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Who said Friedman's ideas were out of date?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.