Milton Friedman Speaks: Money and Inflation (B1230) - Full Video

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Free To Choose Network

4 жилийн өмнө

Inflation is blamed on many things. But it has only one cause: It is a monetary phenomenon. Inflation occurs when the quantity of money increases faster than the quantity of goods. Why does the money supply increase? Very often, it does so to enable the government to pay its bills without raising taxes. There's only one real cure for inflation. It is a cure that's easy to describe but difficult to apply: The government must reduce spending and print less money. The alternatives are both recession and double-digit inflation. Recorded at University of San Diego & San Diego Chamber of Commerce ©1978 / 1:26:03.
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Juronin 12 өдрийн өмнө
Why am I watching this today? Please someone tell me...
Grow Mechanic
Grow Mechanic 17 өдрийн өмнө
Money is gold and silver. He refers too fiat currency.
David Daring
David Daring 17 өдрийн өмнө
I can't understand why there is no inflation now.
Irresistible Truth
Irresistible Truth 18 өдрийн өмнө
If you can not understand inflation and how it's favoring the rich and killing the middle class, after watching this video... well that's your problem!
Bert Hankins
Bert Hankins Сарын өмнө
I wonder what he would say today???
Uh Oh Spegettio
Uh Oh Spegettio Сарын өмнө
The comments on Milton's marketing BS for selling crony capitalism to lemmings are historic gems. Just as common sense would tell you, unrestricted greed-based Capitalism results in corruption and monopoly because its is cheaper than competition. # buckle up dumb-shits, bail-outs until the revolution.
Jeff Whitman
Jeff Whitman Сарын өмнө
What he's basically saying is that all human life should revolve around money. It doesn't work too well in a time of crisis, and it's going to continue to work less in the future -- that is if you are not part of the corporate elite. Improving the quality of life for all citizens should be more important than money. And it's because we have a world revolving around money, greed, power, wealth, and domination that leaves many people with less of a life to live. All of you people that love this guy have been duped by a modern day snake oil salesman. I ask that you please continue your education and start listening to scholars who are not representatives of the corporate elite. I recommend highly intellgent and humane individuals like Noam Chomsky, or Howard Zinn, or David Graeber.
James Campbell
James Campbell Сарын өмнө
1979 everyone in the audience is wearing suites and ties. Today, it's dirty jeans and t-shirt.
rafaelborbacs Сарын өмнө
Brilliant. But how did the FED print only in 2020 a third of all us dollars ever created and not caused inflation so far?
James Campbell
James Campbell Сарын өмнө
1:06:00: of the video: I was 10 years old when this video came out and we never received and "economic education" in school then or now.
Fact Chitanda
Fact Chitanda Сарын өмнө
So when Biden says he won't tax people earning 400k?🤔
tecnolover2642 Сарын өмнө
Friedman is sharp but he was always dancing on eggshells carefully avoiding putting the blame where it fully belongs because he knew and feared to do it for his life and career. He came close a few times in his career. An hour long talk on inflation and not one mention of the crime of fractional reserve banking? It is the mechanism by which money is multiplied! Wow...just wow...
0Guiltyone0 Сарын өмнө
Anyone else notice that illuminati symbol in the beginning?
Mr T Gomolka
Mr T Gomolka Сарын өмнө
The problem is that most people don’t understand the basics of economics so don’t know what is good or bad policies.
Mr T Gomolka
Mr T Gomolka Сарын өмнө
I’ve learned more about finances during this video than ever before.
Pedro Marques
Pedro Marques Сарын өмнө
To all skeptics, this guy predicted the recession in 1980,its so subtle and yet so amazing
Alex Morgan
Alex Morgan Сарын өмнө
He's part-right. Yes Inflation is a monetary phenomenon. Where he's wrong is the vast bulk of new money is't created by central banks but private ones, who lend money that doesn't exist into existence... money which can then be used as a base from which to create more money. This only comes to an end when there's no one willing to borrow or lend. When that happens, we realise there is actually more debt than money to pay it. I think Central Banks (for once) aren't the bad guy here. They are needed to print the difference because without it, we would try to pay off $1trillion worth of debt with $1billion worth of money. If I lend you $100 that doesn't already exist and you owe me $110 due to the interest, I've created $100 of new money and $110 of debt. If you realise that 90% of our "money" comes from this source, you have to realise it is impossible to pay our debts. So new money is necessary. This is why we haven't seen anything like the Inflation of the 70s or 80s in recent years, in spite of record money printing by the FED and every other central bank.
Fusion Сарын өмнө
So... The ultimate cure is for money to be separated from government.
Samantha Cat
Samantha Cat Сарын өмнө
He understands with visions and wisdoms to ensure our country America’s greatness by spending within means instead of depleting America’s financial status and too late to regret later. If America is still overly rich, spend more won’t be matter, even as much as can as a piece of cake. However if our country America’s financial reserves are limited to almost seeing the bottom, then it’s our government leaders’ duties to be responsible to Country as well as responsible to Americans of all don’t need to worry too much. Only America’s greatness will be able to ensure Americans’ stable live by stable jobs. He was very straightforward, but for long time of America’s future, his straightforwardness will benefit to planning ahead to avoid disasters are necessary, I guess. Actually, lower regulations and taxes will help businesses to survive easier, especially for tiny and small businesses as well as encouraging entrepreneurship spirit for more new businesses to help job creating opportunities in America’s own recognition and principles of the entrepreneurship spirit and equality of opportunities societies. Easy to promise, hard to patch up the disasters of financial problems. A few people concern, maybe still ok. Massive peoples concern, then it’s time to fix together and getting things done quickly together again. The most important thing is learning experiences to help healthy Americans to be able to find jobs and work hard to help own family to live better life and build America together. If this can be achieved, absolutely will save much money from spending too much. Also help Americans to live better life 1st. When Americans of all will be able to live better life together without worrying, if our country America still have too much, then also will be able to help others in the world. I believe free trade, but by fairness and better policies to ensure America’s own job markets at the same time. The matter is constant effective learning opportunities and experiences from accomplishments and mistakes to achieve more international business opportunities as well as bringing more investment opportunities into our country for America’s greatness by America’s own visions, principles and wisdom. No one can be perfectly smart, but all will be able to learn more to understand more and do better things quickly together for sure. Learn from the past will help doing better present. Conclusions from the past and present will help us looking for future, plan for future and ensure our country America’s future greatness easier or much easier as responsibilities to our country America now as well as responsibilities for our future generations’ security for America’s greatness. Thanks for sharing and our learning experiences.
Bill Schlafly
Bill Schlafly Сарын өмнө
Milton's economic genius is timeless but his jokes didn't age well at all.
Joseph Lancaster
Joseph Lancaster Сарын өмнө
Class " War Criminal ".
RENÉ POULIN Сарын өмнө ))) Money vs crisis
Yank Chef
Yank Chef Сарын өмнө
Inflation is a government phenomenon
ItsAllAboutGuitar 2 сарын өмнө
Still holds true today, I understood it twenty years ago, but most of the population has learned nothing.
PhD Life Channel
PhD Life Channel 2 сарын өмнө
Speaking of demoaralization... A nihilism of life in Communist Yugoslavia. Only 2 min long:
Pat Dwyer
Pat Dwyer 2 сарын өмнө
Federal Reserve = Private Banking = Mafia (not the Italians) + Government .... their name shall be "Feral Non Reserve"
miller forester
miller forester 2 сарын өмнө
Look at the Govt Dept of Labor website, find the inflation chart. A 1913 (gold) dollar has been reduced to 3 or 4 cents in buying power. Actually even less, but the govt uses their own price comparisons. In 30 years, it takes more than twice as much to buy what it did then. See what your SS check will buy after 10 years or so. Sure, you can get bonds that will pay 4-6 percent, but see what happens to your principal.
Xhanthan 2 сарын өмнө
Is deflation then an anti-tax?
Xhanthan 2 сарын өмнө
But doesn't his idea about the cause of inflation being hightened money supply only accur if, in addition, ... a) The money surplus is also used to aktually buy goods b) The prices are actually raised by market actors ... ? His explanation seems pretty onesided to me and more driven by ideology than argument.
Narrow Path Man with Luke McCann
Narrow Path Man with Luke McCann 3 сарын өмнө
Notes I have taken from this wonderfully informative lecture (which are incredibly relevant for today): - (200 years of data UK, 100 US) An increase in the quantity of money takes 5/6 months to impact peoples spending. Initially that just means an increase in cash in bank accounts for the average person, it takes 5/6 months for them to realise and get comfortable enough to spend it. THEN it takes A FURTHER 12-18 months before it works through into PRICES. *So throughout history, there has been about a 2-year interval between an increase in the quantity of money and the inflationary effects. - "The one and only cure to stop inflation is for the government to stop spending money and stop printing money" (he's using gov/central banks by the same name here) The good effects come first! - Nobody wants inflation but everyone wants to benefit from inflation. Everybody wants to stop inflation at someone else's expense. - When most people say they want to stop inflation, what they really mean is they want the prices of the things they buy to go down, and the prices of the things they sell to go up!!! But since what one man sells is what another man sells, it's a neat trick if you can make that work! - From 1929 to 1933 the quantity of money in the United States went down by 1/3. That was a major factor in producing the catastrophe. - Governments should focus more on controlling the quantity of money and less on controlling interest rates. - As long as a floating exchange rates remains, inflation will remain a national phenomenon (as opposed to an international phenomenon). - Inflation is produced by printing presses and no place else. It is a Printing Press phenomenon. If we get government to spend more money, we pay for it. Either through direct taxation, or indirect taxation through inflation. - There was a hyperinflation in Roman times, when Diocletian changed silver coins to alloy. PS Please subscribe to my Channel for Authentic Conversation and Good Information. God Bless :)
Narrow Path Man with Luke McCann
Narrow Path Man with Luke McCann 3 сарын өмнө
1:03:47 - The suit and swag on this absolute legend
DL OO7 3 сарын өмнө
that's how we got locked down. min 40->
T C 3 сарын өмнө
Why do I keep getting recommended this drivel? Just about none of what he says carries any logical sense.
PJMwarp 2 сарын өмнө
Okay timmy
Narrow Path Man with Luke McCann
Narrow Path Man with Luke McCann 3 сарын өмнө
ratsalad 3 сарын өмнө
I'm sure that first joke would be more funny if today there were telephone operators, and if people still had to phone their broker.
Karol Wlodarczyk
Karol Wlodarczyk 3 сарын өмнө
Oh the irony, I've got a Paul Krugman class advert in front of Milton Friedman talk :)
Pretzel551 3 сарын өмнө
Our inflation rate has been around 2% since 2004 , so isn’t that a good thing when this was produced in 1978 the inflation rate was above 8% before it ramped up then trended downwards and we’ve been around 2% for over 15 years ?
Crimson 3 сарын өмнө
47:17 LOL that is awesome.
pacman lp
pacman lp 3 сарын өмнө
I live in Argentina who took road of free lunch, public spent and socialism long time ago. Our inflation rate is 3000% over the past 10 years. We facing a major economy breakdown every decade too. Our poverty is +50% and rising. Im 45 and already experienced 3 hiperinflations and two social uprisings (the 3rd is coming soon). Never, never take the free lunch socialist road. It has hell at the end.
James Strain
James Strain 4 сарын өмнө
Alternative viewpoint on the Weimar Germany point Milton is making here: they were saddled with war reparations and the productive capacity of their economy was destroyed. Aggregate demand outstripped supply thus causing hyperinflation. The idea that this was solely a monetary phenomenon isn't the only perspective.
Colin Powell
Colin Powell 4 сарын өмнө
Quantative Easing
Zar Athustra
Zar Athustra 4 сарын өмнө
It was brilliant, but hasn't mentioned anything about the velocity of money. Only about the quantity of money. But no matter if big quantity of money, if velocity is very small, you won't get inflation. What we living now.
Zar Athustra
Zar Athustra 4 сарын өмнө
This man was a genius.
Zar Athustra
Zar Athustra 4 сарын өмнө
When he spoke everyone listens.
Carol King
Carol King 4 сарын өмнө
To control inflation we need to control de Money Supply. At the year 2013 was discovered The Progressive Growth of Money Supply Principle, which say you how much the Money Supply must growth, i.e., the quantity of money that markets needs: Once the Fractional Reserve Banking is forbidden, if the Central Bank increases the money supply by an amount equal to the sum of interest generated by the financial system during the preceding period, the market interest rate will be the natural interest (Wicksell) and we won't have bubbles (tulips, gold, stocks, etc.) and crisis. Thanks to the Progressive Growth of the Money Supply Principle we know today that it is impossible to return to the Gold Standard. The Principle will force Central Banks to change de monetary policies.
sommi 4 сарын өмнө
🧡💛💚💙 When governments print money, its like the hangover from alcohol. The good effects come first. The very bad effects come later. 2020-2030 needs Bitcoin + Gold as portfolio safety 🧡💛💚💙
Phillipe Nover
Phillipe Nover 5 сарын өмнө
Everyone wasting their time watching the left and the right duke it out on CNN and Fox news. People need to educate themselves watching videos like this. Old Uncle Mitlon is a beast of a lecturer. This is real education here. 🔥🔥🔥
vicccey 1
vicccey 1 3 сарын өмнө
agreed....but as friedman has said the educational system isn't up to need to have some intellectual basis beforehand and an open mind to truly grasp his ideas
Ronnie Riveros
Ronnie Riveros 5 сарын өмнө
Milton is the new internet porno
Sophia Smith
Sophia Smith 5 сарын өмнө
Guess there is no such thing as incentive
Peter McKenzie
Peter McKenzie 5 сарын өмнө
The voice of the questioner at 1:10:14 sounds like Obama.
Francisco Massa
Francisco Massa 6 сарын өмнө
Great video!
tntramzy12 6 сарын өмнө
The prophet
Rodrigo Mendes
Rodrigo Mendes 6 сарын өмнө
It's been just half of the video and I'm already full of new good things to recall before the video ends.
Alexander Mangaard
Alexander Mangaard 6 сарын өмнө
59:30 a most important systemic principle. Same logic that keeps bad actors within Bitcoin from being malicious. It's more profitable to contribute computational power towards the mining process than it is to engage in an attack on the consensus.
Mr Nice Guy
Mr Nice Guy 6 сарын өмнө
It’s funny listening to these things from the late 70s knowing Reagan would be elected a year or two from then. Friedman’s point about people finally waking up to what is going on was realized in that short period of time.
Amy Amy
Amy Amy 6 сарын өмнө
Friedman is Chicagoan, so with Chicago there comes the politics. Chicago has ton of work to do. It is a city with ton of opportunities for entrepreneurs to open new businesses. I mean, we did not have a tea place some time ago, so you can imagine! In any case, Chicago will always stay the city that it is, until people can revolutionize their behavior? Like don't trash the city. Any politicians that wants to live in Chicago? Anyone has moved back after leaving?
zinghiway 6 сарын өмнө
Does anyone knows in what year this speech was made?
dragonhold4 7 сарын өмнө
Employment < - Inflation - > Government Spending When it increases, it's because of spending; when it decreases, it's because of productivity.
fisterbailey 8 сарын өмнө
That’s why our currency is becoming more digital
Cumlaude Smith
Cumlaude Smith 8 сарын өмнө
“Governments don’t learn because Government never learn!” Milton Friedman and Billy Graham were two of our most influential “Philosophers” of the 20th Century! I’m glad I lived to experience both of them🙏🤔
aj dileo
aj dileo 8 сарын өмнө
56:57 he never counted on the dumbing down of the citizens
DaDitka1985 5 сарын өмнө
If this is the case, and I think one could be made, then Friedman made the same error that our founders likely made. They may have assumed that future generations would remain as informed and be able to critically think as well as they did. Sadly, this is not the case, generally speaking.
Ojas Kadu
Ojas Kadu 8 сарын өмнө
The real explanation for money printer go brrrr
Steven Ray Standley
Steven Ray Standley 8 сарын өмнө
We need more people him in our society.
Funkle D
Funkle D 8 сарын өмнө
Capitalism and Freedom, on my Kindle I carry it everywhere. I can't get enough of the genius of Milton Friedman.
Boarlaw Attorneys At Law
Boarlaw Attorneys At Law 3 сарын өмнө
Capitalism and freedom is now destroying USA right now!!!
Gareth Morris
Gareth Morris 7 сарын өмнө
Enoch Powell said exactly same as Friedman here namely ‘only government causes inflation ‘
Gareth Morris
Gareth Morris 7 сарын өмнө
Funkle D The great parliamentarian Enoch Powell even espoused the economic truisms before Milton but Milton received the Nobel prize but I believe Milton did write and acknowledge Enoch Powell’s input Enoch spoke 14 languages brilliant man much misrepresented by gutter press and people
kai liu shan
kai liu shan 8 сарын өмнө
38:35 Alan Greenspan spotted!
mike patterson
mike patterson 4 сарын өмнө
Greenspan wrote his collage thesis on the gold standard!haha
The Generalist
The Generalist 8 сарын өмнө
He was a true financial genius.
Boarlaw Attorneys At Law
Boarlaw Attorneys At Law 3 сарын өмнө
Sadly no.longer relevant in USA in 2020
Mac Evans
Mac Evans 8 сарын өмнө
It's a shame that there are only 53,000 views of this video four years after it was posted... I particularly enjoyed his thoughts @ 46:11
Tyler Tarbet
Tyler Tarbet 8 сарын өмнө
What do you all think Milton would think of the FEDs actions during this pandemic?
Brent 5 сарын өмнө
he would say there is no pandemic its a plandemic scamdemic
Nick Scuderi - RealLife Money
Nick Scuderi - RealLife Money 6 сарын өмнө
Seems like he was talking about it the whole time cause it’s typical to see government printing and spending more so inflation seems to be inevitable
Pedro Gomez
Pedro Gomez 6 сарын өмнө
My thoughts exactly. He is saying never have we seen an increase in money supply without inflation. If that’s the case what would he say about 3 trillion that was just printed? Granted we are seeing it in asset prices. But not how I think he defines inflation. Such as CPI
Michael Drabik
Michael Drabik 8 сарын өмнө
Get ready for high inflation again in the US
VW GTI 8 сарын өмнө
With gold has the foundation non of this can happen. A true gold standard.
mike patterson
mike patterson 4 сарын өмнө
Thats why they got rid of it!
Burt Gummer
Burt Gummer 9 сарын өмнө
Inflation has proven to not be a national phenomenon with the dollar as the reserve currency and our huge trade deficits. But we don’t really have floating exchange rates they are quasi-pegged to the dollar... too bad he’s not alive today to shine some wisdom, all we have now are political hacks like Krugman and Bernanke
aj dileo
aj dileo 9 сарын өмнө
13:25 would love to see these charts for today
tntramzy12 6 сарын өмнө
I'm making my own. M2 vs inflation in Excell is easy
aj dileo
aj dileo 9 сарын өмнө
The existence of a printing press guarantees that capitalism is not a cause of inflation. If you have a printing press you do not have capitalism.
Connor Byers
Connor Byers 9 сарын өмнө
I highly recommend those of you that value capitalism and regard it as a necessary precondition for the full realization and enjoyment of freedom to join "The Capitalist Society" on Facebook; it is a group founded on enlightenment principles of reason, objectivism, and most importantly: capitalism.
Bamometha 5 сарын өмнө
I urge you to consider abandoning the term 'capitalist' firstly, because I would suggest what you really favor is a free market society that has the fewest restraints possible. Second, the term 'capitalist ' has been foisted upon the free market society by Marxists who were actually dealing with the dregs of aristocracy meddling in the market with their riches. Thirdly, the term 'capitalist' implies that the people with the money finance business ventures where in a free market, a person could start with a borrowed truck and work wisely up to a fleet of his own trucks. Just a suggestion.
Tiger Lilly
Tiger Lilly 6 сарын өмнө
Cornell Kay
Cornell Kay 9 сарын өмнө
An economic earth quake is coming 😲
Beatriz Gladys Vieites
Beatriz Gladys Vieites 9 сарын өмнө
Unless that housewife was Maggie Thatcher 🙂
Joaquin JBS
Joaquin JBS 9 сарын өмнө
It's been clear that during the past 10 years or so the amount of money (and credit) per output as been raising as well as government spending, both in UE and Europe. Why is that we have enjoyed a period with such as low levels of inflation too?
A.P. W
A.P. W 9 сарын өмнө
Great question. It's all, primarily, in asset inflation. Most people think of inflation as only goods and services inflation. Inflation is the price of anything going up. The typical measure of inflation reported on and which central banks use does not include the price of assets, though it used to include it. Today we have historically high asset inflation. We have historically high property prices in many cities. We have an historically high stock market (notwithstanding the Covid shock). Bond yields are at historical lows - some government bonds are even negative. Yields are driven down as the price of bonds go up. If we included assets, inflation is running at an extremely high rate. Many people are victims of inflation today, just as they were in the 70's - those WITHOUT assets. Those WITH assets are the beneficiaries. For example, from the perspective of a young person just starting their career, or low income earner trying to buy a home, the ratio between average income to average house prices has widened considerably. It is much more burdensome to buy a home today on an average salary than in the past. The fact that we don't have goods and services inflation in the real economy indicates most of the money created from QE and fiscal stimulus since the GFC, has overwhelming settled at the very top end of society. Providing 'liquidity' to banks in the financial sector, large corporations and the general investing class have only led to historical high asset inflation. One mechanism by which this happens is via share buy backs. Companies in America have been increasing considerably their rate of share-buy backs, where the company purchases back it's own stock, driving up the price, and company managers are rewarded with performance bonuses. Thus inequality widens in America and many other countries around the world. We can expect even further record breaking asset inflation from the Covid stimulus. Either this, or the great financial and debt bubble of the 21st century will finally reach it's limit and burst. T
Michael Gibson
Michael Gibson 9 сарын өмнө
If the government doesn't stop with the current Covid 19 spending bills we will be hurting for some time.
Brent 5 сарын өмнө
Its a plandemic scamdemic
Harry Thornton
Harry Thornton 8 сарын өмнө
We're already feeling the good effects now, businesses can get through short term losses, wages subsidised (up to 80% in the UK I don't know where you are from). Then we get through the lockdown, businesses start reopening and trade resumes, but the downturns are coming unfortunately. One problem after another.
Excellence In Animation
Excellence In Animation 9 сарын өмнө
YES!! It's going to hurt us big time!!
Mohammad Ullah
Mohammad Ullah 9 сарын өмнө
Economics is like a cheesecake, if you listen to Milton Friedman! What a legend!
Rob Rophside
Rob Rophside 9 сарын өмнө
It's a great time to watch this video.
Nathan Bergey
Nathan Bergey 9 сарын өмнө
Who else is here to find out what is about to happen to the US dollar?
failtolawl 3 сарын өмнө
nothing happened to the US dollar
Neil Mc cann
Neil Mc cann 4 сарын өмнө
A E but is it strong really at present is it not floundering a bit??? I live in the uk 🇬🇧 part of Ireland 🇮🇪 and my currency is the uk pound . I’m a real estate developer and investor . I thinking 🤔 I should keep a certain amount of property to protect myself against inflation and keep a balance of cash to to buy more real estate if we have a recession and the currency has buying power ...I think it’s going to be one or the you have any thoughts about sterling value £ .?
mike patterson
mike patterson 4 сарын өмнө
@michael streed BRICS will try!!! Hope for peace my fellow Earthlings.;-))) Peace
CeNoTiX Gaming
CeNoTiX Gaming 4 сарын өмнө
@michael streed when you say foreign countries pay their debt. Do you mean debt to U.S companies or debt to U.S Gov't? Or both? Elaborate please (for ex. Why do foreign countries owe the U.S Gov't?)
CeNoTiX Gaming
CeNoTiX Gaming 4 сарын өмнө
@B - or, as a matter Gov't will have spent so much that inflation will be insane and other countries will ditch the U.S Dollar as their benchmark
Tech Mail
Tech Mail 10 сарын өмнө
How can anyone give this man a thumbs down 🤔
Michael FlamingSword
Michael FlamingSword 6 сарын өмнө
That are the 1% Capitalist Cronies. Now you know it too. Yw.
DEVRAN 10 сарын өмнө
Ladies and gentlemen, I must say that, "Never, never, ever go under the debt which you can't pay." Burak Ş. :)
Amanpreet Singh
Amanpreet Singh 10 сарын өмнө
Absolute gem of a talk and still relevant years after it was held
Kiệt Huỳnh
Kiệt Huỳnh 10 сарын өмнө
On virus pandemic - Covid 19. Uncle Milton's videos are great time investment.
Michael McDonald
Michael McDonald 9 сарын өмнө
@Mohammad Ullah seach, free to choose MNpost. His interview with the communist phil Donahue is awesome.
Mohammad Ullah
Mohammad Ullah 9 сарын өмнө
Can you pls give me a few links?
zib kabeer
zib kabeer 10 сарын өмнө
ive read that inflation is simply the fed putting too much money into circulation too fast. its completely understood and controlled by them. they can kill economies anytime they want to.
Enema Twatson
Enema Twatson 9 сарын өмнө
That's a bit of an exaggeration but not completely untrue. The Fed certainly caused some massive asset bubbles through reckless monetary policy but even if it is the root cause, Fed policy is not the only cause. Private banks and individuals still have to take the bait which they will be very tempted to do if the wrong incentives are created. The near certainty of a bailout should things go horribly wrong being one of those perverse incentives.
John Keller
John Keller 9 сарын өмнө
Yes, and the Federal Reserve completely controls that lever.
Digi Tal
Digi Tal 10 сарын өмнө
Poor guy probably is turning in his grave now.
Movie Readings
Movie Readings 10 сарын өмнө
guy at 7:11: *nods*
Ke Shou
Ke Shou 10 сарын өмнө
Only surprise matters!
ro koko
ro koko 10 сарын өмнө
So... Sanders Bernie's election commercial with this video?
Jeff Welker
Jeff Welker 11 сарын өмнө
Brilliant, now I know that in current era of crazy Bernie this material is a hard pill to swallow !!!
Manuel Joaquin Cerezo de la Roca
Manuel Joaquin Cerezo de la Roca 5 сарын өмнө
Well Bernie is only saying to prioritize spending, as why continue to spend almost 1 trillion a year in the military. No body questions that spending you know.
John Keller
John Keller 9 сарын өмнө
Breathe slightly easier that Bernie bowed out of the presidential nomination race. That said, we still have real problems ahead with hyper inflation if government spending is not reduced to balance, let alone pay off some debt.
Jeff Welker
Jeff Welker 11 сарын өмнө
We've not had another Milton as of yet ! Damn we miss this guy !
Reese Herrmann
Reese Herrmann 11 сарын өмнө
He throws down some good ass zingers and gets no laughs. What a shame.
Billy Te
Billy Te Жилийн өмнө
What year was this speech made in? Oh it was 1977 based on what he said at 51:55 "1976, last year"
John Жилийн өмнө
I so wish that I could smile like he does when he reasons. I just can't.
Bobby Axel
Bobby Axel 9 сарын өмнө
John I have thought about that too Lol
Alex S
Alex S Жилийн өмнө
How political correctness was born: "The way to solve things is by making politically profitable for the wrong people to do the right thing"
Dhalt Gaming
Dhalt Gaming Жилийн өмнө
Dam i was right :D new world is building up nor communist nor capitalist it is something between for the greater good for the humanity 💪💪💪 the perfect balance like in the east Yi and Yan. Like in greater Good there should be a little bit of Evil and in Evil there should be a little bit of good throw all those years the wold governments and investors men and women tooth us one and one thing only (Balance) 👏👏👏👏 Bravo brilliant !!!!!!!!!!!!!!!!
Dolphine Achonga
Dolphine Achonga 10 сарын өмнө
Free Trade Oreder Patriot Socialism, that's where we're heading.
Tuna Жилийн өмнө
what date
grzzlynne 11 сарын өмнө
Rees-Mogg for PM
Rees-Mogg for PM Жилийн өмнө
What year is this?
Dustin Bartolucci
Dustin Bartolucci Жилийн өмнө
Rees-Mogg for PM circa 77-78 I think. He recorded these lectures with the intention to use them for his Free To Choose program but later decided against it.
KyrosQuickfist Жилийн өмнө
Ah the days where "Unfunded Liabilities" was only 3 trillion.
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