Prof Friedman is 93 years old in this interview. Amazing. He would pass away one year later. His mind so sharp all the way to the end. A great American.
@@louiethegreater1 Would you prefer him toiling in a factory or in the coal mine? Such individual not only of great intellectual powers and wisdom but also of a stellar moral integrity as Friedman was worth far more to society living a public life of educator and scholar rather than a common worker. I know I would prefer him dispensing wisdom.
@@jfnauvcndjakmnfksdhkajf1867 Have you considered that Friedman was not a intellectual giant? Have you considered that our dependence on the world supplying us with our needs, is the result of Friedmans trade policies. You are deceived, Friedman was only the vehicle that globalist used to convince fools that Free Trade was in the interest of the U.S. Citizen. All the globalist that infiltrated our government need do is to disrupt global shipping, and Americans will be starving and naked in the streets. Listen my friend that is about to happen. The 2000 election was stolen from Trump, and given to Biden to end America as we know it. Global Government is their goal, and Friedman was one of the vehicles used to produce their control over the American People.
from around 18:00 onwards, the way he talks about the problems with the euro for Germany (and subsequently for all Euro countries) is mind-blowing in terms of his effective prophecy. People should watch every video of Friedman on TH-cam. An incredible man. As was his wife Rose and incredible woman.
Wow dude you must have completely overlooked the fact that Germany's Golda Meir permitted one million Arab Immigrants to enter Germany. Then they were allowed to move throughout the EU. Friedman did not mention that he was a supporter of that activity. Those Arabs has done nothing but join the welfare system of Europe. Friedman was a supporter of that activity, which is globalization. Nothing economical about it.
@@louiethegreater1 but my friend, he wouldn't advocate a welfare system!! :) in that scenario, they would have to work! and therefore only go if there was opportunity, and had they the desire to work
Excellent comment good sir!! Milton Friedman was the man who through TH-cam videos of his lectures, discussions, and debates, jump started my lifelong obsession and interest in economics and he is still my 2nd or 3rd favorite economist of all time (living or dead). I have even read a book written by another economist (Eamonn Butler) entirely dedicated to explaining the nature and findings of Friedman's work as an academic research economist to the public who do not understand the mathematical or statistical/econometric technicalities of Milton's academic work on monetary theory, the permanent income hypothesis, or his methodological paper staking out his claim as a father strict and literal positivist... Anyway, all of that was just to show you some of my bonifee days so you know how much this compliment means coming from me when I say that one of my main beefs with people who quote Milton Freeman and cite his genius is that they almost never mentioned his wife Rose Friedman who was also an economist in her own right meaning that Milton Friedman always basically leveraged the power of two top rate economics minds in all of his works which is almost surely one of his main comparative advantages and at least one reason why we have yet to see a another Milton Friedman come along!
@@spencerantoniomarlen-starr3069 You do understand that it was Friedman Economics that brought the world where it is today, The plutocracy with Friedman's ilk out front hoodwinked unsuspecting Americans into giving CCP , half a trillion dollar trade deficit annually, The US middleclass gave up their wealth to bring China into the global elitist. I call Friedman a Global Plutocrat, nothing more.
We have largely been following the philosophy of Milton Friedman for the last forty years and the country is literally falling apart. The man was a consummate con artist.
Charlatans are always best communicators, like this guy. Based on your comment, you were part of generation that this man duped to turn America into a Feudal country.
@@romanmaroni1972 y u meen Read.or wtf w/"Where is the Battleground..forum.et al for idiot,(&Theyre comments) free zone..word!..Dint seem like here.ti me.
@@romanmaroni1972 y u meen Read.or wtf w/"Where is the Battleground..forum.et al for idiot,(&Theyre comments) free zone..word!..Dint seem like here.ti me.
This interview also shows the fact that the Dallas Fed and it’s chairman are our leaders today. Thank you for recognizing a great man, a person who has actually changed the world.
Milton Friedman was (and still is) one of the most brilliant Americans to have ever lived. If education is changed for the better in the future, students will get to watch some of these interviews with him.
We have largely been following the philosophy of Milton Friedman for the last forty years and the country is literally falling apart. The man was a consummate con artist.
What I enjoyed the most about Milton Friedman was his pure vision between Government involvement and you the person's responsibility to choose. In one video he hits Donahue with a clear vision of economics. Totally over the top of the Centralist Views of a liberal Donahue. Air bags imposed into cars by Democrat driven governments. Friedman pointed out, it removed my right to choose my own personal safety. Which drove up costs on vehicles. On and on Friedman brings a simple clarity to a civil discussion.
If freedom is going to be lost in America it will be lost by an increase in excessive government involvement "We are much wealthier today than we were in 1950 but we are less free today than we were in 1950." This man was a genius but we did not follow him and most people did not understand him. He predicted this very moment that we live in a dictatorship.
Sorry if you live in Russia (truly) but that is quite likely not the case because that is an actual dictatorship where you probably can't even access this TH-cam video.
Adam Smith rightly saw the dangers of this more than 200 years ago: "The proposal of any new law or regulation which comes from [businessmen], ought always to be listened to with great precaution, and ought never to be adopted till after having been long and carefully examined, not only with the most scrupulous, but with the most suspicious attention. It comes from an order of men, whose interest is never exactly the same with that of the public, who have generally an interest to deceive and even to oppress the public, and who accordingly have, upon many occasions, both deceived and oppressed it." -Adam Smith, An Inquiry into the Nature and Cause of the Wealth of Nations, vol. 1, pt. xi, p.10 (at the conclusion of the chapter)(1776)
Professor Friedman was entering college right after the stock market crash of 1929 and decided he better learn what caused the disaster. He was a brilliant man.
We have largely been following the philosophy of Milton Friedman for the last forty years and the country is literally falling apart. The man was a consummate con artist.
Excellent wide ranging conversation. I've learned a lot from Milton Friedman over the years. Ironically, while this conversation was taking place, the Fed was in the process of blowing the largest asset bubble the world had ever seen. South Florida and Las Vegas real estate would peak one year later in the summer of 2006. 2007-2008 saw the subsequent unwind and even greater Fed intervention which have stored up consequences that we have yet to experience.
His tie he has worn every time he is on TV. Even this interview. Live this man and this is the teaching I given my children. Alot if young people have not heard about this man. To the point and makes it easier to understand
Yes I was curious about that too. Surely Keynes is one of the most famous economists, but is he really one of the greatest? Hasn't Keynesianism been debunked?
@@kqh123 Yes, Keynesianism has been thoroughly debunked in both practice and theory. Henry Hazlitt does well in his 1959 treatise "The Failure of the 'New Economics'", to thoroughly debunk Keynes' "General Theory".
We have largely been following the philosophy of Milton Friedman for the last forty years and the country is literally falling apart. The man was a consummate con artist.
@@youyoue4260 I am not a communist at all. It seems clearly evident that when the natural resources of a country are nationalized, the revenues generated could be used to pay for essential services such as education and healthcare and to lower income taxes in general. The same goes for the banking system. The bankers and oil companies would be deprived of their billions but what have they been using the money for anyway? They have destroyed many other countries and are destroying the United States in the meantime. I was a big fan of Friedman forty-five years ago when I didn't know any better. Not only did his philosophy destroy many societies including our own, he also knew what he was doing all the time. He knew that his economic philosophy would lead to a massive redistribution of wealth to the rich from the poor and middle class but he did not care because he was benefitting all along. To support Friedman's philosophy, you either have to be blissfully ignorant or very rich and be benefitting from the ongoing redistribution of wealth.
@@michaelkilcommons57 sure you can nationalize natural resources. But there's.more to an economy then raw materials. You story suggests that.Milton had some Ill intent from the beginning, I don't buy that. Besides he has not destroyed the economy at all. You claim the last 45 years have been Milton's policy but that is just a straight lie. I suggest you take another look at his webseries Free to Choose on TH-cam to get a better understanding of what he actually believed. I am sorry for calling you a communist since you sincerely try to engage in a talk. The power of capitalism is that it is the most efficient, and cheapest ways of making goods available for billions of people at a very low cost. In other words, it is one of the best ways to lessen poverty and increase relative richness. The only one to blame for high inflation and other domestic problems is the stupid policies of central banks worldwide and idiot politicians that have good sounding ideas with bad outcomes . If you want more on that read Thomas Sowells work, one acquaintance of Friedman.
@@michaelkilcommons57 I am not saying there is no need for government interventions or rules. The dissappearance of small companies, being bought up by bigger ones is not a bad thing necessarily. Since even those who accumulate all the money, will not sit on it, spend it, invest it instead of sitting on it, their greed alone will do this, making even more jobs available, even if they only buy luxury boats with their money. Could you share what in your oppinion is the right way if not Friedman's ideas? Who do you think has a right view on it then? I believe Friedman is 95% right on most things. Nationalization of natural resources, is something that is compatible with a free market system. However, again, it does not matter, since if you have taxes, you will receive these funds anyway, and by having competition, you get even lower prices of for example crude oil versus government owned oil since they are usually inefficient compared to free market companies. The role of government here should be to watch these powerfull companies that they do not engage in illegal activities that disadvantage the general public; for example secret price agreements/ Cartel. To be fair the great depression was caused by too much printing of money by federal banks, followed by stock market speculation gone wrong and then a tightening of the money supply. The central banks hold immense power. If they raise the interest rates, there is less money supply to the general public; if they lower rates, there is a larger supply of money. The result of these policies is high economic growth or economic decline. However; The problem in the past, and still now, is the printing of too much or too little money; causing things such as price inflation. Making your money worth less or more. The best way to have a stable economy is to print a fixed amount of money each year for example, every year we add 2% to the total money supply. If nationalized this money could be used by the things you talked about earlier like infrastructure, roads, healthcare, education. In that sense , you could finance the economy while keeping taxes very low. At the current time, banks indirectly cause money creation by giving out loans. And are the major benefiters of it. By removing the central bank, and issueing money as a government itself. Meaning: The banks cannot receive money from the Central Banks, in this case, the banks, if they want money, would need to go to the general public, and for example offer good saving interest rates to attract people storing their money at this particular bank. As a consequence, the banks money supply grows, and the ability to loan at money as well. The big red flag in this also, is that right now, banks loan out 10-1000xxx as much money as that they own. This is where government should step in, with rules and regulations, for example, you can only loan out, what you actually have in stock; some claim this was the big upside of gold-backed currency. Just this change alone will immensly lower the power of all banks and increase the power of the government. Not only that but it will ensure stable housing prices, stable job markets, and stable economies which will invest in durable and sustainable long term growth instead of short-lived growth/recession cycles. See also this quote of Friedman on the great Depression th-cam.com/video/cTPopNG6LRM/w-d-xo.html
Milton is the best. One thing he did not predict is how foreign investment in your country can create harm within it. If the investors build enough wealth.
Any American or global citizen Alive in mid 2022 should take a few hours a day and watch and read as much as they can if this great mind. The ideas and concepts are out there. It takes time for people to decide to actually get the job done.
And his student/successor, Sowell is also still very sharp. I saw an interview he did just a year ago and was struck by how eloquent he was for a 90 year old.
my actual last name is fisher not labombarbe i was adopted researching into my past i came across this and somehow i have tons of stocks in my name so to be thinking what im thinkg yes and my grandfather was from TEXAS!!! houston to be particular i have stocks in recycling companies 50 dollars in one particular company i have lived in texas corpus to be exact if anyone could help me with my search thatd be great thanks!
I think Milton Friedman overstates the knowledge of the general public, that's his one flaw, for example at 28:05, the general public don't know anything about public value
What seems to be missed by Friedman, in the discussion of financing spending with taxes versus spending, is that debt enables more spending than ever before. And more people than ever before are saving and subsidizing the debt-driven spending. Of course, we are able to look back over the carnage of all that debt has caused, the poop that has hit the fan since this interview 7 years ago.
2:04 Somethng has been cut out 15:04 ..and here... It seems obvious to me, that this is supposed to be "getting all the knowledge and help we can from guy, who was right about us all along and now is passing away".
Move the world to a flat tax system with an established global minimum wage. Which should be attached to a wage and salary index and would arise in accordance with the median percentage increases in wages and salaries so people at the very bottom of the ladder wages will keep pace with inflation.
"Government shouldn't do much, just finance MY education and MY schoolarship that allowed me to study and go to university, but nobody elese" (M Friedman).
Marx wasn't all that bad. I think the years of socialism in postwar West helped social mobility. But it had no solution to the inflation problems which is a more pressing issue than equality
@@dimwit3006 Marx is a traitor and apostate from the faith of his fathers, and his followers are godless heathens. Giant statues are being built for him instead. I grew up in the post-war east, so some fairy tales about socialism leave me cold. Make no mistake, the same people are still behind socialism and today's NWO, godless, cold-blooded people who are not afraid to sacrifice others for profit and power.
@@MrDanielfff777 I mean the video has been edited almost to death. So many splices and cuts (not sure if that's the correct verbiage) . Watch at about 7:22 and you'll see an obvious example of what I mean.
Every American GIVES "farmers" who do NOT farm BILLIONS of our hard earned money with today 12,000,000 CHILDREN S T A R V I N G right here at home. 10s of thousands of elderly on food stamps that are0 not enough to last the required month, most workers getting so called "minimum" wage that leaves them 1 emergency away from being on the streets. What is clearly wrong with this picture? U.S. being the richest country does not touch the majority of Americans.
Too bad great people have to die. I liked him a lot. A lot good commonsense. Too bad our country doesn't listen to people who warn us of big government.
Cheap credit misallocates resources to undemanded/lesser demanded ventures, increases the present consumption & acquisition of goods, distorts our time preference, creates a dependency on continuous overvaluations, & distorts price signals (because of relative price stickiness, unequal velocity within different sectors, & circular demand within scarce demanded goods [assets]). Speculation increases as lesser educated consumers spend & borrow. They have not went through the thorough process of elimination that normally happens in the free market. When these malinvestments inevitably must end & the spigots of cheap credit are cut, a _'deflationary death spiral'_ must ensue. You *have to* allow resources to be freed up, consumption to be detered, & then properly allocate them to where they're demanded. If not, attempting to correct malinvestments within the system will crash the economy. Market set interest rates & a scarce divisible currency naturally fix this. Banks & borrowers must compete for scarce savings. Through interest rates, these funds are allocated to demanded ventures. In direct proportion to how demanded they are & how much consumption is detered through saving. Since there's no inflationary effects, our time preference of consumption & production is balanced, thereby allowing projects to reach their full potential. Artificially cheap inflationary credit interferes with needed corrections & exacerbates structural issues. We need to raise rates, default, & let the market properly restructure. Building up our productive capacity is the only way to viably get demanded goods & services. There's no shortcut.
@@aminuabdulmanaf4434 Globalization will lead to the rise of the Anti-Christ. The Anti-Christ will demand that you take his mark on your hand or your forehead, the three sixes. You will not be allowed to buy or sell without the mark.
@@tobieaina Thats a no brainer, 94% of all products sold in Walmart is made in China. The US worker that once made these products are now unemployed. The US has made China a global threat to the US, by the billions of dollars in trade deficits we have with her annually.
china has a lot of economic freedom today but corrupt administration . it is the economic freedom of china that helped to create its wealth. today chinese are immigrating and investing in foreign markets, I think that itself is a sign that by having their economic freedom the chinese are slowly able to get away from a government that doesn't offer political freedom. overall china has done more good to itself I thiink
The prediction of political freedom for China might still become true. It is true that the state and the private companies are not amicable, as seen by the arrests of CEOs. It can still hppen.
The great error of the monetarist is the assumtion about Velocity. Friedman (for some time) wanted stable growth in M because he assumed V is constant. The reality is that V is not constant, you dont have to make M stable you have to make MV stable. We should target stable (or stable growth) of MV. The reason inflation targeting has worked so well because V did not change very much (witch is why the monetarist assumed that it didnt) but we have seen that it does.
Friedman studied inflation and money supply of 15 countries of their past 100 years. What he found was the relationship between money supply and inflation move in tandem. They only lag less than 2 years. There was never a deviation between inflation and money supply in the long run (more than 5 years). Velocity may change month after month (short run), and year after year (short run), however it becomes a constant after 5 years (long run).
It works in so many ways on one hand is there ever been a stronger reason to get sober like so fucking sober and then there's the flip side of that coin no asshole will ever touch that
Friedman is shady. He never gives any context. Who is he talking about, the entire US economy is stratified. Every stratification behaves differently. I think what gives him away is what he says at 36:39 "The accepted principle is that when prices are unstable the economy is stable". He says that it's the complete opposite that "the more stable the prices, the more stable the economy will be". I think he secretly wants the economy to be unstable and unsustainable
what we live now going out of pandemic prove that globalization was and still and will be forever wrong and failure idea, look at the supply chain distribution now and the huge amount of factories worldwide closed due to shortage of parts from other countries you will know that something wrong in globalization, look to the prices of shipping going 500% up you will understand that the globalization makes every country economy hostage of the other countries, we started exporting low-end jobs to much poorer countries and we said low-end job for them and high-end job for us , by time passing they got low end and high-end jobs and our worker staying at home living on welfare and social support. what if every country strategy to be self-sufficient ( as much as they could) the come back from pandemic would be easier and faster / we are heading if we are not already on stagflation and only God knows how and when we will be out and what will be the cost,
Not in the macro sense no he wasn’t. He was brilliant no doubt but economics is extremely difficult in so far as forecasting out 30 years not knowing what the geopolitical situation would be. Globalization or economics on scale is certainly good. What’s bad is when one country controls 90% of most goods made. Globalization should be “hey we have chip makers located in 12 different countries, they all manufacturer their chips across 36 countries around the world” not “China controls basically everything” A country should never give up manufacturing and specifically they should focus on sourcing critical goods from many different places around the globe. The N95 masks for example or the IV drips if I recall where 90% of them come from a small island country (not sure which). Now we have a situation where if Russia, China, Iran and other countries ally against the West they control the vast amount of precious metals, oil and manufacturing capability.
What he never addressed was the political side: what does it take to get that liberatarian society? Answer: anarchism or direct democracy like in Switzerland..
@@italianmiltyfriedman6264 correct. The people are not supposed to be able to vote taking things from other people to give to themselves. That's why we weren't set up as a pure democracy.
A genius without morals. And there you have it. The beginning of a large scale for profit corporate mentality were people are numbers. A man deeply upset and racist towards the weak.
I know many people who would rather have someone else spending their own money. This idea that every person somehow spends her own money better is not self evident to me
@just_bee having to see a plan first before signing off and agreeing is as good as you spending it... indirectly.. you have a sense of understanding where your money is going. Just give him the money and hope to God he spends it well 😄
The world is a lesser place without this man. No other way to put it.
not without this man, because of him.
@@futurethinking you’re stating the world is a lesser place because of him. That makes no sense.
There are many great men today. The platform in which they can speak the truth is controlled by Luciferian principalities in high places.
@@jeffblackard9753 @futurethinking is disparaging Milton. Should change its name to stupidthinking
Prof Friedman is 93 years old in this interview. Amazing. He would pass away one year later. His mind so sharp all the way to the end. A great American.
Doesn't surprise me a bit, insomuch as he lived a life of leisure, off the backs of the rest of us.
Matt I can’t believe what this individual replied to you.
Thomas Jefferson, Tom Paine, Abraham Lincoln and the Roosavelts warned us about people like this.
@@louiethegreater1 Would you prefer him toiling in a factory or in the coal mine? Such individual not only of great intellectual powers and wisdom but also of a stellar moral integrity as Friedman was worth far more to society living a public life of educator and scholar rather than a common worker. I know I would prefer him dispensing wisdom.
@@jfnauvcndjakmnfksdhkajf1867 Have you considered that Friedman was not a intellectual giant? Have you considered that our dependence on the world supplying us with our needs, is the result of Friedmans trade policies.
You are deceived, Friedman was only the vehicle that globalist used to convince fools that Free Trade was in the interest of the U.S. Citizen.
All the globalist that infiltrated our government need do is to disrupt global shipping, and Americans will be starving and naked in the streets.
Listen my friend that is about to happen. The 2000 election was stolen from Trump, and given to Biden to end America as we know it. Global Government is their goal, and Friedman was one of the vehicles used to produce their control over the American People.
Is he 93 here? What an exceptional man and mind.
from around 18:00 onwards, the way he talks about the problems with the euro for Germany (and subsequently for all Euro countries) is mind-blowing in terms of his effective prophecy. People should watch every video of Friedman on TH-cam. An incredible man. As was his wife Rose and incredible woman.
YES!!!
Wow dude you must have completely overlooked the fact that Germany's Golda Meir permitted one million Arab Immigrants to enter Germany. Then they were allowed to move throughout the EU. Friedman did not mention that he was a supporter of that activity. Those Arabs has done nothing but join the welfare system of Europe. Friedman was a supporter of that activity, which is globalization. Nothing economical about it.
@@louiethegreater1 but my friend, he wouldn't advocate a welfare system!! :) in that scenario, they would have to work! and therefore only go if there was opportunity, and had they the desire to work
Excellent comment good sir!! Milton Friedman was the man who through TH-cam videos of his lectures, discussions, and debates, jump started my lifelong obsession and interest in economics and he is still my 2nd or 3rd favorite economist of all time (living or dead).
I have even read a book written by another economist (Eamonn Butler) entirely dedicated to explaining the nature and findings of Friedman's work as an academic research economist to the public who do not understand the mathematical or statistical/econometric technicalities of Milton's academic work on monetary theory, the permanent income hypothesis, or his methodological paper staking out his claim as a father strict and literal positivist...
Anyway, all of that was just to show you some of my bonifee days so you know how much this compliment means coming from me when I say that one of my main beefs with people who quote Milton Freeman and cite his genius is that they almost never mentioned his wife Rose Friedman who was also an economist in her own right meaning that Milton Friedman always basically leveraged the power of two top rate economics minds in all of his works which is almost surely one of his main comparative advantages and at least one reason why we have yet to see a another Milton Friedman come along!
@@spencerantoniomarlen-starr3069 You do understand that it was Friedman Economics that brought the world where it is today, The plutocracy with Friedman's ilk out front hoodwinked unsuspecting Americans into giving CCP , half a trillion dollar trade deficit annually, The US middleclass gave up their wealth to bring China into the global elitist. I call Friedman a Global Plutocrat, nothing more.
Best communicator of economic value that ever lived. I was bless by living in a time when such a great mind gave so much to society.Friedman
We have largely been following the philosophy of Milton Friedman for the last forty years and the country is literally falling apart. The man was a consummate con artist.
Charlatans are always best communicators, like this guy. Based on your comment, you were part of generation that this man duped to turn America into a Feudal country.
I love Milton Friedman. I miss him very much.
thanks for writing it for me
So do I
I could write an essay on how much I love Milton Friedman but it will be easier to say I love you than anything else.
Same here.
Fantastic. Can't listen to enough of his presentations. Genius.
do you feel the need to have everyone you know listen?
@@romanmaroni1972 not really. Different people have different interests. But I do share with the ones I feel would appreciate it.
@@theodoroseidler7072 yeah. I should control that better
@@romanmaroni1972 y u meen Read.or wtf w/"Where is the Battleground..forum.et al for idiot,(&Theyre comments) free zone..word!..Dint seem like here.ti me.
@@romanmaroni1972 y u meen Read.or wtf w/"Where is the Battleground..forum.et al for idiot,(&Theyre comments) free zone..word!..Dint seem like here.ti me.
Wow, no doubt about it this guy really has it together, just sorry I'm discovering him after he has passed on.
Main stream media kept people like this hidden.
Same here. Just discovered him.
@@danielwellington8380 except PBS. PBS gave him prime time for Free to Choose. Also PBS produces real good documentaries.
This interview also shows the fact that the Dallas Fed and it’s chairman are our leaders today. Thank you for recognizing a great man, a person who has actually changed the world.
One of the person I admire the most!!
Milton Friedman was (and still is) one of the most brilliant Americans to have ever lived. If education is changed for the better in the future, students will get to watch some of these interviews with him.
Great respect for Milton Friedman
👍
God Bless this Great Man. His body was failing him, like all our bodies will, but his mind was always so sharp.
We have largely been following the philosophy of Milton Friedman for the last forty years and the country is literally falling apart. The man was a consummate con artist.
What I enjoyed the most about Milton Friedman was his pure vision between Government involvement and you the person's responsibility to choose.
In one video he hits Donahue with a clear vision of economics. Totally over the top of the Centralist Views of a liberal Donahue. Air bags imposed into cars by Democrat driven governments. Friedman pointed out, it removed my right to choose my own personal safety. Which drove up costs on vehicles. On and on Friedman brings a simple clarity to a civil discussion.
If freedom is going to be lost in America it will be lost by an increase in excessive government involvement "We are much wealthier today than we were in 1950 but we are less free today than we were in 1950." This man was a genius but we did not follow him and most people did not understand him. He predicted this very moment that we live in a dictatorship.
Sorry if you live in Russia (truly) but that is quite likely not the case because that is an actual dictatorship where you probably can't even access this TH-cam video.
Adam Smith rightly saw the dangers of this more than 200 years ago:
"The proposal of any new law or regulation which comes from [businessmen], ought always to be listened to with great precaution, and ought never to be adopted till after having been long and carefully examined, not only with the most scrupulous, but with the most suspicious attention. It comes from an order of men, whose interest is never exactly the same with that of the public, who have generally an interest to deceive and even to oppress the public, and who accordingly have, upon many occasions, both deceived and oppressed it."
-Adam Smith, An Inquiry into the Nature and Cause of the Wealth of Nations, vol. 1, pt. xi, p.10 (at the conclusion of the chapter)(1776)
👍👌
Where can I ready more about this, the founding fathers?
Professor Friedman was entering college right after the stock market crash of 1929 and decided he better learn what caused the disaster. He was a brilliant man.
Well he better!
The Fed Reserve system caused it. LOL
We have largely been following the philosophy of Milton Friedman for the last forty years and the country is literally falling apart. The man was a consummate con artist.
👍
The Best comunicator. Fantastic and proffesor Friedman, THE bRILLIANT MANAND MY RESPECT ABSOLUTELY, AN EXCEPTIONAL ECONOMIST. Blessings.
Excellent wide ranging conversation. I've learned a lot from Milton Friedman over the years. Ironically, while this conversation was taking place, the Fed was in the process of blowing the largest asset bubble the world had ever seen. South Florida and Las Vegas real estate would peak one year later in the summer of 2006. 2007-2008 saw the subsequent unwind and even greater Fed intervention which have stored up consequences that we have yet to experience.
Most of this interview was just mind blowing. Explains a lot of the problems today. Some thing he get right but some turned out a bit wrong
And now we need him more than ever
Love the insight & good humor that Milton Friedman gave the world. Friedman means either Peaceful Man or Free Man.
His tie he has worn every time he is on TV. Even this interview. Live this man and this is the teaching I given my children. Alot if young people have not heard about this man. To the point and makes it easier to understand
Up there with Keynes? Quite the insult to Friedman, I might say.
No way. Milton Friedman had great respect for Keynes. Watch C-SPAN interview.
Yes I was curious about that too. Surely Keynes is one of the most famous economists, but is he really one of the greatest? Hasn't Keynesianism been debunked?
@@lmqs94 gonna have to check that out
Keynes was brilliant, just wrong.
@@kqh123 Yes, Keynesianism has been thoroughly debunked in both practice and theory.
Henry Hazlitt does well in his 1959 treatise "The Failure of the 'New Economics'", to thoroughly debunk Keynes' "General Theory".
A real gem, thanks for uploading
We have largely been following the philosophy of Milton Friedman for the last forty years and the country is literally falling apart. The man was a consummate con artist.
@@michaelkilcommons57 hahaha 🤣 you sir, are very funny. Spoken like a true communist.
@@youyoue4260 I am not a communist at all. It seems clearly evident that when the natural resources of a country are nationalized, the revenues generated could be used to pay for essential services such as education and healthcare and to lower income taxes in general. The same goes for the banking system. The bankers and oil companies would be deprived of their billions but what have they been using the money for anyway? They have destroyed many other countries and are destroying the United States in the meantime. I was a big fan of Friedman forty-five years ago when I didn't know any better. Not only did his philosophy destroy many societies including our own, he also knew what he was doing all the time. He knew that his economic philosophy would lead to a massive redistribution of wealth to the rich from the poor and middle class but he did not care because he was benefitting all along. To support Friedman's philosophy, you either have to be blissfully ignorant or very rich and be benefitting from the ongoing redistribution of wealth.
@@michaelkilcommons57 sure you can nationalize natural resources. But there's.more to an economy then raw materials. You story suggests that.Milton had some Ill intent from the beginning, I don't buy that. Besides he has not destroyed the economy at all. You claim the last 45 years have been Milton's policy but that is just a straight lie. I suggest you take another look at his webseries Free to Choose on TH-cam to get a better understanding of what he actually believed. I am sorry for calling you a communist since you sincerely try to engage in a talk. The power of capitalism is that it is the most efficient, and cheapest ways of making goods available for billions of people at a very low cost. In other words, it is one of the best ways to lessen poverty and increase relative richness. The only one to blame for high inflation and other domestic problems is the stupid policies of central banks worldwide and idiot politicians that have good sounding ideas with bad outcomes . If you want more on that read Thomas Sowells work, one acquaintance of Friedman.
@@michaelkilcommons57 I am not saying there is no need for government interventions or rules. The dissappearance of small companies, being bought up by bigger ones is not a bad thing necessarily. Since even those who accumulate all the money, will not sit on it, spend it, invest it instead of sitting on it, their greed alone will do this, making even more jobs available, even if they only buy luxury boats with their money. Could you share what in your oppinion is the right way if not Friedman's ideas? Who do you think has a right view on it then? I believe Friedman is 95% right on most things. Nationalization of natural resources, is something that is compatible with a free market system. However, again, it does not matter, since if you have taxes, you will receive these funds anyway, and by having competition, you get even lower prices of for example crude oil versus government owned oil since they are usually inefficient compared to free market companies. The role of government here should be to watch these powerfull companies that they do not engage in illegal activities that disadvantage the general public; for example secret price agreements/ Cartel. To be fair the great depression was caused by too much printing of money by federal banks, followed by stock market speculation gone wrong and then a tightening of the money supply. The central banks hold immense power. If they raise the interest rates, there is less money supply to the general public; if they lower rates, there is a larger supply of money. The result of these policies is high economic growth or economic decline. However; The problem in the past, and still now, is the printing of too much or too little money; causing things such as price inflation. Making your money worth less or more. The best way to have a stable economy is to print a fixed amount of money each year for example, every year we add 2% to the total money supply. If nationalized this money could be used by the things you talked about earlier like infrastructure, roads, healthcare, education. In that sense , you could finance the economy while keeping taxes very low. At the current time, banks indirectly cause money creation by giving out loans. And are the major benefiters of it. By removing the central bank, and issueing money as a government itself. Meaning: The banks cannot receive money from the Central Banks, in this case, the banks, if they want money, would need to go to the general public, and for example offer good saving interest rates to attract people storing their money at this particular bank. As a consequence, the banks money supply grows, and the ability to loan at money as well. The big red flag in this also, is that right now, banks loan out 10-1000xxx as much money as that they own. This is where government should step in, with rules and regulations, for example, you can only loan out, what you actually have in stock; some claim this was the big upside of gold-backed currency. Just this change alone will immensly lower the power of all banks and increase the power of the government. Not only that but it will ensure stable housing prices, stable job markets, and stable economies which will invest in durable and sustainable long term growth instead of short-lived growth/recession cycles. See also this quote of Friedman on the great Depression th-cam.com/video/cTPopNG6LRM/w-d-xo.html
Incredible wisdom
Hate to see him so old but still sharp as a tack. Would have loved to shake this man’s hand and tell him he’s such an icon. National treasure
Milton is the best. One thing he did not predict is how foreign investment in your country can create harm within it. If the investors build enough wealth.
Any American or global citizen Alive in mid 2022 should take a few hours a day and watch and read as much as they can if this great mind.
The ideas and concepts are out there.
It takes time for people to decide to actually get the job done.
He is very sharp for his age
And his student/successor, Sowell is also still very sharp. I saw an interview he did just a year ago and was struck by how eloquent he was for a 90 year old.
@@NakAlienEd facts
Free to Choose!! 👍
Has anyone got link to uncensored version?
He would be so disappointed with the state of the world and how popular socialism is. Love you Milton. You where my light when I was in darkness
why doesnt this video have more likes? cuz half the people using the internet or even youtube are idiots and dont care!!
my actual last name is fisher not labombarbe i was adopted researching into my past i came across this and somehow i have tons of stocks in my name so to be thinking what im thinkg yes and my grandfather was from TEXAS!!! houston to be particular i have stocks in recycling companies 50 dollars in one particular company i have lived in texas corpus to be exact if anyone could help me with my search thatd be great thanks!
That's the actual problem with the world today
Milton Friedman was a voice of reason and now we are a rudderless ship it’s frightening
I think Milton Friedman overstates the knowledge of the general public, that's his one flaw, for example at 28:05, the general public don't know anything about public value
Exactly. The average US citizen would need 20 additional IQ points to function as the society that Friedman envisions.
Beginning at 28:26, Friedman's dialogue was cut off at 28:31. Does anyone know what he originally say?
Milton " THE TRUTH" Friedman
When will You Tube consider the serious historical revalence of all its videos and include the dates videos were originally recorded?
What seems to be missed by Friedman, in the discussion of financing spending with taxes versus spending, is that debt enables more spending than ever before. And more people than ever before are saving and subsidizing the debt-driven spending.
Of course, we are able to look back over the carnage of all that debt has caused, the poop that has hit the fan since this interview 7 years ago.
Friedman and his wife were the best!
Raise the volume. Thx
how can you compare Keynes in the same breath
What would he say about Bitcoin?
2:04 Somethng has been cut out
15:04 ..and here... It seems obvious to me, that this is supposed to be "getting all the knowledge and help we can from guy, who was right about us all along and now is passing away".
By the way, Fisher has some great ideas about 'too big to fail' banks.
Innovation and free trade
for long time Nobel Prize means nothing... or worse. I can agree that he was a great man though.
What a great mind !!!
🎊🐣📢 Yayyyy Milton 💃❣️❣️😘
I invoke the ghost of Milton back into the world to save us from the tyranny of control.
Ok I'm back. What can I do for you?
Me too, I see an expansion of left tyranny of control, orwellian order
Move the world to a flat tax system with an established global minimum wage. Which should be attached to a wage and salary index and would arise in accordance with the median percentage increases in wages and salaries so people at the very bottom of the ladder wages will keep pace with inflation.
"Government shouldn't do much, just finance MY education and MY schoolarship that allowed me to study and go to university, but nobody elese" (M Friedman).
This man (unlike Marx) is one of the best that the Jews gave to the world.
Marx wasn't all that bad. I think the years of socialism in postwar West helped social mobility. But it had no solution to the inflation problems which is a more pressing issue than equality
@@dimwit3006 Marx is a traitor and apostate from the faith of his fathers, and his followers are godless heathens. Giant statues are being built for him instead. I grew up in the post-war east, so some fairy tales about socialism leave me cold. Make no mistake, the same people are still behind socialism and today's NWO, godless, cold-blooded people who are not afraid to sacrifice others for profit and power.
@@dimwit3006 your name suits you
@@youyoue4260 debate my arguments
@@dimwit3006 I dont see any arguments ?
Here in 2024, and remember political freedom ensues after economic freedom
Morgan freeman's voice: " ...but the federal reserve central bankers did not continue to provide what they do to his satisfaction..."
Why is this video so cut? So many that are just awkwardly placed. Please just let it roll as it played out.
What do you mean by so cut
@@MrDanielfff777 I mean the video has been edited almost to death. So many splices and cuts (not sure if that's the correct verbiage) . Watch at about 7:22 and you'll see an obvious example of what I mean.
Also theirs a cut at 52:36 or so
Really put my sandwich 🥪 in perfect life without ketchup 😊
Cooperation of others
No pickle
Now kamala, make me a sandwich
Shit, gotta go ,we'll just blew
Very smart man like family
He trusted the people more than the fed host smh
Every American GIVES "farmers" who do NOT farm BILLIONS of our hard earned money with today 12,000,000 CHILDREN S T A R V I N G right here at home. 10s of thousands of elderly on food stamps that are0 not enough to last the required month, most workers getting so called "minimum" wage that leaves them 1 emergency away from being on the streets. What is clearly wrong with this picture? U.S. being the richest country does not touch the majority of Americans.
Trying calling your congressman rather than blowing off steam on TH-cam.
Too bad great people have to die. I liked him a lot. A lot good commonsense. Too bad our country doesn't listen to people who warn us of big government.
edited full opinion on trade cut up
Cheap credit misallocates resources to undemanded/lesser demanded ventures, increases the present consumption & acquisition of goods, distorts our time preference, creates a dependency on continuous overvaluations, & distorts price signals (because of relative price stickiness, unequal velocity within different sectors, & circular demand within scarce demanded goods [assets]). Speculation increases as lesser educated consumers spend & borrow. They have not went through the thorough process of elimination that normally happens in the free market.
When these malinvestments inevitably must end & the spigots of cheap credit are cut, a _'deflationary death spiral'_ must ensue.
You *have to* allow resources to be freed up, consumption to be detered, & then properly allocate them to where they're demanded. If not, attempting to correct malinvestments within the system will crash the economy.
Market set interest rates & a scarce divisible currency naturally fix this. Banks & borrowers must compete for scarce savings. Through interest rates, these funds are allocated to demanded ventures. In direct proportion to how demanded they are & how much consumption is detered through saving. Since there's no inflationary effects, our time preference of consumption & production is balanced, thereby allowing projects to reach their full potential.
Artificially cheap inflationary credit interferes with needed corrections & exacerbates structural issues. We need to raise rates, default, & let the market properly restructure.
Building up our productive capacity is the only way to viably get demanded goods & services.
There's no shortcut.
Unable to up the volume....done on purpose no doubt
Did Friedman teach globalization of the worlds economy. He should be happy, we are there.
Curious, do you think of globalization as a positive or a negative?
@@aminuabdulmanaf4434 Globalization will lead to the rise of the Anti-Christ. The Anti-Christ will demand that you take his mark on your hand or your forehead, the three sixes. You will not be allowed to buy or sell without the mark.
If another country can produce something cheaper how is that not a benefit to the other countries?
@@tobieaina Thats a no brainer, 94% of all products sold in Walmart is made in China. The US worker that once made these products are now unemployed. The US has made China a global threat to the US, by the billions of dollars in trade deficits we have with her annually.
Friedman was a genius. However, his predictions regarding China have been wrong.
Unfortunately, everyone’s bending over for China.
Friedman was wrong about a lot of things especially his theory of inflation
Business, Economics & Politics Vlog how was he wrong on that? Just interested
china has a lot of economic freedom today but corrupt administration . it is the economic freedom of china that helped to create its wealth. today chinese are immigrating and investing in foreign markets, I think that itself is a sign that by having their economic freedom the chinese are slowly able to get away from a government that doesn't offer political freedom. overall china has done more good to itself I thiink
The prediction of political freedom for China might still become true. It is true that the state and the private companies are not amicable, as seen by the arrests of CEOs. It can still hppen.
The great error of the monetarist is the assumtion about Velocity. Friedman (for some time) wanted stable growth in M because he assumed V is constant. The reality is that V is not constant, you dont have to make M stable you have to make MV stable. We should target stable (or stable growth) of MV.
The reason inflation targeting has worked so well because V did not change very much (witch is why the monetarist assumed that it didnt) but we have seen that it does.
21nickik what exactly is v again?
Spirit of Friedman speed of money
Friedman studied inflation and money supply of 15 countries of their past 100 years. What he found was the relationship between money supply and inflation move in tandem. They only lag less than 2 years. There was never a deviation between inflation and money supply in the long run (more than 5 years). Velocity may change month after month (short run), and year after year (short run), however it becomes a constant after 5 years (long run).
@@crazieeez Hello good man, I really want to study more about this. Do you have friedman's research paper about this? Thank you very much 🙏
It works in so many ways on one hand is there ever been a stronger reason to get sober like so fucking sober and then there's the flip side of that coin no asshole will ever touch that
Friedman is shady. He never gives any context. Who is he talking about, the entire US economy is stratified. Every stratification behaves differently. I think what gives him away is what he says at 36:39 "The accepted principle is that when prices are unstable the economy is stable". He says that it's the complete opposite that "the more stable the prices, the more stable the economy will be". I think he secretly wants the economy to be unstable and unsustainable
I agree....I also dont agree with free trade
what we live now going out of pandemic prove that globalization was and still and will be forever wrong and failure idea, look at the supply chain distribution now and the huge amount of factories worldwide closed due to shortage of parts from other countries you will know that something wrong in globalization, look to the prices of shipping going 500% up you will understand that the globalization makes every country economy hostage of the other countries, we started exporting low-end jobs to much poorer countries and we said low-end job for them and high-end job for us , by time passing they got low end and high-end jobs and our worker staying at home living on welfare and social support. what if every country strategy to be self-sufficient ( as much as they could) the come back from pandemic would be easier and faster / we are heading if we are not already on stagflation and only God knows how and when we will be out and what will be the cost,
Good thinking, I agreed
Governments shouldn't have printed money to create high demand while closing down factories. Checkmate
shame Friedman didnt live to see 2008.
Unfortunately he hasn't been right about China so far
Not in the macro sense no he wasn’t. He was brilliant no doubt but economics is extremely difficult in so far as forecasting out 30 years not knowing what the geopolitical situation would be.
Globalization or economics on scale is certainly good. What’s bad is when one country controls 90% of most goods made. Globalization should be “hey we have chip makers located in 12 different countries, they all manufacturer their chips across 36 countries around the world” not “China controls basically everything”
A country should never give up manufacturing and specifically they should focus on sourcing critical goods from many different places around the globe. The N95 masks for example or the IV drips if I recall where 90% of them come from a small island country (not sure which).
Now we have a situation where if Russia, China, Iran and other countries ally against the West they control the vast amount of precious metals, oil and manufacturing capability.
Friedman wasn't an economist he was actually a logistician.
Checking in 12 years later, all the shit at the end is coming true
Not as great as Ludwig von Mises, but an effective advocate of free markets.
On that one I will have to get back to you...
What he never addressed was the political side: what does it take to get that liberatarian society? Answer: anarchism or direct democracy like in Switzerland..
TimmacTR it takes voters asking for the right things, not free things.
@@italianmiltyfriedman6264 correct. The people are not supposed to be able to vote taking things from other people to give to themselves. That's why we weren't set up as a pure democracy.
@@italianmiltyfriedman6264 so basically never
Apply some Pantene on ur belly. When the disability level goes exponential you probably want to get paid for it... Ha!
51:44 The man can't always be right. hehe. His presumptions about Chinese reform were off.
China was wrong in HK and now Taiwan
e pr'a la que eu vou, malhoa
A genius without morals. And there you have it. The beginning of a large scale for profit corporate mentality were people are numbers.
A man deeply upset and racist towards the weak.
Ur a bot lol
Huh?
I guess hes wrong considering china
I wouldnt say that. I think economical and civil freedoms are now lesser than they were during that time.
I know many people who would rather have someone else spending their own money. This idea that every person somehow spends her own money better is not self evident to me
give me your money then , if it is not self evident
@@darkstepik come with a spreadsheet that shows how you will spend it and it is all yours
@just_bee having to see a plan first before signing off and agreeing is as good as you spending it... indirectly.. you have a sense of understanding where your money is going. Just give him the money and hope to God he spends it well 😄