Amity Shlaes, syndicated columnist and author of the bestselling The Forgotten Man: A New History of the Great Depression, discusses the Great Depression and how it relates to the current financial crisis.
She explores the economic atmosphere that led to the Depression, and proposes ways to avoid the mistakes of the 1930s.
Amity Shlaes is a senior fellow at the Council on Foreign Relations and a columnist for Bloomberg. Her work has appeared in publications from National Review to the New Yorker.
She is the author of Germany: The Empire Within, The Greedy Hand: How Taxes Drive Americans Crazy and What to Do about It, and, most recently, The Forgotten Man: A New History of the Great Depression.
Dude, get a life. Amity is correctly using for her analogy the MONOPOLY game that everyone generally understands ... not the game as Magie designed it which was anti-capitalistic. Parker Brothers totally transformed the game to be one that represents free-enterprise in a positive perspective. Seriously, you must have a secret love crush on Elizabeth Magie .... don't you think she's a bit too old for you.
Firstly the monopoly board game was not invented in the nineteen thirties but in 1904.
The fact that shlaes does not know the name of the inventor of the game speaks volumes about her complete ignorance. The inventor was Elizabeth Magie. More importantly the game was not an example of good property laws. It was explicitly designed by Magie as a demonstration how stupid and criminal property laws are. As anyone who's played monopoly knows that it is a came that involves no skill, intellience nor ablity what so ever, and rewards people on the basis of pure random chance, and having got lucky once there is a massive positive feedback loop, so that often as not, stupid people with no ability can end up with undeserved and unearned wealth; exactly how property laws and wall street work. Moreover Magie was an advocate of property reform and government redistribution.
Secondly, Parker Brothers (complicit with Charles Darrow) did not buy the game from the inventor but stole it in one of the most famous cases of intellectual property theft (Darrow's rule book even copied Magie's spelling mistakes in her 1904 pattent!). The ninth circuit court of appeal quashed Hasbro's (the then owners) claim to copyright in 1980 and again in 1981; until, finally, Hasbro used the crooks in the lobbying circuit (incidentally a circuit Cato group in) to change the copyright laws to their benefit. The details of this case are so infamous (there is a book about it 'The Billion Dollar Monopoly Swindle') and the distortions in Amity's reasoning so self servingly false that I cannot attribute her errors to mere ignorance on credulousness.
Therefore, in summary, Amity Shlaes is a lying whore.