Marcia and Chuck Boyd.[112] His alcohol abuse was at one of its worst points, with Allman consuming “a minimum of a fifth of vodka a day.”[113] He felt the local police pursued him heavily, due to his tendency to get inebriated and “go jam anywhere.”[114] He was arrested and charged with a DUI; as a result, he spent five days in jail and was charged $1,000.[111] While he did not consider himself “washed up,” he noted in his autobiography that “there’s that fear of everybody forgetting about you.”[111] Southern rock faded from popular culture and electronic music formed much of the pop music of the decade. “There was hardly anybody playing live music, and those who did were doing it for not much money, in front of some die-hard old hippies in real small clubs,” he later recalled.[115] Nevertheless, he reformed the Gregg Allman Band and toured nationwide.[116] He often went to Telstar Studios to rehearse and write new songs. At one point, he attempted to reconnect with his children, though, according to him, “it just wasn’t a good situation.”[117]

By 1986, he felt tired of having little funds, and teamed up with former bandmate Betts for several performances together. It led to two Allman Brothers reunion performances that summer. Eventually, tension would arise and they would spend time apart again.[118] After recording several demos in Los Angeles, Allman was offered a recording contract by Epic Records.[119] He recorded his third solo release, I’m No Angel, at Criteria in Miami. Released in 1987, the title track became a surprise hit on radio. Allman released another solo album the following year, Just Before the Bullets Fly, though it did not sell as well as its predecessor. His alcohol abuse continued in the late 1980s, as he moved to Los Angeles and lived at the Riot House.[120] He married Danielle Galliano in a midlife crisis wherein he felt he would one day be too “old and ugly” to get married.[120] The marriage began with Allman overdosing at the Riot House—”so our marriage started off with a bang,” he said.[121] He dabbled in acting for the first time, taking a small part in the film Rush Week (1989),[122] and he sang the opening track to the film Black Rain (1989).[120]

The Allman Brothers Band celebrated its twentieth anniversary in 1989, and the band reunited for a summer tour, with Jaimoe once again on drums.[123] In addition, they featured guitarist Warren Haynes and pianist Johnny Neel, both from the Dickey Betts Band, and bassist Allen Woody, who was hired after open auditions held at Trucks’s Florida studio.[123] The classic rock radio format had given the band’s catalog songs new relevance, as did a multi-CD retrospective box set, Dreams.[124] Epic, who had worked with Allman on his solo career, signed the band. Danny Goldberg became the band’s manager; he had previously worked with acts such as Led Zeppelin and Bonnie Raitt.[125] The group were initially reluctant to tour, but found they performed solidly; in addition, former roadies such as “Red Dog” returned.[126] The band returned to the studio with longtime producer Tom Dowd for 1990’s Seven Turns, which was considered a return to form.[67][127]Good Clean Fun” and “Seven Turns” each became big hits on the Mainstream Rock Tracks chart. The addition of Haynes and Woody had “reenergized” the ensemble.[128] Neel left the group in 1990, and the band added percussionist Marc Quiñones, formerly of Spyro Gyra, the following year.[129]

Reforming the band and breaking addictions (1991–2000)

The band began touring heavily,[130] which helped build a new fan base: “We had to build a fan base all over again, but as word of mouth spread about how good the music was, more and more people took notice. It felt great, man, and that really helped the music,” Allman recalled.[131] Their next studio effort, Shades of Two Worlds (1992), produced the crowd favorite “Nobody Knows”.[132] Allman took his second and final acting role in Rush (1991), a crime drama. Allman greatly enjoyed the experience: “It was a different facet of the entertainment industry, and I wanted to see how those people worked together.”[133] The band grew contentious over a 1993 tour, in which Betts was arrested when he shoved two police officers.[130]Despite the growing tension, Haynes remained a member and Betts returned.[134] Their third post-reunion record, Where It All Begins (1994), was recorded entirely live.[134] The band continued to tour with greater frequency, attracting younger generations with their headlining of the H.O.R.D.E. Festival.[107][135] Allman’s daughter, Island, came to live with him in Los Angeles, and despite early struggles, they eventually grew very close.[136] “Island is the love of my life, she really is,” he would later write.[97]

For much of the 1990s, Allman lived in Marin County, California, spending his free time with close friends and riding his motorcycle.[137] The band was inducted into the Rock and Roll Hall of Fame in January 1995; Allman was severely inebriated and could not make it through his acceptance speech.[138] Seeing the ceremony broadcast on television later, Allman was mortified, providing a catalyst for his final, successful attempt to quit alcohol and substance abuse. He hired two in-home nurses that switched twelve-hour shifts to help him through the process.[139]He was immensely happy to finally quit alcohol, writing later in his autobiography: “Did I get any positive anything out of all that? And you’ve got to admit to yourself, no, I didn’t. You can see what happened and that by the grace of God, you finally quit before it killed you.”[139] Allman recorded a fifth solo album, Searching for Simplicity, which was quietly released on 550 Music.[73]Despite positive developments in his personal life, things began declining among the band members. During their 1996 run at the Beacon, turmoil came to a breaking point between Allman and Betts, nearly causing a cancellation of a show and causing another band breakup.[140] Haynes and Woody left to focus on Gov’t Mule, feeling as though a break was imminent with the Allman Brothers Band.[141][142]

The group recruited Oteil Burbridge of the Aquarium Rescue Unit to replace Woody on bass, and Jack Pearson on guitar.[143] Concerns arose over the increasing loudness of Allman Brothers shows, which were largely centered on Betts.[142] Pearson, struggling with tinnitus, left as a result following the 1999 Beacon run.[144] Trucks phoned his nephew, Derek Trucks, to join the band for their thirtieth anniversary tour.[145] The Beacon run in 2000, captured on Peakin’ at the Beacon, was ironically considered among the band’s worst performances; an eight-show spring tour led to even more strained relations in the group.[146] “It had ceased to be a band—everything had to be based around what Dickey was playing,” said Allman.[147] Anger boiled over within the group towards Betts, which led to all original members sending him a letter, informing him of their intentions to tour without him for the summer.[148] All involved contend that the break was temporary, but Betts responded by hiring a lawyer and suing the group, which led to a permanent divorce.[147] That August, Woody was found dead in a hotel room in New York,[149] which hit Allman particularly hard.[150] In 2001, Haynes rejoined the band for their Beacon run,[149] setting the stage for over a decade of stability within the group.

Later years

Touring and health problems (2000–2014)

Allman during the Allman Brothers Band’s annual residency at the Beacon Theater in New York in 2009

Allman moved to Savannah, Georgia, in 2000, purchasing five acres on the Belfast River.[151] The last incarnation of the Allman Brothers Band was well-regarded among fans and the general public, and remained stable and productive.[67][107] The band released their final studio recording, Hittin’ the Note (2003), to critical acclaim.[107] Allman co-wrote many songs on the record with Haynes, and he regarded it as his favorite album by the group since their earliest days. The band continued to tour throughout the 2000s, remaining a top touring act, regularly attracting more than 20,000 fans.[67]The decade closed with a successful run at the Beacon Theater, in celebration of the band’s fortieth anniversary.[152] “That [2009 run] was the most fun I’ve ever had in that building,” said Allman, and it was universally regarded within the band as a career highlight.[153][154][107] The run featured numerous special guests, including Eric Clapton, whom all in the band regarded as the most “special” guest, due to his association with Duane.[155]

He was diagnosed with hepatitis C in 2007—which he attributed to a dirty tattoo needle.[156] By the next year, they had discovered three tumors within his liver, and he was recommended to the Mayo Clinic in Jacksonville by a Savannah doctor for a liver transplant.[157] He went on a waiting list and after five months, he underwent a successful liver transplant in 2010.[158] He was reluctant to pursue a new solo album after the death of longtime producer Tom Dowd in 2002, but eventually recorded with producer T-Bone Burnett on his seventh release, Low Country Blues.[159] He was initially reluctant to Burnett’s suggestion to not bring his normal band, but he eventually became very positive about the recording, later calling it “a true highlight of my career.”[160] It went unreleased during his health problems, and during that time, it became something of a confidence booster: “When things got real bad, real painful, I would just think about this record and it was kind of a life support system.”[159] Upon its release in January 2011, it represented Allman’s highest ever chart peak in the United States, debuting at number five.[161]

He promoted the album heavily in Europe, until he had to cancel the rest of the trip due to an upper respiratory condition.[162] This infection led to a lung surgery later that year.[151] He went to rehab in 2012 for addiction following his medical treatments.[163] That year, Allman released his memoir, My Cross to Bear, which was thirty years in the making.[164] It eventually got optioned to be turned into a feature film—titled Midnight Rider—that was eventually canceled after a train accident on set caused the death of a member of the crew. In 2014, a tribute concert was held celebrating Allman’s career; it was later released as All My Friends: Celebrating The Songs & Voice Of Gregg Allman.[165] The same year, the Allman Brothers Band performed their final concerts, as Haynes and Derek Trucks desired to depart the group.[166][167]

Recent events (2015–2017)

After the dissolution of the Allman Brothers, Allman kept busy performing music with his band, releasing the live album Gregg Allman Live: Back to Macon, GA in 2015.[168] His health problems remained; he had atrial fibrillation. As a result, he attempted to grow healthier, switching to a gluten-free vegan diet.[165] He attempted to keep a light schedule at the advice of doctors, who warned that too many performances might amplify his conditions. Allman’s mother, Geraldine, died in July 2015 at the age of 98.[168] On April 6, 2016, Allman’s tour bus carrying his crew and horns crashed into a hillside in Jackson County, West Virginia. Allman was not among those injured.[169] One month later, he received an honorary doctorate from Mercer University in Macon, presented by former President Jimmy Carter.[170]

Allman recorded his last album, Southern Blood, with producer Don Was at FAME Studios in Muscle Shoals, Alabama. The album was recorded with his then-current backing band.[171] It is set for a January 2017 release.[172]

Personal life

Allman’s brother Duane died in a motorcycle accident in Macon, Georgia, in October 1971. “Duane was the father of the band,” Gregg Allman later told Guitar Player magazine. “Somehow he had this real magic about him that would lock us all in, and we’d take off.”

While enjoying great commercial success, Allman was in a downward spiral in his personal life. He became a heroin addict and was arrested on drug charges in 1976. To avoid jail, Allman agreed to testify against Scooter Herring, his road manager. Herring was later found guilty on narcotics distribution charges and sentenced to 75 years in prison.[173] Allman’s testimony was seen as a betrayal by his bandmates, who swore that they would never work with him again.

In 2007, Allman was diagnosed with hepatitis C. The condition “was laying dormant for awhile and just kind of crept up on me. I was worn out. I had to sleep 10 or 11 hours a day to two or three [hours],” he explained to Billboard. He had a liver transplant in 2010.[174] In April 2017, he denied reports that he had entered hospice care, but was resting at home on doctor’s orders.[175]

Marriages, relationships and children

Allman’s partners included Shelley Kay Winters, Janice Blair, Cher, Julie Bindas, Ganielle J P Galiana and Stacey Fountain. In 2012 he announced an engagement on the Piers Morgan show to Shannon Williams.[176]

Allman had five children – son Devon Allman, 44, lead singer of Honeytribe, from his marriage to Shelley Kay Winters, Elijah Blue Allman, 40, lead singer of Deadsy, from his marriage to Cher, Delilah Island Allman, 35, from his marriage to Julie Bindas, Michael Sean Allman, 50, from a relationship with former waitress Mary Lynn Green, and Layla Brooklyn Allman, 23, from a relationship with radio journalist Shelby Blackburn.[176]

Death

Following a series of health problems,[177] Allman died at his home in Savannah, Georgia, on May 27, 2017 due to complications of liver cancer. He was 69.[178][179][180][181]

Discography

Studio
Live

See also

References

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President Trump Arrives In Saudi Arabia — Videos

Posted on May 20, 2017. Filed under: American History, Articles, Blogroll, Central Intelligence Agency (CIA), Communications, Education, Federal Bureau of Investigation (FBI), Freedom, Friends, government spending, history, Islam, Islam, Language, Law, liberty, Life, Links, Literacy, media, Middle East, Money, National Security Agency (NSA), National Security Agency (NSA_, Newspapers, People, Philosophy, Photos, Police, Radio, Raves, Raymond Thomas Pronk, Religion, Religious, Religious, Security, Speech, Spying, Strategy, Success, Sunni, Talk Radio, Television, Terrorism, Video, Wahhabism, War, Wealth, Weapons, Weather, Welfare, Wisdom, Writing | Tags: , , , , , , |

Image result for trump arrives in saudi arabiaImage result for trump arrives in saudi arabiaImage result for trump arrives in saudi arabiaImage result for trump arrives in saudi arabiaImage result for trump arrives in saudi arabiaImage result for trump arrives in saudi arabiaImage result for trump arrives in saudi arabia

President Trump Lands in Saudi Arabia And Meets King Salman (FULL)

TRUMP ARRIVES TO ROYALTY IN SAUDI ARABIA

Trump arrives in Riyadh, Saudi Arabia, for his first foreign trip as president

President Donald Trump Welcome Ceremony in Saudi Arabia at Al Yamamh Palace #2

President Trump Welcome Reception Ceremony in Saudi Arabia with King Salman

President Trump and Melania in Saudi Arabia Meet King Salman

President Trump & King Salman Dancing During Ceremony in Saudi Arabia (FULL)

President Trump Welcome Reception Ceremony in Saudi Arabia with King Salman

President Trump and Cabinet At meeting in Saudi Arabia

What a difference an election can make for the respect American leaders have for our country.

There were two very different outcomes when two American presidents greeted the king of Saudi Arabia.

All eyes were on President Trump today as he arrived in the country for his first foreign trip.

Video shows the president stepping off the plane and greeting King Salman:

Trump stood up straight as Salman appeared to bow slightly.

Trump’s posture stands in stark difference to President Obama’s in the early days of his presidency.

Cameras captured Obama bowing to King Abdullah, contorting nearly to a 90-degree angle in what many called a moment of American weakness:

Trump’s behavior was refreshingly noticeable, as several Twitter users contrasted the two reactions.

View image on Twitter

LOOK CAREFULLY at these two photos. The one on the RIGHT is a lesson in American exceptionalism: @FLOTUS no hijab, @POTUS no kowtow. 🇺🇸❤️-VJ

“Look carefully at these two photos,” recording artist Vinnie James wrote. “The one on the RIGHT is a lesson in American exceptionalism: @FLOTUS no hijab, @POTUS no kowtow.”

http://www.theamericanmirror.com/great-unlike-obama-trump-doesnt-bow-saudi-king/

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Huge Hacker Holdup — Cyber extortion Attack — NSA Ransom War — Running Sacred — Crying — It’s Over — Videos

Posted on May 13, 2017. Filed under: American History, Blogroll, Communications, Computers, Corruption, Crime, Data, Data Storage, Defense Intelligence Agency (DIA), Documentary, Education, European History, Federal Bureau of Investigation (FBI), Federal Government, government spending, history, Law, liberty, Life, Links, media, Money, National Security Agency (NSA), National Security Agency (NSA_, Newspapers, People, Philosophy, Photos, Police, Radio, Rants, Raves, Raymond Thomas Pronk, Security, Television, Video, Wealth, Welfare, Wisdom, Work, Writing | Tags: , , , , , , , , , , , , , , , , |

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Cyber Attack: Ransomware causing chaos globally – BBC News

Ransomware virus ‘WannaCry’ plagues 100k computers across 99 countries

Ransomware attack takes down LA hospital for hours

WannaCry Ransomware Hits Hospitals

WannaCry Ransomware Used In Global Attacks!

WATCH: Ransomware cyberattack targets Windows users around the world

BREAKING***100 Countries Massive Global Ransomware Attack Used NSA Hacking Tool

What is ransomware and how can I protect myself?

How Ransomware Locks Your PC & Holds Your Data Hostage

Massive Ransomware Outbreak Thanks to NSA – WannaCry Worm Spreading Fast

Ransomware As Fast As Possible

The Truth About Ransomware – Webinar

What is Ransomware, How it Works and What You Can Do to Stay Protected

NSA Whistleblower Bill Binney on Tucker Carlson 03.24.2017

NSA Whistleblower William Binney: The Future of FREEDOM

ROY ORBISON – CRYING – LIVE 1988

Roy Orbison – “Running Scared” from Black and White Night

Roy Orbison – Crying (Monument Concert 1965)

Roy Orbison – It’s Over (Monument Concert 1965)

Roy Orbison – “It’s Over” from Black and White Night

Dozens of countries hit by huge cyberextortion attack

NEW YORK (AP) — Dozens of countries were hit with a huge cyberextortion attack Friday that locked up computers and held users’ files for ransom at a multitude of hospitals, companies and government agencies.

It was believed to the biggest attack of its kind ever recorded.

The malicious software behind the onslaught appeared to exploit a vulnerability in Microsoft Windows that was supposedly identified by the National Security Agency for its own intelligence-gathering purposes and was later leaked to the internet.

Britain’s national health service fell victim, its hospitals forced to close wards and emergency rooms and turn away patients. Russia appeared to be the hardest hit, according to security experts, with the country’s Interior Ministry confirming it was struck.

All told, several cybersecurity firms said they had identified the malicious software, which so far has been responsible for tens of thousands of attacks, in more than 60 countries. That includes the United States, although its effects there didn’t appear to be widespread, at least initially.

The attack infected computers with what is known as “ransomware” — software that locks up the user’s data and flashes a message demanding payment to release it. In the U.S., FedEx reported that its Windows computers were “experiencing interference” from malware, but wouldn’t say if it had been hit by ransomware.

Mikko Hypponen, chief research officer at the Helsinki-based cybersecurity company F-Secure, called the attack “the biggest ransomware outbreak in history.”

Security experts said the attack appeared to be caused by a self-replicating piece of software that enters companies and organizations when employees click on email attachments, then spreads quickly internally from computer to computer when employees share documents and other files.

Its ransom demands start at $300 and increase after two hours to $400, $500 and then $600, said Kurt Baumgartner, a security researcher at Kaspersky Lab. Affected users can restore their files from backups, if they have them, or pay the ransom; otherwise they risk losing their data entirely.

Chris Wysopal of the software security firm Veracode said criminal organizations were probably behind the attack, given how quickly the malware spread.

“For so many organizations in the same day to be hit, this is unprecedented,” he said.

The security holes it exploits were disclosed several weeks ago by TheShadowBrokers, a mysterious group that has published what it says are hacking tools used by the NSA as part of its intelligence-gathering.

Shortly after that disclosure, Microsoft announced that it had already issued software “patches” for those holes. But many companies and individuals haven’t installed the fixes yet or are using older versions of Windows that Microsoft no longer supports and didn’t fix.

By Kaspersky Lab’s count, the malware struck at least 74 countries. In addition to Russia, the biggest targets appeared to be Ukraine and India, nations where it is common to find older, unpatched versions of Windows in use, according to the security firm.

Hospitals across Britain found themselves without access to their computers or phone systems. Many canceled all routine procedures and asked patients not to come to the hospital unless it was an emergency. Doctors’ practices and pharmacies reported similar problems.

Patrick Ward, a 47-year-old sales director, said his heart operation, scheduled for Friday, was canceled at St. Bartholomew’s Hospital in London.

Tom Griffiths, who was at the hospital for chemotherapy, said several cancer patients had to be sent home because their records or bloodwork couldn’t be accessed.

“Both staff and patients were frankly pretty appalled that somebody, whoever they are, for commercial gain or otherwise, would attack a health care organization,” he said. “It’s stressful enough for someone going through recovery or treatment for cancer.”

British Prime Minister Theresa May said there was no evidence patient data had been compromised and added that the attack had not specifically targeted the National Health Service.

“It’s an international attack and a number of countries and organizations have been affected,” she said.

Spain, meanwhile, took steps to protect critical infrastructure in response to the attack. Authorities said they were communicating with more than 100 energy, transportation, telecommunications and financial services providers about the attack.

Spain’s Telefonica, a global broadband and telecommunications company, was among the companies hit.

Ransomware attacks are on the rise around the world. In 2016, Hollywood Presbyterian Medical Center in California said it had paid a $17,000 ransom to regain control of its computers from hackers.

Krishna Chinthapalli, a doctor at Britain’s National Hospital for Neurology & Neurosurgery who wrote a paper on cybersecurity for the British Medical Journal, warned that British hospitals’ old operating systems and confidential patient information made them an ideal target for blackmailers.

He said many NHS hospitals in Britain use Windows XP software, introduced in 2001, and as government funding for the health service has been squeezed, “IT budgets are often one of the first ones to be reduced.”

“Looking at the trends, it was going to happen,” he said. “I did not expect an attack on this scale. That was a shock.

https://apnews.com/e8402f2faf934f7ab5419d4961d3dafe/Global-extortion-cyberattack-hits-dozens-of-nations

Global ‘WannaCry’ ransomware cyberattack seeks cash for data

LONDON (AP) — A global “ransomware” cyberattack, unprecedented in scale, had technicians scrambling to restore Britain’s crippled hospital network Saturday and secure the computers that run factories, banks, government agencies and transport systems in many other nations.

The worldwide effort to extort cash from computer users spread so widely that Microsoft quickly changed its policy, making security fixes available for free for the older Windows systems still used by millions of individuals and smaller businesses.

A malware tracking map showed “WannaCry” infections popping up around the world. Britain canceled or delayed treatments for thousands of patients, even people with cancer. Train systems were hit in Germany and Russia, and phone companies in Madrid and Moscow. Renault’s futuristic assembly line in Slovenia, where rows of robots weld car bodies together, was stopped cold.

In Brazil, the social security system had to disconnect its computers and cancel public access. The state-owned oil company Petrobras and Brazil’s Foreign Ministry also disconnected computers as a precautionary measure, and court systems went down, too.

Britain’s home secretary said one in five of 248 National Health Service groups had been hit. Home Secretary Amber Rudd said all but six of the NHS trusts back to normal Saturday.

The U.K.’s National Cyber Security Center was “working round the clock” to restore vital health services, while urging people to update security software fixes, run anti-virus software and back up their data elsewhere.

Who perpetrated this wave of attacks remains unknown. Two security firms — Kaspersky Lab and Avast — said they identified the malicious software in more than 70 countries. Both said Russia was hit hardest.

These hackers “have caused enormous amounts of disruption— probably the biggest ransomware cyberattack in history,” said Graham Cluley, a veteran of the anti-virus industry in Oxford, England.

And all this may be just a taste of what’s coming, another cyber security expert warned.

Computer users worldwide — and everyone else who depends on them — should assume that the next big “ransomware” attack has already been launched, and just hasn’t manifested itself yet, Ori Eisen, who founded the Trusona cybersecurity firm in Scottsdale, Arizona, told The Associated Press.

The attack held hospitals and other entities hostage by freezing computers, encrypting data and demanding money through online bitcoin payments. But it appears to be “low-level” stuff, Eisen said Saturday, given the amount of ransom demanded — $300 at first, rising to $600 before it destroys files hours later.

He said the same thing could be done to crucial infrastructure, like nuclear power plants, dams or railway systems.

“This is child’s play, what happened. This is not the serious stuff yet. What if the same thing happened to 10 nuclear power plants, and they would shut down all the electricity to the grid? What if the same exact thing happened to a water dam or to a bridge?” he asked.

“Today, it happened to 10,000 computers,” Eisen said. “There’s no barrier to do it tomorrow to 100 million computers.”

This is already believed to be the biggest online extortion attack ever recorded, disrupting services in nations as diverse as the U.S., Ukraine, Brazil, Spain and India. Europol, the European Union’s police agency, said the onslaught was at “an unprecedented level and will require a complex international investigation to identify the culprits.”

In Russia, government agencies insisted that all attacks had been resolved. Russian Interior Ministry, which runs the national police, said the problem had been “localized” with no information compromised. Russia’s health ministry said its attacks were “effectively repelled.”

The ransomware exploits a vulnerability in Microsoft Windows that was purportedly identified by the U.S. National Security Agency for its own intelligence-gathering purposes. Hackers said they stole the tools from the NSA and dumped them on the internet.

It could have been much worse if not for a young cybersecurity researcher who helped to halt its spread by accidentally activating a so-called “kill switch” in the malicious software.

The 22-year-old Britain-based researcher, identified online only as MalwareTech, explained Saturday that he spotted a hidden web address in the “WannaCrypt” code and made it official by registering its domain name. That inexpensive move redirected the attacks to MalwareTech’s server, which operates as a “sinkhole” to keep malware from escaping.

“Because WannaCrypt used a single hardcoded domain, my registration of it caused all infections globally to believe they were inside a sandbox … thus we initially unintentionally prevented the spread,” the researcher said, humbly and anonymously, in his blog post.

His move may have saved governments and companies millions of dollars and slowed the outbreak before U.S.-based computers were more widely infected.

Indeed, while FedEx Corp. reported that its Windows computers were “experiencing interference” from malware — it wouldn’t say if it had been hit by the ransomware — other impacts in the U.S. were not readily apparent on Saturday.

That said, the threat hasn’t disappeared, the MalwareTech researcher said.

“One thing that is very important to note is our sinkholing only stops this sample and there is nothing stopping them removing the domain check and trying again, so it’s incredibly important that any unpatched systems are patched as quickly as possible,” he warned.

The kill switch also couldn’t help those already infected. Short of paying, options for these individuals and companies are usually limited to recovering data files from a backup, if available, or living without them.

Security experts said it appeared to be caused by a self-replicating piece of software that enters companies when employees click on email attachments, then spreads quickly as employees share documents.

The security holes it exploits were disclosed weeks ago by TheShadowBrokers, a mysterious hacking group. Microsoft swiftly released software “patches” to fix those holes, but many users still haven’t installed updates or still use older versions of Windows.

Microsoft had made fixes for older systems, such as 2001′s Windows XP, available only to mostly larger organizations, including Britain’s National Health Service, that paid extra for extended technical support. In light of Friday’s attacks, Microsoft announced that it’s making the fixes free to all.

Cluley said “There’s clearly some culpability on the part of the U.S. intelligence services. Because they could have done something ages ago to get this problem fixed, and they didn’t do it.”

“It’s very, very difficult these days, with encryption, to spy on people,” Cluley added. “But I don’t think that those concerns should hide the fact that ALL of us need to be protected … We’re living an online life, and we all deserve security there.”

https://apnews.com/770946e7df454d2e9acda3bdbd3ed425/Unprecedented-global-‘ransomware’-attack-seeks-cash-for-data

Ransomware

From Wikipedia, the free encyclopedia

Ransomware is a type of malicious software designed to block access to a computer system or data until a ransom is paid. Simple ransomware may lock the system in a way which is not difficult for a knowledgeable person to reverse, and display a message requesting payment to unlock it. More advanced malware encrypts the victim’s files, making them inaccessible, and demands a ransom payment to decrypt them.[1] The ransomware may also encrypt the computer’s Master File Table (MFT)[2][3] or the entire hard drive.[4] Thus, ransomware is a denial-of-access attack that prevents computer users from accessing files[5] since it is intractable to decrypt the files without the decryption key. Ransomware attacks are typically carried out using a Trojan that has a payload disguised as a legitimate file.

While initially popular in Russia, the use of ransomware scams has grown internationally;[6][7][8] in June 2013, security software vendor McAfee released data showing that it had collected over 250,000 unique samples of ransomware in the first quarter of 2013, more than double the number it had obtained in the first quarter of 2012.[9] Wide-ranging attacks involving encryption-based ransomware began to increase through Trojans such as CryptoLocker, which had procured an estimated US$3 million before it was taken down by authorities,[10] and CryptoWall, which was estimated by the US Federal Bureau of Investigation (FBI) to have accrued over $18m by June 2015.[11]

Operation

Typically, modern ransomware uses encryption to deny users’ access to their files. The software encrypts the victim’s files using a symmetric cipher with a randomly generated key, and then deletes the key, leaving only a version of it made inaccessible to the victim using public key cryptography. Only the attacker can then decrypt the symmetric key needed to restore the files.[12]

The symmetric key is randomly generated and will not assist other victims. At no point is the attacker’s private key exposed to victims and the victim need only send a very small ciphertext (the encrypted symmetric-cipher key) to the attacker.

Ransomware attacks are typically carried out using a Trojan, entering a system through, for example, a downloaded file or a vulnerability in a network service. The program then runs a payload, which locks the system in some fashion, or claims to lock the system but does not (e.g., a scareware program). Payloads may display a fake warning purportedly by an entity such as a law enforcement agency, falsely claiming that the system has been used for illegal activities, contains content such as pornography and “pirated” media.[13][14][15]

Some payloads consist simply of an application designed to lock or restrict the system until payment is made, typically by setting the Windows Shell to itself,[16] or even modifying the master boot record and/or partition table to prevent the operating system from booting until it is repaired.[17] The most sophisticated payloads encrypt files, with many using strong encryption to encrypt the victim’s files in such a way that only the malware author has the needed decryption key.[12][18][19]

Payment is virtually always the goal, and the victim is coerced into paying for the ransomware to be removed—which may or may not actually occur—either by supplying a program that can decrypt the files, or by sending an unlock code that undoes the payload’s changes. A key element in making ransomware work for the attacker is a convenient payment system that is hard to trace. A range of such payment methods have been used, including wire transfers, premium-rate text messages,[20] pre-paid voucher services such as Paysafecard,[6][21][22] and the digital currency Bitcoin.[23][24][25] A 2016 census commissioned by Citrix revealed that larger business are holding bitcoin as contingency plans.[26]

History

Encrypting ransomware

The first known malware extortion attack, the “AIDS Trojan” written by Joseph Popp in 1989, had a design failure so severe it was not necessary to pay the extortionist at all. Its payload hid the files on the hard drive and encrypted only their names, and displayed a message claiming that the user’s license to use a certain piece of software had expired. The user was asked to pay US$189 to “PC Cyborg Corporation” in order to obtain a repair tool even though the decryption key could be extracted from the code of the Trojan. The Trojan was also known as “PC Cyborg”. Popp was declared mentally unfit to stand trial for his actions, but he promised to donate the profits from the malware to fund AIDS research.[27]

The notion of using public key cryptography for ransom attacks was introduced in 1996 by Adam L. Young and Moti Yung. Young and Yung critiqued the failed AIDS Information Trojan that relied on symmetric cryptography alone, the fatal flaw being that the decryption key could be extracted from the Trojan, and implemented an experimental proof-of-concept cryptovirus on a Macintosh SE/30 that used RSA and the Tiny Encryption Algorithm (TEA) to hybrid encrypt the victim’s data. Since public key crypto is used, the cryptovirus only contains the encryption key. The attacker keeps the corresponding private decryption key private. Young and Yung’s original experimental cryptovirus had the victim send the asymmetric ciphertext to the attacker who deciphers it and returns the symmetric decryption key it contains to the victim for a fee. Long before electronic money existed Young and Yung proposed that electronic money could be extorted through encryption as well, stating that “the virus writer can effectively hold all of the money ransom until half of it is given to him. Even if the e-money was previously encrypted by the user, it is of no use to the user if it gets encrypted by a cryptovirus”.[12] They referred to these attacks as being “cryptoviral extortion”, an overt attack that is part of a larger class of attacks in a field called cryptovirology, which encompasses both overt and covert attacks.[12]

Examples of extortionate ransomware became prominent in May 2005.[28] By mid-2006, Trojans such as Gpcode, TROJ.RANSOM.A, Archiveus, Krotten, Cryzip, and MayArchive began utilizing more sophisticated RSA encryption schemes, with ever-increasing key-sizes. Gpcode.AG, which was detected in June 2006, was encrypted with a 660-bit RSA public key.[29] In June 2008, a variant known as Gpcode.AK was detected. Using a 1024-bit RSA key, it was believed large enough to be computationally infeasible to break without a concerted distributed effort.[30][31][32][33]

Encrypting ransomware returned to prominence in late 2013 with the propagation of CryptoLocker—using the Bitcoin digital currency platform to collect ransom money. In December 2013, ZDNet estimated based on Bitcoin transaction information that between 15 October and 18 December, the operators of CryptoLocker had procured about US$27 million from infected users.[34] The CryptoLocker technique was widely copied in the months following, including CryptoLocker 2.0 (though not to be related to CryptoLocker), CryptoDefense (which initially contained a major design flaw that stored the private key on the infected system in a user-retrievable location, due to its use of Windows’ built-in encryption APIs),[24][35][36][37] and the August 2014 discovery of a Trojan specifically targeting network-attached storage devices produced by Synology.[38] In January 2015, it was reported that ransomware-styled attacks have occurred against individual websites via hacking, and through ransomware designed to target Linux-based web servers.[39][40][41]

Some ransomware strains have used proxies tied to Tor hidden services to connect to their command and control servers, increasing the difficulty of tracing the exact location of the criminals.[42][43] Furthermore, dark web vendors have increasingly started to offer the technology as a service.[43][44][45]

Symantec has classified ransomware to be the most dangerous cyber threat.[46]

Non-encrypting ransomware

In August 2010, Russian authorities arrested nine individuals connected to a ransomware Trojan known as WinLock. Unlike the previous Gpcode Trojan, WinLock did not use encryption. Instead, WinLock trivially restricted access to the system by displaying pornographic images, and asked users to send a premium-rate SMS (costing around US$10) to receive a code that could be used to unlock their machines. The scam hit numerous users across Russia and neighboring countries—reportedly earning the group over US$16 million.[15][47]

In 2011, a ransomware Trojan surfaced that imitated the Windows Product Activation notice, and informed users that a system’s Windows installation had to be re-activated due to “[being a] victim of fraud”. An online activation option was offered (like the actual Windows activation process), but was unavailable, requiring the user to call one of six international numbers to input a 6-digit code. While the malware claimed that this call would be free, it was routed through a rogue operator in a country with high international phone rates, who placed the call on hold, causing the user to incur large international long distance charges.[13]

In February 2013, a ransomware Trojan based on the Stamp.EK exploit kit surfaced; the malware was distributed via sites hosted on the project hosting services SourceForge and GitHub that claimed to offer “fake nude pics” of celebrities.[48] In July 2013, an OS X-specific ransomware Trojan surfaced, which displays a web page that accuses the user of downloading pornography. Unlike its Windows-based counterparts, it does not block the entire computer, but simply exploits the behavior of the web browser itself to frustrate attempts to close the page through normal means.[49]

In July 2013, a 21-year-old man from Virginia, whose computer coincidentally did contain pornographic photographs of underaged girls with whom he had conducted sexualized communications, turned himself in to police after receiving and being deceived by ransomware purporting to be an FBI message accusing him of possessing child pornography. An investigation discovered the incriminating files, and the man was charged with child sexual abuse and possession of child pornography.[50]

Leakware (also called Doxware)

The converse of ransomware is a cryptovirology attack that threatens to publish stolen information from the victim’s computer system rather than deny the victim access to it.[51] In a leakware attack, malware exfiltrates sensitive host data either to the attacker or alternatively, to remote instances of the malware, and the attacker threatens to publish the victim’s data unless a ransom is paid. The attack was presented at West Point in 2003 and was summarized in the book Malicious Cryptography as follows, “The attack differs from the extortion attack in the following way. In the extortion attack, the victim is denied access to its own valuable information and has to pay to get it back, where in the attack that is presented here the victim retains access to the information but its disclosure is at the discretion of the computer virus”.[52] The attack is rooted in game theory and was originally dubbed “non-zero sum games and survivable malware”. The attack can yield monetary gain in cases where the malware acquires access to information that may damage the victim user or organization, e.g., reputational damage that could result from publishing proof that the attack itself was a success.

Mobile ransomware

With the increased popularity of ransomware on PC platforms, ransomware targeting mobile operating systems have also proliferated. Typically, mobile ransomware payloads are blockers, as there is little incentive to encrypt data since it can be easily restored via online synchronization.[53] Mobile ransomware typically targets the Android platform, as it allows applications to be installed from third-party sources.[53][54] The payload is typically distributed as an APK file installed by an unsuspecting user; it may attempt to display a blocking message over top of all other applications,[54] while another used a form of clickjacking to cause the user to give it “device administrator” privileges to achieve deeper access to the system.[55]

Different tactics have been used on iOS devices, such as exploiting iCloud accounts and using the Find My iPhone system to lock access to the device.[56] On iOS 10.3, Apple patched a bug in the handling of JavaScript pop-up windows in Safari that had been exploited by ransomware websites.[57]

Notable examples

Reveton

A Reveton payload, fraudulently claiming that the user must pay a fine to the Metropolitan Police Service

In 2012, a major ransomware Trojan known as Reveton began to spread. Based on the Citadel Trojan (which itself, is based on the Zeus Trojan), its payload displays a warning purportedly from a law enforcement agency claiming that the computer has been used for illegal activities, such as downloading unlicensed software or child pornography. Due to this behaviour, it is commonly referred to as the “Police Trojan”.[58][59][60] The warning informs the user that to unlock their system, they would have to pay a fine using a voucher from an anonymous prepaid cash service such as Ukash or Paysafecard. To increase the illusion that the computer is being tracked by law enforcement, the screen also displays the computer’s IP address, while some versions display footage from a victim’s webcam to give the illusion that the user is being recorded.[6][61]

Reveton initially began spreading in various European countries in early 2012.[6] Variants were localized with templates branded with the logos of different law enforcement organizations based on the user’s country; for example, variants used in the United Kingdom contained the branding of organizations such as the Metropolitan Police Service and the Police National E-Crime Unit. Another version contained the logo of the royalty collection society PRS for Music, which specifically accused the user of illegally downloading music.[62] In a statement warning the public about the malware, the Metropolitan Police clarified that they would never lock a computer in such a way as part of an investigation.[6][14]

In May 2012, Trend Micro threat researchers discovered templates for variations for the United States and Canada, suggesting that its authors may have been planning to target users in North America.[63] By August 2012, a new variant of Reveton began to spread in the United States, claiming to require the payment of a $200 fine to the FBI using a MoneyPak card.[7][8][61]In February 2013, a Russian citizen was arrested in Dubai by Spanish authorities for his connection to a crime ring that had been using Reveton; ten other individuals were arrested on money laundering charges.[64] In August 2014, Avast Software reported that it had found new variants of Reveton that also distribute password stealing malware as part of its payload.[65]

CryptoLocker

Encrypting ransomware reappeared in September 2013 with a Trojan known as CryptoLocker, which generated a 2048-bit RSA key pair and uploaded in turn to a command-and-control server, and used to encrypt files using a whitelist of specific file extensions. The malware threatened to delete the private key if a payment of Bitcoin or a pre-paid cash voucher was not made within 3 days of the infection. Due to the extremely large key size it uses, analysts and those affected by the Trojan considered CryptoLocker extremely difficult to repair.[23][66][67][68]Even after the deadline passed, the private key could still be obtained using an online tool, but the price would increase to 10 BTC—which cost approximately US$2300 as of November 2013.[69][70]

CryptoLocker was isolated by the seizure of the Gameover ZeuS botnet as part of Operation Tovar, as officially announced by the U.S. Department of Justice on 2 June 2014. The Department of Justice also publicly issued an indictment against the Russian hacker Evgeniy Bogachev for his alleged involvement in the botnet.[71][72] It was estimated that at least US$3 million was extorted with the malware before the shutdown.[10]

CryptoLocker.F and TorrentLocker

In September 2014, a wave of ransomware Trojans surfaced that first targeted users in Australia, under the names CryptoWall and CryptoLocker (which is, as with CryptoLocker 2.0, unrelated to the original CryptoLocker). The Trojans spread via fraudulent e-mails claiming to be failed parcel delivery notices from Australia Post; to evade detection by automatic e-mail scanners that follow all links on a page to scan for malware, this variant was designed to require users to visit a web page and enter a CAPTCHA code before the payload is actually downloaded, preventing such automated processes from being able to scan the payload. Symantec determined that these new variants, which it identified as CryptoLocker.F, were again, unrelated to the original CryptoLocker due to differences in their operation.[73][74] A notable victim of the Trojans was the Australian Broadcasting Corporation; live programming on its television news channel ABC News 24 was disrupted for half an hour and shifted to Melbourne studios due to a CryptoWall infection on computers at its Sydney studio.[75][76][77]

Another Trojan in this wave, TorrentLocker, initially contained a design flaw comparable to CryptoDefense; it used the same keystream for every infected computer, making the encryption trivial to overcome. However, this flaw was later fixed.[35] By late-November 2014, it was estimated that over 9,000 users had been infected by TorrentLocker in Australia alone, trailing only Turkey with 11,700 infections.[78]

CryptoWall

Another major ransomware Trojan targeting Windows, CryptoWall, first appeared in 2014. One strain of CryptoWall was distributed as part of a malvertising campaign on the Zedo ad network in late-September 2014 that targeted several major websites; the ads redirected to rogue websites that used browser plugin exploits to download the payload. A Barracuda Networks researcher also noted that the payload was signed with a digital signature in an effort to appear trustworthy to security software.[79] CryptoWall 3.0 used a payload written in JavaScript as part of an email attachment, which downloads executables disguised as JPG images. To further evade detection, the malware creates new instances of explorer.exe and svchost.exe to communicate with its servers. When encrypting files, the malware also deletes volume shadow copies, and installs spyware that steals passwords and Bitcoin wallets.[80]

The FBI reported in June 2015 that nearly 1,000 victims had contacted the bureau’s Internet Crime Complaint Center to report CryptoWall infections, and estimated losses of at least $18 million.[11]

The most recent version, CryptoWall 4.0, enhanced its code to avoid antivirus detection, and encrypts not only the data in files but also the file names.[81]

Fusob

Fusob is one of the major mobile ransomware families. Between April 2015 and March 2016, about 56 percent of accounted mobile ransomwares was Fusob.[82]

Like a typical mobile ransomware, it employs scare tactics to extort people to pay a ransom.[83] The program pretends to be an accusatory authority, demanding the victim to pay a fine from $100 to $200 USD or otherwise face a fictitious charge. Rather surprisingly, Fusob suggests using iTunes gift cards for payment. Also, a timer clicking down on the screen adds to the users’ anxiety as well.

In order to infect devices, Fusob masquerades as a pornographic video player. Thus, victims, thinking it is harmless, unwittingly download Fusob.[84]

When Fusob is installed, it first checks the language used in the device. If it uses Russian or certain Eastern European languages, Fusob does nothing. Otherwise, it proceeds on to lock the device and demand ransom. Among victims, about 40% of them are in Germany with the United Kingdom and the United States following with 14.5% and 11.4% respectively.

Fusob has lots in common with Small, which is another major family of mobile ransomware. They represented over 93% of mobile ransomwares between 2015 and 2016.

WannaCry

In May 2017, the WannaCry ransomware attack spread though the Internet, using an exploit vector that Microsoft had issued a “Critical” patch for (MS17-010) two months before on March 14, 2017. The ransomware attack infected over 75,000 users in over 99 countries, using 20 different languages to demand money from users. The attack affected Telefónica and several other large companies in Spain, as well as parts of the British National Health Service (NHS),[85] FedEx, Deutsche Bahn, as well as the Russian Interior Ministry and Russian telecom MegaFon.[86]

Mitigation

As with other forms of malware, security software might not detect a ransomware payload, or, especially in the case of encrypting payloads, only after encryption is under way or complete, particularly if a new version unknown to the protective software is distributed.[87] If an attack is suspected or detected in its early stages, it takes some time for encryption to take place; immediate removal of the malware (a relatively simple process) before it has completed would stop further damage to data, without salvaging any already lost.[88][89]

Alternately, new categories of security software, specifically deception technology, can detect ransomware without using a signature-based approach. Deception technology utilizes fake SMB shares which surround real IT assets. These fake SMB data shares deceive ransomware, tie the ransomware up encrypting these false SMB data shares, alert and notify cyber security teams which can then shut down the attack and return the organization to normal operations. There are multiple vendors[90] that support this capability with multiple announcements in 2016.[91]

Security experts have suggested precautionary measures for dealing with ransomware. Using software or other security policies to block known payloads from launching will help to prevent infection, but will not protect against all attacks. Keeping “offline” backups of data stored in locations inaccessible to the infected computer, such as external storage drives, prevents them from being accessed by the ransomware, thus accelerating data restoration.[23][92]

There are a number of tools intended specifically to decrypt files locked by ransomware, although successful recovery may not be possible.[2][93] If the same encryption key is used for all files, decryption tools use files for which there are both uncorrupted backups (plaintext in the jargon of cryptanalysis) and encrypted copies; recovery of the key, if it is possible, may take several days.[94]

See also

References

WannaCry ransomware attack

From Wikipedia, the free encyclopedia
WannaCry ransomware attack
Wana Decrypt0r screenshot.png

Screenshot of the ransom note left on an infected system
Date 12 May 2017 (ongoing)
Location Worldwide
Also known as WannaCrypt, WanaCrypt0r
Type Cyber-attack
Theme Ransomware encrypting hard disk with $300 demand
Cause EternalBlue exploit
Participants Unknown
Outcome More than 230,000 computers infected[1]

WannaCry, also known by the names WannaCrypt,[2] WanaCrypt0r 2.0,[3] Wanna Decryptor[4] and other similar names, is a ransomware program targeting Microsoft Windows. In May 2017, a large cyber-attack using it was launched, infecting over 230,000 computers in 99 countries, demanding ransom payments in bitcoin in 28 languages. The attack has been described by Europol as unprecedented in scale.[5]

The attack affected Telefónica and several other large companies in Spain, as well as parts of Britain’s National Health Service (NHS),[6] FedEx and Deutsche Bahn.[7][8][9] Other targets in at least 99 countries were also reported to have been attacked around the same time.[10][11]

WannaCry is believed to use the EternalBlue exploit, which was developed by the U.S. National Security Agency[12][13] to attack computers running Microsoft Windows operating systems.[3][14] Although a patch to remove the underlying vulnerability had been issued on 14 March 2017,[15] delays in applying security updates left some users and organisations vulnerable.[16] Microsoft has taken the unusual step of releasing updates for the unsupported Windows XP and Windows Server 2003 and patches for Windows 8 operating systems.[2][17]

A kill switch has been found in the code, which prevents new infections. This has been activated by researchers and should slow or stop the spread. However, different versions of the attack may be released and all vulnerable systems still have an urgent need to be patched.

Background

The purported infection vector, EternalBlue, was released by the hacker group The Shadow Brokers on 14 April 2017,[18][19] along with other tools apparently leaked from Equation Group, which is believed to be part of the United States National Security Agency.[20][21]

EternalBlue exploits vulnerability MS17-010[15] in Microsoft‘s implementation of the Server Message Block (SMB) protocol. Microsoft had released a “Critical” advisory, along with an update patch to plug the vulnerability a month before, on 14 March 2017.[15] This patch only fixed Windows Vista and later operating systems but not the older Windows XP.

Countries initially affected[22]

On 12 May 2017, WannaCry began affecting computers worldwide.[23] After gaining access to the computers, via local area network (LAN), an email attachment, or drive-by download, the ransomware encrypts the computer’s hard disk drive,[24][25] then attempts to exploit the SMB vulnerability to spread to random computers on the Internet,[26] and “laterally” between computers on the same LAN.[27] As with other modern ransomware, the payload displays a message informing the user that files have been encrypted, and demands a payment of $300 in bitcoin within three days.

The Windows vulnerability is not a zero-day flaw, but one for which Microsoft had made available a security patch on 14 March 2017,[15] nearly two months before the attack. The patch was to the Server Message Block (SMB) protocol used by Windows.[28] Organizations that lacked this security patch were affected for this reason, although there is so far no evidence that any were specifically targeted by the ransomware developers.[28] Any organization still running the older Windows XP[29] were at particularly high risk because until 13 May,[2] no security patches had been released since April 2014.[30] Following the attack, Microsoft released a security patch for Windows XP.[2]

According to Wired, affected systems will also have had the DOUBLEPULSAR backdoor installed; this will also need to be removed when systems are cleaned up.[31]

Impact

The ransomware campaign was unprecedented in scale according to Europol.[5] The attack affected many NHS hospitals in the UK.[32] On 12 May, some NHS services had to turn away non-critical emergencies, and some ambulances were diverted.[7][33] In 2016, thousands of computers in 42 separate NHS trusts in England were reported to be still running Windows XP.[29]Nissan Motor Manufacturing UK in Tyne and Wear, one of Europe‘s most productive car manufacturing plants, halted production after the ransomware infected some of their systems. Renault also stopped production at several sites in an attempt to stop the spread of the ransomware.[34][35]

List of affected organizations

Response

Several hours after the initial release of the ransomware on 12 May 2017, a “kill switch” hardcoded into the malware was discovered. This allowed the spread of the initial infection to be halted by registering a domain name.[52] However, the kill switch appears to be a coding mistake on the part of the criminals, and variants without the kill switch are expected to be created.[53][54]

Reactions

Upon learning about the impact on the NHS, Edward Snowden said that if the NSA “had privately disclosed the flaw used to attack hospitals when they found it, not when they lost it, [the attack] may not have happened”.[55]

British Prime Minister Theresa May said of the ransomware, “This is not targeted at the NHS. It is an international attack. A number of countries and organizations have been affected.”[56]

Microsoft has created security patches for its now-unsupported versions of Windows, including Windows XP, Windows 8 and Windows Server 2003.[57]

See also

___

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David Stockman — Right On The Money, Economy, Trump and The Warfare and Welfare State — You Have Been Warned — Videos

Posted on April 30, 2017. Filed under: American History, Banking, Blogroll, Books, British History, Business, Communications, Congress, conservatives, Constitution, Corruption, Crisis, Cult, Culture, Economics, Education, Elections, Employment, European History, Federal Government Budget, Fiscal Policy, Foreign Policy, Freedom, government spending, history, History of Economic Thought, Illegal, Immigration, Inflation, Investments, Islam, Law, liberty, Life, Links, Macroeconomics, media, Microeconomics, Middle East, Monetary Policy, Money, Money, Non-Fiction, People, Philosophy, Photos, Politics, Rants, Raves, Raymond Thomas Pronk, Speech, Strategy, Talk Radio, Tax Policy, Taxation, Taxes, Video, Wahhabism, War, Wealth, Welfare, Wisdom, Writing | Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , |

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World’s Greatest Memory and Trump’s La la Land | David Stockman’s Warning

Published on Apr 29, 2017

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Stockman: Market Will Not Be Pretty Under Trump

[Ed. Note: To see exactly what this former Reagan insider has to say about Trump and specifically what he believes must be done to drain the swamp, David Stockman is sending out a copy of his book Trumped! A Nation on the Brink of Ruin… And How to Bring It Back out to any American willing to listen. To learn how to get your free copy CLICK HERE.]

As bonds break a three day win streak and the U.S market hitting new record highs with a trifecta of records, CNBC was roaring about what to expect going forward. The Daily Reckoning contributor David Stockman joined Courtney Reagan to discuss what to expect going forward.

After the CNBC host positioned the critiques offered by David Stockman of the Trump administration she asked whether that would continue given the state of the market. Stockman did not mix words beginning the conversation with, “What’s going on today is complete insanity. The market is apparently pricing in a huge Trump stimulus package, when if you just look at the real world out there the only thing that is going to happen is a fiscal bloodbath and a White House train wreck like never before in U.S history.

How much more evidence do these so called traders need? Trump is lost in Twitter-land and he is out of control. He is turning out to be a complete jackass in the Oval Office. Co-President Bannon is off the deep end on terrorism, travel bans, Mexican walls, immigrant bashing and protectionism.”

David Stockman is a former Reagan Administration official who was the Office of Management and Budget Director. He also served as a two-term Congressman from the great state of Michigan. His latest book, Trumped! A Nation on the Brink of Ruin… And How to Bring It Back is out now. It offers his insight and exclusive analysis on exactly what the newly elected president must do in order to succeed in the White House. To get your own FREE copy, CLICK HERE to learn how.

“[They are] having nothing to do with the economic agenda and Trump has got an empty economic bench. He’s got no Secretary of the Treasury, no Office of Management and Budget, no Council of Economic Advisor Chairman. By this time, when I was there with the Reagan Administration, the plan was ready to go and he was going to Congress within a couple of days into February. We have a debt ceiling freight train coming down the road which will hit March 15 and then the cash will start running out and the system will be on edge. All of the continuing resolutions expire in April.”

“They are going to spend the year trying to repeal and replace Obamacare and it will be a fiasco. Nothing is going to happen this year. I don’t even think they can pass the budget resolution. There is going to be no tax action this year. If there is any bill next year it is going to be deficit neutral. Which means it is not going to add $15 to earnings like these crazy people expect.”

“Why would you be trading in this market, with this kind of chaos emerging everywhere at twenty six times trailing earnings? That’s where we are. It is completely crazy and it is only a question of how many more days or weeks that this kind of fantasy land can last.”

David Stockman Market In Text 2

Courtney Reagan then pressed back asking, “At what point do you give in and admit that [Trump] is atypical but maybe he could get things done? I mean, look at all of the CEO’s that Trump has met with.” The former Reagan insider remarked that, “CEO’s come and go with every president. They came in with Reagan, they tell a president what they want to hear. These guys are just selling the song and dance about how many jobs they’re going to create in the next five years. They have no clue.”

“If we have a recession in the next five years, which surely we will, because recessions have not been outlawed and we haven’t had one for ten years. None of this stuff is going to happen. This is meaningless. What is meaningful is that Trump is out of control. This tweeting and getting off track on all of this terrorism stuff. This is a sign that there is going to be no governing coalition and that all of this fiscal stimulus expected by Wall Street is a complete fantasy. It can’t happen.”

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When CNBC then turned over the camera to a day trader who asked about the positive sentiment that exists within the market regarding Trump and his plan to deregulate Stockman stayed true to message. “Trump is just putting out press releases and the guise of Executive Orders. All of this stuff is going to get litigated, it goes through a rulemaking process, that takes years. So the relief on regulation will be important, but it way down the road and it won’t be that impactful.”

“The second thing, is we’re at 92 months in this expansion already. It is running out of gas. You can’t expect it to run forever. That is seemingly what is priced in by the market.”

“The third thing is, we have a giant debt and deficit problem. The debt ceiling is coming back into play it will be 20 trillion when it freezes in on March 15th. I’ll tell you this, people aren’t paying attention to the fact that Trump will never get a debt ceiling increase through the Congress without a government shutdown. When that happens it is, “bar the doors” because nobody is expecting it. We need to look at the facts, not the hopes.”

As the CNBC affirmed, it is not clear that the market is just going to drop tomorrow and history will repeat itself, Stockman repositioned. “The market it clearly factoring in a big Trump stimulus and I think anybody down there would admit if it doesn’t happen, if we get zero tax cuts, if we get a fiscal bloodbath in the Washington I am describing – the market is not going to stay where it is today at these absurd multiples of earnings.”

“This is all based on the idea that there is going to be a surge of economic growth and that profits are going to come back from about $89 a share by basis, where they were during the last twelve months, to a potential $110 or $130. My argument is there is not going to be any economic rebound. There is not going to be any profit surge. Therefore the market will be repricing dramatically downward once it is clear.”

Another CNBC analysis asked why – with the positive trends in jobless claims, manufacturing increasing, interest rates at near record lows – would the market not close out the year near record levels? “The market is assuming that profits are going to rebound. That we are not going to have any market dislocation and that nobody is going to be pushing back on Trump. It is hard to understand how people watching the day-to-day action down there could believe that.”

“Everybody is pushing back on Trump, he can’t even get his cabinet approved. He’s going to be bogged down in a Supreme Court fight, he’s going to be bogged down in a fight over a ridiculous travel ban. The idea that there is not going to be pushback is naive. What there is going to be is a train wreck. It is already clear that the people in the White House have no idea what they’re doing and it is only a matter of time before this honeymoon goodwill evaporates and the politicians get down to doing what they do best. Which is to undermine and obstruct anything that might be positive.”

When finally asked whether there is anything positive that would make him turn bullish in the near future he responded affirmably, “No, because Trump is inheriting thirty years of a disaster created by his predecessors. We have to take this $20 trillion of debt seriously. There is $10 trillion more built in under current policy, and that is without a dime of Trump tax cuts, infrastructure or stimulus. There is going to be a tremendous fiscal crisis in the years ahead which will prevent any of the kind of action that the “stimulus junkies” are looking for.

To catch the full interview with David Stockman on CNBC click here. If you would like to claim your own free copy of David Stockman’s bestseller Trumped! Click here to learn how.

Thanks for reading,

Craig Wilson, @craig_wilson7
for the Daily Reckoning

https://dailyreckoning.com/stockman-market-under-trump/

David Stockman

From Wikipedia, the free encyclopedia
David Stockman
David Stockman by Gage Skidmore.jpg
Director of the Office of Management and Budget
In office
January 21, 1981 – August 1, 1985
President Ronald Reagan
Preceded by Jim McIntyre
Succeeded by Jim Miller
Member of the U.S. House of Representatives
from Michigan‘s 4th district
In office
January 3, 1977 – January 21, 1981
Preceded by Edward Hutchinson
Succeeded by Mark Siljander
Personal details
Born David Alan Stockman
November 10, 1946 (age 70)
Fort Hood, Texas, U.S.
Political party Republican
Spouse(s) Jennifer Blei (1983–present)[1]
Education Michigan State University (BA)
Harvard University
Website Official website

David Alan Stockman (born November 10, 1946) is a former businessman and U.S. politician who served as a Republican U.S. Representative from the state of Michigan (1977–1981) and as the Director of the Office of Management and Budget (1981–1985) under President Ronald Reagan.

Early life and education

Stockman was born in Fort Hood, Texas, the son of Allen Stockman, a fruit farmer, and Carol (née Bartz).[2] He is of German descent, and his family’s surname was originally “Stockmann”.[3] He was raised in a conservative family, and his maternal grandfather, William Bartz, was a Republican county treasurer for 30 years.[4][5] Stockman was educated at public schools in Stevensville, Michigan. He graduated from Lakeshore High School in 1964[6] and received a B.A. in History from Michigan State University in 1968. He was a graduate student at Harvard University, 1968–1970 studying theology

Political career

Stockman’s Congressional portrait

He served as special assistant to United States Representative and 1980 U.S. presidential candidate John Anderson of Illinois, 1970–1972, and was executive director, United States House of Representatives Republican Conference, 1972–1975.

Congress

Stockman was elected to the United States House of Representatives for the 95th Congress and was reelected in two subsequent elections, serving from January 3, 1977, until his resignation January 21, 1981, to accept appointment as Director of the Office of Management and Budget for U.S. President Ronald Reagan.

Office of Management and Budget

Stockman was one of the most controversial OMB directors ever appointed, also known as the “Father of Reaganomics.” He resigned in August 1985. Committed to the doctrine of supply-side economics, he assisted in the passing of the “Reagan Budget” (the Gramm-Latta Budget), which Stockman hoped would curtail the “welfare state“. He thus gained a reputation as a tough negotiator with House Speaker Tip O’Neill‘s Democratic-controlled House of Representatives and Majority Leader Howard Baker‘s Republican-controlled Senate. During this period, Stockman became well known to the public during the contentious political wrangling concerning the role of the federal government in American society.

Stockman’s influence within the Reagan Administration was weakened after the Atlantic Monthly magazine published the infamous 18,246 word article, “The Education of David Stockman”,[7] in its December 1981 issue, based on lengthy interviews Stockman gave to reporter William Greider.

Stockman was quoted as referring to Reagan’s tax act in these terms: “I mean, Kemp-Roth [Reagan’s 1981 tax cut] was always a Trojan horse to bring down the top rate…. It’s kind of hard to sell ‘trickle down.’ So the supply-side formula was the only way to get a tax policy that was really ‘trickle down.’ Supply-side is ‘trickle-down’ theory.”[7] Of the budget process during his first year on the job, Stockman was quoted as saying, “None of us really understands what’s going on with all these numbers,” which was used as the subtitle of the article.[7]

After “being taken to the woodshed by the president” because of his candor with Greider, Stockman became concerned with the projected trend of increasingly large federal deficits and the rapidly expanding national debt. On 1 August 1985, he resigned from OMB and later wrote a memoir of his experience in the Reagan Administration titled The Triumph of Politics: Why the Reagan Revolution Failed in which he specifically criticized the failure of congressional Republicans to endorse a reduction of government spending to offset large tax decreases to avoid the creation of large deficits and an increasing national debt.

Fiscal legacy

President Jimmy Carter’s last fiscal year budget ended with a $79.0 billion budget deficit (and a national debt of $907,701,000,000 [8] as of September 30, 1980), ending during the period of David Stockman’s and Ronald Reagan’s first year in office, on October 1, 1981.[9] The gross federal national debt had just increased to $1.0 trillion during October 1981 ($998 billion on 30 September 1981, up from $907.7 billion during the last full fiscal year of the Carter administration[8]).

By 30 September 1985, four and a half years into the Reagan administration and shortly after Stockman’s resignation from the OMB during August 1985, the gross federal debt was $1.8 trillion.[8] Stockman’s OMB work within the administration during 1981 until August 1985 was dedicated to negotiating with the Senate and House about the next fiscal year’s budget, executed later during the autumn of 1985, which resulted in the national debt becoming $2.1 trillion at fiscal year end 30 September 1986.[8] Reaganomics had just begun.

In 1981, Stockman received the Samuel S. Beard Award for Greatest Public Service by an Individual 35 Years or Under, an award given out annually by Jefferson Awards.[10]

Business career

After leaving government, Stockman joined the Wall St. investment bank Salomon Brothers and later became a partner of the New York–based private equity company, the Blackstone Group.[11]:125–127 His record was mixed at Blackstone, with some very good investments, such as American Axle, but also failures, including Haynes International and Republic Technologies.[11]:144–147 During 1999, after Blackstone CEO Stephen A. Schwarzman curtailed Stockman’s role in managing the investments he had developed,[11]:146 Stockman resigned from Blackstone to start his own private equity fund company, Heartland Industrial Partners, L.P., based in Greenwich, Connecticut.[12]

On the strength of his investment record at Blackstone, Stockman and his partners raised $1.3 billion of equity from institutional and other investors. With Stockman’s guidance, Heartland used a contrarian investment strategy, buying controlling interests in companies operating in sectors of the U.S. economy that were attracting the least amount of new equity: auto parts and textiles. With the help of about $9 billion in Wall Street debt financing, Heartland completed more than 20 transactions in less than 2 years to create four portfolio companies: Springs Industries, Metaldyne, Collins & Aikman, and TriMas. Several major investments performed very poorly, however. Collins & Aikman filed for bankruptcy during 2005 and when Heartland sold Metaldyne to Asahi Tec Corp. during 2006, Heartland lost most of the $340 million of equity it had invested in the business.[13]

Collins & Aikman Corp.

During August 2003, Stockman became CEO of Collins & Aikman Corporation, a Detroit-based manufacturer of automotive interior components. He was ousted from that job days before Collins & Aikman filed for bankruptcy under Chapter 11 on May 17, 2005.

Criminal and civil charges

On March 26, 2007, federal prosecutors in Manhattan indicted Stockman in “a scheme… to defraud [Collins & Aikman]’s investors, banks and creditors by manipulating C&A’s reported revenues and earnings.” The United States Securities and Exchange Commission also brought civil charges against Stockman related to actions that he performed while CEO of Collins & Aikman.[14] Stockman suffered a personal financial loss, over $13 million, along with losses suffered by as many as 15,000 Collins & Aikman employees worldwide.

Stockman said in a statement posted on his law firm’s website that the company’s end was the consequence of an industry decline, not due to fraud.[15] On January 9, 2009, the US Attorney’s Office announced that it did not intend to prosecute Stockman for this case.[16]

Web site

In March 2014 Stockman launched a web based daily periodical, David Stockman’s Contra Corner featuring both his own articles and those from leading contrarian thinkers on geopolitics, economics, and finance.

Personal life

Stockman lives in the Upper East Side of Manhattan in New York City.[12] He is married to Jennifer Blei Stockman and is the father of two children, Rachel and Victoria. Jennifer Blei Stockman is a chairwoman emerita of the Republican Majority for Choice,[17] and President of the Solomon R. Guggenheim Foundation Board of Trustees.[18] In 2013, Stockman signed an amicus brief to the Supreme Court in favor of same-sex marriage.[19]

Quotes

  • “[Social Security] has to be means-tested. And Medicare needs to be means-tested […] Let the Bush tax cuts expire. Let the capital gains go back to the same rate as ordinary income.”[20]
  • “The Republican Party has totally abdicated its job in our democracy, which is to act as the guardian of fiscal discipline and responsibility. They’re on an anti-tax jihad — one that benefits the prosperous classes.”[21]
  • “I invest in anything that Bernanke can’t destroy, including gold, canned beans, bottled water and flashlight batteries.”[22]
  • “Ninety-two percent of the wealth is owned by five percent of the people.” (Bloomberg TV 2013)
  • “[T]he Republican Party was hijacked by modern imperialists during the Reagan era. As a consequence, the conservative party cannot perform its natural function as watchdog of the public purse because it is constantly seeking legislative action to provision a vast war machine of invasion and occupation.” [23]

Bibliography

  • The Reagan Economic Plan, 1981
  • The Triumph of Politics: Why the Reagan Revolution Failed, Harper & Row, 1986, ISBN 9780060155605
  • The Great Deformation: The Corruption of Capitalism in America, PublicAffairs, 2013, ISBN 9781586489120
  • Trumped!: A Nation on the Brink of Ruin, and How to Bring it Back, 2016

References

  1. Jump up^ “LOSING THE BATTLES AND WINNING THE WAR”. Lexington Herald-Leader. April 7, 1985.
  2. Jump up^ Hunter, Marjorie (December 12, 1980). “Office of Management and Budget David Alan Stockman; Strong Support From Kemp Chosen by House Republicans Views on Economy”. The New York Times.
  3. Jump up^ “News65”. 19 June 1998.
  4. Jump up^ “The Tuscaloosa News – Google News Archive Search”.
  5. Jump up^ “The Montreal Gazette – Google News Archive Search”.
  6. Jump up^ Heibutzki, Ralph (2012-06-04). “Stockman Surprise Speaker at Lakeshore’s Graduation”. The Herald-Palladium. Retrieved 2012-06-04.
  7. ^ Jump up to:a b c William Greider (December 1981). “The Education of David Stockman”. The Atlantic Online.
  8. ^ Jump up to:a b c d Treasury Department’s Historical Debt Outstanding – Annual 1950 – 1999
  9. Jump up^ Office of Management and Budget Historical Tablessee Table 1.1 (Excel Spreadsheet)
  10. Jump up^ “Jefferson Awards”. Jefferson Awards.
  11. ^ Jump up to:a b c David Carey & John E. Morris (2001). King of Capital: The Remarkable Rise, Fall and Rise Again of Steve Schwarzman and Blackstone. Crown.
  12. ^ Jump up to:a b “Collins & Aikman seeks to emerge from bankruptcy,” Bloomberg News article by Jeff Bennett, published in the newspaper The Advocate of Stamford and (identical version, perhaps with changes by the local editor in the common business section for both newspapers) in the Greenwich Time on September 5, 2006, page A7, The Advocate
  13. Jump up^ David Carey and Lou Whiteman, “PE firms find buyer for Metaldyne,” The Deal, Sept. 1, 2006.
  14. Jump up^ Levin, Doris (29 March 2007). “Stockman Outsmarts Self in Detroit”. Bloomberg. Retrieved 19 September 2014.
  15. Jump up^ “Ex-Collins Chief David Stockman Charged With Fraud (Update10)”. Bloomberg. March 26, 2007. Retrieved 2010-08-02.
  16. Jump up^ “Fraud charges dropped against ex-Reagan aide David Stockman”. Chicago Tribune. 10 January 2009. Retrieved 19 September 2014.
  17. Jump up^ About Us Republican Majority for Choice
  18. Jump up^ Trustees, Solomon R. Guggenheim Foundation
  19. Jump up^ [1]
  20. Jump up^ “Why David Stockman Isn’t buying it”. CBS News. March 2, 2012.
  21. Jump up^ Dickinson, Tim (Nov 9, 2011). “How the GOP Became the Party of the Rich”. Rolling Stone. Retrieved 2011-11-10.
  22. Jump up^ David Stockman: I Invest In Anything Bernanke Can’t Destroy, John Carney, CNBC, October 6, 2010
  23. Jump up^ Stockman, David (2013). The Great Deformation — the corruption of capitalism in America. PublicAffairs. p. 688. ISBN 978-1586489120.

External links

United States House of Representatives
Preceded by
Edward Hutchinson
Member of the U.S. House of Representatives
from Michigan’s 4th congressional district

1977–1981
Succeeded by
Mark Siljander
Political offices
Preceded by
Jim McIntyre
Director of the Office of Management and Budget
1981–1985
Succeeded by
Jim Miller
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Kyle Mills — Sphere of Influence — Videos

Posted on April 8, 2017. Filed under: Art, Blogroll, Books, Business, Communications, Crime, Culture, Drug Cartels, Employment, Entertainment, Federal Bureau of Investigation (FBI), Fiction, Fraud, Homicide, Law, liberty, Life, Links, Literacy, media, Money, People, Philosophy, Photos, Politics, Psychology, Wisdom, Writing | Tags: , , , , , , , , , |

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“Order to Kill” by Kyle Mills

Elliot In The Morning: Kyle Mills (Part 1 of 2) [INTERVIEW]

Elliot In The Morning: Kyle Mills (Part 2 of 2) [INTERVIEW]

Order to Kill by Kyle Mills and Vince Flynn Audiobook Excerpt

Kyle Mills (author)

From Wikipedia, the free encyclopedia
For the New Zealand cricketer, see Kyle Mills.
Kyle Mills
Born 1966
Occupation Novelist
Genre Political thriller
Website
kylemills.com

Kyle Mills (born 1966) is an American writer of thriller novels including Rising Phoenix, Fade, and The Second Horseman. Several of his books (Rising Phoenix, Storming Heaven, Sphere of Influence, Free Fall and Darkness Falls) include a character Mark Beamon, an FBI special agent. He also wrote The Ares Decision (2011), The Utopia Experiment (2013), and The Patriot Attack (2015), the eighth, tenth, and twelfth installments of the Covert-One series, originally created by Robert Ludlum.

Mills lives in Jackson Hole, Wyoming with his wife and they are both avid rock climbers. Mills grew up in Oregon, and his father was an agent with the FBI.

Novels

External links

https://en.wikipedia.org/wiki/Kyle_Mills_(author)

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Non-accelarating Inflation Rate of Unemployment (NAIRU) — Phillips Curve — Money and Inflation — No Real Tradeoff Between Price Increases and Unemployment Rate In The Long Run — States and Nations Cutting Taxes Resulted In Higher Growth and Lower Unemployment — Videos

Posted on March 14, 2017. Filed under: American History, Banking, Blogroll, Books, Business, College, Communications, Congress, conservatives, Constitution, Corruption, Documentary, Economics, Education, Elections, Employment, Faith, Family, Federal Government, Federal Government Budget, Fiscal Policy, Freedom, government, High School, history, History of Economic Thought, Inflation, Investments, Law, liberty, Life, Links, Literacy, Macroeconomics, media, Microeconomics, Monetary Policy, Money, Money, Newspapers, Non-Fiction, People, Philosophy, Photos, Political Correctness, Politics, Radio, Rants, Raves, Raymond Thomas Pronk, Taxation, Taxes, Tutorials, Unemployment, Video, Wealth, Wisdom, Work, Writing | Tags: , , , , , , , , , , , , , , , |

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NAIRU: What it is and why it matters

The NAIRU.mov

The Phillips Curve – 60 Second Adventures in Economics (3/6)

The Phillips Curve (Macro Review) Macro 3.4

Phillips Curve

Phillips curve | Inflation – measuring the cost of living | Macroeconomics | Khan Academy

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Milton Friedman – Money and Inflation

Milton Friedman: Inflation vs Unemployment

Milton Friedman – Stimulus and Inflation

Milton Friedman – Money and Inflation (Q&A)

TAKE IT TO THE LIMITS: Milton Friedman on Libertarianism

Milton Friedman: There’s No Such Thing as a Free Lunch

The Power of Choice: The Life and Ideas of Milton Friedman

Milton Friedman: Why soaking the rich won’t work.

Milton Friedman – Redistribution of Wealth

Milton Friedman – Socialism is Force

Why Free Markets Work: Milton Friedman on Political Economy (1996)

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[2013 Shanghai Forum] Robert Mundell “Monetary Unions Free Trade Areas in the World Economy”

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NAIRU

From Wikipedia, the free encyclopedia

NAIRU is an acronym for non-accelerating inflation rate of unemployment,[1] and refers to a level of unemployment below which inflation rises. It was first introduced as NIRU (non-inflationary rate of unemployment) by Franco Modigliani and Lucas Papademos in 1975, as an improvement over the “natural rate of unemployment” concept,[2][3][4] which was proposed earlier by Milton Friedman.[5]

Monetary policy conducted under the assumption of a NAIRU involves allowing just enough unemployment in the economy to prevent inflation rising above a given target figure. Prices are allowed to increase gradually and some unemployment is tolerated.

Contents

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Origins

An early form of NAIRU is found in the work of Abba P. Lerner (Lerner 1951, Chapter 14), who referred to it as “low full employment” attained via the expansion of aggregate demand, in contrast with the “high full employment” which adds incomes policies (wage and price controls) to demand stimulation.

The concept arose in the wake of the popularity of the Phillips curve which summarized the observed negative correlation between the rate of unemployment and the rate of inflation (measured as annual nominal wage growth of employees) for number of industrialised countries with more or less mixed economies. This correlation (previously seen for the U.S. by Irving Fisher) persuaded some analysts that it was impossible for governments simultaneously to target both arbitrarily low unemployment and price stability, and that, therefore, it was government’s role to seek a point on the trade-off between unemployment and inflation which matched a domestic social consensus.

During the 1970s in the United States and several other industrialized countries, Phillips curve analysis became less popular, because inflation rose at the same time that unemployment rose (see stagflation).

Worse, as far as many economists were concerned, was that the Phillips curve had little or no theoretical basis. Critics of this analysis (such as Milton Friedman and Edmund Phelps) argued that the Phillips curve could not be a fundamental characteristic of economic general equilibrium because it showed a correlation between a real economic variable (the unemployment rate) and a nominal economic variable (the inflation rate). Their counter-analysis was that government macroeconomic policy (primarily monetary policy) was being driven by a low unemployment target and that this caused expectations of inflation to change, so that steadily accelerating inflation rather than reduced unemployment was the result. The resulting prescription was that government economic policy (or at least monetary policy) should not be influenced by any level of unemployment below a critical level – the “natural rate” or NAIRU.[6]

The natural rate hypothesis

The idea behind the natural rate hypothesis put forward by Friedman was that any given labor market structure must involve a certain amount of unemployment, including frictional unemployment associated with individuals changing jobs and possibly classical unemployment arising from real wages being held above the market-clearing level by minimum wage laws, trade unions or other labour market institutions. Unexpected inflation might allow unemployment to fall below the natural rate by temporarily depressing real wages, but this effect would dissipate once expectations about inflation were corrected. Only with continuously accelerating inflation could rates of unemployment below the natural rate be maintained.

The analysis supporting the natural rate hypothesis was controversial, and empirical evidence suggested that the natural rate varied over time in ways that could not easily be explained by changes in labor market structures. As a result, the “natural rate” terminology was largely supplanted by that of the NAIRU, which referred to a rate of unemployment below which inflation would accelerate, but did not imply a commitment to any particular theoretical explanation, or a prediction that the rate would be stable over time.

Properties

If {\displaystyle U*}U* is the NAIRU and {\displaystyle U}U is the actual unemployment rate, the theory says that:

if {\displaystyle U<U*}U<U* for a few years, inflationary expectations rise, so that the inflation rate tends to increase;
if {\displaystyle U>U*}U>U* for a few years, inflationary expectations fall, so that the inflation rate tends to slow (there is disinflation); and
if {\displaystyle U=U*}U=U*, the inflation rate tends to stay the same, unless there is an exogenous shock.

Okun’s law can be stated as saying that for every one percentage point by which the actual unemployment rate exceeds the so-called “natural” rate of unemployment, real gross domestic product is reduced by 2% to 3%.

Criticism

The NAIRU analysis assumes that if inflation increases, workers and employers can create contracts that take into account expectations of higher inflation and agree on a level of wage inflation that matches the expected level of price inflation to maintain constant real wages. Therefore, the analysis requires inflation to accelerate to maintain low unemployment. However, this argument implicitly assumes that workers and employers cannot contract to incorporate accelerating inflation into wage expectations, but there is no clear justification for assuming that expectations or contract structures are limited in this way aside from the fact that such wage arrangements are not commonly observed.

The NAIRU analysis is especially problematic if the Phillips curve displays hysteresis, that is, if episodes of high unemployment raise the NAIRU.[7] This could happen, for example, if unemployed workers lose skills so that employers prefer to bid up of the wages of existing workers when demand increases, rather than hiring the unemployed.

Others, such as Abba Lerner (1951, 1967) and Hyman Minsky (1965) have argued that a similar effect can be achieved without the human costs of unemployment via a job guarantee, where rather than being unemployed, those who cannot find work in the private sector should be employed by the government. This theory, and the policy of the job guarantee replaces the NAIRU with the NAIBER (non-accelerating-inflation-buffer employment ratio).[8]

Relationship to other economic theories

Most economists do not see the NAIRU theory as explaining all inflation. Instead, it is possible to move along a short run Phillips Curve (even though the NAIRU theory says that this curve shifts in the longer run) so that unemployment can rise or fall due to changes in inflation. Exogenous supply-shock inflation is also possible, as with the “energy crises” of the 1970s or the credit crunch of the early 21st century.

The NAIRU theory was mainly intended as an argument against active Keynesian demand management and in favor of free markets (at least on the macroeconomic level). There is, for instance, no theoretical basis for predicting the NAIRU. Monetarists instead support the generalized assertion that the correct approach to unemployment is through microeconomic measures (to lower the NAIRU whatever its exact level), rather than macroeconomic activity based on an estimate of the NAIRU in relation to the actual level of unemployment. Monetary policy, they maintain, should aim instead at stabilizing the inflation rate.

Naming

The NAIRU, non-accelerating inflation rate of unemployment, is actually misnamed. It is the price level that is accelerating (or decelerating), not the inflation rate. The inflation rate is just changing, not accelerating.[9]

See also

References

  1. Jump up^ Coe, David T, Nominal Wages. The NAIRU and Wage Flexibility. (PDF), Organisation for Economic Co-operation and Development
  2. Jump up^ Modigliani, Franco; Papademos, Lucas (1975). “Targets for Monetary Policy in the Coming Year”. Brookings Papers on Economic Activity. The Brookings Institution. 1975 (1): 141–165. doi:10.2307/2534063. JSTOR 2534063.
  3. Jump up^ Robert M. Solow, Modigliani and Monetarism, p. 6.
  4. Jump up^ Snowdon, Brian; Vane, Howard R. (2005). Modern Macroeconomics: Its Origins, Development and Current State. Cheltenham: E. Elgar. p. 187. ISBN 1-84376-394-X.
  5. Jump up^ Friedman, Milton (1968). “The Role of Monetary Policy”. American Economic Review. 58 (1): 1–17. JSTOR 1831652.
  6. Jump up^ Hoover, Kevin D, “Phillips Curve”, The Concise Encyclopedia of Economics, The Library of Economics and Liberty, retrieved 16 July 2007
  7. Jump up^ Ball, Laurence (2009), Hysteresis in Unemployment: Old and New Evidence (PDF)
  8. Jump up^ William Mitchell, J. Muysken (2008), Full employment abandoned: shifting sands and policy failures, Edward Elgar Publishing, ISBN 1-85898-507-2
  9. Jump up^ Case, K.E. and Fair, R.C. and Oster, S.M. (2016). Principles of Macroeconomics. Pearson. ISBN 9780133023671.

Further reading

External links

https://en.wikipedia.org/wiki/NAIRU

Phillips curve

From Wikipedia, the free encyclopedia
For the Phillips curve in supernova astrophysics, see Phillips relationship.

The Phillips curve is a single-equation empirical model, named after A. W. Phillips, describing a historical inverse relationship between rates of unemployment and corresponding rates of inflation that result within an economy. Stated simply, decreased unemployment, (i.e., increased levels of employment) in an economy will correlate with higher rates of inflation.

While there is a short run tradeoff between unemployment and inflation, it has not been observed in the long run.[1] In 1968, Milton Friedman asserted that the Phillips curve was only applicable in the short-run and that in the long-run, inflationary policies will not decrease unemployment.[2][3] Friedman then correctly predicted that, in the 1973–75 recession, both inflation and unemployment would increase.[3] The long-run Phillips curve is now seen as a vertical line at the natural rate of unemployment, where the rate of inflation has no effect on unemployment.[4] Accordingly, the Phillips curve is now seen as too simplistic, with the unemployment rate supplanted by more accurate predictors of inflation based on velocity of moneysupply measures such as the MZM (“money zero maturity”) velocity,[5] which is affected by unemployment in the short but not the long term.[6]

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History

Rate of Change of Wages against Unemployment, United Kingdom 1913–1948 from Phillips (1958)

William Phillips, a New Zealand born economist, wrote a paper in 1958 titled The Relation between Unemployment and the Rate of Change of Money Wage Rates in the United Kingdom, 1861-1957, which was published in the quarterly journal Economica.[7] In the paper Phillips describes how he observed an inverse relationship between money wage changes and unemployment in the British economy over the period examined. Similar patterns were found in other countries and in 1960 Paul Samuelson and Robert Solow took Phillips’ work and made explicit the link between inflation and unemployment: when inflation was high, unemployment was low, and vice versa.[8]

In the 1920s, an American economist Irving Fisher noted this kind of Phillips curve relationship. However, Phillips’ original curve described the behavior of money wages.[9]

In the years following Phillips’ 1958 paper, many economists in the advanced industrial countries believed that his results showed that there was a permanently stable relationship between inflation and unemployment.[citation needed] One implication of this for government policy was that governments could control unemployment and inflation with a Keynesian policy. They could tolerate a reasonably high rate of inflation as this would lead to lower unemployment – there would be a trade-off between inflation and unemployment. For example, monetary policy and/or fiscal policy could be used to stimulate the economy, raising gross domestic product and lowering the unemployment rate. Moving along the Phillips curve, this would lead to a higher inflation rate, the cost of enjoying lower unemployment rates.[citation needed] Economist James Forder argues that this view is historically false and that neither economists nor governments took that view and that the ‘Phillips curve myth’ was an invention of the 1970s.[10]

Since 1974, seven Nobel Prizes have been given to economists for, among other things, work critical of some variations of the Phillips curve. Some of this criticism is based on the United States’ experience during the 1970s, which had periods of high unemployment and high inflation at the same time. The authors receiving those prizes include Thomas Sargent, Christopher Sims, Edmund Phelps, Edward Prescott, Robert A. Mundell, Robert E. Lucas, Milton Friedman, and F.A. Hayek.[11]

Stagflation

In the 1970s, many countries experienced high levels of both inflation and unemployment also known as stagflation. Theories based on the Phillips curve suggested that this could not happen, and the curve came under a concerted attack from a group of economists headed by Milton Friedman.[citation needed] Friedman argued that the Phillips curve relationship was only a short-run phenomenon. In this he followed eight years after Samuelson and Solow [1960] who wrote ” All of our discussion has been phrased in short-run terms, dealing with what might happen in the next few years. It would be wrong, though, to think that our Figure 2 menu that related obtainable price and unemployment behavior will maintain its same shape in the longer run. What we do in a policy way during the next few years might cause it to shift in a definite way.”[8] As Samuelson and Solow had argued 8 years earlier, he argued that in the long run, workers and employers will take inflation into account, resulting in employment contracts that increase pay at rates near anticipated inflation. Unemployment would then begin to rise back to its previous level, but now with higher inflation rates. This result implies that over the longer-run there is no trade-off between inflation and unemployment. This implication is significant for practical reasons because it implies that central banks should not set employment targets above the natural rate.[1]

More recent research has shown that there is a moderate trade-off between low-levels of inflation and unemployment. Work by George Akerlof, William Dickens, and George Perry,[12]implies that if inflation is reduced from two to zero percent, unemployment will be permanently increased by 1.5 percent. This is because workers generally have a higher tolerance for real wage cuts than nominal ones. For example, a worker will more likely accept a wage increase of two percent when inflation is three percent, than a wage cut of one percent when the inflation rate is zero.

Today

U.S. Inflation and Unemployment 1/2000 to 4/2013

Most economists no longer use the Phillips curve in its original form because it was shown to be too simplistic.[6] This can be seen in a cursory analysis of US inflation and unemployment data from 1953–92. There is no single curve that will fit the data, but there are three rough aggregations—1955–71, 1974–84, and 1985–92—each of which shows a general, downwards slope, but at three very different levels with the shifts occurring abruptly. The data for 1953–54 and 1972–73 do not group easily, and a more formal analysis posits up to five groups/curves over the period.[1]

But still today, modified forms of the Phillips Curve that take inflationary expectations into account remain influential. The theory goes under several names, with some variation in its details, but all modern versions distinguish between short-run and long-run effects on unemployment. Modern Phillips curve models include both a short-run Phillips Curve and a long-run Phillips Curve. This is because in the short run, there is generally an inverse relationship between inflation and the unemployment rate; as illustrated in the downward sloping short-run Phillips curve. In the long run, that relationship breaks down and the economy eventually returns to the natural rate of unemployment regardless of the inflation rate.[13]

The “short-run Phillips curve” is also called the “expectations-augmented Phillips curve”, since it shifts up when inflationary expectations rise, Edmund Phelps and Milton Friedman argued. In the long run, this implies that monetary policy cannot affect unemployment, which adjusts back to its “natural rate“, also called the “NAIRU” or “long-run Phillips curve”. However, this long-run “neutrality” of monetary policy does allow for short run fluctuations and the ability of the monetary authority to temporarily decrease unemployment by increasing permanent inflation, and vice versa. The popular textbook of Blanchard gives a textbook presentation of the expectations-augmented Phillips curve.[14]

An equation like the expectations-augmented Phillips curve also appears in many recent New Keynesiandynamic stochastic general equilibrium models. In these macroeconomic models with sticky prices, there is a positive relation between the rate of inflation and the level of demand, and therefore a negative relation between the rate of inflation and the rate of unemployment. This relationship is often called the “New Keynesian Phillips curve.” Like the expectations-augmented Phillips curve, the New Keynesian Phillips curve implies that increased inflation can lower unemployment temporarily, but cannot lower it permanently. Two influential papers that incorporate a New Keynesian Phillips curve are Clarida, Galí, and Gertler (1999),[15] and Blanchard and Galí (2007).[16]

Mathematics

There are at least two different mathematical derivations of the Phillips curve. First, there is the traditional or Keynesian version. Then, there is the new Classical version associated with Robert E. Lucas, Jr.

The traditional Phillips curve

The original Phillips curve literature was not based on the unaided application of economic theory. Instead, it was based on empirical generalizations. After that, economists tried to develop theories that fit the data.

Money wage determination

The traditional Phillips curve story starts with a wage Phillips Curve, of the sort described by A.W. Phillips himself. This describes the rate of growth of money wages (gW). Here and below, the operator g is the equivalent of “the percentage rate of growth of” the variable that follows.

{\displaystyle gW=gW^{T}-f(U)}gW=gW^{{T}}-f(U)

The “money wage rate” (W) is shorthand for total money wage costs per production employee, including benefits and payroll taxes. The focus is on only production workers’ money wages, because (as discussed below) these costs are crucial to pricing decisions by the firms.

This equation tells us that the growth of money wages rises with the trend rate of growth of money wages (indicated by the superscript “T”) and falls with the unemployment rate (U). The function f() is assumed to be monotonically increasing with U so that the dampening of money-wage increases by unemployment is shown by the negative sign in the equation above.

There are several possible stories behind this equation. A major one is that money wages are set by bilateral negotiations under partial bilateral monopoly: as the unemployment rate rises, all else constant worker bargaining power falls, so that workers are less able to increase their wages in the face of employer resistance.

During the 1970s, this story had to be modified, because (as the late Abba Lerner had suggested in the 1940s) workers try to keep up with inflation. Since the 1970s, the equation has been changed to introduce the role of inflationary expectations (or the expected inflation rate, gPex). This produces the expectations-augmented wage Phillips curve:

{\displaystyle gW=gW^{T}-f(U)+\lambda .gP^{ex}.}gW=gW^{{T}}-f(U)+\lambda .gP^{{ex}}.

The introduction of inflationary expectations into the equation implies that actual inflation can feed back into inflationary expectations and thus cause further inflation. The late economist James Tobin dubbed the last term “inflationary inertia,” because in the current period, inflation exists which represents an inflationary impulse left over from the past.

It also involved much more than expectations, including the price-wage spiral. In this spiral, employers try to protect profits by raising their prices and employees try to keep up with inflation to protect their real wages. This process can feed on itself, becoming a self-fulfilling prophecy.

The parameter λ (which is presumed constant during any time period) represents the degree to which employees can gain money wage increases to keep up with expected inflation, preventing a fall in expected real wages. It is usually assumed that this parameter equals unity in the long run.

In addition, the function f() was modified to introduce the idea of the Non-Accelerating Inflation Rate of Unemployment (NAIRU) or what’s sometimes called the “natural” rate of unemployment or the inflation-threshold unemployment rate:

[1] gW = gWTf(UU*) + λ·gPex.

Here, U* is the NAIRU. As discussed below, if U < U*, inflation tends to accelerate. Similarly, if U > U*, inflation tends to slow. It is assumed that f(0) = 0, so that when U = U*, the f term drops out of the equation.

In equation [1], the roles of gWT and gPex seem to be redundant, playing much the same role. However, assuming that λ is equal to unity, it can be seen that they are not. If the trend rate of growth of money wages equals zero, then the case where U equals U* implies that gW equals expected inflation. That is, expected real wages are constant.

In any reasonable economy, however, having constant expected real wages could only be consistent with actual real wages that are constant over the long haul. This does not fit with economic experience in the U.S. or any other major industrial country. Even though real wages have not risen much in recent years, there have been important increases over the decades.

An alternative is to assume that the trend rate of growth of money wages equals the trend rate of growth of average labor productivity (Z). That is:

[2] gWT = gZT.

Under assumption [2], when U equals U* and λ equals unity, expected real wages would increase with labor productivity. This would be consistent with an economy in which actual real wages increase with labor productivity. Deviations of real-wage trends from those of labor productivity might be explained by reference to other variables in the model.

Pricing decisions

Next, there is price behavior. The standard assumption is that markets are imperfectly competitive, where most businesses have some power to set prices. So the model assumes that the average business sets a unit price (P) as a mark-up (M) over the unit labor cost in production measured at a standard rate of capacity utilization (say, at 90 percent use of plant and equipment) and then adds in the unit materials cost.

The standardization involves later ignoring deviations from the trend in labor productivity. For example, assume that the growth of labor productivity is the same as that in the trend and that current productivity equals its trend value:

gZ = gZT and Z = ZT.

The markup reflects both the firm’s degree of market power and the extent to which overhead costs have to be paid. Put another way, all else equal, M rises with the firm’s power to set prices or with a rise of overhead costs relative to total costs.

So pricing follows this equation:

P = M × (unit labor cost) + (unit materials cost)
= M × (total production employment cost)/(quantity of output) + UMC.

UMC is unit raw materials cost (total raw materials costs divided by total output). So the equation can be restated as:

P = M × (production employment cost per worker)/(output per production employee) + UMC.

This equation can again be stated as:

P = M×(average money wage)/(production labor productivity) + UMC
= M×(W/Z) + UMC.

Now, assume that both the average price/cost mark-up (M) and UMC are constant. On the other hand, labor productivity grows, as before. Thus, an equation determining the price inflation rate (gP) is:

gP = gWgZT.

Price[edit]

Then, combined with the wage Phillips curve [equation 1] and the assumption made above about the trend behavior of money wages [equation 2], this price-inflation equation gives us a simple expectations-augmented price Phillips curve:

gP = −f(UU*) + λ·gPex.

Some assume that we can simply add in gUMC, the rate of growth of UMC, in order to represent the role of supply shocks (of the sort that plagued the U.S. during the 1970s). This produces a standard short-term Phillips curve:

gP = −f(UU*) + λ·gPex + gUMC.

Economist Robert J. Gordon has called this the “Triangle Model” because it explains short-run inflationary behavior by three factors: demand inflation (due to low unemployment), supply-shock inflation (gUMC), and inflationary expectations or inertial inflation.

In the long run, it is assumed, inflationary expectations catch up with and equal actual inflation so that gP = gPex. This represents the long-term equilibrium of expectations adjustment. Part of this adjustment may involve the adaptation of expectations to the experience with actual inflation. Another might involve guesses made by people in the economy based on other evidence. (The latter idea gave us the notion of so-called rational expectations.)

Expectational equilibrium gives us the long-term Phillips curve. First, with λ less than unity:

gP = [1/(1 − λ)]·(−f(UU*) + gUMC).

This is nothing but a steeper version of the short-run Phillips curve above. Inflation rises as unemployment falls, while this connection is stronger. That is, a low unemployment rate (less than U*) will be associated with a higher inflation rate in the long run than in the short run. This occurs because the actual higher-inflation situation seen in the short run feeds back to raise inflationary expectations, which in turn raises the inflation rate further. Similarly, at high unemployment rates (greater than U*) lead to low inflation rates. These in turn encourage lower inflationary expectations, so that inflation itself drops again.

This logic goes further if λ is equal to unity, i.e., if workers are able to protect their wages completely from expected inflation, even in the short run. Now, the Triangle Model equation becomes:

f(UU*) = gUMC.

If we further assume (as seems reasonable) that there are no long-term supply shocks, this can be simplified to become:

f(UU*) = 0 which implies that U = U*.

All of the assumptions imply that in the long run, there is only one possible unemployment rate, U* at any one time. This uniqueness explains why some call this unemployment rate “natural.”

To truly understand and criticize the uniqueness of U*, a more sophisticated and realistic model is needed. For example, we might introduce the idea that workers in different sectors push for money wage increases that are similar to those in other sectors. Or we might make the model even more realistic. One important place to look is at the determination of the mark-up, M.

New classical version

The Phillips curve equation can be derived from the (short-run) Lucas aggregate supply function. The Lucas approach is very different from that the traditional view. Instead of starting with empirical data, he started with a classical economic model following very simple economic principles.

Start with the aggregate supply function:

{\displaystyle Y=Y_{n}+a(P-P_{e})\,}Y=Y_{n}+a(P-P_{e})\,

where Y is log value of the actual output, Yn is log value of the “natural” level of output, a is a positive constant, P is log value of the actual price level, and Pe is log value of the expected price level. Lucas assumes that Yn has a unique value.

Note that this equation indicates that when expectations of future inflation (or, more correctly, the future price level) are totally accurate, the last term drops out, so that actual output equals the so-called “natural” level of real GDP. This means that in the Lucas aggregate supply curve, the only reason why actual real GDP should deviate from potential—and the actual unemployment rate should deviate from the “natural” rate—is because of incorrect expectations of what is going to happen with prices in the future. (The idea has been expressed first by Keynes, General Theory, Chapter 20 section III paragraph 4).

This differs from other views of the Phillips curve, in which the failure to attain the “natural” level of output can be due to the imperfection or incompleteness of markets, the stickiness of prices, and the like. In the non-Lucas view, incorrect expectations can contribute to aggregate demand failure, but they are not the only cause. To the “new Classical” followers of Lucas, markets are presumed to be perfect and always attain equilibrium (given inflationary expectations).

We re-arrange the equation into:

{\displaystyle P=P_{e}+{\frac {Y-Y_{n}}{a}}}P=P_{e}+{\frac {Y-Y_{n}}{a}}

Next we add unexpected exogenous shocks to the world supply v:

{\displaystyle P=P_{e}+{\frac {Y-Y_{n}}{a}}+v}P=P_{e}+{\frac {Y-Y_{n}}{a}}+v

Subtracting last year’s price levels P−1 will give us inflation rates, because

{\displaystyle P-P_{-1}\ \approx \pi }P-P_{{-1}}\ \approx \pi

and

{\displaystyle P_{e}-P_{-1}\ \approx \pi _{e}}P_{e}-P_{{-1}}\ \approx \pi _{e}

where π and πe are the inflation and expected inflation respectively.

There is also a negative relationship between output and unemployment (as expressed by Okun’s law). Therefore, using

{\displaystyle {\frac {Y-Y_{n}}{a}}=-b(U-U_{n})}{\frac {Y-Y_{n}}{a}}=-b(U-U_{n})

where b is a positive constant, U is unemployment, and Un is the natural rate of unemployment or NAIRU, we arrive at the final form of the short-run Phillips curve:

{\displaystyle \pi =\pi _{e}-b(U-U_{n})+v\,}\pi =\pi _{e}-b(U-U_{n})+v\,

This equation, plotting inflation rate π against unemployment U gives the downward-sloping curve in the diagram that characterises the Phillips curve.

New Keynesian version

The New Keynesian Phillips curve was originally derived by Roberts in 1995,[17] and since been used in most state-of-the-art New Keynesian DSGE models like the one of Clarida, Galí, and Gertler (2000).[18][19]

{\displaystyle \pi _{t}=\beta E_{t}[\pi _{t+1}]+\kappa y_{t}}\pi _{{t}}=\beta E_{{t}}[\pi _{{t+1}}]+\kappa y_{{t}}

where {\displaystyle \kappa ={\frac {\alpha [1-(1-\alpha )\beta ]\phi }{1-\alpha }}}\kappa ={\frac {\alpha [1-(1-\alpha )\beta ]\phi }{1-\alpha }}. The current expectations of next period’s inflation are incorporated as {\displaystyle \beta E_{t}[\pi _{t+1}]}\beta E_{{t}}[\pi _{{t+1}}]

NAIRU and rational expectations

Short-Run Phillips Curve before and after Expansionary Policy, with Long-Run Phillips Curve (NAIRU)

In the 1970s, new theories, such as rational expectations and the NAIRU (non-accelerating inflation rate of unemployment) arose to explain how stagflation could occur. The latter theory, also known as the “natural rate of unemployment“, distinguished between the “short-term” Phillips curve and the “long-term” one. The short-term Phillips Curve looked like a normal Phillips Curve, but shifted in the long run as expectations changed. In the long run, only a single rate of unemployment (the NAIRU or “natural” rate) was consistent with a stable inflation rate. The long-run Phillips Curve was thus vertical, so there was no trade-off between inflation and unemployment. Edmund Phelps won the Nobel Prize in Economics in 2006 in part for this. However, the expectations argument was in fact very widely understood before his work on it.[20]

In the diagram, the long-run Phillips curve is the vertical red line. The NAIRU theory says that when unemployment is at the rate defined by this line, inflation will be stable. However, in the short-run policymakers will face an inflation-unemployment rate tradeoff marked by the “Initial Short-Run Phillips Curve” in the graph. Policymakers can therefore reduce the unemployment rate temporarily, moving from point A to point B through expansionary policy. However, according to the NAIRU, exploiting this short-run tradeoff will raise inflation expectations, shifting the short-run curve rightward to the “New Short-Run Phillips Curve” and moving the point of equilibrium from B to C. Thus the reduction in unemployment below the “Natural Rate” will be temporary, and lead only to higher inflation in the long run.

Since the short-run curve shifts outward due to the attempt to reduce unemployment, the expansionary policy ultimately worsens the exploitable tradeoff between unemployment and inflation. That is, it results in more inflation at each short-run unemployment rate. The name “NAIRU” arises because with actual unemployment below it, inflation accelerates, while with unemployment above it, inflation decelerates. With the actual rate equal to it, inflation is stable, neither accelerating nor decelerating. One practical use of this model was to provide an explanation for stagflation, which confounded the traditional Phillips curve.

The rational expectations theory said that expectations of inflation were equal to what actually happened, with some minor and temporary errors. This in turn suggested that the short-run period was so short that it was non-existent: any effort to reduce unemployment below the NAIRU, for example, would immediately cause inflationary expectations to rise and thus imply that the policy would fail. Unemployment would never deviate from the NAIRU except due to random and transitory mistakes in developing expectations about future inflation rates. In this perspective, any deviation of the actual unemployment rate from the NAIRU was an illusion.

However, in the 1990s in the U.S., it became increasingly clear that the NAIRU did not have a unique equilibrium and could change in unpredictable ways. In the late 1990s, the actual unemployment rate fell below 4% of the labor force, much lower than almost all estimates of the NAIRU. But inflation stayed very moderate rather than accelerating. So, just as the Phillips curve had become a subject of debate, so did the NAIRU.

Furthermore, the concept of rational expectations had become subject to much doubt when it became clear that the main assumption of models based on it was that there exists a single (unique) equilibrium in the economy that is set ahead of time, determined independently of demand conditions. The experience of the 1990s suggests that this assumption cannot be sustained.

Theoretical questions

The Phillips curve started as an empirical observation in search of a theoretical explanation.[citation needed] Specifically, the Phillips curve tried to determine whether the inflation-unemployment link was causal or simply correlational. There are several major explanations of the short-term Phillips curve regularity.

To Milton Friedman there is a short-term correlation between inflation shocks and employment. When an inflationary surprise occurs, workers are fooled into accepting lower pay because they do not see the fall in real wages right away. Firms hire them because they see the inflation as allowing higher profits for given nominal wages. This is a movement along the Phillips curve as with change A. Eventually, workers discover that real wages have fallen, so they push for higher money wages. This causes the Phillips curve to shift upward and to the right, as with B. Some research underlines that some implicit and serious assumptions are actually in the background of the Friedmanian Phillips curve. This information asymmetry and a special pattern of flexibility of prices and wages are both necessary if one wants to maintain the mechanism told by Friedman. However, as it is argued, these presumptions remain completely unrevealed and theoretically ungrounded by Friedman.[21]

Economists such as Milton Friedman and Edmund Phelps reject this theory because it implies that workers suffer from money illusion. According to them, rational workers would only react to real wages, that is, inflation adjusted wages. However, one of the characteristics of a modern industrial economy is that workers do not encounter their employers in an atomized and perfect market. They operate in a complex combination of imperfect markets, monopolies, monopsonies, labor unions, and other institutions. In many cases, they may lack the bargaining power to act on their expectations, no matter how rational they are, or their perceptions, no matter how free of money illusion they are. It is not that high inflation causes low unemployment (as in Milton Friedman’s theory) as much as vice versa: Low unemployment raises worker bargaining power, allowing them to successfully push for higher nominal wages. To protect profits, employers raise prices.

Similarly, built-in inflation is not simply a matter of subjective “inflationary expectations” but also reflects the fact that high inflation can gather momentum and continue beyond the time when it was started, due to the objective price/wage spiral.

However, other economists, like Jeffrey Herbener, argue that price is market-determined and competitive firms cannot simply raise prices.[citation needed] They reject the Phillips curve entirely, concluding that unemployment’s influence is only a small portion of a much larger inflation picture that includes prices of raw materials, intermediate goods, cost of raising capital, worker productivity, land, and other factors.

Gordon’s triangle model

Robert J. Gordon of Northwestern University has analyzed the Phillips curve to produce what he calls the triangle model, in which the actual inflation rate is determined by the sum of

  1. demand pull or short-term Phillips curve inflation,
  2. cost push or supply shocks, and
  3. built-in inflation.

The last reflects inflationary expectations and the price/wage spiral. Supply shocks and changes in built-in inflation are the main factors shifting the short-run Phillips Curve and changing the trade-off. In this theory, it is not only inflationary expectations that can cause stagflation. For example, the steep climb of oil prices during the 1970s could have this result.

Changes in built-in inflation follow the partial-adjustment logic behind most theories of the NAIRU:

  1. Low unemployment encourages high inflation, as with the simple Phillips curve. But if unemployment stays low and inflation stays high for a long time, as in the late 1960s in the U.S., both inflationary expectations and the price/wage spiral accelerate. This shifts the short-run Phillips curve upward and rightward, so that more inflation is seen at any given unemployment rate. (This is with shift B in the diagram.)
  2. High unemployment encourages low inflation, again as with a simple Phillips curve. But if unemployment stays high and inflation stays low for a long time, as in the early 1980s in the U.S., both inflationary expectations and the price/wage spiral slow. This shifts the short-run Phillips curve downward and leftward, so that less inflation is seen at each unemployment rate.

In between these two lies the NAIRU, where the Phillips curve does not have any inherent tendency to shift, so that the inflation rate is stable. However, there seems to be a range in the middle between “high” and “low” where built-in inflation stays stable. The ends of this “non-accelerating inflation range of unemployment rates” change over time.

Joke article

In 2008, Gregor Smith published a joke article in the prestigious Journal of Money, Credit and Banking titled “Japan’s Phillips Curve Looks Like Japan”. This article points out the uncanny resemblance between Japan’s Phillips curve and the country’s geographic shape.[22]

See also

References

  1. ^ Jump up to:a b c Chang, R. (1997) “Is Low Unemployment Inflationary?” Federal Reserve Bank of Atlanta Economic Review 1Q97:4-13
  2. Jump up^ Friedman, Milton (1968). “The role of monetary policy”. American Economic Review. 68 (1): 1–17. JSTOR 1831652.
  3. ^ Jump up to:a b Phelan, John (23 October 2012). “Milton Friedman and the rise and fall of the Phillips Curve”. thecommentator.com. Retrieved September 29, 2014.
  4. Jump up^ “Phillips Curve: The Concise Encyclopedia of Economics – Library of Economics and Liberty”.
  5. Jump up^ “Velocity of MZM Money Stock”. 22 December 2016.
  6. ^ Jump up to:a b Oliver Hossfeld (2010) “US Money Demand, Monetary Overhang, and Inflation Prediction” International Network for Economic Research working paper no. 2010.4
  7. Jump up^ Phillips, A. W. (1958). “The Relationship between Unemployment and the Rate of Change of Money Wages in the United Kingdom 1861-1957”. Economica. 25 (100): 283–299. doi:10.1111/j.1468-0335.1958.tb00003.x.
  8. ^ Jump up to:a b Samuelson, Paul A.; Solow, Robert M. (1960). “Analytical Aspects of Anti-Inflation Policy”. American Economic Review. 50 (2): 177–194. JSTOR 1815021.
  9. Jump up^ Fisher, Irving (1973). “I discovered the Phillips curve: ‘A statistical relation between unemployment and price changes'”. Journal of Political Economy. The University of Chicago Press. 81 (2): 496–502. doi:10.1086/260048. JSTOR 1830534. Reprinted from 1926 edition of International Labour Review.
  10. Jump up^ Forder, James (2014). Macroeconomics and the Phillips Curve Myth. Oxford University Press. ISBN 978-0-19-968365-9.
  11. Jump up^ Domitrovic, Brain (10 October 2011). “The Economics Nobel Goes to Sargent & Sims: Attackers of the Phillips Curve”. Forbes.com. Retrieved 12 October 2011.
  12. Jump up^ Akerlof, George A.; Dickens, William T.; Perry, George L. (2000). “Near-Rational Wage and Price Setting and the Long-Run Phillips Curve”. Brookings Papers on Economic Activity. 2000 (1): 1–60.
  13. Jump up^ Jacob, Reed (2016). “AP Macroeconomics Review: Phillips Curve”. APEconReview.com.
  14. Jump up^ Blanchard, Olivier (2000). Macroeconomics (Second ed.). Prentice Hall. pp. 149–55. ISBN 0-13-013306-X.
  15. Jump up^ Clarida, Richard; Galí, Jordi; Gertler, Mark (1999). “The science of monetary policy: a New-Keynesian perspective”. Journal of Economic Literature. American Economic Association. 37 (4): 1661–1707. doi:10.1257/jel.37.4.1661. JSTOR 2565488.
  16. Jump up^ Blanchard, Olivier; Galí, Jordi (2007). “Real Wage Rigidities and the New Keynesian Model”. Journal of Money, Credit, and Banking. 39 (s1): 35–65. doi:10.1111/j.1538-4616.2007.00015.x.
  17. Jump up^ Roberts, John M. (1995). “New Keynesian Economics and the Phillips Curve”. Journal of Money, Credit and Banking. 27 (4): 975–984. JSTOR 2077783.
  18. Jump up^ Clarida, Richard; Galí, Jordi; Gertler, Mark (2000). “Monetary Policy Rules and Macroeconomic Stability: Evidence and Some Theory”. The Quarterly Journal of Economics. 115 (1): 147–180. doi:10.1162/003355300554692.
  19. Jump up^ Romer, David (2012). “Dynamic Stochastic General Equilibrium Models of Fluctuation”. Advanced Macroeconomics. New York: McGraw-Hill Irwin. pp. 312–364. ISBN 978-0-07-351137-5.
  20. Jump up^ Forder, James (2010). “The historical place of the ‘Friedman-Phelps’ expectations critique”. European Journal of the History of Economic Thought. 17 (3): 493–511. doi:10.1080/09672560903114875.
  21. Jump up^ Galbács, Peter (2015). The Theory of New Classical Macroeconomics. A Positive Critique. Heidelberg/New York/Dordrecht/London: Springer. doi:10.1007/978-3-319-17578-2. ISBN 978-3-319-17578-2.
  22. Jump up^ Smith, Gregor W. (1 September 2008). “Japan’s Phillips Curve Looks Like Japan”. 40 (6): 1325–1326. doi:10.1111/j.1538-4616.2008.00160.x – via Wiley Online Library.

Further reading

External links

https://en.wikipedia.org/wiki/Phillips_curve

Milton Friedman

From Wikipedia, the free encyclopedia
  (Redirected from Milton friedman)
Milton Friedman
Portrait of Milton Friedman.jpg

Friedman in 2004
Born July 31, 1912
Brooklyn, New York, U.S.
Died November 16, 2006 (aged 94)
San Francisco, California, U.S.
Nationality American
Spouse(s) Rose Friedman
Institution
School or
tradition
Chicago School
Alma mater
Doctoral
advisor
Simon Kuznets
Doctoral
students
Phillip Cagan
Harry Markowitz
Lester G. Telser[1]
David I. Meiselman
Neil Wallace
Miguel Sidrauski
Influences
Influenced
Contributions
Awards
Information at IDEAS / RePEc
Signature
Milton friedman signature.svg
Notes

Milton Friedman (July 31, 1912 – November 16, 2006) was an American economist who received the 1976 Nobel Memorial Prize in Economic Sciences for his research on consumption analysis, monetary history and theory, and the complexity of stabilization policy.[4] With George Stigler and others, Friedman was among the intellectual leaders of the second generation of Chicago price theory, a methodological movement at the University of Chicago’s Department of Economics, Law School, and Graduate School of Business from the 1940s onward. Several students and young professors that were recruited or mentored by Friedman at Chicago went on to become leading economists; they include Gary Becker, Robert Fogel, Thomas Sowell,[5] and Robert Lucas, Jr.[6]

Friedman’s challenges to what he later called “naive Keynesian” theory[7] began with his 1950s reinterpretation of the consumption function. In the 1960s, he became the main advocate opposing Keynesian government policies,[8] and described his approach (along with mainstream economics) as using “Keynesian language and apparatus” yet rejecting its “initial” conclusions.[9] He theorized that there existed a “natural” rate of unemployment, and argued that employment above this rate would cause inflation to accelerate.[10] He argued that the Phillips curve was, in the long run, vertical at the “natural rate” and predicted what would come to be known as stagflation.[11] Friedman promoted an alternative macroeconomic viewpoint known as “monetarism“, and argued that a steady, small expansion of the money supply was the preferred policy.[12] His ideas concerning monetary policy, taxation, privatization and deregulation influenced government policies, especially during the 1980s. His monetary theory influenced the Federal Reserve’s response to the global financial crisis of 2007–08.[13]

Friedman was an advisor to Republican U.S. President Ronald Reagan[14] and Conservative British Prime Minister Margaret Thatcher.[15] His political philosophy extolled the virtues of a free market economic system with minimal intervention. He once stated that his role in eliminating U.S. conscription was his proudest accomplishment. In his 1962 book Capitalism and Freedom, Friedman advocated policies such as a volunteer military, freely floating exchange rates, abolition of medical licenses, a negative income tax, and school vouchers.[16] His support for school choice led him to found the Friedman Foundation for Educational Choice, later renamed EdChoice.[17]

Milton Friedman’s works include many monographs, books, scholarly articles, papers, magazine columns, television programs, and lectures, and cover a broad range of economic topics and public policy issues. His books and essays have had an international influence, including in former communist states.[18][19][20][21] A survey of economists ranked Friedman as the second-most popular economist of the twentieth century after John Maynard Keynes,[22] and The Economist described him as “the most influential economist of the second half of the 20th century … possibly of all of it”.[23]

Contents

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Early life

Friedman was born in Brooklyn, New York on July 31, 1912. His parents, Sára Ethel (née Landau) and Jenő Saul Friedman,[24] were Jewish immigrants from Beregszász in Carpathian Ruthenia, Kingdom of Hungary (now Berehove in Ukraine). They both worked as dry goods merchants. Shortly after Milton’s birth, the family relocated to Rahway, New Jersey. In his early teens, Friedman was injured in a car accident, which scarred his upper lip.[25] A talented student, Friedman graduated from Rahway High School in 1928, just before his 16th birthday.[26][27]

In 1932, Friedman graduated from Rutgers University, where he specialized in mathematics and economics and initially intended to become an actuary. During his time at Rutgers, Friedman became influenced by two economics professors, Arthur F. Burns and Homer Jones, who convinced him that modern economics could help end the Great Depression.

After graduating from Rutgers, Friedman was offered two scholarships to do graduate work—one in mathematics at Brown University and the other in economics at the University of Chicago.[28] Friedman chose the latter, thus earning a Master of Arts degree in 1933. He was strongly influenced by Jacob Viner, Frank Knight, and Henry Simons. It was at Chicago that Friedman met his future wife, economist Rose Director. During the 1933–1934 academic year he had a fellowship at Columbia University, where he studied statistics with renowned statistician and economist Harold Hotelling. He was back in Chicago for the 1934–1935 academic year, working as a research assistant for Henry Schultz, who was then working on Theory and Measurement of Demand. That year, Friedman formed what would prove to be lifelong friendships with George Stigler and W. Allen Wallis.[29]

Public service

Friedman was initially unable to find academic employment, so in 1935 he followed his friend W. Allen Wallis to Washington, where Franklin D. Roosevelt‘s New Deal was “a lifesaver” for many young economists.[30] At this stage, Friedman said that he and his wife “regarded the job-creation programs such as the WPA, CCC, and PWA appropriate responses to the critical situation,” but not “the price- and wage-fixing measures of the National Recovery Administration and the Agricultural Adjustment Administration.”[31] Foreshadowing his later ideas, he believed price controls interfered with an essential signaling mechanism to help resources be used where they were most valued. Indeed, Friedman later concluded that all government intervention associated with the New Deal was “the wrong cure for the wrong disease,” arguing that the money supply should simply have been expanded, instead of contracted.[32] Later, Friedman and his colleague Anna Schwartz wrote A Monetary History of the United States, 1867–1960, which argued that the Great Depression was caused by a severe monetary contraction due to banking crises and poor policy on the part of the Federal Reserve.[33]

During 1935, he began work for the National Resources Committee, which was then working on a large consumer budget survey. Ideas from this project later became a part of his Theory of the Consumption Function. Friedman began employment with the National Bureau of Economic Research during autumn 1937 to assist Simon Kuznets in his work on professional income. This work resulted in their jointly authored publication Incomes from Independent Professional Practice, which introduced the concepts of permanent and transitory income, a major component of the Permanent Income Hypothesis that Friedman worked out in greater detail in the 1950s. The book hypothesizes that professional licensing artificially restricts the supply of services and raises prices.

During 1940, Friedman was appointed an assistant professor teaching Economics at the University of Wisconsin–Madison, but encountered antisemitism in the Economics department and decided to return to government service.[34][35] From 1941 to 1943 Friedman worked on wartime tax policy for the Federal Government, as an advisor to senior officials of the United States Department of the Treasury. As a Treasury spokesman during 1942 he advocated a Keynesian policy of taxation. He helped to invent the payroll withholding tax system, since the federal government badly needed money in order to fight the war.[36] He later said, “I have no apologies for it, but I really wish we hadn’t found it necessary and I wish there were some way of abolishing withholding now.”[37]

Academic career

Early years

In 1940, Friedman accepted a position at the University of Wisconsin–Madison, but left because of differences with faculty regarding United States involvement in World War II. Friedman believed the United States should enter the war.[38] In 1943, Friedman joined the Division of War Research at Columbia University (headed by W. Allen Wallis and Harold Hotelling), where he spent the rest of World War II working as a mathematical statistician, focusing on problems of weapons design, military tactics, and metallurgical experiments.[38][39]

In 1945, Friedman submitted Incomes from Independent Professional Practice (co-authored with Kuznets and completed during 1940) to Columbia as his doctoral dissertation. The university awarded him a PhD in 1946. Friedman spent the 1945–1946 academic year teaching at the University of Minnesota (where his friend George Stigler was employed). On February 12, 1945, his son, David D. Friedman was born.

University of Chicago

In 1946, Friedman accepted an offer to teach economic theory at the University of Chicago (a position opened by departure of his former professor Jacob Viner to Princeton University). Friedman would work for the University of Chicago for the next 30 years. There he contributed to the establishment of an intellectual community that produced a number of Nobel Prize winners, known collectively as the Chicago school of economics.

At that time, Arthur F. Burns, who was then the head of the National Bureau of Economic Research, asked Friedman to rejoin the Bureau’s staff. He accepted the invitation, and assumed responsibility for the Bureau’s inquiry into the role of money in the business cycle. As a result, he initiated the “Workshop in Money and Banking” (the “Chicago Workshop”), which promoted a revival of monetary studies. During the latter half of the 1940s, Friedman began a collaboration with Anna Schwartz, an economic historian at the Bureau, that would ultimately result in the 1963 publication of a book co-authored by Friedman and Schwartz, A Monetary History of the United States, 1867–1960.

Friedman spent the 1954–1955 academic year as a Fulbright Visiting Fellow at Gonville and Caius College, Cambridge. At the time, the Cambridge economics faculty was divided into a Keynesian majority (including Joan Robinson and Richard Kahn) and an anti-Keynesian minority (headed by Dennis Robertson). Friedman speculated that he was invited to the fellowship, because his views were unacceptable to both of the Cambridge factions. Later his weekly columns for Newsweek magazine (1966–84) were well read and increasingly influential among political and business people.[40] From 1968 to 1978, he and Paul Samuelson participated in the Economics Cassette Series, a biweekly subscription series where the economist would discuss the days’ issues for about a half-hour at a time.[41][42]

Friedman was an economic adviser to Republican presidential candidate Barry Goldwater during 1964.

Personal life

Retirement

In 1977, at the age of 65, Friedman retired from the University of Chicago after teaching there for 30 years. He and his wife moved to San Francisco where he became a visiting scholar at the Federal Reserve Bank of San Francisco. From 1977 on, he was affiliated with the Hoover Institution at Stanford University. During the same year, Friedman was approached by the Free To Choose Network and asked to create a television program presenting his economic and social philosophy.

The Friedmans worked on this project for the next three years, and during 1980, the ten-part series, titled Free to Choose, was broadcast by the Public Broadcasting Service (PBS). The companion book to the series (co-authored by Milton and his wife, Rose Friedman), also titled Free To Choose, was the bestselling nonfiction book of 1980 and has since been translated into 14 foreign languages.

Friedman served as an unofficial adviser to Ronald Reagan during his 1980 presidential campaign, and then served on the President’s Economic Policy Advisory Board for the rest of the Reagan Administration. Ebenstein says Friedman was “the ‘guru’ of the Reagan administration.”[43] In 1988 he received the National Medal of Science and Reagan honored him with the Presidential Medal of Freedom. Milton Friedman is known now as one of the most influential economists of the 20th century.[44][45] Throughout the 1980s and 1990s, Friedman continued to write editorials and appear on television. He made several visits to Eastern Europe and to China, where he also advised governments. He was also for many years a Trustee of the Philadelphia Society.[46][47][48]

Later life

According to a 2007 article in Commentary magazine, his “parents were moderately observant [Jews], but Friedman, after an intense burst of childhood piety, rejected religion altogether.”[49] He described himself as an agnostic.[50] Friedman wrote extensively of his life and experiences, especially in 1998 in his memoirs with his wife Rose, titled Two Lucky People.

Death

Friedman died of heart failure at the age of 94 years in San Francisco on November 16, 2006.[51] He was still a working economist performing original economic research; his last column was published in The Wall Street Journal the day after his death.[52] He was survived by his wife (who died on August 18, 2009) and their two children, David, known for the anarcho-capitalist book The Machinery of Freedom, and Janet.

Scholarly contributions

Economics

Friedman was best known for reviving interest in the money supply as a determinant of the nominal value of output, that is, the quantity theory of money. Monetarism is the set of views associated with modern quantity theory. Its origins can be traced back to the 16th-century School of Salamanca or even further; however, Friedman’s contribution is largely responsible for its modern popularization. He co-authored, with Anna Schwartz, A Monetary History of the United States, 1867–1960 (1963), which was an examination of the role of the money supply and economic activity in the U.S. history. A striking conclusion of their research regarded the way in which money supply fluctuations contribute to economic fluctuations. Several regression studies with David Meiselman during the 1960s suggested the primacy of the money supply over investment and government spending in determining consumption and output. These challenged a prevailing, but largely untested, view on their relative importance. Friedman’s empirical research and some theory supported the conclusion that the short-run effect of a change of the money supply was primarily on output but that the longer-run effect was primarily on the price level.

Friedman was the main proponent of the monetarist school of economics. He maintained that there is a close and stable association between inflation and the money supply, mainly that inflation could be avoided with proper regulation of the monetary base’s growth rate. He famously used the analogy of “dropping money out of a helicopter.”,[53] in order to avoid dealing with money injection mechanisms and other factors that would overcomplicate his models.

Friedman’s arguments were designed to counter the popular concept of cost-push inflation, that the increased general price level at the time was the result of increases in the price of oil, or increases in wages; as he wrote,

Inflation is always and everywhere a monetary phenomenon.

— Milton Friedman, 1963.[54]

Friedman rejected the use of fiscal policy as a tool of demand management; and he held that the government’s role in the guidance of the economy should be restricted severely. Friedman wrote extensively on the Great Depression, which he termed the Great Contraction, arguing that it had been caused by an ordinary financial shock whose duration and seriousness were greatly increased by the subsequent contraction of the money supply caused by the misguided policies of the directors of the Federal Reserve.

The Fed was largely responsible for converting what might have been a garden-variety recession, although perhaps a fairly severe one, into a major catastrophe. Instead of using its powers to offset the depression, it presided over a decline in the quantity of money by one-third from 1929 to 1933 … Far from the depression being a failure of the free-enterprise system, it was a tragic failure of government.

— Milton Friedman, Two Lucky People, 233[55]

Friedman also argued for the cessation of government intervention in currency markets, thereby spawning an enormous literature on the subject, as well as promoting the practice of freely floating exchange rates. His close friend George Stigler explained, “As is customary in science, he did not win a full victory, in part because research was directed along different lines by the theory of rational expectations, a newer approach developed by Robert Lucas, also at the University of Chicago.”[56] The relationship between Friedman and Lucas, or new classical macroeconomics as a whole, was highly complex. The Friedmanian Phillips curve was an interesting starting point for Lucas, but he soon realized that the solution provided by Friedman was not quite satisfactory. Lucas elaborated a new approach in which rational expectations were presumed instead of the Friedmanian adaptive expectations. Due to this reformulation, the story in which the theory of the new classical Phillips curve was embedded radically changed. This modification, however, had a significant effect on Friedman’s own approach, so, as a result, the theory of the Friedmanian Phillips curve also changed.[57] Moreover, new classical Neil Wallace, who was a graduate student at the University of Chicago between 1960 and 1963, regarded Friedman’s theoretical courses as a mess.[58] This evaluation clearly indicates the broken relationship between Friedmanian monetarism and new classical macroeconomics.

Friedman was also known for his work on the consumption function, the permanent income hypothesis (1957), which Friedman himself referred to as his best scientific work.[59] This work contended that rational consumers would spend a proportional amount of what they perceived to be their permanent income. Windfall gains would mostly be saved. Tax reductions likewise, as rational consumers would predict that taxes would have to increase later to balance public finances. Other important contributions include his critique of the Phillips curve and the concept of the natural rate of unemployment (1968). This critique associated his name, together with that of Edmund Phelps, with the insight that a government that brings about greater inflation cannot permanently reduce unemployment by doing so. Unemployment may be temporarily lower, if the inflation is a surprise, but in the long run unemployment will be determined by the frictions and imperfections of the labor market.

Friedman’s essay “The Methodology of Positive Economics” (1953) provided the epistemological pattern for his own subsequent research and to a degree that of the Chicago School. There he argued that economics as science should be free of value judgments for it to be objective. Moreover, a useful economic theory should be judged not by its descriptive realism but by its simplicity and fruitfulness as an engine of prediction. That is, students should measure the accuracy of its predictions, rather than the ‘soundness of its assumptions’. His argument was part of an ongoing debate among such statisticians as Jerzy Neyman, Leonard Savage, and Ronald Fisher.[60]

Statistics

One of his most famous contributions to statistics is sequential sampling. Friedman did statistical work at the Division of War Research at Columbia, where he and his colleagues came up with the technique. It later became, in the words of The New Palgrave Dictionary of Economics, “the standard analysis of quality control inspection”. The dictionary adds, “Like many of Friedman’s contributions, in retrospect it seems remarkably simple and obvious to apply basic economic ideas to quality control; that however is a measure of his genius.”[61]

Public policy positions

Federal Reserve

Due to its poor performance,[62] Friedman believed that the Federal Reserve Board should be abolished.[63][64] Friedman was deeply critical about Federal Reserve policies, even during the so-called ‘Volcker shock’ that was labelled ‘monetarist.’[65] He further believed that if the money supply was to be centrally controlled (as by the Federal Reserve System) that the preferable way to do it would be with a mechanical system that would keep the quantity of money increasing at a steady rate.

Exchange rates

Friedman was a strong advocate for floating exchange rates throughout the entire Bretton-Woods period. He argued that a flexible exchange rate would make external adjustment possible and allow countries to avoid Balance of Payments crises. He saw fixed exchange rates as an undesirable form of government intervention. The case was articulated in an influential 1953 paper, “The Case for Flexible Exchange Rates”, at a time, when most commentators regarded the possibility of floating exchange rates as a fantasy.[66][67]

School choice

In his 1955 article “The Role of Government in Education”[68] Friedman proposed supplementing publicly operated schools with privately run but publicly funded schools through a system of school vouchers.[69] Reforms similar to those proposed in the article were implemented in, for example, Chile in 1981 and Sweden in 1992.[70] In 1996, Friedman, together with his wife, founded the Friedman Foundation for Educational Choice to advocate school choice and vouchers. In 2016, the Friedman Foundation changed its name to EdChoice to honor the Friedmans’ desire to have the educational choice movement live on without their names attached to it after their deaths.[17]

Conscription

While Walter Oi is credited with establishing the economic basis for a volunteer military, Milton Friedman was a proponent, stating that the draft was “inconsistent with a free society.”[71][72] In Capitalism and Freedom, he argued that conscription is inequitable and arbitrary, preventing young men from shaping their lives as they see fit.[73] During the Nixon administration he headed the committee to research a conversion to paid/volunteer armed force. He would later state that his role in eliminating the conscription in the United States was his proudest accomplishment.[12] Friedman did, however, believe a nation could compel military training as a reserve in case of war time.[73]

Foreign policy

Biographer Lanny Ebenstein noted a drift over time in Friedman’s views from an interventionist to a more cautious foreign policy.[74] He supported US involvement in the Second World War and initially supported a hard line against Communism, but moderated over time.[74] He opposed the Gulf War and the Iraq War.[74] In a spring 2006 interview, Friedman said that the USA’s stature in the world had been eroded by the Iraq War, but that it might be improved if Iraq were to become a peaceful independent country.[75]

Libertarianism and the Republican Party

He served as a member of President Reagan’s Economic Policy Advisory Board starting at 1981. In 1988, he received the Presidential Medal of Freedom and the National Medal of Science. He said that he was a libertarian philosophically, but a member of the U.S. Republican Party for the sake of “expediency” (“I am a libertarian with a small ‘l’ and a Republican with a capital ‘R.’ And I am a Republican with a capital ‘R’ on grounds of expediency, not on principle.”) But, he said, “I think the term classical liberal is also equally applicable. I don’t really care very much what I’m called. I’m much more interested in having people thinking about the ideas, rather than the person.”[76]

Public goods and monopoly

Friedman was supportive of the state provision of some public goods that private businesses are not considered as being able to provide. However, he argued that many of the services performed by government could be performed better by the private sector. Above all, if some public goods are provided by the state, he believed that they should not be a legal monopoly where private competition is prohibited; for example, he wrote:

There is no way to justify our present public monopoly of the post office. It may be argued that the carrying of mail is a technical monopoly and that a government monopoly is the least of evils. Along these lines, one could perhaps justify a government post office, but not the present law, which makes it illegal for anybody else to carry the mail. If the delivery of mail is a technical monopoly, no one else will be able to succeed in competition with the government. If it is not, there is no reason why the government should be engaged in it. The only way to find out is to leave other people free to enter.

— Milton Friedman, Friedman, Milton & Rose D. Capitalism and Freedom, University of Chicago Press, 1982, p. 29

Social security, welfare programs, and negative income tax

After 1960 Friedman attacked Social Security from a free market view stating that it had created welfare dependency.[77]

Friedman proposed that if there had to be a welfare system of any kind, he would replace the existing U.S. welfare system with a negative income tax, a progressive tax system in which the poor receive a basic living income from the government.[78] According to the New York Times, Friedman’s views in this regard were grounded in a belief that while “market forces … accomplish wonderful things”, they “cannot ensure a distribution of income that enables all citizens to meet basic economic needs”.[78]

Drug policy

Friedman also supported libertarian policies such as legalization of drugs and prostitution. During 2005, Friedman and more than 500 other economists advocated discussions regarding the economic benefits of the legalization of marijuana.[79]

Gay rights

Friedman was also a supporter of gay rights.[80][81] He never specifically supported same-sex marriage, instead saying “I do not believe there should be any discrimination against gays.”[81]

Economic freedom

Michael Walker of the Fraser Institute and Friedman hosted a series of conferences from 1986 to 1994. The goal was to create a clear definition of economic freedom and a method for measuring it. Eventually this resulted in the first report on worldwide economic freedom, Economic Freedom in the World.[82] This annual report has since provided data for numerous peer-reviewed studies and has influenced policy in several nations.

Along with sixteen other distinguished economists he opposed the Copyright Term Extension Act and filed an amicus brief in Eldred v. Ashcroft.[83] He supported the inclusion of the word “no-brainer” in the brief.[84]

Friedman argued for stronger basic legal (constitutional) protection of economic rights and freedoms to further promote industrial-commercial growth and prosperity and buttress democracy and freedom and the rule of law generally in society.[85]

Honors, recognition, and influence

George H. Nash, a leading historian of American conservatism, says that by, “the end of the 1960s he was probably the most highly regarded and influential conservative scholar in the country, and one of the few with an international reputation.”[86] Friedman allowed the libertarian Cato Institute to use his name for its biannual Milton Friedman Prize for Advancing Liberty beginning in 2001. A Friedman Prize was given to the late British economist Peter Bauer in 2002, Peruvian economist Hernando de Soto in 2004, Mart Laar, former Estonian Prime Minister in 2006 and a young Venezuelan student Yon Goicoechea in 2008. His wife Rose, sister of Aaron Director, with whom he initiated the Friedman Foundation for Educational Choice, served on the international selection committee.[87][88] Friedman was also a recipient of the Nobel Prize in Economics.

Upon Friedman’s death, Harvard President Lawrence Summers called him “The Great Liberator” saying “… any honest Democrat will admit that we are now all Friedmanites.” He said Friedman’s great popular contribution was “in convincing people of the importance of allowing free markets to operate.”[89]

In 2013 Stephen Moore, a member of the editorial forward of the Wall Street Journal said, “Quoting the most-revered champion of free-market economics since Adam Smith has become a little like quoting the Bible.” He adds, “There are sometimes multiple and conflicting interpretations.”[90]

Nobel Memorial Prize in Economic Sciences

Friedman won the Nobel Memorial Prize in Economic Sciences, the sole recipient for 1976, “for his achievements in the fields of consumption analysis, monetary history and theory and for his demonstration of the complexity of stabilization policy.”[4]

Hong Kong

Friedman once said, “If you want to see capitalism in action, go to Hong Kong.”[91] He wrote in 1990 that the Hong Kong economy was perhaps the best example of a free market economy.[92]

One month before his death, he wrote the article “Hong Kong Wrong – What would Cowperthwaite say?” in the Wall Street Journal, criticizing Donald Tsang, the Chief Executive of Hong Kong, for abandoning “positive noninterventionism.”[93] Tsang later said he was merely changing the slogan to “big market, small government,” where small government is defined as less than 20% of GDP. In a debate between Tsang and his rival, Alan Leong, before the 2007 Chief Executive election, Leong introduced the topic and jokingly accused Tsang of angering Friedman to death.

Chile

Main articles: Miracle of Chile and Chicago Boys

During 1975, two years after the military coup that brought military dictator President Augusto Pinochet to power and ended the government of Salvador Allende, the economy of Chile experienced a severe crisis. Friedman and Arnold Harberger accepted an invitation of a private Chilean foundation to visit Chile and speak on principles of economic freedom.[94] He spent seven days in Chile giving a series of lectures at the Universidad Católica de Chile and the (National) University of Chile. One of the lectures was entitled “The Fragility of Freedom” and according to Friedman, “dealt with precisely the threat to freedom from a centralized military government.”[95]

In an April 21, 1975, letter to Pinochet, Friedman considered the “key economic problems of Chile are clearly … inflation and the promotion of a healthy social market economy“.[96] He stated that “There is only one way to end inflation: by drastically reducing the rate of increase of the quantity of money …” and that “… cutting government spending is by far and away the most desirable way to reduce the fiscal deficit, because it … strengthens the private sector thereby laying the foundations for healthy economic growth”.[96] As to how rapidly inflation should be ended, Friedman felt that “for Chile where inflation is raging at 10–20% a month … gradualism is not feasible. It would involve so painful an operation over so long a period that the patient would not survive.” Choosing “a brief period of higher unemployment…” was the lesser evil.. and that “the experience of Germany, … of Brazil …, of the post-war adjustment in the U.S. … all argue for shock treatment“. In the letter Friedman recommended to deliver the shock approach with “… a package to eliminate the surprise and to relieve acute distress” and “… for definiteness let me sketch the contents of a package proposal … to be taken as illustrative” although his knowledge of Chile was “too limited to enable [him] to be precise or comprehensive”. He listed a “sample proposal” of 8 monetary and fiscal measures including “the removal of as many as obstacles as possible that now hinder the private market. For example, suspend … the present law against discharging employees”. He closed, stating “Such a shock program could end inflation in months”. His letter suggested that cutting spending to reduce the fiscal deficit would result in less transitional unemployment than raising taxes.

Sergio de Castro, a Chilean Chicago School graduate, became the nation’s Minister of Finance in 1975. During his six-year tenure, foreign investment increased, restrictions were placed on striking and labor unions, and GDP rose yearly.[97] A foreign exchange program was created between the Catholic University of Chile and the University of Chicago. Many other Chicago School alumni were appointed government posts during and after the Pinochet years; others taught its economic doctrine at Chilean universities. They became known as the Chicago Boys.[98]

Friedman did not criticize Pinochet’s dictatorship at the time, nor the assassinations, illegal imprisonments, torture, or other atrocities that were well known by then.[99] In 1976 Friedman defended his unofficial adviser position with: “I do not consider it as evil for an economist to render technical economic advice to the Chilean Government, any more than I would regard it as evil for a physician to give technical medical advice to the Chilean Government to help end a medical plague.”[100]

Friedman defended his activity in Chile on the grounds that, in his opinion, the adoption of free market policies not only improved the economic situation of Chile but also contributed to the amelioration of Pinochet’s rule and to the eventual transition to a democratic government during 1990. That idea is included in Capitalism and Freedom, in which he declared that economic freedom is not only desirable in itself but is also a necessary condition for political freedom. In his 1980 documentary Free to Choose, he said the following: “Chile is not a politically free system, and I do not condone the system. But the people there are freer than the people in Communist societies because government plays a smaller role. … The conditions of the people in the past few years has been getting better and not worse. They would be still better to get rid of the junta and to be able to have a free democratic system.”[101][102] In 1984, Friedman stated that he has “never refrained from criticizing the political system in Chile.”[95] In 1991 he said: “I have nothing good to say about the political regime that Pinochet imposed. It was a terrible political regime. The real miracle of Chile is not how well it has done economically; the real miracle of Chile is that a military junta was willing to go against its principles and support a free market regime designed by principled believers in a free market. […] In Chile, the drive for political freedom, that was generated by economic freedom and the resulting economic success, ultimately resulted in a referendum that introduced political democracy. Now, at long last, Chile has all three things: political freedom, human freedom and economic freedom. Chile will continue to be an interesting experiment to watch to see whether it can keep all three or whether, now that it has political freedom,that political freedom will tend to be used to destroy or reduce economic freedom.”[103] He stressed that the lectures he gave in Chile were the same lectures he later gave in China and other socialist states.[104]

During the 2000 PBS documentary The Commanding Heights (based on the book), Friedman continued to argue that “free markets would undermine [Pinochet’s] political centralization and political control.”,[105][106] and that criticism over his role in Chile missed his main contention that freer markets resulted in freer people, and that Chile’s unfree economy had caused the military government. Friedman advocated for free markets which undermined “political centralization and political control”.[107]

Iceland

Friedman visited Iceland during the autumn of 1984, met with important Icelanders and gave a lecture at the University of Iceland on the “tyranny of the status quo.” He participated in a lively television debate on August 31, 1984 with socialist intellectuals, including Ólafur Ragnar Grímsson, who later became the president of Iceland.[108] When they complained that a fee was charged for attending his lecture at the University and that, hitherto, lectures by visiting scholars had been free-of-charge, Friedman replied that previous lectures had not been free-of-charge in a meaningful sense: lectures always have related costs. What mattered was whether attendees or non-attendees covered those costs. Friedman thought that it was fairer that only those who attended paid. In this discussion Friedman also stated that he did not receive any money for delivering that lecture.

Estonia

Although Friedman never visited Estonia, his book Free to Choose exercised a great influence on that nation’s then 32-year-old prime minister, Mart Laar, who has claimed that it was the only book on economics he had read before taking office. Laar’s reforms are often credited with responsibility for transforming Estonia from an impoverished Soviet Republic to the “Baltic Tiger.” A prime element of Laar’s program was introduction of the flat tax. Laar won the 2006 Milton Friedman Prize for Advancing Liberty, awarded by the Cato Institute.[109]

United Kingdom

After 1950 Friedman was frequently invited to lecture in Britain, and by the 1970s his ideas had gained widespread attention in conservative circles. For example, he was a regular speaker at the Institute of Economic Affairs (IEA), a libertarian think tank. Conservative politician Margaret Thatcher closely followed IEA programs and ideas, and met Friedman there in 1978. He also strongly influenced Keith Joseph, who became Thatcher’s senior advisor on economic affairs, as well as Alan Walters and Patrick Minford, two other key advisers. Major newspapers, including the Daily Telegraph, The Times, and The Financial Times all promulgated Friedman’s monetarist ideas to British decision-makers. Friedman’s ideas strongly influenced Thatcher and her allies when she became Prime Minister in 1979.[110][111]

Criticism

Econometrician David Hendry criticized part of Friedman’s and Anna Schwartz’s 1982 Monetary Trends.[112] When asked about it during an interview with Icelandic TV in 1984,[113] Friedman said that the criticism referred to a different problem from that which he and Schwartz had tackled, and hence was irrelevant,[114] and pointed out the lack of consequential peer review amongst econometricians on Hendry’s work.[115] In 2006, Hendry said that Friedman was guilty of “serious errors” of misunderstanding that meant “the t-ratios he reported for UK money demand were overstated by nearly 100 per cent”, and said that, in a paper published in 1991 with Neil Ericsson,[116] he had refuted “almost every empirical claim […] made about UK money demand” by Friedman and Schwartz.[117] A 2004 paper updated and confirmed the validity of the Hendry–Ericsson findings through 2000.[118]

Although Keynesian Nobel laureate Paul Krugman praised Friedman as a “great economist and a great man” after Friedman’s death in 2006, and acknowledged his many, widely accepted contributions to empirical economics, Krugman had been, and remains, a prominent critic of Friedman. Krugman has written that “he slipped all too easily into claiming both that markets always work and that only markets work. It’s extremely hard to find cases in which Friedman acknowledged the possibility that markets could go wrong, or that government intervention could serve a useful purpose.”[119]

In her book The Shock Doctrine, author and social activist Naomi Klein criticized Friedman’s economic liberalism, identifying it with the principles that guided the economic restructuring that followed the military coups in countries such as Chile and Indonesia. Based on their assessments of the extent to which what she describes as neoliberal policies contributed to income disparities and inequality, both Klein and Noam Chomsky have suggested that the primary role of what they describe as neoliberalism was as an ideological cover for capital accumulation by multinational corporations.[120]

Visit to Chile

Because of his involvement with the Pinochet government, there were international protests when Friedman was awarded the Nobel Prize in 1976.[121] Friedman was accused of supporting the military dictatorship in Chile because of the relation of economists of the University of Chicago to Pinochet, and a controversial six-day trip[122] he took to Chile during March 1975 (less than two years after the coup that deposed President Salvador Allende). Friedman answered that he never was an adviser to the dictatorship, but only gave some lectures and seminars on inflation, and met with officials, including Augusto Pinochet, while in Chile.[123]

Chilean economist Orlando Letelier asserted that Pinochet’s dictatorship resorted to oppression because of popular opposition to Chicago School policies in Chile.[124] After a 1991 speech on drug legalisation, Friedman answered a question on his involvement with the Pinochet regime, saying that he was never an advisor to Pinochet (also mentioned in his 1984 Iceland interview[95]), but that a group of his students at the University of Chicago were involved in Chile’s economic reforms. Friedman credited these reforms with high levels of economic growth and with the establishment of democracy that has subsequently occurred in Chile.[125][126] In October 1988, after returning from a lecture tour of China during which he had met with Zhao Ziyang, Friedman wrote to The Stanford Daily asking if he should anticipate a similar “avalanche of protests for having been willing to give advice to so evil a government? And if not, why not?”[127]

Capitalism and Freedom

Capitalism and Freedom is a seminal work by Friedman. In the book, Friedman talks about the need to move to a classically liberal society, that free markets would help nations and individuals in the long-run and fix the efficiency problems currently faced by the United States and other major countries of the 1950s and 1960s. He goes through the chapters specifying a specific issue in each respective chapter from the role of government and money supply to social welfare programs to a special chapter on occupational licensure. Friedman concludes Capitalism and Freedom with his “classical liberal” stance, that government should stay out of matters that do not need and should only involve itself when absolutely necessary for the survival of its people and the country. He recounts how the best of a country’s abilities come from its free markets while its failures come from government intervention.[77]

Selected bibliography

  • A Theory of the Consumption Function (1957)
  • A Program for Monetary Stability (Fordham University Press, 1960) 110 pp. online version
  • Capitalism and Freedom (1962), highly influential series of essays that established Friedman’s position on major issues of public policy excerpts
  • A Monetary History of the United States, 1867–1960, with Anna J. Schwartz, 1963; part 3 reprinted as The Great Contraction
  • “The Role of Monetary Policy.” American Economic Review, Vol. 58, No. 1 (Mar., 1968), pp. 1–17 JSTOR presidential address to American Economics Association
  • “Inflation and Unemployment: Nobel lecture”, 1977, Journal of Political Economy. Vol. 85, pp. 451–72. JSTOR
  • Free to Choose: A personal statement, with Rose Friedman, (1980), highly influential restatement of policy views
  • The Essence of Friedman, essays edited by Kurt R. Leube, (1987) (ISBN 0-8179-8662-6)
  • Two Lucky People: Memoirs (with Rose Friedman) ISBN 0-226-26414-9 (1998) excerpt and text search
  • Milton Friedman on Economics: Selected Papers by Milton Friedman, edited by Gary S. Becker (2008)
  • An Interview with Milton Friedman, John B. Taylor (2001). Macroeconomic Dynamics, 5, pp 101–31

See also

Notes

  1. Jump up^ Ebenstein, Lanny (2007). Milton Friedman: A Biography. Palgrave Macmillan. p. 89.
  2. Jump up^ Charles Moore (2013). Margaret Thatcher: The Authorized Biography, Volume One: Not For Turning. Penguin. pp. 576–77.
  3. Jump up^ Lanny Ebenstein (2007). Milton Friedman: A Biography. St. Martin’s Press. p. 208.
  4. ^ Jump up to:a b “Milton Friedman on nobelprize.org”. Nobel Prize. 1976. Retrieved February 20, 2008.
  5. Jump up^ Thomas Sowell (2016-09-16). A Personal Odyssey. Free Press. p. 320. ISBN 0743215087.
  6. Jump up^ The Chicago School: How the University of Chicago Assembled the Thinkers Who Revolutionized Economics and Business
  7. Jump up^ “Milton Friedman”. Commanding Heights. PBS. October 1, 2000. Retrieved September 19, 2011.
  8. Jump up^ Milton Friedman—Economist as Public Intellectual
  9. Jump up^ Mark Skousen (2009-02-28). The Making of Modern Economics: The Lives and Ideas of the Great Thinkers. M.E. Sharpe. p. 407. ISBN 0-7656-2227-0.
  10. Jump up^ Among macroeconomists, the “natural” rate has been increasingly replaced by James Tobin‘s NAIRU, the non-accelerating inflation rate of unemployment, which is seen as having fewer normative connotations.
  11. Jump up^ Nobel prize winner Paul Krugman stated that, “In 1968 in one of the decisive intellectual achievements of postwar economics, Friedman not only showed why the apparent tradeoff embodied in the idea of the Phillips curve was wrong; he also predicted the emergence of combined inflation and high unemployment … dubbed ‘stagflation.” Paul Krugman, Peddling Prosperity: Economic Sense and Nonsense in an Age of Diminished Expectations (1995) p. 43 online
  12. ^ Jump up to:a b Doherty, Brian (June 1, 1995). “Best of Both Worlds”. Reason Magazine. Retrieved October 24, 2009
  13. Jump up^ Edward Nelson, “Friedman’s Monetary Economics in Practice,” Finance and Economics Discussion Series, Divisions of Research & Statistics and Monetary Affairs, Federal Reserve Board, April 13, 2011. Nelson stated, “in important respects, the overall monetary and financial policy response to the crisis can be viewed as Friedman’s monetary economics in practice.” and “Friedman’s recommendations for responding to a financial crisis largely lined up with the principal financial and monetary policy measures taken since 2007.” Nelson, “Review,” in Journal of Economic Literature (Dec, 2012) 50#4 pp. 1106–09
  14. Jump up^ Lanny Ebenstein (2007). Milton Friedman: A Biography. St. Martin’s Press. p. 208.
  15. Jump up^ Charles Moore (2013). Margaret Thatcher: The Authorized Biography, Volume One: Not For Turning. Penguin. pp. 576–77.
  16. Jump up^ Milton Friedman (1912–2006)
  17. ^ Jump up to:a b Sullivan, Maureen (July 30, 2016). “Milton Friedman’s Name Disappears From Foundation, But His School-Choice Beliefs Live On”. Forbes. Retrieved 14 September 2016.
  18. Jump up^ “Capitalism and Friedman” (editorial), The Wall Street Journal November 17, 2006
  19. Jump up^ Václav Klaus (January 29, 2007). “Remarks at Milton Friedman Memorial Service”. Retrieved August 22, 2008.
  20. Jump up^ Johan Norberg, Defaming Milton Friedman: Naomi Klein’s disastrous yet popular polemic against the great free market economist, Reason Magazine, Washington, D.C., Oct. 2008
  21. Jump up^ Friedman 1999, p. 506
  22. Jump up^ Davis, William L, Bob Figgins, David Hedengren, and Daniel B. Klein. “Economic Professors’ Favorite Economic Thinkers, Journals, and Blogs”, Econ Journal Watch 8(2): 126–46, May 2011.
  23. Jump up^ “Milton Friedman, a giant among economists”. The Economist. November 23, 2006. Retrieved February 20, 2008.
  24. Jump up^ “Who’s who in American Jewry”. 1980.
  25. Jump up^ Alan O. Ebenstein, Milton Friedman: a biography (2007) p. 10; Milton & Rose Friedman, Two Lucky People. Memoirs, Chicago 1998, p. 22.
  26. Jump up^ Eamonn Butler, Milton Friedman (2011) ch 1
  27. Jump up^ Alan O. Ebenstein, Milton Friedman: a biography (2007) pp. 5–12
  28. Jump up^ “Milton Friedman and his start in economics”. Young America’s Foundation. August 2006. Retrieved March 12, 2012.
  29. Jump up^ Ebenstein, Milton Friedman: a biography (2007) pp. 13–30
  30. Jump up^ Feeney, Mark (November 16, 2006). “Nobel laureate economist Milton Friedman dies at 94”. The Boston Globe. Retrieved February 20, 2008.
  31. Jump up^ Friedman 1999, p. 59
  32. Jump up^ “Right from the Start? What Milton Friedman can teach progressives.” (PDF). J. Bradford DeLong. Retrieved February 20, 2008.
  33. Jump up^ Bernanke 2004, p. 7
  34. Jump up^ Friedman 1999, p. 42
  35. Jump up^ Friedman 1999, pp. 84–85
  36. Jump up^ Milton Friedman; Rose D. Friedman (1999). Two Lucky People: Memoirs. University of Chicago Press. pp. 122–23. ISBN 9780226264158.
  37. Jump up^ Doherty, Brian (June 1995). “Best of Both Worlds”. Reason. Retrieved July 28, 2010.
  38. ^ Jump up to:a b “Milton Friedman Biography – Academy of Achievement”. Achievement.org. Retrieved 2014-04-22.
  39. Jump up^ Philip Mirowski (2002). Machine Dreams: Economics Becomes a Cyborg Science. Cambridge University Press. pp. 202–03. ISBN 9780521775267.
  40. Jump up^ CATO, “Letter from Washington,” National Review, September 19, 1980, Vol. 32 Issue 19, p. 1119
  41. Jump up^ Rose and Milton Friedman
  42. Jump up^ Inventory of the Paul A. Samuelson Papers, 1933–2010 and undated | Finding Aids | Rubenstein Library
  43. Jump up^ Ebenstein (2007). Milton Friedman: A Biography. p. 208.
  44. Jump up^ “Milton Friedman: An enduring legacy”. The Economist. November 17, 2006. Retrieved February 20, 2008.
  45. Jump up^ Sullivan, Patricia (November 17, 2006). “Economist Touted Laissez-Faire Policy”. The Washington Post. Retrieved February 20, 2008.
  46. Jump up^ Milton Friedman – Biography | Cato Institute
  47. Jump up^ Trustees
  48. Jump up^ Milton Friedman
  49. Jump up^ Lanny Ebenstein, Milton Friedman, Commentary, May 2007, p. 286.
  50. Jump up^ Asman, David (November 16, 2006). “‘Your World’ Interview With Economist Milton Friedman”. Fox News. Retrieved August 2, 2011.
  51. Jump up^ Christie, Jim (November 16, 2006). “Free market economist Milton Friedman dead at 94”. Reuters. Retrieved February 20, 2008.
  52. Jump up^ Peter Robinson (2008-10-17). “What Would Milton Friedman Say?”. forbes.com. Retrieved 2014-12-13.
  53. Jump up^ Optimum Quantity of Money. Aldine Publishing Company. 1969. p. 4.
  54. Jump up^ Friedman, Milton. Inflation: Causes and Consequences. New York: Asia Publishing House.
  55. Jump up^ “Milton Friedman: END THE FED”. Themoneymasters.com. Retrieved 2014-04-22.
  56. Jump up^ Friedman, Milton (1969). Memoirs of an Unregulated Economist. Aldine Publishing Company. p. 4.
  57. Jump up^ Galbács, Peter (2015). The Theory of New Classical Macroeconomics. A Positive Critique. Heidelberg/New York/Dordrecht/London: Springer. doi:10.1007/978-3-319-17578-2. ISBN 978-3-319-17578-2.
  58. Jump up^ Kevin Hoover; Warren Young (2011). Rational Expectations – Retrospect and Prospect (PDF). Durham: Center for the History of Political Economy at Duke University.
  59. Jump up^ “Charlie Rose Show”. December 26, 2005. Missing or empty |series= (help)
  60. Jump up^ David Teira, “Milton Friedman, the Statistical Methodologist,” History of Political Economy (2007) 39#3 pp. 511–27,
  61. Jump up^ The Life and Times of Milton Friedman – Remembering the 20th century’s most influential libertarian
  62. Jump up^ https://www.youtube.com/watch?v=m6fkdagNrjI “There in no institution in the US that has such a high public standing and such a poor record of performance” “It’s done more harm than good”
  63. Jump up^ “My first preference would be to abolish the Federal Reserve” on YouTube
  64. Jump up^ https://www.youtube.com/watch?v=m6fkdagNrjI “I have long been in favor of abolishing it.”
  65. Jump up^ Reichart Alexandre & Abdelkader Slifi (2016). ‘The Influence of Monetarism on Federal Reserve Policy during the 1980s.’ Cahiers d’économie Politique/Papers in Political Economy, (1), pp. 107–50. https://www.cairn.info/revue-cahiers-d-economie-politique-2016-1-page-107.htm
  66. Jump up^ [1]
  67. Jump up^ [2]
  68. Jump up^ Friedman, Milton (1955). Solo, Robert A., ed. “The Role of Government in Education,” as printed in the book Economics and the Public Interest (PDF). Rutgers University Press. pp. 123–144.
  69. Jump up^ Leonard Ross and Richard Zeckhauser (December 1970). “Review: Education Vouchers”. The Yale Law Journal. 80 (2): 451–61. doi:10.2307/795126. JSTOR 795126.
  70. Jump up^ Martin Carnoy (August 1998). “National Voucher Plans in Chile and Sweden: Did Privatization Reforms Make for Better Education?”. Comparative Education Review. 42 (3): 309–37. doi:10.1086/447510. JSTOR 1189163.
  71. Jump up^ Milton Friedman (1991). The War on Drugs. America’s Drug Forum.
  72. Jump up^ Rostker, Bernard (2006). I Want You!: The Evolution of the All-Volunteer Force. Rand Corporation. p. 4. ISBN 978-0-8330-3895-1.
  73. ^ Jump up to:a b Friedman, Milton (November 15, 2002). Capitalism and Freedom. University Of Chicago Press. p. 36.
  74. ^ Jump up to:a b c Ebenstein, Lanny (2007). Milton Friedman: a biography. New York: St. Martin’s Press. pp. 231–32. ISBN 978-0-230-60409-4.
  75. Jump up^ Ebenstein, Lanny (2007). Milton Friedman: a biography. New York: St. Martin’s Press. p. 243. ISBN 978-0-230-60409-4.
  76. Jump up^ Friedman and Freedom. Queen’s Journal. Archived from the original on August 11, 2006. Retrieved February 20, 2008., Interview with Peter Jaworski. The Journal, Queen’s University, March 15, 2002 – Issue 37, Volume 129
  77. ^ Jump up to:a b Milton Friedman; Rose D. Friedman (1962). Capitalism and Freedom: Fortieth Anniversary Edition. U. of Chicago Press. ISBN 9780226264189.
  78. ^ Jump up to:a b Frank, Robert H (2006-11-23). “The Other Milton Friedman: A Conservative With a Social Welfare Program”. New York Times. The New York Times.
  79. Jump up^ “An open letter”. Prohibition Costs. Retrieved November 9, 2012.
  80. Jump up^ “Milton Friedman”. Liberal Democratic Party (Australia). Retrieved February 19, 2013.
  81. ^ Jump up to:a b Alan O. Ebenstein, Milton Friedman: A Biography (2007) p. 228
  82. Jump up^ “Economic Freedom of the World project”. Fraser Institute. Retrieved 16 February 2016.
  83. Jump up^ “In the Supreme Court of the United States” (PDF). Harvard Law School. Retrieved February 20, 2008.
  84. Jump up^ Lessig, Lawrence (November 19, 2006). “only if the word ‘no-brainer’ appears in it somewhere: RIP Milton Friedman (Lessig Blog)”. Lessig.org. Retrieved April 2, 2013.
  85. Jump up^ “A New British Bill of Rights: The Case For”. ISR Online Guide. Retrieved 16 February 2016.
  86. Jump up^ Lanny Ebenstein (2007). Milton Friedman: A Biography. Palgrave Macmillan. p. 260.
  87. Jump up^ Selection Committee Announced for the 2008 Milton Friedman Prize for Advancing Liberty,” Cato Institute, September 5, 2007. Accessed 4 January 2014.
  88. Jump up^ Milton Friedman Prize page at Cato Institute website. Accessed 5 January 2014.
  89. Jump up^ Summers, Larry (November 19, 2006). “The Great Liberator”. The New York Times.
  90. Jump up^ Stephen Moore, What Would Milton Friedman Say?” Wall Street Journal, May 30, 2013 p. A13
  91. Jump up^ Ingdahl, Waldemar (March 22, 2007). “Real Virtuality”. The American. Retrieved February 20, 2008.
  92. Jump up^ Friedman, Milton; Friedman, Rose (1990). Free to Choose: A Personal Statement. Harvest Books. p. 34. ISBN 0-15-633460-7.
  93. Jump up^ Friedman, Milton (October 6, 2006). “Dr. Milton Friedman”. Opinion Journal. Retrieved February 20, 2008.
  94. Jump up^ Letter from Arnold Harberger to Stig Ramel as reprinted in the Wall Street Journal 12/10/1976, and in Two Lucky People: Memoirs By Milton Friedman, Rose D. Friedman. Appendix A, pp. 598–99. Accessible at books.google.com
  95. ^ Jump up to:a b c Milton Friedman (August 31, 1984). Iceland Television Debate (Flash Video) (Television production). Reykjavík: Icelandic State Television. Event occurs at 009:48:00. Retrieved June 27, 2010.
  96. ^ Jump up to:a b [http:// Two Lucky People: Memoirs By Milton Friedman, Rose D. Friedman. Appendix A, pp. 591–93. Letter from Friedman to Pinochet, April 21, 1975.]
  97. Jump up^ Mask II, William Ray (May 2013). The Great Chilean Recovery: Assigning Responsibility For The Chilean Miracle(s) (Thesis). California State University, Fresno.
  98. Jump up^ “Chile and the “Chicago Boys””. The Hoover Institution. Stanford University. Retrieved 20 June 2014.
  99. Jump up^ O’Shaughnessy, Hugh (December 11, 2006). “General Augusto Pinochet”. The Independent. Retrieved February 20, 2008.
  100. Jump up^ Newsweek of June 14, 1976
  101. Jump up^ “Free to Choose Vol. 5”. Archived from the original on February 9, 2008. Retrieved February 20, 2008.
  102. Jump up^ Frances Fox Piven vs. Milton Friedman, Thomas Sowell, debate, 1980, YouTube.
  103. Jump up^ The Smith Center: Milton Friedman’s lecture, “Economic Freedom, Human Freedom, Political Freedom”, by Milton Friedman, delivered November 1, 1991.
  104. Jump up^ Friedman 1999, pp. 600–01
  105. Jump up^ “Interview with Jeffery Sachs on the “Miracle of Chile””. PBS. Retrieved February 20, 2008.
  106. Jump up^ “Commanding Heights: Milton Friedman”. PBS. Retrieved December 29, 2008.
  107. Jump up^ “Milton Friedman interview”. PBS. Retrieved February 20, 2008.
  108. Jump up^ Friedman, Milton; Grímsson, Ólafur Ragnar. Milton Friedman on Icelandic State Television in 1984.
  109. Jump up^ “Mart Laar”. Cato Institute. Retrieved February 20, 2008.
  110. Jump up^ John F. Lyons (2013). America in the British Imagination: 1945 to the Present. Palgrave Macmillan. p. 102.
  111. Jump up^ Subroto Roy & John Clarke, eds., Margaret Thatcher’s Revolution: How it Happened and What it Meant (Continuum 2005)
  112. Jump up^ David F. Hendry; Neil R. Ericsson (October 1983). “Assertion without Empirical Basis: An Econometric Appraisal of ‘Monetary Trends in … the United Kingdom’ by Milton Friedman and Anna Schwartz,” in Monetary Trends in the United Kingdom, Bank of England Panel of Academic Consultants, Panel Paper No. 22, pp. 45–101.See also Federal Reserve International Finance Discussion Paper No. 270 (December 1985), which is a revised and shortened version of Hendry–Ericsson 1983.
  113. Jump up^ “M.Friedman – Iceland TV (1984)”. YouTube. Retrieved 16 February 2016.
  114. Jump up^ van Steven Moore, CMA (1984-08-31). “Milton Friedman – Iceland 2 of 8”. YouTube. Retrieved 2014-04-22.
  115. Jump up^ J. Daniel Hammond (2005). Theory and Measurement: Causality Issues in Milton Friedman’s Monetary Economics. Cambridge U.P. pp. 193–99.
  116. Jump up^ David F. Hendry; Neil R. Ericsson (July 1989). “An Econometric Analysis of UK Money Demand in Monetary Trends in the United States and the United Kingdom by Milton Friedman and Anna J. Schwartz” (PDF). International Finance Discussion Papers: 355. Federal Reserve. Retrieved 2 August 2013.
  117. Jump up^ Hendry, David F. (25 April 2013). “Friedman’s t-ratios were overstated by nearly 100%”. ft.com. Retrieved 1 May 2013.
  118. Jump up^ Escribano, Alvaro (2004). “Nonlinear error correction: The case of money demand in the United Kingdom (1878–2000)” (PDF). Macroeconomic Dynamics. 8 (1): 76–116. doi:10.1017/S1365100503030013.
    Escribano’s approach had already been recognized by Friedman, Schwartz, Hendry et al. (p. 14 of the pdf) as yielding significant improvements over previous money demand equations.
  119. Jump up^ The New York Review of Books, Who Was Milton Friedman?, February 15, 2007
  120. Jump up^ Noam Chomsky (1999). Profit Over People: Neoliberalism and Global Order. New York, NY: Seven Stories Press.
  121. Jump up^ Feldman, Burton (2000). “Chapter 9: The Economics Memorial Prize”. The Nobel Prize: A History of Genius, Controversy, and Prestige. New York: Arcade Publishing. p. 350. ISBN 1-55970-537-X.
  122. Jump up^ O’Shaughnessy, Hugh (11 December 2006). “General Augusto Pinochet”. The Independent.
  123. Jump up^ Friedman, Milton; Friedman, Rose D. “Two Lucky People: One Week in Stockholm”. Hoover Digest: Research and Opinion on Public Policy. 1998 (4).
  124. Jump up^ Orlando Letelier, “Economic Freedom’s Awful Toll”, The Nation, August 28, 1976.
  125. Jump up^ The Drug War as a Socialist Enterprise, Milton Friedman, From: Friedman & Szasz on Liberty and Drugs, edited and with a Preface by Arnold S. Trebach and Kevin B. Zeese. Washington, D.C.: The Drug Policy Foundation, 1992.
  126. Jump up^ YouTube clip: Milton Friedman – Pinochet and Chile
  127. Jump up^ Friedman, Milton; Friedman, Rose D. Two Lucky People: Memoirs. University of Chicago Press. ISBN 9780226264158. Retrieved 18 October 2016.

References

  • Bernanke, Ben (2004). Essays on the Great Depression. Princeton University Press. ISBN 0-691-11820-5
  • Butler, Eamonn (2011). Milton Friedman. Harriman Economic Essentials.
  • Ebenstein, Alan O. (2007). Milton Friedman: a biography.
  • Friedman, Milton (1999). Two Lucky People: Memoirs. University of Chicago Press. ISBN 0-226-26415-7.
  • Wood, John Cunningham, and Ronald N. Wood, ed. (1990), Milton Friedman: Critical Assessments, v. 3. Scroll to chapter-preview links. Routledge.

Further reading

External links

Free to Choose (original series) https://www.youtube.com/watch?v=f1Fj5tzuYBE

Videos

Robert Mundell

From Wikipedia, the free encyclopedia
Robert Mundell
Rmundell.jpg
Born October 24, 1932 (age 84)
Kingston, Ontario, Canada
Nationality Canadian
Institution Johns Hopkins University (1959–61, 1997–98, 2000–01)
University of Chicago (1965–72)
Graduate Institute of International Studies in Geneva, Switzerland (1965–75) [1]
University of Waterloo (1972–74)
McGill University (1989–1990)[2]
Columbia University (1974 – present)
Chinese University of Hong Kong (2009 – present)
Field Monetary economics
School or
tradition
Supply-side economics
Alma mater London School of Economics
UBC Vancouver School of Economics
University of Washington
Massachusetts Institute of Technology
University of Waterloo
Doctoral
advisor
Charles Kindleberger[3]
Doctoral
students
Jacob A. Frenkel
Rudi Dornbusch[4]
Carmen Reinhart[5]
Influences Ludwig Von Mises
Influenced Arthur Laffer
Jude Wanniski
Michael Mussa
Contributions Mundell–Fleming model
Optimum currency areas
Research on the gold standard
Awards Nobel Memorial Prize in Economics (1999)
Information at IDEAS / RePEc

Robert Alexander Mundell, CC (born October 24, 1932) is a Nobel Prize-winning Canadian economist. Currently, he is a professor of economics at Columbia University and the Chinese University of Hong Kong.

He received the Nobel Memorial Prize in Economics in 1999 for his pioneering work in monetary dynamics and optimum currency areas. Mundell is known as the “father”[6] of the Euro, as he laid the groundwork for its introduction through this work and helped to start the movement known as supply-side economics. Mundell is also known for the Mundell–Fleming model and Mundell–Tobin effect.

Background

Mundell was born in Kingston, Ontario, Canada. He earned his BA in Economics at the University of British Columbia in Vancouver, Canada, and his MA at the University of Washington in Seattle. After studying at the University of British Columbia and at The London School of Economics in 1956,[7] he then attended the Massachusetts Institute of Technology (MIT), where he obtained his PhD in Economics in 1956. In 2006 Mundell earned an honorary Doctor of Laws degree from the University of Waterloo in Canada.[8] He was Professor of Economics and Editor of the Journal of Political Economy at the University of Chicago from 1965 to 1972, Chairman of the Department of Economics at the University of Waterloo 1972 to 1974 and since 1974 he was Professor of Economics at Columbia University.[9] He also held the post of Repap Professor of Economics at McGill University.[10][11]

Career

Since 1974 he has been a professor in the Economics department at Columbia University; since 2001 he has held Columbia’s highest academic rank – University Professor. After completing his post-doctoral fellowship at the University of Chicago in 1957, he began teaching economics at Stanford University, and then Paul H. Nitze School of Advanced International Studies at Johns Hopkins University during 1959–1961.[2] In 1961, he went on to staff the International Monetary Fund. Mundell returned to academics as professor of economics at the University of Chicago from 1966 to 1971, and then served as professor during summers at the Graduate Institute of International Studies in Geneva until 1975. In 1989, he was appointed to the post of Repap Professor of Economics at McGill University.,[10][11] In the 1970s, he laid the groundwork for the introduction of the euro through his pioneering work in monetary dynamics and optimum currency forms for which he won the 1999 Nobel Prize in Economics. During this time he continued to serve as an economic adviser to the United Nations, the IMF, the World Bank, the European Commission, the Federal Reserve Board, the United States Department of Treasury and the governments of Canada and other countries. He is currently the Distinguished Professor-at-Large of The Chinese University of Hong Kong.

Among his major contributions are:

Awards

Mundell was awarded the Guggenheim Fellowship in 1971 and the Nobel Memorial Prize in Economics in 1999. In 2002 he was made a Companion of the Order of Canada.

In 1992, Mundell received the Docteur Honoris Causa from the University of Paris. Mundell’s honorary professorships and fellowships were from Brookings Institution, the University of Chicago, the University of Southern California, McGill University, the University of Pennsylvania, the Bologna Center and Renmin University of China. He became a fellow of the American Academy of Arts and Sciences in 1998. In June 2005 he was awarded the Global Economics Prize World Economics Institute in Kiel, Germany and in September 2005 he was made a Cavaliere di Gran Croce del Reale Ordine del Merito sotto il Titolo di San Ludovico by Principe Don Carlo Ugo di Borbone Parma.

The Mundell International University of Entrepreneurship in the Zhongguancun district of Beijing, People’s Republic of China is named in his honor.

International monetary flows

Mundell is best known in politics for his support of tax cuts and supply-side economics; however, in economics it is for his work on currency areas[12] and international exchange rates[13] that he was awarded the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel by the Bank of Sweden (Sveriges Riksbank). Nevertheless, supply-side economics featured prominently in his Bank of Sweden prize speech.

In the 1960s, Canada, of which Mundell is a native, floated its exchange: this caused Mundell to begin investigating the results of floating exchange rates, a phenomenon not widely seen since the 1930s “Stockholm School” successfully lobbied Sweden to leave the gold standard.

In 1962, along with Marcus Fleming, he co-authored the Mundell–Fleming model of exchange rates, and noted that it was impossible to have domestic autonomy, fixed exchange rates, and free capital flows: no more than two of those objectives could be met. The model is, in effect, an extension of the IS/LM model applied to currency rates.

According to Mundell’s analysis:

  • Discipline under the Bretton Woods system was more due to the US Federal Reserve than to the discipline of gold.
  • Demand side fiscal policy would be ineffective in restraining central banks under a floating exchange rate system.
  • Single currency zones relied, therefore, on similar levels of price stability, where a single monetary policy would suffice for all.

His analysis led to his conclusion that it was a disagreement between Europe and the United States over the rate of inflation, partially to finance the Vietnam War, and that Bretton Woods disintegrated because of the undervaluing of gold and the consequent monetary discipline breakdown. There is a famous point/counterpoint over this issue between Mundell and Milton Friedman.[14]

This work later led to the creation of the euro and his prediction that leaving the Bretton Woods system would lead to “stagflation” so long as highly progressive income tax rates applied. In 1974, he advocated a drastic tax reduction and a flattening of income tax rates.

Mundell, though lionized by some conservatives, has many of his harshest critics from the right: he denies the need for a fixed gold based currency or currency board[citation needed] (he still often recommends this as a policy in hyperinflationary environments) and he is both a fiscal and balance of payments deficit hawk. He is well known for stating that in a floating exchange rate system, expansion of the money supply can come about only by a positive balance of payments.

In 2000, he predicted that before 2010, the euro zone would expand to cover 50 countries, while the dollar would spread throughout Latin America, and much of Asia would look towards the yen.[15] Such predictions have proved highly inaccurate.

Nobel Prize winner

Mundell won the Nobel Memorial Prize in Economic Science in 1999 and gave as his prize lecture a speech titled “A Reconsideration of the Twentieth Century”. According to the Nobel Prize Committee, he got the honor for “his analysis of monetary and fiscal policy under different exchange rate regimes and his analysis of optimum currency areas”.

Mundell concluded in that lecture that “the international monetary system depends only on the power configuration of the countries that make it up”. He divided the entire twentieth century into three parts by different periods of time:

  • The first third of the century, from its beginning to the Great Depression of the 1930s, economics was dominated by the confrontation of the Federal Reserve System with the gold standard.
  • The second third of the century was from World War II to 1973, when the international monetary system was dominated by fixing the price of gold with the US dollar.
  • The last third of the century started with the destruction of the old monetary system due to the problem of inflation.

With the destruction of the old monetary system, a new international monetary system was finally founded. Controlling inflation by each country became a main topic during this era.

Television appearances

Mundell has appeared on CBS‘s Late Show with David Letterman. His first appearance was on October 17, 2002[16] where he gave The Top 10 List on “Ways My Life has Changed Since Winning the Nobel Prize.” In March 2004[17] he told “You might be a redneck” jokes followed in May 2004[18] with “Yo Mama” jokes. In September 2004[19] he appeared again, this time to read excerpts from Paris Hilton‘s memoir at random moments throughout the show. In November 2005[20] he told a series of Rodney Dangerfield‘s jokes. On February 7, 2006[21] he read Grammy Award nominated song lyrics, the night before CBS aired the 48th Grammy Awards.

Mundell also appeared on Bloomberg Television many times.

Mundell has also appeared on China Central Television‘s popular Lecture Room series. Professor Mundell was also a special guest making the ceremonial first move in Game Five of the 2010 World Chess Championship between Viswanathan Anand and Veselin Topalov.

Mundell started the Pearl Spring Chess Tournament, a double round robin tournament with six players. The first tournament in 2008 was won by the Bulgarian, Veselin Topalov. The next two: 2009–2010 was won by the Norwegian, Magnus Carlsen.

See also

References

  1. Jump up^ http://www.nobelprize.org/nobel_prizes/economic-sciences/laureates/1999/mundell-bio.html
  2. ^ Jump up to:a b Nobel Prize Winners from Johns Hopkins University
  3. Jump up^ Essays in the theory of international capital movementspage 3. Retrieved September 12, 2016.
  4. Jump up^ RUDI DORNBUSCH by Stanley Fischer – Project Syndicate
  5. Jump up^ Warsh, David (November 1, 2009). “What The Woman Lived”. Economic Principals. Retrieved October 17, 2016.
  6. Jump up^ “Mr. Mundell, known as the father of the euro”[dead link]
  7. Jump up^ “Robert Mundell – Nobel Prize Winners – Key facts – About LSE – Home”. .lse.ac.uk. March 13, 2009. Retrieved January 1, 2012.
  8. Jump up^ [1]
  9. Jump up^ http://www.polyu.edu.hk/iao/nobel2009/mundell_bio.pdf
  10. ^ Jump up to:a b “Robert A. Mundell – Biography”. Nobelprize.org. Retrieved January 1, 2012.
  11. ^ Jump up to:a b “Biography | The Works of Robert Mundell”. Robertmundell.net. Retrieved January 1, 2012.
  12. Jump up^ A Theory of Optimum Currency Areas; The American Economic Review, Vol. 51, No. 4, pp. 657–665, 1961
  13. Jump up^ Capital Mobility, and Stabilization Policy under Fixed and Flexible Exchange Rates; Revue Canadienne d’Economique et de Science Politique, Vol. 29, No. 4, pp. 475–485, 1963
  14. Jump up^ “Mundell-Friedman debate” (PDF). Retrieved January 1, 2012.
  15. Jump up^ Mark Milner and Charlotte Denny (January 14, 2000). “The new endangered species | Business”. London: The Guardian. Retrieved January 1, 2012.
  16. Jump up^ show #1891 Archived August 15, 2006, at the Wayback Machine.
  17. Jump up^ show #2144 Archived October 17, 2006, at the Wayback Machine.
  18. Jump up^ show #2162 Archived May 16, 2006, at the Wayback Machine.
  19. Jump up^ show # 2238 Archived February 23, 2006, at the Wayback Machine.
  20. Jump up^ show #2466 Archived December 15, 2005, at the Wayback Machine.
  21. Jump up^ show #2505 Archived May 16, 2006, at the Wayback Machine.

External links