I bought my first house in 1993 for $60,000 in a nice neighborhood in a small town, 30 miles outside a large city. I earned minimum wage when I got the mortgage with my wife, she also earned the same minimum wage ($5.25 per hour). Today, Zillow shows that $60,000 house is worth $170,000 a 183% increase. Minimum wage is now $7.25 per hour, a 38% increase. Today it would be impossible to buy that same house with minimum wage.
*Have you heard about "Trickle down" economics?* The right wing scam people like Milton and co was pushing? Well, the reason your example is true today is because a practical "Trickle down 2.0" is in effect, but it is in context of assets. People with the most assets, also lose the least during recessions and gain the most on upwards. Leading to a massive wealth discrepancy over time. Instead of "Lets have massive tax cuts for the rich, because they create jobs" (aka Trickle down 1,0, which is not true btw. Demand, creates jobs. Your mom shopping creates jobs etc), they switched it to "Those with the most assets, gain the most as well" (Trickle 2,0). Now think of that in context of your house. 183% increase, but its not just your house. It is billions worth of assets. Completed with shattered Unions and real wages not keeping up with inflation. Prices still going up and employers pocketing the difference themselves instead. You get trickle down 2,0 and massive unfair wealth share that is dwindling the middle class. Which ironically is the fuel for capitalism, aka macro demand. Without them, there is no capitalism. Yet these so called "pro capitalist" "experts" (Milton proclaimed wage would increase naturally with produktive, therefor no need for Unions for example, cant get more wrong than that in context of 3 decades of empirical evidence after the claim). Continue to push what I call "Siphon Economics" (benefits individual companies short term, at the cost of the nation and citizens in it) to this day, while not giving a rats A about new evidence, but keep posting this as if it has not been debunked.
@@Roadtripmik I remember 1997 very well, that year jobs were booming. I got my first break as fas as jobs go, $16 per hour as a mig welder in training, 64 hour weeks, double time pay after 45 hours. I had 3 paychecks in my wallet most days because I couldn't get to the bank before 5 pm. Great money, tired all the time. That job was a 10 minute drive from home. Good deal on your dads house, I see Philly tax is very low for such a huge city, 0.98% tax rate.
What jobs were you both doing for minimum wage? In my entire lifetime of 38 years, I think buying a home with two minimum wage jobs would have been damn near impossible. I'm not sure how anyone would have approved you both. note: minimum wage in 1993 was $4.25, which I guess just more proves your point.
@@colinjames9562 We both worked fast food jobs, no debt, $5k cash. Keep in mind, small town, early 1990s. Her aunt was a real estate agent, we was approved pretty easy. They made us put tax and insurance in escroweach month that the bank held until it was due each year. The bank was always late paying the money each year.
My wifes Great Grand-Uncle made a good living out on the gold fields. He saved everything and then used that money to set up a little Grocery store that he then built into a supermarket. Many of the people who would have worked those fields and mines would have saved their money and used it for family reasons. There would have been a considerable number who did not save their money and would have wasted it and what they did was all about the nomatic work lifestyle.
Teringventje - True, and wealth redistribution was an idiotic idea then, as it is now. The free market punishes the vast majority of the "get rich quick" crowd. Some make it, the rest perish. Profit is just a result of steady growth and sustainability. It's like the parable of the "tortoise and the hare". Simple truths are timeless.
Inflation is far more harmful to individuals than a collapsing stock or property market because it directly affects people's cost of living, which they immediately feel. It is not surprising that the current market sentiment is extremely pessimistic. In today's economy, assistance is critical if we are to survive.
I'm not kidding when I say that the market crash and high inflation have me really stressed. I've been in the red for a while now and although people say these crisis has it perks, I'm losing my mind but I get it Investing is a long-term game, so focus on the long run.
I do agree and in my opinion, considering the world today, the implications of rising or declining rates, inflation, has minimal effects when it comes to trading the markets. It’s about knowing when to get in and get out which requires experience and basic knowledge of market structure. The markets is psychological, it’ll be suicidal to ignorantly get it. Better still, seek the help of a portfolio manager to passively earn and learn the markets at your pace.
@@joecaruso06 RIGHT! Markets are oceans not lakes. The prominence of basic or institutional financial managers cannot be overstated. Take myself, having faced my share of bad trades, Fortunately with the help of my Pm, I came to understand the essence of timing, capital, entry, exit, goal and how they each affect every asset. Currently hold a $415k portfolio averaging a 14% monthly roi in less than 7 quarters. - -so I do know the importance of basic knowledge and delegation.
It surprises me why everybody gets really worked up about recession and inflation data. Inflation has always existed, and people have been using investments to beat the inflation. The stock market return, for example, always beats inflation. I heard of someone who invested $121k last October, and has grown the portfolio by more than $400k. I need recommendations that can give me similar return.
The professionals presently control the market since they not only have the essential business strategy but also have access to inside information that the general public is not aware of.
True. I first came across investing in the market in 2019. Already stashed about $480k in savings then, and the free money from the Government was pouring in, increasing inflation rate. I just got an advisor and kept the money there, just because I didn't want to keep the value of the money depreciating in the bank. Tbh, it's the best investment decision I've made since then.
I think this is something I should do, but I've been stalling for a long time now. Mind if I ask you to recommend this particular coach you using their service?
"Rebecca Nassar Dunne" is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
@@Dzvakangark Then you have cheaper money buy up way to many resources so prices go up and if you're just printing off money and making it cheap why would inflation stop? just take more money from the money tree. Then money loses all it's value unless you put interest rates way up. We need the gold standard and hopefully we will go back to it sooner rather than later.
At 65 I now have more money than ever before. But when I look at the prices of Houses, Vehicles and Health Insurance - my standard of living is worse now than ever before and getting worse every year.
I'm not trying to get all political but it was hilarious. I clicked on the link titled "Understanding Inflation". The first thing that popped up was an ad with Kamala Harris talking about why we should vote for her!
Okay this is good, but With inflation running at a four-decade high, a Recession is now the ‘most likely outcome for the economy. How can I grow my portfolio to outpace inflation and maintain a successful long-term strategy? I have been reading of investors making about $250k profit in this current crashing market, and I need ideas on how to achieve similar profits
You’re right! The current market might give opportunities to maximize profi.t, but in order to execute such effective transactions, you must be a skilled practitioner
On the contrary, even if you’re not skilled, it is still possible to hire one. I am a project manager and my personal port-folio of approximately $750k took a big hit in April due to the crash. I quickly got in touch with a financial-planner that devised a defensive strategy to protect and profit from my port-folio this red season. I’ve made over $150k since then
There are a lot of independent advisors you might look into. But i work with Julie Anne Hoover and I have been working together for nearly four years, and she is excellent. You could proceed with her if she satisfies your discretion. I endorse her.
@@georgebarret Thanks for sharing, I just looked her up on the web and I would say she really has an impressive background in investing. I will write her an e-mail shortly.
@@ClaytonYatescarenthusiast Really, so how come the recessions/financial collapses always happen under Republicans? (Bush Sr., Bush Jr. and tRump) and sustainable recoveries always happen under Dems? (Clinton, Obama, Biden)
@@izraelite2908 Don't play that game. Both red and blue work together. Yes Democrats print like crazy and Repubs take their fall WILLINGLY and then don't do anything BY DESIGN. It's a team effort to fuck you financially. There is no right or wrong partisan side.
Understanding personal finances and investing will most likely lead to greater financial independence. By being knowledgeable about money and investing, individuals can make informed decisions about how to save, spend, and invest their money. A trader made over $350k in this recession influenced market
Stocks are pretty unstable at the moment, but if you do the right math, you should be just fine. Bloomberg and other finance media have been recording cases of folks gaining over 250k just in a matter of weeks/couple months, so I think there are alot of wealth transfer in this downtime if you know where to look.
The best course of action if you lack market knowledge is to ask a consultant or investing coach for guidance or assistance. Speaking with a consultant helped me stay afloat in the market and grow my portfolio to about 65% since January, even though I know it sounds obvious or generic. I believe that is the most effective way to enter the business at the moment.
@@kenanporubsky2122 My advisor is Catherine Morrison Evansshe’s highly qualified and experienced in the financial market. She has extensive knowledge of portfolio diversity and is considered an expert in the field. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market
@@lipglosskitten2610 I am going to look her up, I have about $81k i want to start with, might be small but it's better than nothing though. Since the 08 crash is playing out again.
Of course it's not a fair match to put the most clever central bankers against the american middle and lower classes and see who ends up winning -- the bankers / fed and their cronies of course ;) by inflating the money and taxes, milking the cows, enslaving the sheeple. Theyll never give a sucker an even break;)
This is a Classic. I have a great idea. Someone should redo this series similar to how Fox redid Cosmos. I believe it would be popular. Anyone else think this idea has merit?
The fin-Markets have underperformed the U.S. economy as fear of inflation hammers the prices of stocks and bonds. My $400,000 portfolio is down by approximately 25%, any recommendations to scale up my returns before will be highly appreciated.
You have to get a financial-advisor/broker to aid you diversify your portfolios to include commodities, inflation-indexed bonds and stocks of companies with solid cash flows, as opposed to growth stocks where valuations were based on future potential earnings,
@@Robertgriffinne Very true , I diversified my $250K portfolio across multiple market with the aid of an investment advisor, I have been able to generate over $450k in net profit across high dividend yield stocks, ETF and bonds in few months.
@@Alejandracamacho357 How can one find a verifiable financial planner? I would not mind looking up the professional that helped you. I will be retiring in two years and I might need some management on my much larger portfolio. Don't want to take any chances.
@@PhilipMurray251 These days the best way to come into the market space is patience and seeking guidance when necessary, due to my line of work i can’t handle my portfolio so i just copy the trades of MARIA ELIZABETH FILINDRAS''', a brokerage advisor i saw on Bloomberg business news. It’s been smooth since then. I have saved myself from all the hassle that chaotic market causes.
Watching old shows like this makes you realise how bad it has gotten. Every show now is in your face with telling you what to hate, rather than simply explaining how things work an letting you make up your own mind.
@@gooble69 the problem is that Milton has chosen to effectively mislead the viewer by omission in this case it isn't a problem with what he explains it what he chooses not to discuss that gives a lopsided view. If you are interested I'd be more than happy to point out some fairly obvious problems with this analysis however it is nuanced and complicated as so many things are.
This is a tangent, but notice how healthy and lean everybody is in this video. Pretty shocking. Everybody has a normal BMI in this video, from the mom and dad to the union veterans to Milton himself.
Fatness inflation. It would be good to see the records for average BMI of that time and the number of fast food joints as well, to then see the correlation between fast food outlets and average BMI growth. I am sure there are other variables but that is the first that came to mind.
Mom is actually cooking a home meal and the kids are actually outside playing and people not sitting around on a computer! No Uber eats , rampant fast food every where with supersize meals and every snack know to mankind!
Here's a research project for you. Find pictures of what the inside of grocery stores (their products) looked like pre-1976. And, compare with what is offered for sale today. To really do it right, go right down to the product ingredients, for the comparison. I remember when people ate eggs for breakfast, but then the government told us that more than three-eggs per week were a certain heart-attack. Meanwhile, breakfast cereal sales exploded up. I wonder who motivated the government to weigh in on the topic of eggs?
Lol....Inflation is here on Biden's watch, but any real economist or educated person in finance would tell you that this inflation is caused by the ridiculously large money print/manifestation thar Trump into action when Covid hit. The Covid relief acts caused us to print 25% of all the money we've ever printed since the nation's birth in just one year. The effects of that in 2020 are the cause. It takes a year or two for the money to circulate fully into the system but here we are. I'm not saying it's Trumps fault either but it certainly isnt Biden's fault. I do however blame Trump for his dismissal of Covid until it was too late and it sunk in heavily.
5:51 - "The fact is that most people enjoy the early stages of the inflationary process." So, if I were a politician, I could just print 'stimulus' money to buy votes.
Yes...also the fallacy of the "wealth effect" where people have deluded themselves ( once again) that their primary residence really is worth 3x what they paid for it 5 years ago.
A) Not the Mint. The Mint makes coins. It was the Bureau of Engraving and Printing. B) Neither the Mint nor the BEP decides how much physical money to make; they just make it to order. He wasn't criticising that.
J T Harvey th-cam.com/video/1DE0sBGH73A/w-d-xo.html #11: Printing money does not cause inflation! . th-cam.com/video/2WFJTvaFaz4/w-d-xo.html #12: What actually causes inflation part one . th-cam.com/video/Giu518_9rO4/w-d-xo.html #13: What actually causes inflation part two . th-cam.com/video/FLi2wdSA66A/w-d-xo.html Minsky at Westminster 1991
How do they pay their employees at a money printing operation? In cash? :) It must be tough working in a money printing operation. Day after day watching that much money just fly by and figuring that it wouldn't really hurt anybody if you just stashed a little in your pocket!
Not really true there is 0 evidence of that extra money in the pockets does not create inflation this is false 0 PROVE companies themselves decided to increase the cost of their goods in their own no due to the increase on the money supply Reply
this is exactly what he is being criticized for nowadays. Economics is not simple, it is extremely complicated and we have moved way past these models that Friedman produced in the 80s. Truth be told, his claims hold very little empirical evidence and some of them are outright contradictory to each other. I'm saying this as an econ major who has studying financial crisis extensively
J T Harvey th-cam.com/video/1DE0sBGH73A/w-d-xo.html #11: Printing money does not cause inflation! . th-cam.com/video/2WFJTvaFaz4/w-d-xo.html #12: What actually causes inflation part one . th-cam.com/video/Giu518_9rO4/w-d-xo.html #13: What actually causes inflation part two . th-cam.com/video/FLi2wdSA66A/w-d-xo.html Minsky at Westminster 1991
It all started with Nixon taking the US off the gold standard. Previously, there could only be the amount of money in the economy that matched the gold reserves. Now, no coordination to the printed dollar to any value - just debt piling up on more debt.
@@eljamo93 Hes right about the Nixon Shock and severing of the U.S. dollar's ties to gold. Since then, the world's monetary system has consisted of mostly freely floating currencies. However, Friedman was one of the main architects of neoliberalism becoming mainstream. He was an advisor to Republican President Ronald Reagan and Conservative British Prime Minister Margaret Thatcher. His political philosophy extolled the virtues of a free market economic system with minimal government intervention in social matters. His ideas are what have us in this current mess of extreme inequality.
@@eljamo93 It's not a joke. In 1971 Nixon took the US off the gold standard. The dollar was no longer tied to the amount of gold we had and became a fiat currency, meaning the dollar was no longer backed by a commodity, gold. As a result, the Federal Reserve was able to print as much money as it wanted. Immediately inflation started.
@@paulmeeker1165 The US went off the gold standard in 1933, meaning debts could no longer be paid off in gold. This followed the UK which came off the gold standard in 1931. Nixon finally killed it off in 1971.
@@trytellingthetruth.2068 You're correct. Nixon severed any remaining tie the US dollar had to gold. But loosely stated, it can be said FDR and Nixon both ended the gold standard
Like Zimbabwe tried to cover up productivity collapses with money printing, much of the world tried to cover up the induced covid recession with money printing
My favorite Friedman quote was something along the lines of "if the U.S government were in charge of the Sahara desert it would be out of sand in 2 years "
J T Harvey th-cam.com/video/1DE0sBGH73A/w-d-xo.html #11: Printing money does not cause inflation! . th-cam.com/video/2WFJTvaFaz4/w-d-xo.html #12: What actually causes inflation part one . th-cam.com/video/Giu518_9rO4/w-d-xo.html #13: What actually causes inflation part two . th-cam.com/video/FLi2wdSA66A/w-d-xo.html Minsky at Westminster 1991
Yes, agreed, but political processes control the debate on inflation. This is why the U.S. with some success put control in the hands of bankers (the Federal Reserve) and not politicians (or printing press operators).
J T Harvey th-cam.com/video/1DE0sBGH73A/w-d-xo.html #11: Printing money does not cause inflation! . th-cam.com/video/2WFJTvaFaz4/w-d-xo.html #12: What actually causes inflation part one . th-cam.com/video/Giu518_9rO4/w-d-xo.html #13: What actually causes inflation part two
@@MFM230 the fed was setup by JP morgan and its a pyramid scheme bybthe oligarchs gtfoh. the fed IS the problem. have u missed them doing QE since 2008 FFS bailing out all the cronies??? huh??? thats not a free market and its entirely controlled by the ruling class skimming off the top of the money supply creation, which is why Rothschild famously said give me the power to control a nations currency/money supply and I care NOT who makes the LAWS their original mandate was to PREVENT inflation, not cause and "manage" it. ffs. we dont NEED it. we have the Treasury which we can audit and oversight. the fed is opaque and corrupt as fuck its a bankers mafia. wake the fuck up.
and ofc the great depression happened years after the fed created 1913 and they didnt do SHIT they helped cause the biggest fucking economic collapae in our history and apparently they want to do it again. have u been payin attention? its all politics when the oligarchs are shareholders in the fed banks FFS.
We can again J T Harvey th-cam.com/video/1DE0sBGH73A/w-d-xo.html #11: Printing money does not cause inflation! . th-cam.com/video/2WFJTvaFaz4/w-d-xo.html #12: What actually causes inflation part one . th-cam.com/video/Giu518_9rO4/w-d-xo.html #13: What actually causes inflation part two . Minsky at Westminster 1991 th-cam.com/video/FLi2wdSA66A/w-d-xo.html .
This video should be shown to everyone when they're in high school, so they know how money works when they graduate. Because the amount of grown adults today, whom are economically illiterate is quite staggering.
I genuinely think it's too late and voters are far, far too easily fooled. Blockchain is the answer now. Crypto is just better than fiat money and even the governments themselves are showing themselves to be iltimately unable to resist switching to it since they will need it to trade with other governments who aren't subject to their proclamations.
There are too many rich people (decision makers) who want to keep the masses economically illiterate so they can keep a vast majority of wealth for themselves and keep as many people at minimum wage as they can.
This is a complete mischaracterisatoon of how new money is added to the economy. It's added via commercial banks in the form of loans and mortgages, and not by the govetbment. The gov adds some money, covid and the 2009 crash being two examples, but in normal times, government don't add much money. But if you're against the government in principal, then this narrative suits your agenda.
@@mdaniels6311 Fractional reserve banking is enabled by government deposit insurance. The government and the Fed also issued the multi-trillion dollar stimulus that is on the verge of destroying our economy.
This video debuted on youtube several years ago, when nobody seemed concerned about inflation. I hope this video gets noticed by the younger generation who are experiencing it for the first time. Being 64 years of age, I remember well the inflation of the 70's and how it impacted me when I began to work. Prior to that, it was a conversation topic for parents as they read the newspaper and scoured the sales sheets and ads for the cheapest prices on food. My first classes in economics in the mid seventies, focused strongly on this topic. My biggest fear in recent years was that inflation would return - and lo - right as I am about to retire, it has returned.
@@nonmagicmike723yah well In 2022 the Median income in America is $37,585 This shows that while prices have gone up 4x or more, the increase in average wages has barely doubled for the average individual
The $40 I would spend on groceries in the year 2000 would fill my cart up pretty well and many of the canned goods were well under $0.99. Today that $40 cost me $110 or more.
@@ivok9846OPEC still exists and every now and then we ask Saudis to increase production due to economic circumstances. I suppose nowadays there are some who intentionally drive our energy costs up and others who promote greater local production (less costly and less of a nat security risk).
@@patrickglennon6834 Inflation is a monetary phenomenon. In a barter economy inflation does not and cannot exist. But it's not all roses either as you don't see economic growth or technological advancement increasing at anywhere near the rate you do in a monetised economy. Distribution of income is a far greater concern than inflation. The reason inflation gets all the press is that it impacts lenders more than borrowers - and the lenders have the loudest voices in our society.
@@truemamrdi4all because higher wages that are the result of employee/ employer negotiations are a consentual contract approved by both parties. And in general the employer has the disposable funds to cover the extra pay without having to increases prices on the customers. Government mandated minimum wages take the consent and the negotiations out of the picture. Now the employee is forced to work for a minimum wage and the employer is forced to pay it, whether they can afford it or not, meaning the employer must raise prices on the customer. Higher prices on the same goods and services means your dollar is worth less that it was the day before, which is inflation. Have you really never noticed how much more expensive everything gets after a minimum wage increase happens?
@@KurNorock Actually no. I come from a country with miserable wages, where the minimum wage afflicts only thousands od workers. The only trouble is that indirectly the minimum wage Is able to shift the whole income landscape. Because of the inflation, even today the government is reluctant to move the minimum wage, as there is low unemployment and everyone believes that low unemployment and supply shock causes inflation :D
@@truemamrdi4all note imagine if there was NO minimum wage laws in your country. Your government wasn't telling employers what the lowest wage they could pay is. Now that means each employer has to compete for employees with other employers. You get to negotiate your wage instead of being forced to accept a standardized minimum. Imagine how much better off you would be.
"If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around them will deprive the people of all property until their children wake up homeless on the continent their Fathers conquered." Thomas Jefferson, our 3rd President
Well that happened with the FED in 1913. It was a vote during the Christmas holiday where only a few congressmen were there to vote. It wasn't American Banks. It's how fractional banking began.
@@freegeorgia4808 yes,..Pres Woodrow Wilson was bought!.. he sold out on the American people.. signing off to privatise the Federal Reserve..BIGGEST MISTAKE. The word Federal, appearing on your notes is illusionary.. it’s a ruse.
The money supply is endogenous. it cannot be targeted as you seem to be implying. That's why after several failed experiments the monetarists put their heads between their tails and started targeting the cash rate instead [an exogenous variable]. If you add the types of near monies [derivatives] that exist today it's pretty much impossible to even measure the money supply. Making Milton Friedman's work pretty much irrelevant today.
But how can that be? If an important commodity, such as oil, is removed from the economy, then certainly all prices will go up, money supply being the same. Furthermore, if an alternative and more thrustworthy payment option enters the economy (say US dollar in Vietnam) then the local currency may loose value (become more expensive), supply being the same. Of course, you could argue that these factors affect the supply it self, but this only demonstrates that the money supply is endogenous as pointed out by tdunster2011.
@@midway27272727 No phones, no laptops, old furniture, living on mostly canned food, life expectancy then was far lower, asbestos in the walls. You can live like they did in the 60s with their quality of life. Just remember though, its the 60s.
@@edwardheaney3641It was taking place in the mid 70s. The old furniture to us now was new back then to them? I grew up during that time, seldom eat canned food, family cooked a lot of home meals, close neighborhoods, BBQs had a great time back then. Times were a lot easier for us. Don't judge an entire decade on one families interview. Same as now, some people having a tough time, others planned accordingly and it's really easy times.
Its unlikely he said that ; At the time there was no middle class in Russia - he may have said bourgeiosie who meant middle class in french revolution but by Marx (and Lennins) time meant capitalists , so rich - given the goal of communism is elimination of the capitalist class then that would be accurate but not what you think- Your lack of education and reading shows thru
And after 2 years of pandemic, where money has been poured into the economy b the way of assistance to people, while work has grounded to a halt and less things have been produced, people are surprised that we are getting the highest inflation in 40 years. How can they be surprised? It's obvious what the reason is.
J T Harvey th-cam.com/video/1DE0sBGH73A/w-d-xo.html #11: Printing money does not cause inflation! . th-cam.com/video/2WFJTvaFaz4/w-d-xo.html #12: What actually causes inflation part one . th-cam.com/video/Giu518_9rO4/w-d-xo.html #13: What actually causes inflation part two
Yeah and don't forget the businesses receiving at least 10x the amount of $$$$$$ govt pandemic handouts and regular tax write-offs for decades than any of their employees just to keep their doors open. Is it any surprise your comment is now a reality?
WE 100% ULTRA LATINOS LOVE ❤️ PRESIDENT DONALD J.TRUMP USA 🇺🇸 AND GODBLESS AMERICANS FROM POERTO RICO MAGA ISLAND “🏝”VOTE TRUMP USA 🇺🇸 IN 2024”VIVA DJT 🇺🇸🫶🏻🇵🇷
J T Harvey th-cam.com/video/1DE0sBGH73A/w-d-xo.html #11: Printing money does not cause inflation! . th-cam.com/video/2WFJTvaFaz4/w-d-xo.html #12: What actually causes inflation part one . th-cam.com/video/Giu518_9rO4/w-d-xo.html #13: What actually causes inflation part two . th-cam.com/video/FLi2wdSA66A/w-d-xo.html Minsky at Westminster 1991
This is what's happening in Venezuela. The government is printing more money so they can pay their state employees. Their State Industries are not producing enough. But the government keeps printing more and more money.
The conspiracy theorists generally get a factual point then add up many kinds of artifacts and distortions. Yes, it is true the that US, along with the richest European nations, interfere considerably in every other "third world" country. But these "countries" came to be because of European colonization. There would be no industries, no machinery, no cars, no industrialized food or medication, no electricity, etc. in Africa or Latin America if not for the "first world" colonization. Now, I'm not saying this is good or bad, right or wrong, but just a matter of fact that what most people believe is a normal or decent style of living would be non-existent if not for US and European direct or indirect influence. The problem is that without foreign capital and influence, countries like Venezuela, Colombia, Brazil, would have serious drops in technological and industrialized goods. Left-wing politicians in Latin America are like rich rebellious teenage kids who see their parents as just an annoyance but fail to see that it's their parent's work that funds their bratty rich kids lifestyle (when that is the case, obviously). It is common for left-wing/nationalist partisans in Latin America to complain about European or North-American "imperialism" while at the same time making intense use of Facebook, iPhones, medication developed by American and European companies, refrigerators, ovens, tennis shoes, trains, busses, cars, smartphone apps, and several other things that people are completely CLUELESS that come directly from "the imperialists". Now, I have nothing, NOTHING, against people who actually live a more natural life, in the fields, or forests, or whatever, and who are "against the imperialists", but all these naive hypocrites, who are totally dependent on all sorts of machines, chemical substances, urban facilities, banks, etc. to believe that they can continue with this lifestyle without the influence and support from "their daddies"... these people are lame. It is true what the first commenter said, authoritarian governments try to increase power by augmenting their structure, hiring more government workers, increasing their salaries to make them more dependent, facilitating credit to poor segments of society, overall increasing the supply of money, which then increases the buying power of the population to higher rates than the development of the productive structure. These policies also end up transferring money outside the country, because so much of the products bought by the easy credit are provided by multinationals (cars, computers, phones; medication and even food). Many times these big corporations have tax exemptions, government subsidies, that indirectly makes it tougher for national industry development (and that is one factor that nationalists got right, even though it's something that's irreversible in the short term). The end matter is that, for these countries to be "strong nations", independent, they would need to go back in time and develop their technologies and industries and infrastructure independently. But that's somewhat of a paradox, because like I said, decades or even centuries ago, the people who developed technologies and infrastructure in these countries were either foreigners or connected to foreigners (Americans and Europeans). The natives in these countries have more tribal and simpler community cultures. The upper classes in these countries are mostly descendants of Europeans (although there are people from other ethnicity, like arabic or asian, who have risen to wealth due to all kinds of businesses possible by the capitalist structure, all kinds of commerce, services, trickery, etc.). It is a problem that capitalism favors certain types who are mostly viewed as "criminals" (liars, tricksters, defrauders, thieves, traffickers, etc.) but still, creative and industrious types of people, who actually create and develop societies, are mostly NOT natives of Africa and Latin America.
"Left with twelve thousands dollars, now that might seem like a lot" jesus was money really worth that much in 1980? Holy shit. That dude has a sweet house.
He's not necessarily against the printing of money. Just the irresponsible printing of it. He had a great respect for the fed, but wouldn't hesitate to point out its flaws.
You accepting his arguments shows your own smarts - for only a fool would hold on to his ideological beliefs after they have been laid out and disproven.
Well here in June 2022, this aged well. Once again, DC is spending beyond their means, requiring mass printing of money, driving down the value of the dollars in circulation. This affects only the lower and middle classes because the rich have other forms of investments that are not pegged to the dollar.
Incorrect. The rich in the US have inflation-neutral investments. Mostly because they have so much money that what they're living on is a drop in the bucket of their wealth. Not talking about Bezos. Talking about the millions of people in the top 5 or 10 percent
@@DAG_42 Incorrect, I hold investments that have more than overcome the effects of inflation and the slope of this trend has become even steeper since inflation started accelerating. For example, more people are fleeing blue states and moving to red states to reduce their exposure to inflation. This has caused my Florida and Texas real estate holdings to appreciate even faster than they otherwise would.
@@AaronHollander314 Good thing I offloaded half of it already in the past 6 months. Moved to gold and survival goods. Will offset any losses that could possibly occur.
12:20 I can imagine everybody in the mill rolling their eyes saying "Milton, I get you want to set a point, but you can't just do that without warning."
@@fredsanford1437 spending is way up under Biden and if Senators Sinema and Manchin had not stopped it, there would be an additional FIVE TRILLION of printed money. Sure, Trump spent too much, much of it due to media hysteria that forced him to, but not even remotely like Biden. also, just so you know, it is Congress that passes spending bills. In this case, Democrat Congress did the bidding of Democrat president.
J T Harvey th-cam.com/video/1DE0sBGH73A/w-d-xo.html #11: Printing money does not cause inflation! . th-cam.com/video/2WFJTvaFaz4/w-d-xo.html #12: What actually causes inflation part one . th-cam.com/video/Giu518_9rO4/w-d-xo.html #13: What actually causes inflation part two . th-cam.com/video/FLi2wdSA66A/w-d-xo.html Minsky at Westminster 1991
in 1980 his policies were just being put in practices in the west , now after 40 years we know they dont work -why the fu*k would we want to know about a failed ideology ?
Go back a bit further, and people paid "cash" (well, check, but they paid without debt) for cars and even homes. In 2022, real wages are so low that people are taking out microloans to finance a freaking pizza.
J T Harvey th-cam.com/video/1DE0sBGH73A/w-d-xo.html #11: Printing money does not cause inflation! . th-cam.com/video/2WFJTvaFaz4/w-d-xo.html #12: What actually causes inflation part one . th-cam.com/video/Giu518_9rO4/w-d-xo.html #13: What actually causes inflation part two . th-cam.com/video/FLi2wdSA66A/w-d-xo.html Minsky at Westminster 1991
This guy is basically talking about monetary inflation. There are also other types of inflation: salary driven inflation and raw material cost driven inflation, as we are experiencing in Europe nowadays due to the war in Ukraine
Inflation is just another form of taxation. When the government keeps printing money out of thin air the money you got its worth less.. If you want to build wealth your money has to grow faster than inflation. Which is even harder if almost half of what I earn goes to taxes.
the good thing about inflation is it reduces the burden of debt. borrow $100 today and pay it back as 100 less worth dollars tomorrow, what would equal, for arguments sake, $90. also, it spreads the tax burden among everyone in much the same way as a flat tax would. inflation isn't a problem so much as lack of productivity is.
This was in the making long before WWII. This is capitalism and consolidation. About "the wrong enemy", Hitler Germany used the system descibed in the video to the extreme to build the army and infrastructure.
Tungst Nazi germany used a national bank to create money which created inflation but was paid back because the money that was printed was used to create jobs and infrastructure. The debt created had no interest on it, compared to capitalism where governments take loans at high or even compounding interest rates. As an example if the government creates 100 dollars and creates a lemonade stand it gets the 100 dollars back after say 50 sales. The real value of the lemonade is created with 50 people drinking lemonade and the stand can continue to exist and make money even after the debt is paid back. Islamic banking is also similar to this.
@@user-xx5-5885 That's a big clam The USA Biden ,/Bush .. The good guys He lived through the depression Now So much government global warming con ,, Europe Problems are the Worlds problems
Printing money causes inflation but what causes the printing? Government spending! What causes government spending? Politicians! What causes politicians to spend money? The people demand that the politicians spend money because they think the government should solve their problems for them. So what causes inflation? The people! The people cause inflation. It's not that hard to understand! Stop voting for politicians who promise to solve your problems through spending. Fix your own problems!
what's the purpose of government ? stop voting for pepole who serve the interest of the 1% then the spending deficit that is necessary to maintain the stable society that the 1% benefit the most for wont be necessary. you and your ilk now the cost of everything and the value of nothing. never met one of you kind that did not have there hand out when they had treatable illness they could not afford to pay for ,or they fell on hard times .
One simple solution: Remove central banks. Our founding father founded this country to not have a central bank run it. There is written proof, it’s called the constitution. Look in the history books and quotes form Thomas Jefferson
The Constitutional power to coin money and regulate its value is the base of central banking. It should be abolished. Giving vote-seeking politicians power over money is a strange error for the Founders.
@@Ror0009 No but its very existence is a fraud. Knowing how much they indirectly stole from productive Americans is too depressing. Mises, in Human Action, is good on its economic destructiveness.
Fortune 500 companies reported in earnings they were going to jack prices during the natural disaster which is illegal in al 50 states, but no police showed at their doors because they are not policed.
@@R3tr0v1ru5 Gouging during a natural disaster IS illegal for many reasons. $50 for a bottle of water someone needs to survive after a quake or hurricane? What are you some type of sociopathic libertarian?
The only American who won't acknowledge this Administration's failed economic policies is Joe Biden. "Shrink-flation' is the least of our worries compared to rising rents and stagnant wages, but it is an undeniable indicator of how bad our inflation has gotten. I have $100k that i like to invest in a non-retirement account, any advice on that?
I would avoid index funds, mutual funds, and specific stocks for the time being. Right now, the best option is a fixed income of five percent. Put money aside for the times when the market really starts to bounce back.
45% of Americans do not invest in the stock market because of lack of guidance. Every year you don't invest, you are falling behind. I’m hitting numbers in the stock market I used to dream of… Going from $50k to $600k in my portfolio is surreal all thanks to insights from my financial advisor.
Sure, the likes of the popular lady vivian jean wilhelm’’ does a good job. Just look up the name, you’d find details on the web to set up an appointment as she offers free consultations from first timers like yourself.
I would gladly trade my life today, for Bob Crawford's $12,000 a year in 1972. A machine-tool maker, he only needs a few years to keep good credit, sock away some savings, and take out a loan on a CNC machine when it becomes available. Then his business booms, and doesn't even suffer from international competition. Of course, living through Nixon/Ford/Carter, stagflation for 9 years, could make it hard to see a bright future in the machine shop.
I have the book Free To Choose I bought in 1977 . I love Mr. Friedman , Thomas Sowell and Walter Williams. I spent my life making decisions I learned from these men. School did little for me. I am not rich but I have enough, God has blessed me and keeps me to this day. Run form the foolish, work hard and stay true to your heart. Look out for your neighbor.
J T Harvey th-cam.com/video/1DE0sBGH73A/w-d-xo.html #11: Printing money does not cause inflation! . th-cam.com/video/2WFJTvaFaz4/w-d-xo.html #12: What actually causes inflation part one . th-cam.com/video/Giu518_9rO4/w-d-xo.html #13: What actually causes inflation part two . th-cam.com/video/FLi2wdSA66A/w-d-xo.html Minsky at Westminster 1991
Responsible liberal media and conservative journalists aren't making those claims. And the Biden administration certainly isn't saying that, either. Seems to narrow down the sources of nonsense that you're absorbing and then posting like you know something.
@@eongoosm the Biden administration is certainly saying EXACTLY that. Biden always says “ putins price hike”. He says it every time he’s asked about inflation. These loons will never take any accountability, it’s always someone else’s fault. They even blame us the consumers.
Oil companies with record profits in 2021, no TRICKLE to it along on down to lower markets; decades of basically stagnant minimum wages in U.S. completely outpaced by inflation now being blamed; increases GLOBALLY of inflation demonstrating clearly it isn't just a simplistic one government influence; and sure to some extent ripples from the terrorism of Moscow.... anyway, this is what I hear in news. I don't support the nonsense posted by others here likely because I also don't support antiquated economic theories like this video. If you're supporting Putin, comrades, why not just come out and identify yourselves as such.
Wow…seems like printing a shit ton of money during Covid-19 created a shit-ton of inflation. Eureka! Can someone show this to past and current administrations? They must not have watched this video. Thanks Milton.
Capitalism and technology are deflationary. The problem is lack of capitalism. Bailing out companies and not allowing better ones to take their place and political corruption/theft and printing for the enormous covid handouts are causing the bulk of today's inflation.
End result of capitalism with no rules or anti-monopoly rules... this capitalism's end result... monopolies and oligopolies, the very consolidated robber barons become the government and in the US's case since 1908 becomes the monetary protectors... they don't really protect it, rather they do what they can do to get more power.
You could also talk of the obvious conflict of interest within a capitalistic Healthcare system. If I'm in medicine, a healthy populace will leave me broke. We do need laws. Monopolies are against antitrust law. Crony capitalism is NOT capitalism. The problem is that politicians get paid off, which is why Trump was so hated and the media (which is owned by about a dozen powerful people) tried to slander him at every opportunity.
It started in 2008. QE has never stopped since then and got worse through 2020 - 2022 through COVID. This is just the start. This will last about 5 years if not longer.. lots of banks will fall and lots of business as well
@@james40135 Not really. The lockdowns and the government paying for everything during them, caused inflation to go negative and then rebound with a vengeance when the economy reoponed. Absolute shambles of leftist government writ large.
J T Harvey th-cam.com/video/1DE0sBGH73A/w-d-xo.html #11: Printing money does not cause inflation! . th-cam.com/video/2WFJTvaFaz4/w-d-xo.html #12: What actually causes inflation part one . th-cam.com/video/Giu518_9rO4/w-d-xo.html #13: What actually causes inflation part two . th-cam.com/video/FLi2wdSA66A/w-d-xo.html Minsky at Westminster 1991
This man MUST be taught in EVERY AMERICAN SCHOOL!
fhhfgj isn’t he? We read about him here in Sweden when I studied economy at university.
although he did ruin the world as the US presdietns followed his advice even Obama & Trump did.
You know he was loathed by the left during his time. His version of free market economics was thought of like what many today think of scientology.
He is. That's half the problem
😄
@stevovondivo2326 wrong, it's Keynes. That's why all business majors are dumb.
I bought my first house in 1993 for $60,000 in a nice neighborhood in a small town, 30 miles outside a large city. I earned minimum wage when I got the mortgage with my wife, she also earned the same minimum wage ($5.25 per hour). Today, Zillow shows that $60,000 house is worth $170,000 a 183% increase. Minimum wage is now $7.25 per hour, a 38% increase. Today it would be impossible to buy that same house with minimum wage.
*Have you heard about "Trickle down" economics?*
The right wing scam people like Milton and co was pushing? Well, the reason your example is true today is because a practical "Trickle down 2.0" is in effect, but it is in context of assets. People with the most assets, also lose the least during recessions and gain the most on upwards. Leading to a massive wealth discrepancy over time. Instead of "Lets have massive tax cuts for the rich, because they create jobs" (aka Trickle down 1,0, which is not true btw. Demand, creates jobs. Your mom shopping creates jobs etc), they switched it to "Those with the most assets, gain the most as well" (Trickle 2,0).
Now think of that in context of your house. 183% increase, but its not just your house. It is billions worth of assets.
Completed with shattered Unions and real wages not keeping up with inflation. Prices still going up and employers pocketing the difference themselves instead. You get trickle down 2,0 and massive unfair wealth share that is dwindling the middle class. Which ironically is the fuel for capitalism, aka macro demand. Without them, there is no capitalism. Yet these so called "pro capitalist" "experts" (Milton proclaimed wage would increase naturally with produktive, therefor no need for Unions for example, cant get more wrong than that in context of 3 decades of empirical evidence after the claim). Continue to push what I call "Siphon Economics" (benefits individual companies short term, at the cost of the nation and citizens in it) to this day, while not giving a rats A about new evidence, but keep posting this as if it has not been debunked.
My dad bought a house in Philadelphia in 1997 for $85k and now its worth $600k because of gentrification
@@Roadtripmik I remember 1997 very well, that year jobs were booming. I got my first break as fas as jobs go, $16 per hour as a mig welder in training, 64 hour weeks, double time pay after 45 hours. I had 3 paychecks in my wallet most days because I couldn't get to the bank before 5 pm. Great money, tired all the time. That job was a 10 minute drive from home. Good deal on your dads house, I see Philly tax is very low for such a huge city, 0.98% tax rate.
What jobs were you both doing for minimum wage? In my entire lifetime of 38 years, I think buying a home with two minimum wage jobs would have been damn near impossible. I'm not sure how anyone would have approved you both.
note: minimum wage in 1993 was $4.25, which I guess just more proves your point.
@@colinjames9562 We both worked fast food jobs, no debt, $5k cash. Keep in mind, small town, early 1990s. Her aunt was a real estate agent, we was approved pretty easy. They made us put tax and insurance in escroweach month that the bank held until it was due each year. The bank was always late paying the money each year.
Everybody was looking to strike it rich, but the guy who made out well was selling shovels and equipment.
AND jeans... Levi strauss.
Or the builders who made the towns.
everyone in those towns were mining miners
My wifes Great Grand-Uncle made a good living out on the gold fields. He saved everything and then used that money to set up a little Grocery store that he then built into a supermarket.
Many of the people who would have worked those fields and mines would have saved their money and used it for family reasons.
There would have been a considerable number who did not save their money and would have wasted it and what they did was all about the nomatic work lifestyle.
Teringventje - True, and wealth redistribution was an idiotic idea then, as it is now. The free market punishes the vast majority of the "get rich quick" crowd. Some make it, the rest perish. Profit is just a result of steady growth and sustainability. It's like the parable of the "tortoise and the hare". Simple truths are timeless.
Inflation is far more harmful to individuals than a collapsing stock or property market because it directly affects people's cost of living, which they immediately feel. It is not surprising that the current market sentiment is extremely pessimistic. In today's economy, assistance is critical if we are to survive.
I'm not kidding when I say that the market crash and high inflation have me really stressed. I've been in the red for a while now and although people say these crisis has it perks, I'm losing my mind but I get it Investing is a long-term game, so focus on the long run.
I do agree and in my opinion, considering the world today, the implications of rising or declining rates, inflation, has minimal effects when it comes to trading the markets. It’s about knowing when to get in and get out which requires experience and basic knowledge of market structure. The markets is psychological, it’ll be suicidal to ignorantly get it. Better still, seek the help of a portfolio manager to passively earn and learn the markets at your pace.
@@joecaruso06 RIGHT! Markets are oceans not lakes. The prominence of basic or institutional financial managers cannot be overstated. Take myself, having faced my share of bad trades, Fortunately with the help of my Pm, I came to understand the essence of timing, capital, entry, exit, goal and how they each affect every asset. Currently hold a $415k portfolio averaging a 14% monthly roi in less than 7 quarters. - -so I do know the importance of basic knowledge and delegation.
@@maryalchester How to get in touch?
@@maryalchester Hold on, the portfolio manager with Morgan stanley? Was recently on a finup with Tate?
It surprises me why everybody gets really worked up about recession and inflation data. Inflation has always existed, and people have been using investments to beat the inflation. The stock market return, for example, always beats inflation. I heard of someone who invested $121k last October, and has grown the portfolio by more than $400k. I need recommendations that can give me similar return.
The professionals presently control the market since they not only have the essential business strategy but also have access to inside information that the general public is not aware of.
True. I first came across investing in the market in 2019. Already stashed about $480k in savings then, and the free money from the Government was pouring in, increasing inflation rate. I just got an advisor and kept the money there, just because I didn't want to keep the value of the money depreciating in the bank. Tbh, it's the best investment decision I've made since then.
I think this is something I should do, but I've been stalling for a long time now. Mind if I ask you to recommend this particular coach you using their service?
"Rebecca Nassar Dunne" is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
Thank you for the lead. I searched her up, and I have sent her an email. I hope she gets back to me soon.
it's not explicitly stated in there but inflation is also an indirect tax on savings.
That's too obvious to state
Can be viewed that way yes, but it’s also a forced incentive to re-invest those savings thus further stimulating the economy.
@john k Not only that, that you saved it in the currency that is being inflated. You can save in a different one and voila!
@john k or in a bank account with a lower than inflation interest rate...
@@Dzvakangark
Then you have cheaper money buy up way to many resources so prices go up and if you're just printing off money and making it cheap why would inflation stop? just take more money from the money tree.
Then money loses all it's value unless you put interest rates way up.
We need the gold standard and hopefully we will go back to it sooner rather than later.
At 65 I now have more money than ever before. But when I look at the prices of Houses, Vehicles and Health Insurance - my standard of living is worse now than ever before and getting worse every year.
I'm not trying to get all political but it was hilarious. I clicked on the link titled "Understanding Inflation". The first thing that popped up was an ad with Kamala Harris talking about why we should vote for her!
Who’s here in 2024..?
Yup, was trying to explain inflation to gf as a finance major but haven’t studied it since I took a micro and macro economics course
🤫👍
Me too
I'm from 2025... is it the same?
Me and your mom.
I want crocodile money.
Buy a handbag with it.
The govt has it and so they cry crocodile tears over your problems 😀
Venezuela didn't watch this video.
The hundred capitalist countries dying on their arse did.
...and neither did Argentina!
+Cockoff Gewgle
You're an absolute fucking moron.
@@juanme555 Straight up
@@cockoffgewgle4993 You mean those countries that have relatively stable currencies and economic growth? Yeah sounds terrible.
Some say that Bob Crawford is still working on that 1978 tax return to this day....
$18,000 in 1978 would be $70,000 today...ole' Bob wasn't doing too bad for himself in the Tool & Die business.
@@Zartoo_3rd_Overlord_ofBlargon7 skills pay the bills
@@SoTrue144 The Beastie Boys could have sung a rhyme for old Bob Crawford.
Tool making was a highly skilled engineering job. But it moved to the East by the late 80s along with most industries.
@@davidfloren5339 The three bad brothers you know so well? 🤔😉
Okay this is good, but With inflation running at a four-decade high, a Recession is now the ‘most likely outcome for the economy. How can I grow my portfolio to outpace inflation and maintain a successful long-term strategy? I have been reading of investors making about $250k profit in this current crashing market, and I need ideas on how to achieve similar profits
You’re right! The current market might give opportunities to maximize profi.t, but in order to execute such effective transactions, you must be a skilled practitioner
On the contrary, even if you’re not skilled, it is still possible to hire one. I am a project manager and my personal port-folio of approximately $750k took a big hit in April due to the crash. I quickly got in touch with a financial-planner that devised a defensive strategy to protect and profit from my port-folio this red season. I’ve made over $150k since then
@@georgebarret Impressive! who is this individual guiding you? I lost over $40k just last week, so I’m in dire need of a financial-planner.
There are a lot of independent advisors you might look into. But i work with Julie Anne Hoover and I have been working together for nearly four years, and she is excellent. You could proceed with her if she satisfies your discretion. I endorse her.
@@georgebarret Thanks for sharing, I just looked her up on the web and I would say she really has an impressive background in investing. I will write her an e-mail shortly.
I got an undergraduate degree in International Business. But I've learnt more on youtube in 6 months than in did during my 3 years there.
@Mdmchannel says who? How do you think I padded my resume with experience 🤣😎 #youtubewatcher
Mdmchannel but you should be able to
Same here
😭
Same as. Buy bitcoin cash.
Hitman sent by the government to end Friedman at 11:48.....but recognizes the camera and aborts the mission.
Bmayo27 LOL You are very observant!
😱
Wow!
Bmayo27 freidman defends the Rockefellers. Dont worry, they would never let him go
By which government??
You know hard times are coming when you get this video on your recommendations 😬
Dems are back baby. Had your wallets
Fuck yeah
@@ClaytonYatescarenthusiast Really, so how come the recessions/financial collapses always happen under Republicans? (Bush Sr., Bush Jr. and tRump) and sustainable recoveries always happen under Dems? (Clinton, Obama, Biden)
@@izraelite2908 Don't play that game. Both red and blue work together. Yes Democrats print like crazy and Repubs take their fall WILLINGLY and then don't do anything BY DESIGN. It's a team effort to fuck you financially. There is no right or wrong partisan side.
@@izraelite2908 Sustainable recovery under Biden ?
I think you just disproved your own argument.
Understanding personal finances and investing will most likely lead to greater financial independence. By being knowledgeable about money and investing, individuals can make informed decisions about how to save, spend, and invest their money. A trader made over $350k in this recession influenced market
Stocks are pretty unstable at the moment, but if you do the right math, you should be just fine. Bloomberg and other finance media have been recording cases of folks gaining over 250k just in a matter of weeks/couple months, so I think there are alot of wealth transfer in this downtime if you know where to look.
The best course of action if you lack market knowledge is to ask a consultant or investing coach for guidance or assistance. Speaking with a consultant helped me stay afloat in the market and grow my portfolio to about 65% since January, even though I know it sounds obvious or generic. I believe that is the most effective way to enter the business at the moment.
@@lipglosskitten2610 Please who is the consultant that assist you with your investment and if you don't mind, how do I get in touch with this person
@@kenanporubsky2122 My advisor is Catherine Morrison Evansshe’s highly qualified and experienced in the financial market. She has extensive knowledge of portfolio diversity and is considered an expert in the field. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market
@@lipglosskitten2610 I am going to look her up, I have about $81k i want to start with, might be small but it's better than nothing though. Since the 08 crash is playing out again.
Can someone show this video to the loony Democrats? They are particularly weak in understanding economics fundamentals.
U mean like pressuring the Saudis to produce less oil? That was a genius move!!
>watches milton friedman for 15 minutes
>knowledge is power
amen to that
A little surprised the bait hasn't been taken in the years since you commented
Of course it's not a fair match to put the most clever central bankers against the american middle and lower classes and see who ends up winning -- the bankers / fed and their cronies of course ;) by inflating the money and taxes, milking the cows, enslaving the sheeple. Theyll never give a sucker an even break;)
Jeffrey Stevens he defends the Rockefellers. Dont forget that. The Federal Reserve and the Corporations are Very Powerful
David A im 27 years old and i figured out their Scam almost 2 years ago. I wish i had parents that taught me about it.
This is a Classic. I have a great idea. Someone should redo this series similar to how Fox redid Cosmos. I believe it would be popular. Anyone else think this idea has merit?
2krisko
Peter Schiff?
Check out "Free or equal" by Johan Norberg! He revisits Miltons series "Free to chose". It's a nice modern take on it.
I wouldn't mind seeing Mark Blyth try it.
perhaps Thomas Sowell could fill that role, although he is as of today over 87 years old and probably uninterested in becoming a public figure.
John Stossel is another good choice!
The fin-Markets have underperformed the U.S. economy as fear of inflation hammers the prices of stocks and bonds. My $400,000 portfolio is down by approximately 25%, any recommendations to scale up my returns before will be highly appreciated.
You have to get a financial-advisor/broker to aid you diversify your portfolios to include commodities, inflation-indexed bonds and stocks of companies with solid cash flows, as opposed to growth stocks where valuations were based on future potential earnings,
@@Robertgriffinne Very true , I diversified my $250K portfolio across multiple market with the aid of an investment advisor, I have been able to generate over $450k in net profit across high dividend yield stocks, ETF and bonds in few months.
@@Alejandracamacho357 How can one find a verifiable financial planner? I would not mind looking up the professional that helped you. I will be retiring in two years and I might need some management on my much larger portfolio. Don't want to take any chances.
@@PhilipMurray251 These days the best way to come into the market space is patience and seeking guidance when necessary, due to my line of work i can’t handle my portfolio so i just copy the trades of MARIA ELIZABETH FILINDRAS''', a brokerage advisor i saw on Bloomberg business news. It’s been smooth since then. I have saved myself from all the hassle that chaotic market causes.
@@Alejandracamacho357 I just looked up Maria online and researched her accreditation. She seem very proficient, I wrote her and scheduled a call.
I like documentaries like this, without people sticking their fake emotions into the subject
Watching old shows like this makes you realise how bad it has gotten. Every show now is in your face with telling you what to hate, rather than simply explaining how things work an letting you make up your own mind.
Exactly. Docs today exist to sell merch - they're like long commercials.
Docs used to primarily "educate" not "emote".
thank you xx exactly my thoughts.
@@gooble69 the problem is that Milton has chosen to effectively mislead the viewer by omission in this case it isn't a problem with what he explains it what he chooses not to discuss that gives a lopsided view. If you are interested I'd be more than happy to point out some fairly obvious problems with this analysis however it is nuanced and complicated as so many things are.
BUT WHAT ABOUT RACISMISMS AND PROTECTING THE CHILDRENSES
This is a tangent, but notice how healthy and lean everybody is in this video. Pretty shocking. Everybody has a normal BMI in this video, from the mom and dad to the union veterans to Milton himself.
Fatness inflation. It would be good to see the records for average BMI of that time and the number of fast food joints as well, to then see the correlation between fast food outlets and average BMI growth. I am sure there are other variables but that is the first that came to mind.
Mom is actually cooking a home meal and the kids are actually outside playing and people not sitting around on a computer! No Uber eats , rampant fast food every where with supersize meals and every snack know to mankind!
Here's a research project for you. Find pictures of what the inside of grocery stores (their products) looked like pre-1976. And, compare with what is offered for sale today. To really do it right, go right down to the product ingredients, for the comparison.
I remember when people ate eggs for breakfast, but then the government told us that more than three-eggs per week were a certain heart-attack. Meanwhile, breakfast cereal sales exploded up. I wonder who motivated the government to weigh in on the topic of eggs?
@@JoaquinCorreaDrums This is truly a time of "inflation". (pun intended)
They were eating full fat everything, but far less processed sugar and preservatives.
Three words: Federal Reserve Bank
One word: Rothschild.
Who's here in the days of Bidenflation?
You mean the inflation trump started and biden continued?
I wonder were old Bob Crawford is today?
Lol....Inflation is here on Biden's watch, but any real economist or educated person in finance would tell you that this inflation is caused by the ridiculously large money print/manifestation thar Trump into action when Covid hit. The Covid relief acts caused us to print 25% of all the money we've ever printed since the nation's birth in just one year. The effects of that in 2020 are the cause. It takes a year or two for the money to circulate fully into the system but here we are. I'm not saying it's Trumps fault either but it certainly isnt Biden's fault. I do however blame Trump for his dismissal of Covid until it was too late and it sunk in heavily.
Priceof mint choc-chip ice cream at an all time low, though. 😂
Check out Biden's chief economic advisor. A marxist with a music degree. Quite the contrast.
12:31 - He can hardly contain his pleasure with just having stopped the printing press :)
The mans face when he looks up lol
5:51 - "The fact is that most people enjoy the early stages of the inflationary process." So, if I were a politician, I could just print 'stimulus' money to buy votes.
Sounds like the early stages of covid when everyone was being given free money.
Which they did
Yes...also the fallacy of the "wealth effect" where people have deluded themselves ( once again) that their primary residence really is worth 3x what they paid for it 5 years ago.
@@weirdshibainu It's not a delusion at all
@@dkizxpt-su3ze It is completely
I like how the Mint just lets Milton Friedman go into where they are printing money to pound the stop button and criticize their operation.
No. Permission was asked and granted long before the filming ever, ever started.
A) Not the Mint. The Mint makes coins. It was the Bureau of Engraving and Printing. B) Neither the Mint nor the BEP decides how much physical money to make; they just make it to order. He wasn't criticising that.
J T Harvey
th-cam.com/video/1DE0sBGH73A/w-d-xo.html #11: Printing money does not cause inflation!
.
th-cam.com/video/2WFJTvaFaz4/w-d-xo.html #12: What actually causes inflation part one
.
th-cam.com/video/Giu518_9rO4/w-d-xo.html #13: What actually causes inflation part two
.
th-cam.com/video/FLi2wdSA66A/w-d-xo.html Minsky at Westminster 1991
The line gets stopped routinely for maintenance, etc. Might as well let him hit the button on that particular shift.
How do they pay their employees at a money printing operation? In cash? :)
It must be tough working in a money printing operation. Day after day watching that much money just fly by and figuring that it wouldn't really hurt anybody if you just stashed a little in your pocket!
I love how Milton made everything in economics simple
Not really true there is 0 evidence of that extra money in the pockets does not create inflation this is false 0 PROVE companies themselves decided to increase the cost of their goods in their own no due to the increase on the money supply
Reply
The sign of brilliance
this is exactly what he is being criticized for nowadays. Economics is not simple, it is extremely complicated and we have moved way past these models that Friedman produced in the 80s. Truth be told, his claims hold very little empirical evidence and some of them are outright contradictory to each other. I'm saying this as an econ major who has studying financial crisis extensively
@@WonderTulip Neeeerd
@@antonlilja7198 LMFAO
13:41 guy smoking a cigar during a public meeting.
Gee, I wonder why this vid popped up into my feed. Could it be the money printer burring ?
I just made a video on inflation based on Milton's ideas if interested
@@NotAnEconomist Link it!
I officially now know more about inflation then all of Congress combined.
J T Harvey
th-cam.com/video/1DE0sBGH73A/w-d-xo.html #11: Printing money does not cause inflation!
.
th-cam.com/video/2WFJTvaFaz4/w-d-xo.html #12: What actually causes inflation part one
.
th-cam.com/video/Giu518_9rO4/w-d-xo.html #13: What actually causes inflation part two
.
th-cam.com/video/FLi2wdSA66A/w-d-xo.html Minsky at Westminster 1991
Inflation is caused by Vladimir Putin not paying his fair share!
It all started with Nixon taking the US off the gold standard. Previously, there could only be the amount of money in the economy that matched the gold reserves. Now, no coordination to the printed dollar to any value - just debt piling up on more debt.
Is this a joke?
@@eljamo93 Hes right about the Nixon Shock and severing of the U.S. dollar's ties to gold. Since then, the world's monetary system has consisted of mostly freely floating currencies. However, Friedman was one of the main architects of neoliberalism becoming mainstream. He was an advisor to Republican President Ronald Reagan and Conservative British Prime Minister Margaret Thatcher. His political philosophy extolled the virtues of a free market economic system with minimal government intervention in social matters. His ideas are what have us in this current mess of extreme inequality.
@@eljamo93 It's not a joke. In 1971 Nixon took the US off the gold standard. The dollar was no longer tied to the amount of gold we had and became a fiat currency, meaning the dollar was no longer backed by a commodity, gold. As a result, the Federal Reserve was able to print as much money as it wanted. Immediately inflation started.
@@paulmeeker1165
The US went off the gold standard in 1933, meaning debts could no longer be paid off in gold. This followed the UK which came off the gold standard in 1931.
Nixon finally killed it off in 1971.
@@trytellingthetruth.2068 You're correct. Nixon severed any remaining tie the US dollar had to gold. But loosely stated, it can be said FDR and Nixon both ended the gold standard
2022 is like "here, 1970's inflation hold my beer!"
Like Zimbabwe tried to cover up productivity collapses with money printing, much of the world tried to cover up the induced covid recession with money printing
My favorite Friedman quote was something along the lines of "if the U.S government were in charge of the Sahara desert it would be out of sand in 2 years "
😂
Eeewwwww. That's rich. No pun intended. Good quote.
“If you put the federal government in charge of the Sahara Desert, in five years there’d be a shortage of sand.”
J T Harvey
th-cam.com/video/1DE0sBGH73A/w-d-xo.html #11: Printing money does not cause inflation!
.
th-cam.com/video/2WFJTvaFaz4/w-d-xo.html #12: What actually causes inflation part one
.
th-cam.com/video/Giu518_9rO4/w-d-xo.html #13: What actually causes inflation part two
.
th-cam.com/video/FLi2wdSA66A/w-d-xo.html Minsky at Westminster 1991
I'd say it's true for most western nations, people in charge doesn't see further than their noses.
“Inflation is not a capitalist phenomenon, it’s not a communist phenomenon, it’s a printing press phenomenon.” -Friedman
Yes, agreed, but political processes control the debate on inflation. This is why the U.S. with some success put control in the hands of bankers (the Federal Reserve) and not politicians (or printing press operators).
J T Harvey
th-cam.com/video/1DE0sBGH73A/w-d-xo.html #11: Printing money does not cause inflation!
.
th-cam.com/video/2WFJTvaFaz4/w-d-xo.html #12: What actually causes inflation part one
.
th-cam.com/video/Giu518_9rO4/w-d-xo.html #13: What actually causes inflation part two
🎯
@@MFM230 the fed was setup by JP morgan and its a pyramid scheme bybthe oligarchs gtfoh. the fed IS the problem. have u missed them doing QE since 2008 FFS bailing out all the cronies??? huh??? thats not a free market and its entirely controlled by the ruling class skimming off the top of the money supply creation, which is why Rothschild famously said give me the power to control a nations currency/money supply and I care NOT who makes the LAWS
their original mandate was to PREVENT inflation, not cause and "manage" it. ffs. we dont NEED it. we have the Treasury which we can audit and oversight. the fed is opaque and corrupt as fuck its a bankers mafia. wake the fuck up.
and ofc the great depression happened years after the fed created 1913 and they didnt do SHIT they helped cause the biggest fucking economic collapae in our history and apparently they want to do it again. have u been payin attention? its all politics when the oligarchs are shareholders in the fed banks FFS.
Obviously those in the current administration would not agree with Mr. Friedman.
It’s happening again!
Some animals never learnt from history
High water ahead fellows
Wow look how thin everybody is?
Remember when you could raise a family with 2 cars, 3 kids, and a 4 bedroom house on a single working mans income? Lol
Yes I remember - then Milton F came along and fucked it all up for everyone but the rich.
We can again J T Harvey
th-cam.com/video/1DE0sBGH73A/w-d-xo.html #11: Printing money does not cause inflation!
.
th-cam.com/video/2WFJTvaFaz4/w-d-xo.html #12: What actually causes inflation part one
.
th-cam.com/video/Giu518_9rO4/w-d-xo.html #13: What actually causes inflation part two
.
Minsky at Westminster 1991 th-cam.com/video/FLi2wdSA66A/w-d-xo.html .
No. No I don't
I do. I’m doing just that at this moment. Create value for others and you will never need to worried about money again.
@@coreymetcalf2498and the unions got fat and corrupt, let the jobs leave the country.
This video should be shown to everyone when they're in high school, so they know how money works when they graduate.
Because the amount of grown adults today, whom are economically illiterate is quite staggering.
I genuinely think it's too late and voters are far, far too easily fooled. Blockchain is the answer now. Crypto is just better than fiat money and even the governments themselves are showing themselves to be iltimately unable to resist switching to it since they will need it to trade with other governments who aren't subject to their proclamations.
There are too many rich people (decision makers) who want to keep the masses economically illiterate so they can keep a vast majority of wealth for themselves and keep as many people at minimum wage as they can.
@@buicklincoln you wouldn't be thinking like so have you had money yourself.
This is a complete mischaracterisatoon of how new money is added to the economy. It's added via commercial banks in the form of loans and mortgages, and not by the govetbment. The gov adds some money, covid and the 2009 crash being two examples, but in normal times, government don't add much money.
But if you're against the government in principal, then this narrative suits your agenda.
@@mdaniels6311 Fractional reserve banking is enabled by government deposit insurance. The government and the Fed also issued the multi-trillion dollar stimulus that is on the verge of destroying our economy.
This video debuted on youtube several years ago, when nobody seemed concerned about inflation. I hope this video gets noticed by the younger generation who are experiencing it for the first time.
Being 64 years of age, I remember well the inflation of the 70's and how it impacted me when I began to work. Prior to that, it was a conversation topic for parents as they read the newspaper and scoured the sales sheets and ads for the cheapest prices on food. My first classes in economics in the mid seventies, focused strongly on this topic. My biggest fear in recent years was that inflation would return - and lo - right as I am about to retire, it has returned.
The younger generation doesn’t care, they blame capitalism and want Marxism, socialism or communism in its place.
inflation is taxation without representation
i pray for you because inflation affects those with fixed income the most
1980, Funny how monetarist Dr. Friedman was most famous immediately during and after the late 70s early 80s inflation.
Covid is an excuse for the government to hike inflation again. The government never lets a crisis gone to waste.
Friedman, you are the Carl Sagan of the money universe
what I was gonna say
>both Jews
Really makes you think...
Sung Joo Um couldn't have said it better myself.
Except that the "billions and billions" refer to dollars, not stars. :-)
Holy shit #metoo. An organic meme.
$80/$90 for two weeks of groceries?! Man those were the times. Lol. #endthefed
We do it. Shop at ALdi.
It was also the time an $12K salary was considered "good money".
@@nonmagicmike723yah well In 2022 the Median income in America is $37,585
This shows that while prices have gone up 4x or more, the increase in average wages has barely doubled for the average individual
Then along came Freidman.
The $40 I would spend on groceries in the year 2000 would fill my cart up pretty well and many of the canned goods were well under $0.99. Today that $40 cost me $110 or more.
And here we are in 2022. The same problem perpetrated by the same people.
ahhhh yeah, arabs + oil, same in 70/80s as today.
you nailed it!
heh...
Here is one difference. They don't even need to turn on those presses nowadays. The just type few zeros into the computer.
Yup, the democrats. It's gone crazy since the emergence of the obama in o7. He's an operative that just keeps on giving
@@ivok9846OPEC still exists and every now and then we ask Saudis to increase production due to economic circumstances.
I suppose nowadays there are some who intentionally drive our energy costs up and others who promote greater local production (less costly and less of a nat security risk).
Inflation would disappear overnight if you get rid of the Federal Reserve and US Congress.
Yep. Printing worthless paper devalues the money already in circulation
How?
@@patrickglennon6834 Inflation is a monetary phenomenon. In a barter economy inflation does not and cannot exist. But it's not all roses either as you don't see economic growth or technological advancement increasing at anywhere near the rate you do in a monetised economy. Distribution of income is a far greater concern than inflation. The reason inflation gets all the press is that it impacts lenders more than borrowers - and the lenders have the loudest voices in our society.
10:50 “And he’s right, higher wages are mostly a result of inflation rather than a cause of it.”
Unless you are talking about government mandated minimum wages.
@@KurNorock which Is different how?
@@truemamrdi4all because higher wages that are the result of employee/ employer negotiations are a consentual contract approved by both parties. And in general the employer has the disposable funds to cover the extra pay without having to increases prices on the customers.
Government mandated minimum wages take the consent and the negotiations out of the picture. Now the employee is forced to work for a minimum wage and the employer is forced to pay it, whether they can afford it or not, meaning the employer must raise prices on the customer. Higher prices on the same goods and services means your dollar is worth less that it was the day before, which is inflation.
Have you really never noticed how much more expensive everything gets after a minimum wage increase happens?
@@KurNorock Actually no. I come from a country with miserable wages, where the minimum wage afflicts only thousands od workers. The only trouble is that indirectly the minimum wage Is able to shift the whole income landscape. Because of the inflation, even today the government is reluctant to move the minimum wage, as there is low unemployment and everyone believes that low unemployment and supply shock causes inflation :D
@@truemamrdi4all note imagine if there was NO minimum wage laws in your country. Your government wasn't telling employers what the lowest wage they could pay is. Now that means each employer has to compete for employees with other employers. You get to negotiate your wage instead of being forced to accept a standardized minimum. Imagine how much better off you would be.
"If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around them will deprive the people of all property until their children wake up homeless on the continent their Fathers conquered."
Thomas Jefferson, our 3rd President
Well that happened with the FED in 1913. It was a vote during the Christmas holiday where only a few congressmen were there to vote. It wasn't American Banks. It's how fractional banking began.
As opposed to tyrannical govt which is a way better idea, yeah?
heh, leftist.
WEF - you will own nothing and be happy.
@@freegeorgia4808 yes,..Pres Woodrow Wilson was bought!.. he sold out on the American people.. signing off to privatise the Federal Reserve..BIGGEST MISTAKE.
The word Federal, appearing on your notes is illusionary.. it’s a ruse.
@@Anita95_original said every communist ever
check out bob with his 70s privilege!
Timmy Tight Pants And his white 70s privilege, makes me sick.
@@trumpstroll7438 you make me sick.
@@3heiniken doesn't CNN make everyone sick nowadays?
Inflation comes from increasing the money supply. Everything else is a consequence of that fact
Quantitative easing... been out of control since then... th-cam.com/video/PTUY16CkS-k/w-d-xo.html
Not true the current inflation is because of covid and the fall in global production.
The money supply is endogenous. it cannot be targeted as you seem to be implying. That's why after several failed experiments the monetarists put their heads between their tails and started targeting the cash rate instead [an exogenous variable]. If you add the types of near monies [derivatives] that exist today it's pretty much impossible to even measure the money supply. Making Milton Friedman's work pretty much irrelevant today.
@@tdunster2011 it’s been a cycle since 1650. First it was Mercantilism, then Gold, then Money now it’s production..
But how can that be? If an important commodity, such as oil, is removed from the economy, then certainly all prices will go up, money supply being the same. Furthermore, if an alternative and more thrustworthy payment option enters the economy (say US dollar in Vietnam) then the local currency may loose value (become more expensive), supply being the same. Of course, you could argue that these factors affect the supply it self, but this only demonstrates that the money supply is endogenous as pointed out by tdunster2011.
This guy was maga before maga was around.
Bob makes $18K and able to raise family, good times.
Wanna have their quality of life?
Why do our schools not just play these old videos of Milton? The fundamentals are still the same in 2020.
@@edwardheaney3641 What was shown to question their quality of life ?
@@midway27272727 No phones, no laptops, old furniture, living on mostly canned food, life expectancy then was far lower, asbestos in the walls.
You can live like they did in the 60s with their quality of life. Just remember though, its the 60s.
@@edwardheaney3641It was taking place in the mid 70s. The old furniture to us now was new back then to them? I grew up during that time, seldom eat canned food, family cooked a lot of home meals, close neighborhoods, BBQs had a great time back then. Times were a lot easier for us. Don't judge an entire decade on one families interview. Same as now, some people having a tough time, others planned accordingly and it's really easy times.
"The goal is to CRUSH the middle class between the millstones of taxes and inflation" V. Lenin
Its unlikely he said that ;
At the time there was no middle class in Russia - he may have said bourgeiosie who meant middle class in french revolution but by Marx (and Lennins) time meant capitalists , so rich - given the goal of communism is elimination of the capitalist class then that would be accurate but not what you think-
Your lack of education and reading shows thru
@@malcolm-danielfreeman5940 Thanks for the laugh!
And after 2 years of pandemic, where money has been poured into the economy b the way of assistance to people, while work has grounded to a halt and less things have been produced, people are surprised that we are getting the highest inflation in 40 years.
How can they be surprised? It's obvious what the reason is.
J T Harvey
th-cam.com/video/1DE0sBGH73A/w-d-xo.html #11: Printing money does not cause inflation!
.
th-cam.com/video/2WFJTvaFaz4/w-d-xo.html #12: What actually causes inflation part one
.
th-cam.com/video/Giu518_9rO4/w-d-xo.html #13: What actually causes inflation part two
Many people said it would happen once businesses fully reopened. They even explained why. Here we are.
Closer to 100 years.
Yeah and don't forget the businesses receiving at least 10x the amount of $$$$$$ govt pandemic handouts and regular tax write-offs for decades than any of their employees just to keep their doors open. Is it any surprise your comment is now a reality?
WE 100% ULTRA LATINOS LOVE ❤️ PRESIDENT DONALD J.TRUMP USA 🇺🇸 AND GODBLESS AMERICANS FROM POERTO RICO MAGA ISLAND “🏝”VOTE TRUMP USA 🇺🇸 IN 2024”VIVA DJT 🇺🇸🫶🏻🇵🇷
We need to get Thomas Sowell onto Joe Rogan. They ignored Milton Friedman we shouldn't make the same mistake again.
J T Harvey
th-cam.com/video/1DE0sBGH73A/w-d-xo.html #11: Printing money does not cause inflation!
.
th-cam.com/video/2WFJTvaFaz4/w-d-xo.html #12: What actually causes inflation part one
.
th-cam.com/video/Giu518_9rO4/w-d-xo.html #13: What actually causes inflation part two
.
th-cam.com/video/FLi2wdSA66A/w-d-xo.html Minsky at Westminster 1991
WHY ???????
The world put his failed policys into practice and weve been fu*ked under them since 19800s
This is what's happening in Venezuela. The government is printing more money so they can pay their state employees. Their State Industries are not producing enough. But the government keeps printing more and more money.
@Orange Hitler troll de maduro
its happening everywhere, all the time
its not a con, its how the economy works, you cant remove inflation
Orange Hitler Venezuelan inflation was already rising rapidly prior to us sanctions
The conspiracy theorists generally get a factual point then add up many kinds of artifacts and distortions. Yes, it is true the that US, along with the richest European nations, interfere considerably in every other "third world" country. But these "countries" came to be because of European colonization. There would be no industries, no machinery, no cars, no industrialized food or medication, no electricity, etc. in Africa or Latin America if not for the "first world" colonization. Now, I'm not saying this is good or bad, right or wrong, but just a matter of fact that what most people believe is a normal or decent style of living would be non-existent if not for US and European direct or indirect influence. The problem is that without foreign capital and influence, countries like Venezuela, Colombia, Brazil, would have serious drops in technological and industrialized goods. Left-wing politicians in Latin America are like rich rebellious teenage kids who see their parents as just an annoyance but fail to see that it's their parent's work that funds their bratty rich kids lifestyle (when that is the case, obviously). It is common for left-wing/nationalist partisans in Latin America to complain about European or North-American "imperialism" while at the same time making intense use of Facebook, iPhones, medication developed by American and European companies, refrigerators, ovens, tennis shoes, trains, busses, cars, smartphone apps, and several other things that people are completely CLUELESS that come directly from "the imperialists". Now, I have nothing, NOTHING, against people who actually live a more natural life, in the fields, or forests, or whatever, and who are "against the imperialists", but all these naive hypocrites, who are totally dependent on all sorts of machines, chemical substances, urban facilities, banks, etc. to believe that they can continue with this lifestyle without the influence and support from "their daddies"... these people are lame. It is true what the first commenter said, authoritarian governments try to increase power by augmenting their structure, hiring more government workers, increasing their salaries to make them more dependent, facilitating credit to poor segments of society, overall increasing the supply of money, which then increases the buying power of the population to higher rates than the development of the productive structure. These policies also end up transferring money outside the country, because so much of the products bought by the easy credit are provided by multinationals (cars, computers, phones; medication and even food). Many times these big corporations have tax exemptions, government subsidies, that indirectly makes it tougher for national industry development (and that is one factor that nationalists got right, even though it's something that's irreversible in the short term). The end matter is that, for these countries to be "strong nations", independent, they would need to go back in time and develop their technologies and industries and infrastructure independently. But that's somewhat of a paradox, because like I said, decades or even centuries ago, the people who developed technologies and infrastructure in these countries were either foreigners or connected to foreigners (Americans and Europeans). The natives in these countries have more tribal and simpler community cultures. The upper classes in these countries are mostly descendants of Europeans (although there are people from other ethnicity, like arabic or asian, who have risen to wealth due to all kinds of businesses possible by the capitalist structure, all kinds of commerce, services, trickery, etc.). It is a problem that capitalism favors certain types who are mostly viewed as "criminals" (liars, tricksters, defrauders, thieves, traffickers, etc.) but still, creative and industrious types of people, who actually create and develop societies, are mostly NOT natives of Africa and Latin America.
idiots! lolololol
"Left with twelve thousands dollars, now that might seem like a lot" jesus was money really worth that much in 1980? Holy shit. That dude has a sweet house.
One job, 3 kids, nice house.
But things are much better now /s
Ha! Our "Dollar" has lost 99% of it's buying power since 1913.
@@joncavalier8875 and thats the kicker-ONE income is buying this. Hardly anymore
Milton Friedman: Understanding Fascism and Upward Wealth Transfer
I wonder how he managed to get permission to film a doco to stop printing money inside a money printing factory..
Well, he is Milton Friedman.
You'd think the fed would have kept him away with a 10 ft. pole.
He's not necessarily against the printing of money. Just the irresponsible printing of it. He had a great respect for the fed, but wouldn't hesitate to point out its flaws.
I was wondering if this was a break for lunch or end of the day and the press needed to be stopped and he did it instead.of the worker
I recall in one video interview, at least, Friedman stated he would like to abolish the fed.
Milton looked so happy to hit the stop button. What a guy :)
Milton Friedman, the only man to ever be filmed decreasing the rate of inflation - Legend.
I think that today, they would never let him use the mint to produce such a message. Theyd call it misinformation and a threat to our democracy.
BS. Paul Volcker decreased inflation. Friedman never did anything of the kind.
@@wiscgaloot Archie Bunker would be singing "We could use a man like Paul Volcker again!"
what are you talking about? friedman's pupils CAUSED most of the crisis of this century
@@larrote6467 Bingo. Spot on.
What we learned? That in 1970 you could have a house in a good neighborhood, 3 kids and a not working housewife and 2 cars.
This guy is a little too smart he keeps crushing my ideologies with fact.
Everyone loves arguing with Milton especially when he is not around!
You accepting his arguments shows your own smarts - for only a fool would hold on to his ideological beliefs after they have been laid out and disproven.
@@icmull I gave up after he and Sowell beat me down with facts and observable evidence.
Facts are a stubborn thing.
jjajaja; you mean that you traded one ideology for another?
Well here in June 2022, this aged well. Once again, DC is spending beyond their means, requiring mass printing of money, driving down the value of the dollars in circulation. This affects only the lower and middle classes because the rich have other forms of investments that are not pegged to the dollar.
Incorrect. The rich in the US have inflation-neutral investments. Mostly because they have so much money that what they're living on is a drop in the bucket of their wealth. Not talking about Bezos. Talking about the millions of people in the top 5 or 10 percent
@@DAG_42 Incorrect, I hold investments that have more than overcome the effects of inflation and the slope of this trend has become even steeper since inflation started accelerating. For example, more people are fleeing blue states and moving to red states to reduce their exposure to inflation. This has caused my Florida and Texas real estate holdings to appreciate even faster than they otherwise would.
you don't have clue but your listening to prime economist who caused the 2008 bank collapse , what a dumb ass you must be .
@@ChatGPT1111 please comment in one year and let us know what those real estate holdings are worth.
@@AaronHollander314 Good thing I offloaded half of it already in the past 6 months. Moved to gold and survival goods. Will offset any losses that could possibly occur.
40+ years later we're still dealing with these shenanigans with these career politicians.
Some of them who were in office then, are STILL on office now. Nancy Pelosi. 🙄
@@1mc568 Mitch McConnell. The problem is on BOTH sides. "It's a big club, and you ain't in it. " - George Carlin
@@JM-er2yl Exactly. It turned from public service to a career of self serving criminals. Term limits are the only way forward.
They are career politicians because they are adept in listening to their constituents. In the final analysis, the responsibility falls on us.
@@joeg6242 Nope. This makes politicians answerable only to lobbyists. Voters get to turn out the rascals if we are doing our job properly.
Maybe Brandon should watch this video.
It's almost unbelievable that such a simple explanation is so foreign to so many people.
Yes, the media and the politicians muddy it up for those who won't educate themselves.
LET'S GO BIDEN!
It’s a very simple explanation, and it’s dead wrong.
@@robertatallo9771 So, tell us Robert. What is the REAL explanation.
@@robertatallo9771 Well stopping printing money does not stop inflation, as it will continue as long as the money supply is there.
That grin on his face at 12:17 😂
I love this man. Rest In Peace
he was happier after stopping the press!!!
12:20
I can imagine everybody in the mill rolling their eyes saying "Milton, I get you want to set a point, but you can't just do that without warning."
the mint*
If every American stops paying federal taxes on thier working wages. This is gotten out of control.
and now we have "Quantitative Easing" from the Fed, multiplying the impact of Congress and Biden spending like idiots.
And trump.
Nothing changes between administrations.
@@fredsanford1437 spending is way up under Biden and if Senators Sinema and Manchin had not stopped it, there would be an additional FIVE TRILLION of printed money. Sure, Trump spent too much, much of it due to media hysteria that forced him to, but not even remotely like Biden. also, just so you know, it is Congress that passes spending bills. In this case, Democrat Congress did the bidding of Democrat president.
@@drm9979
There is NO difference between political parties.
Please stop pretending, you’re only making our problems worse
@@fredsanford1437 you're the pretender sir. have a good day.
I miss him.. Except for Thomas Sowell, there is no one like him today
You should check out John Stossel. He's no replacement but still really good.
J T Harvey
th-cam.com/video/1DE0sBGH73A/w-d-xo.html #11: Printing money does not cause inflation!
.
th-cam.com/video/2WFJTvaFaz4/w-d-xo.html #12: What actually causes inflation part one
.
th-cam.com/video/Giu518_9rO4/w-d-xo.html #13: What actually causes inflation part two
.
th-cam.com/video/FLi2wdSA66A/w-d-xo.html Minsky at Westminster 1991
Thomas is also in a way his pupil
Watch: "The Hidden Secrets of Money" series on TH-cam.
Milton: 'As always when there's more money, prices went up.'
2010s have entered the chat.
explain
Sad this was obvious in 1980 and we're revisiting it in 2022. Politicians are wonderful.
It’s intentional, no doubt.
in 1980 his policies were just being put in practices in the west , now after 40 years we know they dont work -why the fu*k would we want to know about a failed ideology ?
He made 18k which would be 78k today.
People had little debt back in the 70's and 80's. Other than a mortgage and car note, most paid cash for everything.
Go back a bit further, and people paid "cash" (well, check, but they paid without debt) for cars and even homes.
In 2022, real wages are so low that people are taking out microloans to finance a freaking pizza.
J T Harvey
th-cam.com/video/1DE0sBGH73A/w-d-xo.html #11: Printing money does not cause inflation!
.
th-cam.com/video/2WFJTvaFaz4/w-d-xo.html #12: What actually causes inflation part one
.
th-cam.com/video/Giu518_9rO4/w-d-xo.html #13: What actually causes inflation part two
.
th-cam.com/video/FLi2wdSA66A/w-d-xo.html Minsky at Westminster 1991
Quite contrary. My parents paid 16% interest for their home in 1980
Yes, my parents used traveler's checks(remember those) to take us, kids, on vacation in 85, no credit cards were used!
watching this to understand the inflation this 2021
Yup got lot worse today. Good luck buddy. Hope everything works out.
This guy is basically talking about monetary inflation. There are also other types of inflation: salary driven inflation and raw material cost driven inflation, as we are experiencing in Europe nowadays due to the war in Ukraine
Inflation is just another form of taxation. When the government keeps printing money out of thin air the money you got its worth less.. If you want to build wealth your money has to grow faster than inflation. Which is even harder if almost half of what I earn goes to taxes.
Jordan Rodriguez that is predicated upon the excess money flow entering the market place. It has not. Will it? If it does, watch out
the good thing about inflation is it reduces the burden of debt. borrow $100 today and pay it back as 100 less worth dollars tomorrow, what would equal, for arguments sake, $90.
also, it spreads the tax burden among everyone in much the same way as a flat tax would. inflation isn't a problem so much as lack of productivity is.
MyLifeForAuir87 That scenario would be of course in an INTEREST FREE debt.
Not free, but interest low.
***** Much salt?
"WE DEFEATED THE WRONG ENEMY!" Now the enemy controls our money supply
This was in the making long before WWII. This is capitalism and consolidation.
About "the wrong enemy", Hitler Germany used the system descibed in the video to the extreme to build the army and infrastructure.
Tungst Nazi germany used a national bank to create money which created inflation but was paid back because the money that was printed was used to create jobs and infrastructure. The debt created had no interest on it, compared to capitalism where governments take loans at high or even compounding interest rates.
As an example if the government creates 100 dollars and creates a lemonade stand it gets the 100 dollars back after say 50 sales. The real value of the lemonade is created with 50 people drinking lemonade and the stand can continue to exist and make money even after the debt is paid back.
Islamic banking is also similar to this.
Milton, apart from being well educated and well-read... was such a great, natural teacher.
And debater
Milton was in Playboy magazine He was Bourn Smart and such a likable Guy and Great Teacher ,,,
And yet he invented shareholder's capitalism which brought us to misery. This guy is one of the biggest bullshitters of 20th century.
@@user-xx5-5885 That's a big clam The USA Biden ,/Bush .. The good guys He lived through the depression Now So much government global warming con ,, Europe Problems are the Worlds problems
of Junk Economics. US emperialism at work.
Printing money causes inflation but what causes the printing? Government spending! What causes government spending? Politicians! What causes politicians to spend money? The people demand that the politicians spend money because they think the government should solve their problems for them. So what causes inflation? The people! The people cause inflation. It's not that hard to understand! Stop voting for politicians who promise to solve your problems through spending. Fix your own problems!
what's the purpose of government ? stop voting for pepole who serve the interest of the 1% then the spending deficit that is necessary to maintain the stable society that the 1% benefit the most for wont be necessary.
you and your ilk now the cost of everything and the value of nothing.
never met one of you kind that did not have there hand out when they had treatable illness they could not afford to pay for ,or they fell on hard times .
$50-$60 for 2 weeks of food for a family of 5...wow, those were the days!!
@@david2498 get a load of this fat-cat, feeding his family of 5 on poverty wages!
One simple solution: Remove central banks. Our founding father founded this country to not have a central bank run it. There is written proof, it’s called the constitution. Look in the history books and quotes form Thomas Jefferson
There was one president that balanced the budget, how did he do it. Any money the government owes is our tax
The Constitutional power to coin money and regulate its value is the base of central banking. It should be abolished. Giving vote-seeking politicians power over money is a strange error for the Founders.
@@TeaParty1776 the fed also is a mistake, did you see their partial audit
@@Ror0009 No but its very existence is a fraud. Knowing how much they indirectly stole from productive Americans is too depressing. Mises, in Human Action, is good on its economic destructiveness.
Fortune 500 companies reported in earnings they were going to jack prices during the natural disaster which is illegal in al 50 states, but no police showed at their doors because they are not policed.
It shouldn't be illegal. Price "gauging" just makes basic economic sense.
@@R3tr0v1ru5 Gouging during a natural disaster IS illegal for many reasons. $50 for a bottle of water someone needs to survive after a quake or hurricane? What are you some type of sociopathic libertarian?
The only American who won't acknowledge this Administration's failed economic policies is Joe Biden. "Shrink-flation' is the least of our worries compared to rising rents and stagnant wages, but it is an undeniable indicator of how bad our inflation has gotten. I have $100k that i like to invest in a non-retirement account, any advice on that?
I would avoid index funds, mutual funds, and specific stocks for the time being. Right now, the best option is a fixed income of five percent. Put money aside for the times when the market really starts to bounce back.
45% of Americans do not invest in the stock market because of lack of guidance. Every year you don't invest, you are falling behind. I’m hitting numbers in the stock market I used to dream of… Going from $50k to $600k in my portfolio is surreal all thanks to insights from my financial advisor.
I really need help, please. Can I ask who the financial advisor you work with is?
Sure, the likes of the popular lady vivian jean wilhelm’’ does a good job. Just look up the name, you’d find details on the web to set up an appointment as she offers free consultations from first timers like yourself.
Thank you for this pointer. It was easy to find vivian handler, She seems very proficient and flexible. I booked a calI session with her.
I would gladly trade my life today, for Bob Crawford's $12,000 a year in 1972. A machine-tool maker, he only needs a few years to keep good credit, sock away some savings, and take out a loan on a CNC machine when it becomes available. Then his business booms, and doesn't even suffer from international competition. Of course, living through Nixon/Ford/Carter, stagflation for 9 years, could make it hard to see a bright future in the machine shop.
I have the book Free To Choose I bought in 1977 . I love Mr. Friedman , Thomas Sowell and Walter Williams. I spent my life making decisions I learned from these men. School did little for me. I am not rich but I have enough, God has blessed me and keeps me to this day. Run form the foolish, work hard and stay true to your heart. Look out for your neighbor.
11:51 "The truth is, inflation is made in one place and one place only: here in Washington" - wait, I thought it was Putins fault?!
J T Harvey
th-cam.com/video/1DE0sBGH73A/w-d-xo.html #11: Printing money does not cause inflation!
.
th-cam.com/video/2WFJTvaFaz4/w-d-xo.html #12: What actually causes inflation part one
.
th-cam.com/video/Giu518_9rO4/w-d-xo.html #13: What actually causes inflation part two
.
th-cam.com/video/FLi2wdSA66A/w-d-xo.html Minsky at Westminster 1991
Responsible liberal media and conservative journalists aren't making those claims. And the Biden administration certainly isn't saying that, either. Seems to narrow down the sources of nonsense that you're absorbing and then posting like you know something.
@@eongoosm "Seems to narrow down the sources of nonsense..." - that's a bit rude towards the current president of the united states.
@@eongoosm the Biden administration is certainly saying EXACTLY that. Biden always says “ putins price hike”. He says it every time he’s asked about inflation. These loons will never take any accountability, it’s always someone else’s fault. They even blame us the consumers.
Oil companies with record profits in 2021, no TRICKLE to it along on down to lower markets; decades of basically stagnant minimum wages in U.S. completely outpaced by inflation now being blamed; increases GLOBALLY of inflation demonstrating clearly it isn't just a simplistic one government influence; and sure to some extent ripples from the terrorism of Moscow.... anyway, this is what I hear in news. I don't support the nonsense posted by others here likely because I also don't support antiquated economic theories like this video. If you're supporting Putin, comrades, why not just come out and identify yourselves as such.
He left out the part about his clan controlling the printing presses.
😮 fuckin A m8
He didn't control anything. "His clan", give me a break
fiat currency was intended to be like a ticket at the cleaners but now you don't get your stuff back
Wow…seems like printing a shit ton of money during Covid-19 created a shit-ton of inflation. Eureka! Can someone show this to past and current administrations? They must not have watched this video. Thanks Milton.
A shit ton of SHORTAGES of key goods and services is what causes inflation, NOT federal deficit spending. MF was simply an anti-government hack.
Capitalism and technology are deflationary. The problem is lack of capitalism. Bailing out companies and not allowing better ones to take their place and political corruption/theft and printing for the enormous covid handouts are causing the bulk of today's inflation.
End result of capitalism with no rules or anti-monopoly rules... this capitalism's end result... monopolies and oligopolies, the very consolidated robber barons become the government and in the US's case since 1908 becomes the monetary protectors... they don't really protect it, rather they do what they can do to get more power.
You could also talk of the obvious conflict of interest within a capitalistic Healthcare system. If I'm in medicine, a healthy populace will leave me broke. We do need laws. Monopolies are against antitrust law. Crony capitalism is NOT capitalism. The problem is that politicians get paid off, which is why Trump was so hated and the media (which is owned by about a dozen powerful people) tried to slander him at every opportunity.
I think if it takes 13 minutes to explain inflation, the person explaining it is lying about it.
Yep, so when the government was dumping all of that money into the economy in 2020 and 2021, inflation was starting.
It started in 2008. QE has never stopped since then and got worse through 2020 - 2022 through COVID. This is just the start. This will last about 5 years if not longer.. lots of banks will fall and lots of business as well
@@james40135 Not really. The lockdowns and the government paying for everything during them, caused inflation to go negative and then rebound with a vengeance when the economy reoponed. Absolute shambles of leftist government writ large.
J T Harvey
th-cam.com/video/1DE0sBGH73A/w-d-xo.html #11: Printing money does not cause inflation!
.
th-cam.com/video/2WFJTvaFaz4/w-d-xo.html #12: What actually causes inflation part one
.
th-cam.com/video/Giu518_9rO4/w-d-xo.html #13: What actually causes inflation part two
.
th-cam.com/video/FLi2wdSA66A/w-d-xo.html Minsky at Westminster 1991
What a great man. What a great mind the world has lost.
The world has definitely lost its mind.
Vladi Vlad we still have Thomas Sowell
The next great economist is just ahead.
Sowell and Friedman are stupid full of shit clowns. They spout dumb shit which is why dumb shits like their nonsense.
Oho look at this badass over here. You are probably economics professor or something.
Why would you ever listen to a jew about anything and expect truth.
Save this video for yourself, because who knows how long youtube will let it continue to exist
haha totally agreed, and don't you dare saying anything bad about Covid and vaccines either!
Why would youtube ban this?