Milton Friedman's legacy

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  • เผยแพร่เมื่อ 24 พ.ย. 2024

ความคิดเห็น • 64

  • @jonathanrichter4256
    @jonathanrichter4256 11 หลายเดือนก่อน +22

    Whoa, whoa, whoa. Had to stop at the "He might change his mind about drug legalization if he walked down the street in SF today." SF today is NOT an argument against drug legalization. Drugs, other than MJ, are NOT legal. And the real issue in SF is property rights.

    • @BDeity
      @BDeity 9 หลายเดือนก่อน

      Milton Friedman would definitely be more aligned with the Portugal implementation. But in general, San Francisco isn't the perfect bastion of Milton Friedman's ideals. Drug legalization had nothing to do with the unapologetic use. It might have something to do with the fact there is no such thing as arrests or real prosecution. Anybody with any integrity and respect has already left.

  • @patricksullivan4329
    @patricksullivan4329 11 หลายเดือนก่อน +17

    Milton Friedman once said, 'I'm not an anarchist, but I wish them well, because that's the direction we should be going.'
    About interest rates v. monetary aggregates: Friedman understood something too few economists do, to this day (see his 1968 debate with Walter Heller at NYU), interest rates are NOT the 'price of money''. Rather, interest rates are the price of renting other people's money, not the price of buying money. Those two prices often go in opposite directions (during episodes of both deflation and inflation), which is why Friedman didn't like conducting monetary policy through interest rate targeting.
    As it turned out, in the 1970s, with innovations in banking made possible through greater use of computer technology, which continue today, it's also hard to target monetary aggregates. Probably Nominal GDP targeting would be a Central Bank's best approach.

    • @chrismiller5198
      @chrismiller5198 11 หลายเดือนก่อน +1

      Anarchists contend that government is not necessary to keep the strong from exploiting the weak. That there would be private ways of preventing that. I'm skeptical but certainly willing to listen.

    • @petepotr4078
      @petepotr4078 11 หลายเดือนก่อน +1

      Nominal GDP target?? You are advocating for money printing. GDP growth is the role of entrepreneurs.

    • @patricksullivan4329
      @patricksullivan4329 11 หลายเดือนก่อน

      @@petepotr4078 'Money printing' (via bookkeeping entries) is what the Fed does. What is in question is how much, and using what target, should it create. As a no doubt highly qualified professional, what do you think would be the best target for the Fed to use?

    • @djri2984
      @djri2984 9 หลายเดือนก่อน

      why target nominal GDP? Could give more explanation for that

    • @patricksullivan4329
      @patricksullivan4329 9 หลายเดือนก่อน

      @@petepotr4078 "GDP growth is the role of entrepreneurs."
      Real growth is just that, an increase in goods and services useful to consumers. NOMINAL GDP is the measurement of that growth in NOMINAL dollars, unadjusted for inflation, and that figure is determined by a central bank through its monetary policy.

  • @barryweiss9977
    @barryweiss9977 11 หลายเดือนก่อน +6

    I love people who love Friedman

    • @StheSharknl
      @StheSharknl 10 หลายเดือนก่อน +1

      And we love you back

    • @royboy4571
      @royboy4571 7 หลายเดือนก่อน

      What is his legacy, I mean positive legacy ?
      I mean the US and England when Thatcher and Regan took Friedman policies and economic to heart, has been down hill since.
      In equality, massive government debt, housing bubbles, finacailization of the economy.

    • @barryweiss9977
      @barryweiss9977 7 หลายเดือนก่อน

      @@royboy4571 can you tell me about the state of the UK and USA economy prior to Reagan/Thatcher? Then we'll get to legacy

    • @royboy4571
      @royboy4571 7 หลายเดือนก่อน

      @@barryweiss9977 Why don't you tell me.
      In any case, MF, does have one legacy, of shareholder theory, maximising shareholder value, or that corporations had only one social responsibility, to maximise profits.
      Look where that's got us. Share buy backs, exploitation of externalities to the detriment of the environment and unprecedented global corporate power that now continually undermines the sovereignty of states and nations.
      Friedman when confronted by some one like Peter Jay, (British Economist) was less impressive. Look it up. He is slippery, glib and smug.
      I mean he birthed idiots like Thomas Sowell.
      He had debates with students, smugly decrying the cost of safety belts and helmets and argued for the right of corporations to make $$ judgements on not adding a $13 fatal flaw fix on a car, as more expensive than allowing up to 200 people die.
      Oh, and see his Donohue debate about Ralph Nader and Car Safety. Look it up. He belies society, government and the Ralph Naders activism for safety, because.....cars would be cheaper, US car business more competitive etc. In short Freidman places freedom of individuals to have cars they want at the expense of safety measures. I mean, how many deaths have been saved since this pycho made such comments over 45 years a go.
      No to mention his influence of his Chicago boys economics of the Pinochet regime in Chile.
      He was a libertarian who worshiped at the god of freedom. A huge influence on the Neo-Liberal Age, that has seen exponential rates of in-equality, across the globe, and particularly in the US.

  • @kylewatson5133
    @kylewatson5133 11 หลายเดือนก่อน +12

    Im for the voluntary funding of government.

    • @tann_man
      @tann_man 11 หลายเดือนก่อน +2

      We'd quickly realize how much of the state is utterly unwanted. And we certainly can't have that!

    • @kylewatson5133
      @kylewatson5133 11 หลายเดือนก่อน +2

      @@tann_man If you had a voluntarily funding of the state, it would simply morph into something desirable or not exist, yes.

  • @LovingPrinceTamayuki
    @LovingPrinceTamayuki 11 หลายเดือนก่อน +7

    Gene Epstein needs more coverage. This man is a legend. 😤😤😤

  • @chrismiller5198
    @chrismiller5198 11 หลายเดือนก่อน +5

    The author stated that she's not related to Arthur Burns. She's actually related to George Burns.

  • @makeyourmark00
    @makeyourmark00 11 หลายเดือนก่อน +15

    Friedman famously noted (in response to a WSJ article on fixed open borders), "It's just obvious you can't have free immigration and a welfare state."
    We are living this unfolding catastrophe right now and the outcomes are not lost on the architects who are doing this.

  • @cyrilchalyi2056
    @cyrilchalyi2056 11 หลายเดือนก่อน +8

    Friedman never advocated for universal basic income, negative income tax is not a universal basic income policy.

    • @Pabloparsil
      @Pabloparsil 11 หลายเดือนก่อน +1

      I mean it's similar. With UBI you take from some people only to give them back the UBI amount. The Friedman scheme is easier because you don't take to give back again but in theory I think they could get the exact same results

  • @royboy4571
    @royboy4571 7 หลายเดือนก่อน

    Milton Freidman, consultant to Pinochet in Chile, yeah a real hero.

  • @eikoGoldstein
    @eikoGoldstein 2 หลายเดือนก่อน

    I would be interested to hear about Friedman’s support for floating currencies and the decision to finally abandon the gold standard. Did he believe this was an unambiguous good up till the end of his life?

  • @LovingPrinceTamayuki
    @LovingPrinceTamayuki 11 หลายเดือนก่อน +7

    Milton Friedman was not a conservative. 🤦‍♂️🤦‍♂️🤦‍♂️

    • @thomaskraus5125
      @thomaskraus5125 11 หลายเดือนก่อน +1

      He was a Libertarian.

    • @LovingPrinceTamayuki
      @LovingPrinceTamayuki 11 หลายเดือนก่อน

      @@thomaskraus5125 Yeah, although he did unfortunately support the republicans at times and never really came out against the military or state and local governments.

  • @TimedNonTides
    @TimedNonTides 11 หลายเดือนก่อน +2

    I like capitalism, a free market, yet we have to claim the space & we need a narrative which drives that, that domestic enemies must be stopped, peacefully or otherwise!
    I like alot about both Thomas Massie & Dave Smith but I dont think much of libertarians nor even Ancaps, like i used to, which Mileau portends to be. Perhaps libertarians ought not have asked everyone to remain peaceful while we were being harmed so horribly.
    I'm ashamed Idaho has lost Ammon Bundy, even if only for the moment. Thank you so much for standing up. Crazy that someone wouldn't want Garden Valley's premier Covid Hospital, St Lukes, to take children from their parents. Especially, after their being part & parcel to the Govt fear agenda, pushing perversely incentivised medical experiments & other dangerous unnecessary procedures. Furthermore, for the Idaho govt, & all those who enforce it, to take our freedom to protest, to speak out, to confront this hospital, is unacceptable.
    Wtbs allow me to offer what i can to the people within this "People's Rights" community who I respect so much:
    The US govt, UN, NATO, are colonizing countries with Woke Ideology~looking to grow their New World Order even if they have to completely destroy those areas which they hope to annex to themselves (such as happened in Ukraine). Couple this Woke invasion w/ them & the WEF which they're part & parcel to, spreading international schemes of global control in the form of Medical if not Evironmental tyrannies. Would Isreal not jump at the chance to claim Palestine as part of their technocratic state? They already control it as if it is one of the new 15 min cities we're all being threatened with having to live in.
    We see the West is under new management, talking about British Intelligence, CIA, & Mossad, for starters; blackmaliers, Jeffery Epstien & company, sexually enslaving kids for power.
    Surveilance State terrorism includes the Covid Agenda, vax passports, censorship, impoverishing inflation, govt corporate collusion. This control is so all inclusive it takes barbarism to even be heard. Not excusing Hamas though I'm not believing the Israel reporting either. We need to see beyond our ideas of how these two mindsets disagree & see how we're being manipulated into accepting these Surveilance States.
    More to it: The Isreali govt doesn't allow the Jewish citizens their to defend themselves, restricting gun ownership. Instead that govt & its supporters chose a surveillance state, & what they got is govt failure & vaccine passports. Stop supporting big govt terrorism here & elsewhere.
    Yaron Brook r u for replacing Americans in following w/ the UN/NWO plan because conservatives are being targeted by their govts here as conservatives elsewhere? I mean, are u w/ us or these fascists? U were w/ the fascists during the Covid Agenda & seem to excuse these govt made or otherwise criminally funded movements as if they were private, or freely chosen as opposed to being forced like they were. Also, u rail against critics of the surveilance state calling them luddites, you support restrictions on our 2nd Amm & arguably our 1st Amm too. Are we just backwards savages to you as well, savages who you're ready to replace as well. Sure seems that way. You're not fighting mad over these govt machinations put to crush Americans as you are over the atrocities committed in Isreal. U have dual citizeship I'm sure, but seems you'd only pick up arms to defend Isrealis.
    Problem being, if we do not support the NWO Surveliance States, we're smeared as AntiColonialists, as luddites, &/or as if we're Woke leftist.
    On the other hand, "Gays for Isreali (Technocracy)" similarly as the "Gays for Palestine", support tyranny directly aimed at harming themselves, states in which gays are persecuted. More specifically, Isreal like much of Europe & the United States too, are replete with evil nazidoctors transgerdering gay as well as other children ie mutilating their sex organs. Neil Tyson Degrasse media darling, supports it. How Woke is that?
    Degrasse like Sam Harris are TedTalk TechNazis. Of course, people are mad at them~supporting forced experiments, Trump's Covid Agenda & more. Jeeeze.
    Ben Shapiro betrayed Americans for the same TechNazi evil as they, as well as betraying himself, the American way he purports to support so well, the capitalist free markets, a betrayal by supporting the Lockdowns, a plan that came out of Isreal, btw. I wonder where Shapiro's allegiance lies, betraying so much already for what...
    Plus, "Glenn Beck is an Isreal 1st Republican, willing to sacrifice Americans to bring about end times prophecy. Move there, Glenn! How dare u fail to defend Americans 1st Amm, taking America's 1st amm, to protect some other land, some other people instead; your beloved Israel is censoring Americans' speech. Do u have dual citizenship?
    Speaking of which, out of the American hostages, how many have dual citizenship? Not obligated to save someone whose first allegiance is elsewhere.
    Back to it, Israeli Surveilance State officials lobbying for restrictions both Trump & Desantis signed, restrictions equating to an attack from a foreign power, attacking/taking Americans' free speech is an act of war against our way of life. You might want to speak out against that. One can make threats, legally, as a matter of speech. For instance, Blacks ought to get Whites or vice versa, as long as it isn't more immediate & specific. Dave Rubin doesn't seem to agree w/ this, our freedom of speech, wanting threats against the state of Israel or Jews as a whole, to be outlawed, & this is Rumble's free speech poster boy. Lol, you'll never last as a free speech platform with this philosophically challenged individual having his hands on it.
    Furthering Trump, Make Amer CHINA w/ Trump Again, Israel 1st all the way, ought be his platform. Trump used his office to bribe & bully states into enforcing his facicst covid agenda, same way he bribed & bullied them into accepting the Red Flag Laws he was pushing. Moreover, Trump impoverished Americans w/ his 6 trillion dollar bail out. So the poor in the street should get his money & that which he gave away as well, to Blackrock for instance. Bottomline, get ur Trump Jabs & Boosters if u dont like that.
    In short, until the government gives us justice for the Covid Agenda & all that involved, then it is illegitimate & in the way of those who would bring the guilty to justice. So no Dinesh Desousa, we shouldn't back the Blue in our Surveilance Police State..
    Ending this, Anarchist Opting out of society doesn't defend freedom. You left us all hanging, undefended from the covid agenda. Suffer in our slave masks unless we can buy, work, or otherwise think our way out of it? Seems we had a better deal believing in the American narrative until libertarians & anarchists cynically undermined it...
    America as an idea says defend this land from enemies both foreign & domestic while libertarianism or anarchism does not, & as Jordan Peterson says "if you're talking to a man who wouldn't fight with you under any circumstance whatsoever than you're talking to someone with whom you have absolutely no respect". Reminds me of what Ayn Rand describes as the problem with the Russian White (Relativist) Army, that they didn't really stand for anything.
    On the contrary, we have to claim the space, stand for something, draw the line.
    Meanwhile, open up the prisons, the borders & more til the biggest threat, the greatest harm, the NWO surveliance state is destroyed.
    To sum, we need to start attributing accountability to be free.
    "War is an ugly thing, but not the ugliest of things: the decayed and degraded state of moral and patriotic feeling which thinks that nothing is worth a war, is much worse. When a people are used as mere human instruments for firing cannon or thrusting bayonets, in the service and for the selfish purposes of a master, such war degrades a people. A war to protect other human beings against tyrannical injustice; a war to give victory to their own ideas of right and good, and which is their own war, carried on for an honest purpose by their free choice, - is often the means of their regeneration. A man who has nothing which he is willing to fight for, nothing which he cares more about than he does about his personal safety, is a miserable creature who has no chance of being free, unless made and kept so by the exertions of better men than himself. As long as justice and injustice have not terminated their ever-renewing fight for ascendancy in the affairs of mankind, human beings must be willing, when need is, to do battle for the one against the other."
    John Stuart Mill
    I'm speaking up for the American people; telling them to stand against these Western technocratic govts, not stand with nor down from them. We've the right to defend freedom, dissolve a tyrannical govt, & hold the guilty accountable. No justice, no peace!
    Otherwise, you're golden. Great show!
    The end.🎉
    Listen to David Knight & An0maly

    • @roughhabit9085
      @roughhabit9085 10 หลายเดือนก่อน

      Oh I see , you endorse John Stuart Mill’s philosophy except when it comes to our allies. Anyway Solzhenitsyn was right, America lost its courage long ago.

    • @TimedNonTides
      @TimedNonTides 10 หลายเดือนก่อน

      @roughhabit9085 The American way is against wars of aggression. I mean, our govt, our combined resources are for defending ourselves; not for any one of us to use in our own personal charities, wars, crusades, etc... Of course, that's not what's been going on, & that's a big problem.
      Do Objectivists not understand this; do you not understand the reasonableness of such a way, our way?
      & as far a "dual citizenship", I gave my reason, that we're not obligated to put someone first who doesn't put us first.
      Sorry to disagree; I also, enjoy the engagement.
      Wasn't it Aristotle who said "a friend to all is a friend to none". Well, I definitely don't want to be the Technofascist Israeli State's friend, & I'm surprised you would. Govt control currency, fascist censorship, limiting our resources, & the list goes on, unti this New World Order needs to fall...
      If you support someone who locked down this country then it's like you locked it down, & I don't like being locked down
      I'm supporting Nuremburg trials, for all i can until the day I die. I trust Thomas Massie. Mostly, I advocate Americans remember their cultural narrative: pick up arms, dissolve tyrannical governance, a revolution to restore the constitution. "When govt fears the people, there is liberty".
      This US Technocratic Fasicist government, w/ their New World Order plans, needs to fall; open up the prisons & the borders until it does. Better that then forced masked faces, medical experiments, & bug eating@Weirdomanification The American way is against wars of aggression. I mean, our govt, our combined resources are for defending ourselves; not for any one of us to use in our own personal charities, wars, crusades, etc... Of course, that's not what's been going on, & that's a big problem.
      Do Objectivists not understand this; do you not understand the reasonableness of such a way, our way?
      & as far a "dual citizenship", I gave my reason, that we're not obligated to put someone first who doesn't put us first.
      Sorry to disagree; I also, enjoy the engagement.
      Wasn't it Aristotle who said "a friend to all is a friend to none". Well, I definitely don't want to be the Technofascist Israeli State's friend, & I'm surprised you would. Govt control currency, fascist censorship, limiting our resources, & the list goes on, unti this New World Order needs to fall...

    • @TimedNonTides
      @TimedNonTides 10 หลายเดือนก่อน

      @roughhabit9085 The American way is against wars of aggression. I mean, our govt, our combined resources are for defending ourselves; not for any one of us to use in our own personal charities, wars, crusades, etc... Of course, that's not what's been going on, & that's a big problem.
      Do Objectivists not understand this; do you not understand the reasonableness of such a way, our way?
      & as far a "dual citizenship", I gave my reason, that we're not obligated to put someone first who doesn't put us first.
      Sorry to disagree; I also, enjoy the engagement.
      Wasn't it Aristotle who said "a friend to all is a friend to none". Well, I definitely don't want to be the Technofascist Israeli State's friend, & I'm surprised you would. Govt control currency, fascist censorship, limiting our resources, & the list goes on, unti this New World Order needs to fall...

    • @TimedNonTides
      @TimedNonTides 10 หลายเดือนก่อน

      @@roughhabit9085 can u see the reply I made, or ought we change your name to "scared rabbit"

  • @AtaraxiaaixaratA
    @AtaraxiaaixaratA 8 หลายเดือนก่อน

    Of course Gene Epstein...talks...and talks. What exactly does he have to say? Insufferable...

  • @ArjayMartin
    @ArjayMartin 11 หลายเดือนก่อน

    Summary? Who has 10000 hours per day to watch such things?

    • @spencerantoniomarlen-starr3069
      @spencerantoniomarlen-starr3069 7 หลายเดือนก่อน

      You don't have to watch it in a single day

    • @ArjayMartin
      @ArjayMartin 7 หลายเดือนก่อน

      @@spencerantoniomarlen-starr3069 or a summary can be provided

  • @schumanhuman
    @schumanhuman 11 หลายเดือนก่อน +1

    Land value tax + UBI are by far Friedman's two best positions.

    • @aaroncook5928
      @aaroncook5928 11 หลายเดือนก่อน +1

      He did not support UBI. He supported a negative tax based on income.
      Not the same and dangerous to confuse. UbI simply causes inflation.

    • @schumanhuman
      @schumanhuman 11 หลายเดือนก่อน

      @@aaroncook5928 Friedman was asked about UBI vs NIT and he said NIT was simply his same means to the same ends.
      UBI does not just 'simply cause inflation', that depends on what programmes it replaces and what taxes are implemented, LVT, Friedman's 'least bad tax' is highly deflationary so a dividend from that would be a fair way to put money back into the economy.

    • @kylewatson5133
      @kylewatson5133 11 หลายเดือนก่อน +2

      Milton always said any form of coerced welfare was unethical and would always result in a worse off position. However, if you're going to do a coerced welfare system he supported a negative income tax which he thought was less harmful

    • @schumanhuman
      @schumanhuman 11 หลายเดือนก่อน

      @@aaroncook5928 Here is Friedman's quote
      ‘a basic or citizen’s income is not an alternative to a negative income tax. It is simply another way to introduce a negative income tax if it is accompanied with a positive income tax with no exemption.’
      (email to Eduardo Suplicy)

    • @ZombieCSSTutorials
      @ZombieCSSTutorials 11 หลายเดือนก่อน

      @@kylewatson5133 Bingo. It was not so much a position as much as it was a compromise to phase away from welfare entirely. Welfare suppresses economic advancement of lower classes in the long run, and he knew this outcome 50 years ago.

  • @grahamjones5400
    @grahamjones5400 10 หลายเดือนก่อน +1

    Milton Friedman's legacy,"You ain't rich and powerful? Then i dont care about you! "

  • @thenatureofnurture6336
    @thenatureofnurture6336 11 หลายเดือนก่อน +5

    @4:40 His sister deserves mention from the outset? "Although, I will say..." because she collected more highschool accolades? So, did lots of other people.
    Embarrassing - the petty jealousy of this female!

    • @Justin_Beaver564
      @Justin_Beaver564 11 หลายเดือนก่อน +6

      What's the point of this comment?

    • @patricksullivan4329
      @patricksullivan4329 11 หลายเดือนก่อน +3

      Really, that's all you got out of this?

    • @thenatureofnurture6336
      @thenatureofnurture6336 11 หลายเดือนก่อน +4

      @@Justin_Beaver564 I don't believe you don't know. However, on the off chance you aren't gaslighting. The point of highlighting a bias is to neutralize the insidious effect of them.

    • @thenatureofnurture6336
      @thenatureofnurture6336 11 หลายเดือนก่อน +2

      @@patricksullivan4329 You're replying to a comment thread to criticize the topic of the comment thread. That is some smooth trolling 🤣

    • @thenatureofnurture6336
      @thenatureofnurture6336 11 หลายเดือนก่อน +2

      @@Justin_Beaver564 Exactly!
      If a biographer can't adjust her perspective for such an elementary bias, how likely is it she has corrected for deeper and more insidious ones?

  • @roughhabit9085
    @roughhabit9085 10 หลายเดือนก่อน

    I don’t have to read the book to know that his most significant and beneficial network contact was Buckley. Rand and Rothbard fans are still to this day crying about how he excluded them from his platforms. Too bad , they should have been nicer people.

  • @artemasward5842
    @artemasward5842 11 หลายเดือนก่อน +2

    Argentina has just agreed to help the US Dollar become, and stay, inflation proof. Why, because as Argentina adopts the dollar for their currency, we can print a s-ton more $100 bills without causing more inflation. All the inflation from printing will, like lard around your middle from your BigMac habit, will settle in places like Buenos Aires, and never effect Americans.

    • @tann_man
      @tann_man 11 หลายเดือนก่อน +1

      Not exactly. Before dollarization Argentina still requires USD for global trade. (USD is the world reserve currency) they trade goods for USD and USD to peso. The peso is hyper inflationary. So the USD strengthens and when the USD is too strong under the system we must inflate it or risk global economic collapse. The fed can be MORE inflationary when inflationary pesos exist.

    • @artemasward5842
      @artemasward5842 11 หลายเดือนก่อน

      @@tann_man Yeah, like if I was a Roman and i decided to mint coins in copper and then tell the conquered countries that they must trade in their gold coins for my copper ones. Aint dat what I is doing to los ArHenTiNos, trading paper for their gold and bigmacs?

    • @tann_man
      @tann_man 11 หลายเดือนก่อน

      @@artemasward5842 Well in this case Argentina is turning in dirt for copper coins. Yes debased copper is a terrible currency to use but its better than using dirt. Ideally we all just use digital gold.
      My point about USD and inflation still stands. Sure you're right Argentina's dollarizing does raise the worth of dollars which may give central planners more wiggle room to further debase without citizens catching on. BUT the a hyper inflationary peso also (and arguably to a more significant degree) strengthens the dollar.

    • @artemasward5842
      @artemasward5842 11 หลายเดือนก่อน

      @@tann_man As soon as you can clone Incels you can do away with women.

  • @DavidMartinez-m4r
    @DavidMartinez-m4r 11 หลายเดือนก่อน +2

    A legacy of misery, suffering and broken lives.

    • @axeman2638
      @axeman2638 11 หลายเดือนก่อน

      that gets worse by that day, largely thanks to the worship of this big nosed fraud.

  • @matthewreed2614
    @matthewreed2614 11 หลายเดือนก่อน

    rockstar jennifer burns🥹