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Was Bernanke Right? Find out July 31...

Was Bernanke right?   Find out on July 31, 2012...

Milton Friedman Memorial Debate

On the 100th Birthday of a Great Hero of Freedom

In response to the financial crisis of 2008, did Federal Reserve chairman Ben Bernanke do the right thing by attempting to reflate the nation's money supply and shore up the balance sheets of national (and international) financial institutions?

Did Bernanke's policies save the U.S. financial and banking system from a chaotic collapse?  Or did Bernanke put America on the path to hyperinflation and destruction of the dollar?

Please join us for an educational and entertaining debate.  Our goal is to present the issues and viewpoints so that they are accessible to intelligent laypersons of all ages, and we will make ample room for audience Q&A.  (More policy background info provided below under "About the Debate.")

Subject:  Was Bernanke Right?  Chicago v. Vienna on Monetary Policy

Hosts:  Americans for Prosperity Foundation, Milton & Rose Friedman Foundation

Moderator:  Tom Jenney, Arizona Director, Americans for Prosperity Foundation

Representing Chicago:  Economist Joe Cobb

Representing Vienna:  Author Charles Goyette

Date:  Tuesday, July 31, 2012

Time: 6:00 - 8:00 pm  (debate to begin at 6:30 pm)

Location:  Goldwater Institute McClelland Auditorium, 500 E. Coronado Road, Phoenix, AZ 85004

There is no charge for this event.  Light hors d'oeuvres and beverages will be served.

RSVP at our eventbrite link by July 27

Please send questions to tjenney@afphq.org

About the Debate

In this debate, both sides will oppose the creation/existence of a central bank (in the United States, the Federal Reserve, or "Fed" system).  And both sides will place substantial blame on the Fed for creating the financial bubble that imploded in 2008.  But given the existence of the Fed, and given the nature of the financial crisis beginning in 2008, did Fed chairman Ben Bernanke do the right thing in pursuing a policy of reflating the nation's money supply and shoring up the balance sheets of national (and international) financial institutions?

This debate will also shed light on the legacy of the late Dr. Milton Friedman, the longtime leader of the Chicago School of economics, on the occasion of what would have been his 100th birthday.  After 1981, Dr. Friedman became convinced that a central bank was not necessary, and advocated a free-market financial system ("free banking").  But Bernanke has cited Dr. Friedman's groundbreaking early monetary research as an authority in developing his case for reflation in response to the recent financial crisis.

Representing the Chicago School in this debate will be Chicago-trained economist Joe Cobb.  In response to the question of whether Bernanke was right, Cobb will make a case for answering, "Maybe."  While at the University of Chicago, Cobb was the editor of the New Individualist Review.  In the early 1990s, Cobb served as the John M. Olin Senior Fellow in Economics at the Heritage Foundation, the chief economist for the U.S. Senate Republican Policy Committee, and as the Staff Director of the Congressional Joint Economic Committee. Prior to these posts, he also served as an economic advisor with the State Departments U.S. Mission to the O.A.S. and Deputy Director in the Reagan White House Office of Policy Information.  He is a past president of the National Association of Business Economists and has taught economics for a number of years at numerous universities.  Cobb is an expert on the income tax and has testified multiple times before the powerful U.S. House Ways and Means Committee.

Representing the Vienna School (also known as the Austrian School), author Charles Goyette will respond to the question of whether Bernanke was right by answering, "Hell, no!"  Goyette is especially known for his outspoken libertarian views on the economy and foreign policy. He is the author of the New York Times bestselling book The Dollar Meltdown: Surviving the Impending Currency Crisis with Gold, Oil, and Other Unconventional Investments, which received positive reviews from U.S Congressman Ron Paul and investor Peter Schiff.  Goyette formerly hosted talk shows for multiple stations in Phoenix and was named "Best Phoenix Talk Show Host" in 2003 by the Phoenix New Times.  He has years of experience as a financial professional in the commodities, securities, and currency markets.  He has also frequently been a commentator on FOX News, CNN, MSNBC, PBS, and CNBC. His new book is Red and Blue and Broke All Over: Restoring America's Free Economy. 

In this debate, Cobb and Goyette will flesh out the key differences between the Chicago and Austrian schools, and explain why the achievement of sound monetary policy is crucial to preserving American prosperity in the future and keeping this country from going bankrupt.

RSVP by July 27 by using our eventbrite link:  http://afpfarizonamiltonfriedman.eventbrite.com/

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