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Milton Friedman: Don’t rely on the ‘right man’

Who said Friedman’s ideas were out of date? Watch this video you will know exactly why his ideas are as refreshing as it was 30-40 years ago.

One lesson to take away: don’t rely too much on the Fed’s exit strategy and its promise to get inflation under control. Smart investors should protect themselves ahead of the curve. There is probably 80% chance that inflation will NOT get out of control if the right man, Ben Bernanke, acts wisely; but if the 20% chance prevails, you want to make sure you have inflation-hedge in your portfolio.

(video haptip: TMGM)

No need to say Friedman’s idea also has important implications to different political systems we are living in. Think China vs. the US —with the former relying too much on the ‘right man’ to make the right decisions.

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