Friedman is the one who has had the most influence on my thinking. God I remember when used to be a lost little puppy (a liberal) long time ago. I usually come back to this video every few months. It saddens me that I will never get to meet him, shake his hand and thank him for what he has done for me. I only hope people are open minded when they watch this. Friedman has taught me what freedom truly means.
this guys IQ must be off the charts. if he was still alive, he should have been Ron Pauls running vice president. for some reason, left-wingers will never realize the greatness of capitalism. they will always go into an argument with closed eyes and neverending arguments.
And there you have it; truth as told by a fundamental libertarian. They never resort to distortion or disinformation because when truth carries enough weight, no propaganda is necessary.
The "trickle-down" Theory: The principle that the poor, who must subsist on table scraps dropped by the rich, can best be served by giving the rich bigger meals.
@JoshMan522 I'm a small business owner. I'm not rich, but I earn more than my employees. I earn more because I created the functional system and worked 70hour weeks for 6years. My effort and risk now provides the opportunity of 40 jobs. Incentive and huge risk, has expanded the economy, and everyone is granted more opportunity.
How else does job creation happen?
Open your own business, you would learn that "the rich" do not prevent you from succeeding, the government does =)
@TheBalancedAmerican You created a system within a system. True, the larger system of rules is not fair for smaller business people such as yourself or workers; who both do all the work while the richest minority sit back and collect from your efforts. The richest folks buy off the government to defend their unfair rules. Under a better system, you might've had an easier time of life, and wouldn't have to endure the grinding 70 hrs/week just to create some jobs and a nice income for yourself.
@JoshMan522 It seems to me that there are good and bad billionaires. Steve Jobs or Bill Gates are examples of "good" billionaires because they added far more wealth and innovation into the society than they ever extracted. Most business owners are in this category.
Warren Buffet or George Soros, are examples of "bad" billionaires. They may have innovated finance, which allows capital to flow to Bill Gates, but they are little more than usurers of other peoples effort.
@JoshMan522 It is the financial class that you loath. I too hate crony capitalism. I think we should focus our reforms on the Tax Code, Monetary Reform, and Reserve Banking reform. All of these reforms target the "bad" billionaires. Debt-backed money is a system doomed to fail. =/
@TheBalancedAmerican i disagree. it is true that small business owners like yourself do create jobs, it is when we look at massive companies were the problem lies. why employ an american when you can pay slave labour to a India or Chinese man? if there was no minimum wage there is nothing stopping people from being exploited except education, which is what those already being exploited lack. if a very rich person wanted to buy you out, you would say yes. then they can do whatever they like.
@MrJarth One could argue that the reason that there is so much outsourcing is because that the American govt. goes out of it's way to stifle business with suffocating taxation, regulation, and their aiding and abetting powerful labour unions. Take away all those factors, allow business' to evolve and expand thus creating an atmosphere to hire more Americans.
@rosario508 1. i can see what you are saying but i don't see it as the problem. of course you have heard “There is one rule for the industrialist and that is: Make the best quality of goods possible at the lowest cost possible, paying the highest wages possible"
when you look at that the problem is clear. best quality means nothing if you are the only person making the product. highest wages possible is obsolete. when something goes offshore prices don't fall even with "slave" labour.
@rosario508 2. govt should be there trying to stop a monopoly on companies as much as possible. Another example. there are 2 coffee shops. one is a large business another is an independent small business. Both shops are sustainable but don't make excessive profits. now the one that is associated with the large business can buy other the smaller shop but they don't need to open it, just shut it down. they make more profits from closing it then running it. net result is 20 people lose there jobs.
@MrJarth I don't see a problem with large companies. We need industrial sized organizations to produce the needs of society, energy, communication, research and technical manufacturing. I do have a problem with monopolies and crony capitalism.
I'm sympathetic to your perspective, but remember to look at human history on a continuum rather than in a moment. America went through the same stages that India and China are going through now. Developing nations are catching up very fast. =)
@MrJarth btw, If you're interested, I can show you why min wage laws do nothing to improve the lives of minimum wage workers. My business experienced a 40% increase in the minimum wage, which trickles upward to all wages, which forced me and everyone else to raise prices.
If $5.15 bought two loaves of bread before the increase, $7.15 bought two loaves of bread after the increase. ;)
@TheBalancedAmerican hmm interesting. i heard that there is an over demand of rice. so much so that farmers are making a pathetic amount of profit from the expense of planting. you would think the people at the super markets would see a difference in rice prices, but no, nothing has changed only if the prices go up (more demand) do people see the difference.
anyway in your case what would happen if the minimum wage didn't increase (I assume their wages only changed with interest rates)
@MrJarth I don't know the specific circumstances of rich production, but I can offer the answer a free market-economist. With an over-supply of rich, the price at the grocer would decline only if the grocer's competitor began offering rice at a discounted rate. The pressure of competition(the market) is suppose to regulate prices. This is why monopolies are poison for free-markets. Also, many products can resist the "invisible hand", healthcare and education are good examples. =/
@MrJarth Min wages are determined by competition for labor. The free market may determine the minimum wage at $4 in Oklahoma city, and $10 in San Fransisco. Right now in N. Dakota, burger flippers are making $15. Inserting an artificial wage into the market simply causes the market to adjust upwards. The middle class gets squeezed the most in the deal. =/
I'll send you my essay on understanding the min wage. It is too much to explain here ;)
People tend to be (not always) happier in countries with more sophisticated democracies. People should have a say in decisions that affect their lives (that is what a democracy is!) I don't hear much of the use of the word "democracy" (government by and for the people) in the same breath as I hear about "free markets". I like how, in Switzerland, for example, citizens have the right to vote on almost everything, start a referendum on any issue, or veto any issue. And, of course, pro-rep voting.
Great interview. The moderator of course, being a journalist, has that stupid "I'm more civil & sophisticated" look on his face. There is nothing to add to Miltons answers. The clarity of thought based on human experience is so obvious it is almost futile to comment.
I should be free to set up a factory to employ children. Yet, I am stuck in this country PAYING for the free education of children for families I don't even know! What B.S. What happened to MY liberties?!
@JoshMan522 Fail somewhere else; Children are not able to enter into contracts, implied or otherwise. Parents carry the responsibility of their children, and even if a parent lets you employ their child, the child cannot legally consent to the employment. If you read a book, education was publicly funded and made mandatory first in the mass. bay colony to instill property rights and capitalism into children. If the education pays for itself through economic growth, it pays back it's bankrollers
@martydrooo Oh, no, of course children shouldn't be able to sign contracts.. contracts?! I don't want contracts from those little sniveling rats! I just want their cheap labor, otherwise they are useless to me, right?! Children deserve the PRIVILEGE to have the FREEDOM to work for ME! They can work alongside their miserable parents, too. Sorry, "man," I'd love to argue with you more, but I'm too busy sipping Mai Thai's in my 120 ft. luxury yacht, golfing with the elite and having my ass wiped!
@JoshMan522 Again, implied or otherwise. Contracts don't mean both parties get fair shakes, that's how you understand it. You could sign a contract for indentured servitude, in that case the contract is the most important part. Children cannot legally give consent. Sweat shops and wealthy sweat shop owners are a myth in the 1st world. In the 3rd world, I'm sure those people are better off without any work, dying at 40. Libertarians are for peoples' rights to join a union.
@martydrooo Who gives a crap about contracts? I just warehouse illegal immigrants and pay them garbage. Their tough luck! My gain! Anyway, I'm kind of busy eating caviar off of silver plates with my filthy rich buddies right now to bother with the likes of you! However, if you want a job wiping my ass for less than minimum wage, give me a call!
businesses are slaves to cost effiency .they will use more resources and create more waste, polution, damage, and death, if it will create more profit. they will not change under competition. the real answer is to do away with money, capital, resource ownership, and profit. we need to produce goods and services on some other basis. the resource based econonmy can produce more with less resource use. ALL can live better and save the planet. we need to change now. watch zeitgeist moving forward.
@H1TMANactual lol spoken like a blind moron - wake up - free markets are efficient? i guess thats why they use more labor ships and fuel - to ship goods from china to the u.s. ? - " the invisible hand of a.smith that supposedly results in efficient markets -only appears invisible because its not there" j stigler. (also nobel prize winner in economics)
friedman was a second rate economist -priamrily a free market propagandist - worst nobel prize even worse than obama's for peace
@MrIzzyDizzy LOL thanks for the laugh Zeitard. If free market is such a fail, how do you have a computer, internet and a website to spew retardation on?
@H1TMANactual - lol name calling is so logical. i have it(barely) by submitting to the system we have now - many in the world dont have those benifits because of free markets. free markets limit access to technology - theres no reason why we all cant have alot more -other than the contrived scarcity markets generate. without scarcity there is no profit -scarcity is a requirement of free markets - we can have access abundance with out them
@MrIzzyDizzy This kind of retardation is unbearable. None of that drivel is even true. Because you were gullible enough to be convinced by a youtube mockumentary doesn't make it true. Go grab a book on econ 101 and stfu.
@H1TMANactual lol its true - your just blind too its flaws - i have read large parts of hayek mises keynes friedman galbraith works - and intend to read some stiglitz soon - i had 2 courses in college as well.
@MrIzzyDizzy Well said. Too bad most brainwashed economics students can't relax enough and stop huffing all the usual b.s. lines and learn something new. Do they really think that universities teach them the whole truth about economics?
@H1TMANactual heres 1 flaw - monetary markets price mechanism is said to be the most rational form of deciding the best allocation of resources -through a value bidding system -( basic premise of hayeks socialist calculation problem) - clearly it doesnt - one simple example is china makes good for american consumption - they have less advanced factories - using more labor - they ship the goods 8000 miles using more fuel labor and ships - clearly it waste resources - but its cheaper
@MrIzzyDizzy It's cheaper to make in China due to both lower cost of labor and due to Chinese manipulation of currency. We could make it here, but unless you want to start slave camps and force people to work for lower wages, ain't going to happen. Also there is a thing called comparative advantage (look it up).
What's the Zeitard alternative? Some super computer (that doesn't exist) allocate resources and automate production? Sounds completely plausible.
@H1TMANactual im aware of the whys - it all cost effiency -which is basicaly just labor exploitation. there is no comparative agvantage that china has - we have virtual absolute advantage. comparitive advantage - is one region having tropical lush soil good for growing bananas but has no access to bodies of water- trading with a costal region that cant grow bananas but can trade fish for them. china has no comparative advantages for us - just labor exploitation. its very wasteful
@H1TMANactual as far as a rbe alternative - you apply new technologys to create abundance for all via the most technicaly efficent methods - constrained by pollution -enviromental damage like blowing up mountains for coal and the caring capacity of the earth.use stategic access (ex sharing yatchs)- and by making products designed to be upgradeable repairable and recylcable and long lasting - by creating abundance with clean energy airoponics cybernation etc -stop waste- use tech
@MrIzzyDizzy when i say sharing yatchs - i dont mean less i mean many more - but only whats needed - we need to share them based on thier desired usuage - we dont need 1 for every family - just 1 for every family when needed - thats strategic access
@MrIzzyDizzy Eventually the world will reach a wage equilibrium, then there will be no advantage to shipping goods 8000 miles. We can allow market forces, and individual choice to decide this, or we can impose some sort of authoritarian reorganization. I choose individual liberty for now.
@TheBalancedAmerican liberty? -if you f up society with markets you will on the average be less well off less free and its not just capitalism - all the isms that use price mechanisms of markets fail. we can use the highest technology and resource use strategys to create abundance for all - if one has abundant access to ones wants and need - then one is truly free - corruption and theft and coercion are eliminated with abundance(like air) and one can contribute as one wants
@MrIzzyDizzy I'm not saying capitalism is perfect. I'm not a pure capitalist like Friedman, I think government has a role in making sure no one ever owns all the hotels in the monopoly. Collectivist systems fail every time because of human nature.
The thing to remember is, capitalism didn't make humans self-interested, self-interested humans made capitalism. Money is as old as civilization.
You are too optimistic if you think a vision like Zeitgeist could be realized today.
@TheBalancedAmerican it could be if we work pn it - there is no human nature - theres only human conditioning - people are usually trained to be selfish due to both real and cotrived scarcity - without scaricty people are generally good,even the massive fraudulent wallstreeters and banksters are conditioned - both by scarcity and the culture of selfishness. see psywar for some of the roots of the propaganda. also some groups have no recorded murders and very low other crime
@MrIzzyDizzy There IS human nature, it is everything you see everyday. Compassion, cooperation, hate, love, anger, deceit, loyalty, jealously, selfishness, selflessness. All of it is human.
Visions like Zeitgeist are a very beautiful imaginary world. But it ignores the process and jumps straight to Utopia.
Scarcity? Do you propose we wave a magic wand to end world hunger? Or perhaps an authoritarian institution to force us to fix it? We're doing our best, we can do better.
@TheBalancedAmerican world hunger in paticular is solved -our current food production is generally believed to be sufficent but constrained by market delivery methods - but yes we can do better lol - prhaps 1000s of times better with what is already known. watch?v=CCTOR6m3k9w and watch?v=hjh97obNgUI - 1st explains how well hydroponics works( especialy the artifical light -plant tumbling method)and the second is an idea of how to expand it veritcaly also see airoponics
@MrIzzyDizzy The market seems to be the most efficient way to deliver aide.Not only can it feed people, it can show them how to feed themselves. The market will eventually find more efficient methods of production.
I know where you're coming from. You see some countries wasting food everyday, while someone in North Korea is starving. Intuitively, i agree with you, but what do you propose? Do governments start seizing control of production and distributing wealth as they see fit?
@MrIzzyDizzy Everyone wants a perfect world in their lifetimes,but you would be wise to see human history on a continuum rather than in a moment.The question is,are we headed in the right direction?
If you want an ideology to gain practical political traction,you need to develop a specific "babystep" to help steer society in that direction. Proposing grandiose utopian fantasies lowers your credibility and accomplishes nothing.
I respect the fact that you are at least thinking. =)
@TheBalancedAmerican - its hard not to want when you see so much suffering and criminals running things( see doc inside job charles ferguson if you can find it ) but there are ideas which could stave off the decline a while longer - which i see as steps - but would codify many for a while( maybe long one if resource waste can be addressed) - those are the ideas of bill still as related to money - two good docs on it are the money masters and the secret of oz (you tube)
@MrIzzyDizzy I've seen money masters, i'll take a look at secret of oz.Money masters was a bit conspiratorial, but provided some good information. A more balanced history of banking is the Accent of Money series
We defiantly need reform in the banking system. Milton proposed limiting the Fed, setting inflation to his k-percent model. He also proposed 100% reserve lending, which would end the artificial inflation of money that banks create.
We can make capitalism work for the people again. =)
@TheBalancedAmerican there is human nature in the sense we wont act like catfish - but there is no one human nature - our behavior is mostly an epigenetic reaction to our enviroment - amd includes facets of all those attributed you just named and has changed through time. - the resource based economy isnt utopia any more than a scientific finding is - its subject to change and updates as more knowledge is gained, as far as scarcity yes it can be almost entirely eliminated...
@MrIzzyDizzy The best arguments against free market capitalism are based on ecology. I' d have to say the enviro-hippies are right on that one. ;)
Environmental problems will be much more manageable when human birthrates become stable (womens global liberation). Until then, improving technology is our only option.
Do brilliant minds like this exist anymore? I am always in awe when I hear him talk. We have been so brainwashed by the leftist media over the years that we have been trained to recoil and wince every time we hear someone say anything against more government spending on the poor and the elderly. It's become taboo yet it is an important discussion seeing that it has only made the people at the bottom even worse off.
Damn- that guy doesn't F around. I'm standing on those shoulders, apparently, but I've extended those ideas in a few areas- check out my latest interview on the Mark Davis show on my channel and listen to me stump even a "conservative" talkshow host caught in the act of being "liberal", and subscribe and visit and join thesaneparty d com. You like this guy, you'll love the sane party.
How is "people not owning what they produce" a part of capitalism. Someone cannot be voluntarily "extorted." What do you want to see happen? Do you want the government to say "Hey You, you are going to spend all your money and risk all you have to start a business, then we are going to tell you how much you have to pay your employees, how much they can work, they can trash you on facebook, and you better like it!" Sign me up.
3 Billion humans earn less than $2 a day, stick your capitalist system up your ass. Half the world has no toilet. 36 million humans died of starvation last year, because they do not own what they produce, and are extorted.
@noprofitmaximierung Have a closer look at those 3 billion people; they are usually under the jackboot of theocratic, military or communist tyranny. In other words, they labour under a centralised system of governance directed by idealist dogmas that may not be questioned. They are certainly not in the position they are in because of capitalism.
@noprofitmaximierung Developing nations are catching up very fast, Capitalism is the mechanism that is allowing them to do this (China, ASEAN, Brazil, etc.). Those who live in utter poverty are usually enslaved by their own political systems, usually collectivist systems. For example, the people of North Korea, or those in Sub Saharan Africa. It is not capitalism's fault they live in poverty.
@TheBalancedAmerican oh? thier are plenty of enslaved by capitalist markets watch some interviews with john perkins on confessions of an economic hitman, some of thier poorest people on earth are capitalist further look at russia they are poorer despite 20+ years of capitalistic reform - they are going from the 2nd world back to the third world. all systems have rising standards of living in the last 230 years - due to 2 things. technology and cheap fossil fuels even slaves
@MrIzzyDizzy You'd like to think their is a debate here, but there isn't. Do not overlook the great advances made by free people acting under free markets. The evidence is all around you, its the modern world.
Capitalism is not ideal, just better than everything else. It has serious ecological challenges ahead of it. Although everyone eats more pie, the gap between rich and poor is accelerating. These are just a few problems. We're still working it out, but everyone is winning.
@TheBalancedAmerican Everyone is winning? B.S. Look at some inner city slums, or better yet, go to Indonesia or China and see what the enslaved countries there do for work. We have helped the corrupt regimes of the world to enslave their poor and we buy their garbage. You are trivializing some monstrously messed up scenarios all created by so-called "free markets" that may even threaten our very existence through pollution. The science has long been proven, we're heading for disaster.
@JoshMan522 Those countries would be even poorer if not for the fact they can sell good to the west...goods they're only producing because western countries moved their factories and technology there. Ask yourself this, what happens to all those worker in China and all those kiddies picking cocobeans if the west stops buying their products??? thats right they starve..they go back to the way they were before being "enslaved" lol
@JoshMan522 Your point is well taken, but you make the mistake of judging human history in a moment, rather than on a continuum. You must look at the trend in order to make a reasonable judgement and the trend is very clear, humans are advancing. Capitalism has delivered longer life spans, the eradication of most major diseases, clean streets, indoor plumbing, amazing technology, amazing logistics, and relative political freedom. But, we still have a lot of room for improvement. =)
@JoshMan522 One last thing, the "monstrous scenarios" you write about were not created by free markets, they were created by corrupted humans. Capitalism didn't make humans selfish, selfish humans made capitalism.
I do not "trivialize" the hardships that many people face, but I also do not allow my distaste for these things to close my mind to the truth.
@MrIzzyDizzy I've watched confessions of an economic hitman, and Zeitgeist, and Addendum, and all the other things that communists throw at me.
All their solutions are Utopian. All their criticisms have existed throughout human history under every system. Humans have always competed, waged war, and enslaved every race, creed, and color.
Western democratic capitalism will not be remembered as the great enslaver, it will be remembered as the first systems who began to end slavery.
@TheBalancedAmerican democracy doesnt exist. only republics and worse. as far as always waging war and enslaving others - some have. not all. as far as watching confessions of an economic hitman it clearly shows how the goverment and corporations have set up a global hegomonic systems which results in people working in conditions akin to slavery 34k die of poverty daily - 162 million live on 50 cents a day. 1 billion $1 -3 billion on $2. this is wage slavery -and is both evil and designed.
@TheBalancedAmerican Utopian? Kicking the leeching capitalist Boss the Fuck out of the factory, fields and having economic democracy is NOT Utopian! It is being done everywhere: Catalonia, American communist "co-ops", German light industry.
@noprofitmaximierung I am not a pure free market capitalist like Friedman, but I do not deny the great advancements made by capitalist systems. I like hybridized systems.
I support capitalism because it preserves the greatest amount of choice for the greatest number of people. Your example of worker-owned businesses is a perfect illustration. If people want to work together and form communes they are free to do so in capitalism. I lived on a commune for a year. =)
@TheBalancedAmerican "Communists" have but one solution: Workers' Control over Production! You using this word "communists" (Marx, Lenin, Engels, Guevara, Ziegler, Fidel, Allende, HochiMinh) in relation to Zeitgeist Addendum, economic hitman discredits yourself.
@noprofitmaximierung I cite Zeitgeist and Economic Hitmen because those are the things most often cited to me. Collective ownership is only one element of communism. It can manifest in many forms, and the results are starkly different between Anarcho-collectivism, or Mutualism, or Stalinism.
However, In most cases "collective ownership" is synonymous with "collective disownership" which tends to be the great weakness of collectivist systems when applied to a large group.
@TheBalancedAmerican Our current system isn't democratic capitalism, it's corporate fascism, if this confuses you your either gifted at lying to yourself or retarded... Central Banking by definition isn't "free market", it's controlled, the central banking function combines corporate and state power... We were a constitutional republic and a free market economy up until 1913, when the international bankers scammed the Federal Reserve into law our govt became whores to the bankers...
@12gdemos "Corporate fascism" is a bit of an exaggeration of our current system. We still have a substantial degree of freedom, opportunity, and respect for human rights. Developing nations aspire to achieve the scenario we take for granted in the Westernized world.
That being said, I agree that our monetary framework needs to be changed. If you read my posts you will find that I advocate for a publicly owned central bank, where citizenship comes with a membership share in the Fed.
@TheBalancedAmerican If you add "with full transparency" to your publicly owned central bank we are 100 percent in agreement... That would also put us in agreement with the US Constitution, and Thomas Jefferson...
@12gdemos Transparency is essential, my hope would be that the Fed would have to issue shareholder statements periodically just like any other public company. I'm happy you understand the Federal reserve system, most people don't.
If they are going to print money that is guaranteed by the future labor of the people (debt), then we ought to be paid the interest rate on those funds, because they are technically ours, not the banking elite who currently consolidate our wealth. =)
@TheBalancedAmerican We are on the same page, they offer "balance sheet" but as we recently saw the balance sheet is complete BS, after the partial audit just since 2008 we saw 15 trillion in ZERO interest loans, then they banks turn around and buy govt bonds at interest, basically a loophole to preform legal counterfeiting, and the nominal inflation numbers are also a joke, real inflation is closer to 8 percent the last 3 years, it's amazing congress even has 9 percent approval...
@TheBalancedAmerican it's all a lot more complicated than your snippets of selective reality can illustrate, but, hey, thanks for the cartoon picture you've painted.
@JoshMan522 The perspective of all humans is limited by the information we use to form it. No one can be 100% accurate, especially when dealing with a social science. However, I work hard not be "selective" with the information i come across. If someone presents new information, I try to incorporate it into my incomplete perspective. Essentially, I'm interested in intellectual honesty, not zealotry.
If you have something to offer, offer it. Insults do little but discredit you. =/
@TheBalancedAmerican the biggest problem of communism is theres no incentive, why would anyone bust their ass running a major corporation, working non-stop, for the same wages as the guy who mops floors? and beyond that, why would anyone mop floors for the same wages as the person who is unemployed? and what do you do with the unemployed? throw them in jail? then your as far away from freedom as you could possibly be..
@RESTxINxPIECEZ I couldn't agree more. The self-interested human is not compatible with a purely socialist system. Communists say that Capitalism made us self-interested. I think that notion is rubbish.
However, our current capitalist system is not perfect. While everyone is winning, the gap between the financial class and the everyone else is growing very fast. Fast forward a few hundred years, you will have an oligarchy. Debt-based currency seems to be the main culprit. =/
@RESTxINxPIECEZ We can make the free-market system work better. Imo, the two pillars of reform are Monetary (interest-free currency creation), and Banking(100% reserves for all Checking & Savings)
The ideal vision looking like a Mutualism. Mutualism preserves the freedom and opportunity of a free-market system, while providing an ownership incentive to everyone. All without bureaucratic inefficiency. Chile's personal retirement accounts, are one example of a Mutualist reform.
@noprofitmaximierung Before Capitalism almost ALL of us were poor and uneducated, Capitalism changed that. Your problem is that you think the rich nations OWE the poorer ones...they don't...
@JoshMan522 That information was accumulated from many places. But think about the effect of Oil, its basically free energy. 1 barrel has been estimated at being equivalent to 25,000 man hours of work...I can BUY that for next to nothing, thats wealth. Think of everything you have living in modern society that you wouldn't ave had before the industrial revolution and capitalism, theres a big difference.
@noprofitmaximierung You are indeed stating the rich owe the poor. What else can your quote of Brecht mean? Any disparity at all between the two means one has and the other has not. Right? This is rich and poor. Poor today is not poor yesterday no matter how you cut it. The only way, ONLY WAY, to ensure parity is by taking from the one and giving to the other. This is an obscure means of not only telling the one he OWES the other but also collecting on that implied debt.
@JoshMan522 People live in poverty in some parts of the world... its not because a country on the other side of the planet has embraced capitalism and become wealthy. In fact the poorer country is better of if there exist wealthy countries in the world.
People aren't made poor if someone on the opposite side of the planet is pumping oil out of the ground and "taking more" your equation doesn't marry up with reality
@noprofitmaximierung Explain to me why jobs in factories for US and other large corporations that are often kept out of 3rd world countries by rhetoric and moral outrage have better conditions and pay double of what other local industries pay on average? Is that exploitation in your eyes? Lack of capital investment is the real reason that these places are so poor. Politicians and dictators keep out these "exploiters", and if not that the lack of law and order and social stability do the rest.
@ScionAscendant National jobs in the US, i suspect, for corporations (which as you most likely know that the really big industrial monpols are state subsidized;i.e. GM GE various big technological companies etc.) which are system relevant, do pay well, nationally. The state has a say in most big corporations. But even GM is sitting on 4.7 billion $ + profits while Detroit has 50% unemployed. "Lack of capital investment..."? Have you ever seen the capital flight stats from the 3 world?
@ScionAscendant "Politicians and dictators keep out these [capitalist]'exploiters'" That is so sad i don't think it deserves a response. I'll just say: Pinochet, Mobutu, Suharto, Zelaya, Batista, Syngman Rhee, Khiem, Babangida, Mubarak, Pol Pot, Hussein, Azurdia....
@MiltonPinochet No one man has been single-handedly responsible for any event of worldwide significance in the entire history of humanity. I think that you're the one engaging in sophistry, or perhaps stupidity.
@davidallenroth Meanwhile the US federal govt is running massive deficits and over 40% of every dollar spent goes to Social security, medicare, and medicaid. Europe's economies are collapsing despite being far less Reagonomic, and Japan's decade plus of stimulus hasn't worked. Seeing as how govt has increased over the past few decades, maybe you should rethink your premise.
What's amazing about this Man the fact that he was one of the top austrian economists, constitutional liberal scholars, AND he came out of Chicago of all places.
@nerfmyaccount Friedman was right if the Fed did bail out (which would have ment print enough money to keep up with demand of cash from people scared they would lose their savings) the banks would not have failed and the great depression wouldn't have happened. The Fed now however is not just a reserve of cash if the banks fail, it needs to be ended in its current role but having it as a reserve of cash to restore depositors confidence is ok as long as reserve requirements are lowered.
Hey nerf the Fed was established to keep reserve currency in their vault so if there was a run on the banks the Fed could meet the sudden demand of cash without the banks going broke this is only necessary because of fractional reserve banking but you are kidding yourself if that is what you think the Fed is doing now. It is enabling insane ammounts of govt spending and interfering with the entire money supply and setting artificially low intrest rates which would be solved by having soundmoney
@slip1113, the great thing about being a libertarian is that you're always in a position to complain because your ideological reference-point is based on anarchy, or conditions approaching anarchy. There have, never in the history of human kind, been those conditions which completely approach the libertarian ideal & there never will be. Libertarianism is just unrealistic. In this case, you guys just blame the FED...it's always SOMETHING that has to do with "government" that's blamed
@AugustoMilton, the beauty of the argumentation of the typical libertarian ideologue is that since laissez-faire was never implemented in a perfect fashion it is still worth a try. We can say the same thing for communist countries -can't we? Orthodox Marxists claim that there has never been a truly communist country.
In fact, this is what makes Friedman such a great practitioner of chicanery...
@AugustoMilton Tell me which political ideology doesn't blame the ills, or what they percieve to be the ills of society on contrasting political ideologies? Also, you clearly don't understand what the term anarchy means if you attribute it to libertarianism. Libertarians simply want a government of laws, not men. Protection of property rights, individual liberties, police, courts, and a military are all that are required to curb anarchy.
@AugustoMilton They came pretty close in Spain in the late thirties, when they fought against Franco. There was no leader to make others follow, and they developed their own underground economy.
Do you anti-fed anti-fiat idiots have any sort of clue at all? Friedman literally blamed the great depression on the government failing to bailout the banks lmao.
Where was "the invisible hand" when our economy went south? Years of Friedman-inspired deregulation, executed by father and son Bush, left financial markets in the hands of -- well -- invisible hands. Now off their regulatory leashes, financial institutions could create, invest in, and manipulate new, exotic, unstable, ungrounded, risky, but highly profitable, financial products -- mainly derivatives and securitization devices, such as subprime mortgage packages.
What happened is that the fed fixed interest rates very low, which, along with direct manipulation in the housing market via fannie and freddie (and other legislation), caused massive malinvestment. Of course they were reckless. They were given money at no interest and promised that the taxpayers would get saddled with the losses if things went south. What should have happened is that they should have gone broke, and responsible, local banks should have bought their assets.
@ninjabunnyman, the truth is that the bulk of residential mortgage lending during the peak bubble years (2004–06) was through commercial entities such as Countrywide Financial that weren't subject to provisions of the CRA.
Fannie Mae and Freddie Mac actually lost market share during the housing bubble. Assigning a key role in the crisis to Fannie Mae and Freddie Mac doesn't explain why other countries also had a similar real estate bubbles at the same time.
It's not about the CRA primarily, but about government backing of mortgage securities. In 2008, Fannie and Freddie owned or guaranteed HALF of the US mortgage market. Even in the rest of the market, "to big to fail" was a well established principle, and large companies knew the government would step in in case of a large scale decline. Basically, these companies were able to get 0-0.25% money from the fed, gamble with it, and then stick the taxpayers when it didn't pay off.
We have nothing even close to a free market in this country, in most sectors. What we have is corporatism, where big banks and corporations use government to block competitors, fix the game, and line their pockets with money taken forcefully from the taxpayers. Heck, the fed creates money out of thin air, hands it to the banks at close to zero percent, and loan it to use at 5-6% or more.
Ah the good ol days, where there is actually intelligent debate show on current issues by intelligent and articulate people, oh the contrast! There's nothing but trash entertainment nowadays.
Friedman is the one who has had the most influence on my thinking. God I remember when used to be a lost little puppy (a liberal) long time ago. I usually come back to this video every few months. It saddens me that I will never get to meet him, shake his hand and thank him for what he has done for me. I only hope people are open minded when they watch this. Friedman has taught me what freedom truly means.
H1TMANactual 2 days ago
@H1TMANactual :/
MrJarth 2 days ago
Did Friedman ever have hair?
jymer2000 2 days ago
@jymer2000 Yeah back in the day.
H1TMANactual 2 days ago
this guys IQ must be off the charts. if he was still alive, he should have been Ron Pauls running vice president. for some reason, left-wingers will never realize the greatness of capitalism. they will always go into an argument with closed eyes and neverending arguments.
RESTxINxPIECEZ 1 week ago 2
Wow the beginning of this program is creepy...
TradingTutor 1 week ago
And there you have it; truth as told by a fundamental libertarian. They never resort to distortion or disinformation because when truth carries enough weight, no propaganda is necessary.
JulesManson 1 week ago
The "trickle-down" Theory: The principle that the poor, who must subsist on table scraps dropped by the rich, can best be served by giving the rich bigger meals.
JoshMan522 2 weeks ago
@JoshMan522 Yup, that's what they are saying. You got it! Way to go, have a Coke! Feel better now?
mattilyons 1 week ago
@JoshMan522 I'm a small business owner. I'm not rich, but I earn more than my employees. I earn more because I created the functional system and worked 70hour weeks for 6years. My effort and risk now provides the opportunity of 40 jobs. Incentive and huge risk, has expanded the economy, and everyone is granted more opportunity.
How else does job creation happen?
Open your own business, you would learn that "the rich" do not prevent you from succeeding, the government does =)
TheBalancedAmerican 1 week ago 19
@TheBalancedAmerican You created a system within a system. True, the larger system of rules is not fair for smaller business people such as yourself or workers; who both do all the work while the richest minority sit back and collect from your efforts. The richest folks buy off the government to defend their unfair rules. Under a better system, you might've had an easier time of life, and wouldn't have to endure the grinding 70 hrs/week just to create some jobs and a nice income for yourself.
JoshMan522 1 week ago
@JoshMan522 It seems to me that there are good and bad billionaires. Steve Jobs or Bill Gates are examples of "good" billionaires because they added far more wealth and innovation into the society than they ever extracted. Most business owners are in this category.
Warren Buffet or George Soros, are examples of "bad" billionaires. They may have innovated finance, which allows capital to flow to Bill Gates, but they are little more than usurers of other peoples effort.
TheBalancedAmerican 1 week ago
@JoshMan522 It is the financial class that you loath. I too hate crony capitalism. I think we should focus our reforms on the Tax Code, Monetary Reform, and Reserve Banking reform. All of these reforms target the "bad" billionaires. Debt-backed money is a system doomed to fail. =/
TheBalancedAmerican 1 week ago
@TheBalancedAmerican i disagree. it is true that small business owners like yourself do create jobs, it is when we look at massive companies were the problem lies. why employ an american when you can pay slave labour to a India or Chinese man? if there was no minimum wage there is nothing stopping people from being exploited except education, which is what those already being exploited lack. if a very rich person wanted to buy you out, you would say yes. then they can do whatever they like.
MrJarth 2 days ago
@MrJarth One could argue that the reason that there is so much outsourcing is because that the American govt. goes out of it's way to stifle business with suffocating taxation, regulation, and their aiding and abetting powerful labour unions. Take away all those factors, allow business' to evolve and expand thus creating an atmosphere to hire more Americans.
rosario508 1 day ago
@rosario508 1. i can see what you are saying but i don't see it as the problem. of course you have heard “There is one rule for the industrialist and that is: Make the best quality of goods possible at the lowest cost possible, paying the highest wages possible"
when you look at that the problem is clear. best quality means nothing if you are the only person making the product. highest wages possible is obsolete. when something goes offshore prices don't fall even with "slave" labour.
MrJarth 1 day ago
@rosario508 2. govt should be there trying to stop a monopoly on companies as much as possible. Another example. there are 2 coffee shops. one is a large business another is an independent small business. Both shops are sustainable but don't make excessive profits. now the one that is associated with the large business can buy other the smaller shop but they don't need to open it, just shut it down. they make more profits from closing it then running it. net result is 20 people lose there jobs.
MrJarth 1 day ago
@MrJarth I don't see a problem with large companies. We need industrial sized organizations to produce the needs of society, energy, communication, research and technical manufacturing. I do have a problem with monopolies and crony capitalism.
I'm sympathetic to your perspective, but remember to look at human history on a continuum rather than in a moment. America went through the same stages that India and China are going through now. Developing nations are catching up very fast. =)
TheBalancedAmerican 1 day ago
@MrJarth btw, If you're interested, I can show you why min wage laws do nothing to improve the lives of minimum wage workers. My business experienced a 40% increase in the minimum wage, which trickles upward to all wages, which forced me and everyone else to raise prices.
If $5.15 bought two loaves of bread before the increase, $7.15 bought two loaves of bread after the increase. ;)
TheBalancedAmerican 1 day ago
@TheBalancedAmerican hmm interesting. i heard that there is an over demand of rice. so much so that farmers are making a pathetic amount of profit from the expense of planting. you would think the people at the super markets would see a difference in rice prices, but no, nothing has changed only if the prices go up (more demand) do people see the difference.
anyway in your case what would happen if the minimum wage didn't increase (I assume their wages only changed with interest rates)
MrJarth 10 hours ago
@MrJarth I don't know the specific circumstances of rich production, but I can offer the answer a free market-economist. With an over-supply of rich, the price at the grocer would decline only if the grocer's competitor began offering rice at a discounted rate. The pressure of competition(the market) is suppose to regulate prices. This is why monopolies are poison for free-markets. Also, many products can resist the "invisible hand", healthcare and education are good examples. =/
TheBalancedAmerican 3 hours ago
@MrJarth Min wages are determined by competition for labor. The free market may determine the minimum wage at $4 in Oklahoma city, and $10 in San Fransisco. Right now in N. Dakota, burger flippers are making $15. Inserting an artificial wage into the market simply causes the market to adjust upwards. The middle class gets squeezed the most in the deal. =/
I'll send you my essay on understanding the min wage. It is too much to explain here ;)
TheBalancedAmerican 3 hours ago
Thanks for sharing!
jmnage 2 weeks ago
Great minds horrible opening song.
JimmyRose1 2 weeks ago
People tend to be (not always) happier in countries with more sophisticated democracies. People should have a say in decisions that affect their lives (that is what a democracy is!) I don't hear much of the use of the word "democracy" (government by and for the people) in the same breath as I hear about "free markets". I like how, in Switzerland, for example, citizens have the right to vote on almost everything, start a referendum on any issue, or veto any issue. And, of course, pro-rep voting.
JoshMan522 3 weeks ago
Is Milton related to Kinky??
JoshMan522 3 weeks ago
damn he was so smart. He always thinks outside the box.
vonGleichenT 3 weeks ago
Great interview. The moderator of course, being a journalist, has that stupid "I'm more civil & sophisticated" look on his face. There is nothing to add to Miltons answers. The clarity of thought based on human experience is so obvious it is almost futile to comment.
ROBERT195911577 1 month ago
He is still one of great philosophers in the world.
shawn7jeon 1 month ago
BRILLIANT!!
asphyxiafeeling 1 month ago 7
Who says Milton Friedman won every debate? Watch him getting schooled ----> /watch?v=FXLWd_avNT8&feature=channel_video_title
diogotomediogo 1 month ago
I should be free to set up a factory to employ children. Yet, I am stuck in this country PAYING for the free education of children for families I don't even know! What B.S. What happened to MY liberties?!
JoshMan522 1 month ago
@JoshMan522 Fail somewhere else; Children are not able to enter into contracts, implied or otherwise. Parents carry the responsibility of their children, and even if a parent lets you employ their child, the child cannot legally consent to the employment. If you read a book, education was publicly funded and made mandatory first in the mass. bay colony to instill property rights and capitalism into children. If the education pays for itself through economic growth, it pays back it's bankrollers
martydrooo 3 weeks ago
@martydrooo Oh, no, of course children shouldn't be able to sign contracts.. contracts?! I don't want contracts from those little sniveling rats! I just want their cheap labor, otherwise they are useless to me, right?! Children deserve the PRIVILEGE to have the FREEDOM to work for ME! They can work alongside their miserable parents, too. Sorry, "man," I'd love to argue with you more, but I'm too busy sipping Mai Thai's in my 120 ft. luxury yacht, golfing with the elite and having my ass wiped!
JoshMan522 3 weeks ago
@JoshMan522 Again, implied or otherwise. Contracts don't mean both parties get fair shakes, that's how you understand it. You could sign a contract for indentured servitude, in that case the contract is the most important part. Children cannot legally give consent. Sweat shops and wealthy sweat shop owners are a myth in the 1st world. In the 3rd world, I'm sure those people are better off without any work, dying at 40. Libertarians are for peoples' rights to join a union.
martydrooo 3 weeks ago
@martydrooo Who gives a crap about contracts? I just warehouse illegal immigrants and pay them garbage. Their tough luck! My gain! Anyway, I'm kind of busy eating caviar off of silver plates with my filthy rich buddies right now to bother with the likes of you! However, if you want a job wiping my ass for less than minimum wage, give me a call!
JoshMan522 3 weeks ago
By far, his best interview.
diogotomediogo 1 month ago
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MrIzzyDizzy 1 month ago
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MrIzzyDizzy 1 month ago
businesses are slaves to cost effiency .they will use more resources and create more waste, polution, damage, and death, if it will create more profit. they will not change under competition. the real answer is to do away with money, capital, resource ownership, and profit. we need to produce goods and services on some other basis. the resource based econonmy can produce more with less resource use. ALL can live better and save the planet. we need to change now. watch zeitgeist moving forward.
MrIzzyDizzy 1 month ago
@MrIzzyDizzy Pfhahaha. Spare us Zeitard.
H1TMANactual 1 month ago
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MrIzzyDizzy 1 month ago
@H1TMANactual lol spoken like a blind moron - wake up - free markets are efficient? i guess thats why they use more labor ships and fuel - to ship goods from china to the u.s. ? - " the invisible hand of a.smith that supposedly results in efficient markets -only appears invisible because its not there" j stigler. (also nobel prize winner in economics)
friedman was a second rate economist -priamrily a free market propagandist - worst nobel prize even worse than obama's for peace
MrIzzyDizzy 1 month ago
@MrIzzyDizzy LOL thanks for the laugh Zeitard. If free market is such a fail, how do you have a computer, internet and a website to spew retardation on?
H1TMANactual 1 month ago
@H1TMANactual - lol name calling is so logical. i have it(barely) by submitting to the system we have now - many in the world dont have those benifits because of free markets. free markets limit access to technology - theres no reason why we all cant have alot more -other than the contrived scarcity markets generate. without scarcity there is no profit -scarcity is a requirement of free markets - we can have access abundance with out them
MrIzzyDizzy 1 month ago
@MrIzzyDizzy This kind of retardation is unbearable. None of that drivel is even true. Because you were gullible enough to be convinced by a youtube mockumentary doesn't make it true. Go grab a book on econ 101 and stfu.
H1TMANactual 1 month ago
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MrIzzyDizzy 1 month ago
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@H1TMANactual lol its true - your just blind too its flaws - i have read large parts of hayek mises keynes friedman galbraith works - and intend to read some stiglitz soon - i had 2 courses in college as well.
MrIzzyDizzy 1 month ago
@MrIzzyDizzy There are plenty of valid criticisms of free market, but you didn't provide any of them. You should stick to watching Zeitgeist videos.
H1TMANactual 1 month ago
@MrIzzyDizzy Well said. Too bad most brainwashed economics students can't relax enough and stop huffing all the usual b.s. lines and learn something new. Do they really think that universities teach them the whole truth about economics?
JoshMan522 3 weeks ago
@H1TMANactual heres 1 flaw - monetary markets price mechanism is said to be the most rational form of deciding the best allocation of resources -through a value bidding system -( basic premise of hayeks socialist calculation problem) - clearly it doesnt - one simple example is china makes good for american consumption - they have less advanced factories - using more labor - they ship the goods 8000 miles using more fuel labor and ships - clearly it waste resources - but its cheaper
MrIzzyDizzy 1 month ago
@MrIzzyDizzy It's cheaper to make in China due to both lower cost of labor and due to Chinese manipulation of currency. We could make it here, but unless you want to start slave camps and force people to work for lower wages, ain't going to happen. Also there is a thing called comparative advantage (look it up).
What's the Zeitard alternative? Some super computer (that doesn't exist) allocate resources and automate production? Sounds completely plausible.
H1TMANactual 1 month ago
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MrIzzyDizzy 1 month ago
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@H1TMANactual im aware of the whys - it all cost effiency -which is basicaly just labor exploitation. there is no comparative agvantage that china has - we have virtual absolute advantage. comparitive advantage - is one region having tropical lush soil good for growing bananas but has no access to bodies of water- trading with a costal region that cant grow bananas but can trade fish for them. china has no comparative advantages for us - just labor exploitation. its very wasteful
MrIzzyDizzy 1 month ago
@H1TMANactual as far as a rbe alternative - you apply new technologys to create abundance for all via the most technicaly efficent methods - constrained by pollution -enviromental damage like blowing up mountains for coal and the caring capacity of the earth.use stategic access (ex sharing yatchs)- and by making products designed to be upgradeable repairable and recylcable and long lasting - by creating abundance with clean energy airoponics cybernation etc -stop waste- use tech
MrIzzyDizzy 1 month ago
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@MrIzzyDizzy when i say sharing yatchs - i dont mean less i mean many more - but only whats needed - we need to share them based on thier desired usuage - we dont need 1 for every family - just 1 for every family when needed - thats strategic access
MrIzzyDizzy 1 month ago
@MrIzzyDizzy Eventually the world will reach a wage equilibrium, then there will be no advantage to shipping goods 8000 miles. We can allow market forces, and individual choice to decide this, or we can impose some sort of authoritarian reorganization. I choose individual liberty for now.
TheBalancedAmerican 1 month ago
@TheBalancedAmerican liberty? -if you f up society with markets you will on the average be less well off less free and its not just capitalism - all the isms that use price mechanisms of markets fail. we can use the highest technology and resource use strategys to create abundance for all - if one has abundant access to ones wants and need - then one is truly free - corruption and theft and coercion are eliminated with abundance(like air) and one can contribute as one wants
MrIzzyDizzy 1 month ago
@MrIzzyDizzy I'm not saying capitalism is perfect. I'm not a pure capitalist like Friedman, I think government has a role in making sure no one ever owns all the hotels in the monopoly. Collectivist systems fail every time because of human nature.
The thing to remember is, capitalism didn't make humans self-interested, self-interested humans made capitalism. Money is as old as civilization.
You are too optimistic if you think a vision like Zeitgeist could be realized today.
TheBalancedAmerican 1 month ago
@TheBalancedAmerican it could be if we work pn it - there is no human nature - theres only human conditioning - people are usually trained to be selfish due to both real and cotrived scarcity - without scaricty people are generally good,even the massive fraudulent wallstreeters and banksters are conditioned - both by scarcity and the culture of selfishness. see psywar for some of the roots of the propaganda. also some groups have no recorded murders and very low other crime
MrIzzyDizzy 1 month ago
@MrIzzyDizzy There IS human nature, it is everything you see everyday. Compassion, cooperation, hate, love, anger, deceit, loyalty, jealously, selfishness, selflessness. All of it is human.
Visions like Zeitgeist are a very beautiful imaginary world. But it ignores the process and jumps straight to Utopia.
Scarcity? Do you propose we wave a magic wand to end world hunger? Or perhaps an authoritarian institution to force us to fix it? We're doing our best, we can do better.
TheBalancedAmerican 1 month ago
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MrIzzyDizzy 1 month ago
@TheBalancedAmerican world hunger in paticular is solved -our current food production is generally believed to be sufficent but constrained by market delivery methods - but yes we can do better lol - prhaps 1000s of times better with what is already known. watch?v=CCTOR6m3k9w and watch?v=hjh97obNgUI - 1st explains how well hydroponics works( especialy the artifical light -plant tumbling method)and the second is an idea of how to expand it veritcaly also see airoponics
MrIzzyDizzy 1 month ago
@MrIzzyDizzy The market seems to be the most efficient way to deliver aide.Not only can it feed people, it can show them how to feed themselves. The market will eventually find more efficient methods of production.
I know where you're coming from. You see some countries wasting food everyday, while someone in North Korea is starving. Intuitively, i agree with you, but what do you propose? Do governments start seizing control of production and distributing wealth as they see fit?
TheBalancedAmerican 1 month ago
@MrIzzyDizzy Everyone wants a perfect world in their lifetimes,but you would be wise to see human history on a continuum rather than in a moment.The question is,are we headed in the right direction?
If you want an ideology to gain practical political traction,you need to develop a specific "babystep" to help steer society in that direction. Proposing grandiose utopian fantasies lowers your credibility and accomplishes nothing.
I respect the fact that you are at least thinking. =)
TheBalancedAmerican 1 month ago
@TheBalancedAmerican - its hard not to want when you see so much suffering and criminals running things( see doc inside job charles ferguson if you can find it ) but there are ideas which could stave off the decline a while longer - which i see as steps - but would codify many for a while( maybe long one if resource waste can be addressed) - those are the ideas of bill still as related to money - two good docs on it are the money masters and the secret of oz (you tube)
MrIzzyDizzy 1 month ago
@MrIzzyDizzy I've seen money masters, i'll take a look at secret of oz.Money masters was a bit conspiratorial, but provided some good information. A more balanced history of banking is the Accent of Money series
We defiantly need reform in the banking system. Milton proposed limiting the Fed, setting inflation to his k-percent model. He also proposed 100% reserve lending, which would end the artificial inflation of money that banks create.
We can make capitalism work for the people again. =)
TheBalancedAmerican 1 month ago
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@TheBalancedAmerican there is human nature in the sense we wont act like catfish - but there is no one human nature - our behavior is mostly an epigenetic reaction to our enviroment - amd includes facets of all those attributed you just named and has changed through time. - the resource based economy isnt utopia any more than a scientific finding is - its subject to change and updates as more knowledge is gained, as far as scarcity yes it can be almost entirely eliminated...
MrIzzyDizzy 1 month ago
@MrIzzyDizzy The best arguments against free market capitalism are based on ecology. I' d have to say the enviro-hippies are right on that one. ;)
Environmental problems will be much more manageable when human birthrates become stable (womens global liberation). Until then, improving technology is our only option.
TheBalancedAmerican 1 month ago
FUCKING ASS HOLE
dansoftheways 1 month ago
Do brilliant minds like this exist anymore? I am always in awe when I hear him talk. We have been so brainwashed by the leftist media over the years that we have been trained to recoil and wince every time we hear someone say anything against more government spending on the poor and the elderly. It's become taboo yet it is an important discussion seeing that it has only made the people at the bottom even worse off.
tomcat8662 1 month ago
Damn- that guy doesn't F around. I'm standing on those shoulders, apparently, but I've extended those ideas in a few areas- check out my latest interview on the Mark Davis show on my channel and listen to me stump even a "conservative" talkshow host caught in the act of being "liberal", and subscribe and visit and join thesaneparty d com. You like this guy, you'll love the sane party.
brazenhubris 1 month ago
@lookingbacku it's an ideology. You are familiar with his ideology. That's why you perceive him to be right.
123arry321 2 months ago
I wonder how Milton would rate our chances if he was around today. I'm starting to think its closer to 1% and its riding on Ron Pauls back.
lbacchus888 2 months ago
interesting point about the liberal/conservative dichotomy. that, modern liberals are essentially conservatives.
fountainherz 2 months ago
How is "people not owning what they produce" a part of capitalism. Someone cannot be voluntarily "extorted." What do you want to see happen? Do you want the government to say "Hey You, you are going to spend all your money and risk all you have to start a business, then we are going to tell you how much you have to pay your employees, how much they can work, they can trash you on facebook, and you better like it!" Sign me up.
hauk22 2 months ago
3 Billion humans earn less than $2 a day, stick your capitalist system up your ass. Half the world has no toilet. 36 million humans died of starvation last year, because they do not own what they produce, and are extorted.
noprofitmaximierung 2 months ago
@noprofitmaximierung Have a closer look at those 3 billion people; they are usually under the jackboot of theocratic, military or communist tyranny. In other words, they labour under a centralised system of governance directed by idealist dogmas that may not be questioned. They are certainly not in the position they are in because of capitalism.
ritchloui 2 months ago
@noprofitmaximierung Developing nations are catching up very fast, Capitalism is the mechanism that is allowing them to do this (China, ASEAN, Brazil, etc.). Those who live in utter poverty are usually enslaved by their own political systems, usually collectivist systems. For example, the people of North Korea, or those in Sub Saharan Africa. It is not capitalism's fault they live in poverty.
TheBalancedAmerican 2 months ago 22
@TheBalancedAmerican oh? thier are plenty of enslaved by capitalist markets watch some interviews with john perkins on confessions of an economic hitman, some of thier poorest people on earth are capitalist further look at russia they are poorer despite 20+ years of capitalistic reform - they are going from the 2nd world back to the third world. all systems have rising standards of living in the last 230 years - due to 2 things. technology and cheap fossil fuels even slaves
MrIzzyDizzy 1 month ago
@MrIzzyDizzy You'd like to think their is a debate here, but there isn't. Do not overlook the great advances made by free people acting under free markets. The evidence is all around you, its the modern world.
Capitalism is not ideal, just better than everything else. It has serious ecological challenges ahead of it. Although everyone eats more pie, the gap between rich and poor is accelerating. These are just a few problems. We're still working it out, but everyone is winning.
TheBalancedAmerican 1 month ago
@TheBalancedAmerican Everyone is winning? B.S. Look at some inner city slums, or better yet, go to Indonesia or China and see what the enslaved countries there do for work. We have helped the corrupt regimes of the world to enslave their poor and we buy their garbage. You are trivializing some monstrously messed up scenarios all created by so-called "free markets" that may even threaten our very existence through pollution. The science has long been proven, we're heading for disaster.
JoshMan522 3 weeks ago
@JoshMan522 Those countries would be even poorer if not for the fact they can sell good to the west...goods they're only producing because western countries moved their factories and technology there. Ask yourself this, what happens to all those worker in China and all those kiddies picking cocobeans if the west stops buying their products??? thats right they starve..they go back to the way they were before being "enslaved" lol
OtagoMark 3 weeks ago
@JoshMan522 Your point is well taken, but you make the mistake of judging human history in a moment, rather than on a continuum. You must look at the trend in order to make a reasonable judgement and the trend is very clear, humans are advancing. Capitalism has delivered longer life spans, the eradication of most major diseases, clean streets, indoor plumbing, amazing technology, amazing logistics, and relative political freedom. But, we still have a lot of room for improvement. =)
TheBalancedAmerican 3 weeks ago
@JoshMan522 One last thing, the "monstrous scenarios" you write about were not created by free markets, they were created by corrupted humans. Capitalism didn't make humans selfish, selfish humans made capitalism.
I do not "trivialize" the hardships that many people face, but I also do not allow my distaste for these things to close my mind to the truth.
TheBalancedAmerican 3 weeks ago
@MrIzzyDizzy I've watched confessions of an economic hitman, and Zeitgeist, and Addendum, and all the other things that communists throw at me.
All their solutions are Utopian. All their criticisms have existed throughout human history under every system. Humans have always competed, waged war, and enslaved every race, creed, and color.
Western democratic capitalism will not be remembered as the great enslaver, it will be remembered as the first systems who began to end slavery.
TheBalancedAmerican 1 month ago 35
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@TheBalancedAmerican democracy doesnt exist. only republics and worse. as far as always waging war and enslaving others - some have. not all. as far as watching confessions of an economic hitman it clearly shows how the goverment and corporations have set up a global hegomonic systems which results in people working in conditions akin to slavery 34k die of poverty daily - 162 million live on 50 cents a day. 1 billion $1 -3 billion on $2. this is wage slavery -and is both evil and designed.
MrIzzyDizzy 1 month ago
@TheBalancedAmerican Utopian? Kicking the leeching capitalist Boss the Fuck out of the factory, fields and having economic democracy is NOT Utopian! It is being done everywhere: Catalonia, American communist "co-ops", German light industry.
noprofitmaximierung 3 weeks ago
@noprofitmaximierung I am not a pure free market capitalist like Friedman, but I do not deny the great advancements made by capitalist systems. I like hybridized systems.
I support capitalism because it preserves the greatest amount of choice for the greatest number of people. Your example of worker-owned businesses is a perfect illustration. If people want to work together and form communes they are free to do so in capitalism. I lived on a commune for a year. =)
TheBalancedAmerican 3 weeks ago
@TheBalancedAmerican "Communists" have but one solution: Workers' Control over Production! You using this word "communists" (Marx, Lenin, Engels, Guevara, Ziegler, Fidel, Allende, HochiMinh) in relation to Zeitgeist Addendum, economic hitman discredits yourself.
noprofitmaximierung 3 weeks ago
@noprofitmaximierung I cite Zeitgeist and Economic Hitmen because those are the things most often cited to me. Collective ownership is only one element of communism. It can manifest in many forms, and the results are starkly different between Anarcho-collectivism, or Mutualism, or Stalinism.
However, In most cases "collective ownership" is synonymous with "collective disownership" which tends to be the great weakness of collectivist systems when applied to a large group.
TheBalancedAmerican 3 weeks ago
@TheBalancedAmerican Our current system isn't democratic capitalism, it's corporate fascism, if this confuses you your either gifted at lying to yourself or retarded... Central Banking by definition isn't "free market", it's controlled, the central banking function combines corporate and state power... We were a constitutional republic and a free market economy up until 1913, when the international bankers scammed the Federal Reserve into law our govt became whores to the bankers...
12gdemos 3 weeks ago
@12gdemos "Corporate fascism" is a bit of an exaggeration of our current system. We still have a substantial degree of freedom, opportunity, and respect for human rights. Developing nations aspire to achieve the scenario we take for granted in the Westernized world.
That being said, I agree that our monetary framework needs to be changed. If you read my posts you will find that I advocate for a publicly owned central bank, where citizenship comes with a membership share in the Fed.
TheBalancedAmerican 3 weeks ago
@TheBalancedAmerican If you add "with full transparency" to your publicly owned central bank we are 100 percent in agreement... That would also put us in agreement with the US Constitution, and Thomas Jefferson...
12gdemos 3 weeks ago
@12gdemos Transparency is essential, my hope would be that the Fed would have to issue shareholder statements periodically just like any other public company. I'm happy you understand the Federal reserve system, most people don't.
If they are going to print money that is guaranteed by the future labor of the people (debt), then we ought to be paid the interest rate on those funds, because they are technically ours, not the banking elite who currently consolidate our wealth. =)
TheBalancedAmerican 3 weeks ago
@TheBalancedAmerican We are on the same page, they offer "balance sheet" but as we recently saw the balance sheet is complete BS, after the partial audit just since 2008 we saw 15 trillion in ZERO interest loans, then they banks turn around and buy govt bonds at interest, basically a loophole to preform legal counterfeiting, and the nominal inflation numbers are also a joke, real inflation is closer to 8 percent the last 3 years, it's amazing congress even has 9 percent approval...
12gdemos 3 weeks ago
@TheBalancedAmerican it's all a lot more complicated than your snippets of selective reality can illustrate, but, hey, thanks for the cartoon picture you've painted.
JoshMan522 2 weeks ago
@JoshMan522 The perspective of all humans is limited by the information we use to form it. No one can be 100% accurate, especially when dealing with a social science. However, I work hard not be "selective" with the information i come across. If someone presents new information, I try to incorporate it into my incomplete perspective. Essentially, I'm interested in intellectual honesty, not zealotry.
If you have something to offer, offer it. Insults do little but discredit you. =/
TheBalancedAmerican 2 weeks ago 3
@TheBalancedAmerican Yeah, well... GOOD LUCK with all that!
JoshMan522 2 weeks ago
@JoshMan522 Thank you, I will. History, Politics, and Economics are my passion. =)
TheBalancedAmerican 2 weeks ago
@TheBalancedAmerican the biggest problem of communism is theres no incentive, why would anyone bust their ass running a major corporation, working non-stop, for the same wages as the guy who mops floors? and beyond that, why would anyone mop floors for the same wages as the person who is unemployed? and what do you do with the unemployed? throw them in jail? then your as far away from freedom as you could possibly be..
RESTxINxPIECEZ 1 week ago
@RESTxINxPIECEZ I couldn't agree more. The self-interested human is not compatible with a purely socialist system. Communists say that Capitalism made us self-interested. I think that notion is rubbish.
However, our current capitalist system is not perfect. While everyone is winning, the gap between the financial class and the everyone else is growing very fast. Fast forward a few hundred years, you will have an oligarchy. Debt-based currency seems to be the main culprit. =/
TheBalancedAmerican 1 week ago
@RESTxINxPIECEZ We can make the free-market system work better. Imo, the two pillars of reform are Monetary (interest-free currency creation), and Banking(100% reserves for all Checking & Savings)
The ideal vision looking like a Mutualism. Mutualism preserves the freedom and opportunity of a free-market system, while providing an ownership incentive to everyone. All without bureaucratic inefficiency. Chile's personal retirement accounts, are one example of a Mutualist reform.
TheBalancedAmerican 1 week ago
@noprofitmaximierung Before Capitalism almost ALL of us were poor and uneducated, Capitalism changed that. Your problem is that you think the rich nations OWE the poorer ones...they don't...
OtagoMark 2 months ago
@OtagoMark I never said the rich OWE anything to the poor, they should stop making them poor.
"Were I not poor, you wouldn't rich" - Bertholt Brecht
noprofitmaximierung 1 month ago
@noprofitmaximierung "relatively" poor, when compared to the rich guy, but vastly more wealthy compared to pre capitalism
OtagoMark 1 month ago
@OtagoMark You wrote that the world is "vastly" more wealthy than before capitalism. Where do you get this information from?
JoshMan522 3 weeks ago
@JoshMan522 That information was accumulated from many places. But think about the effect of Oil, its basically free energy. 1 barrel has been estimated at being equivalent to 25,000 man hours of work...I can BUY that for next to nothing, thats wealth. Think of everything you have living in modern society that you wouldn't ave had before the industrial revolution and capitalism, theres a big difference.
OtagoMark 3 weeks ago
@noprofitmaximierung You are indeed stating the rich owe the poor. What else can your quote of Brecht mean? Any disparity at all between the two means one has and the other has not. Right? This is rich and poor. Poor today is not poor yesterday no matter how you cut it. The only way, ONLY WAY, to ensure parity is by taking from the one and giving to the other. This is an obscure means of not only telling the one he OWES the other but also collecting on that implied debt.
CSK225 1 month ago
@CSK225 Greed creates poverty. Simple equation. Those taking more than they need in the bounds of finite systems creates lack for others.
JoshMan522 3 weeks ago
@JoshMan522 People live in poverty in some parts of the world... its not because a country on the other side of the planet has embraced capitalism and become wealthy. In fact the poorer country is better of if there exist wealthy countries in the world.
People aren't made poor if someone on the opposite side of the planet is pumping oil out of the ground and "taking more" your equation doesn't marry up with reality
OtagoMark 3 weeks ago
@OtagoMark Workers will one day rise up and take their fair share... after all, THEY produce the wealth through their sweat.
JoshMan522 3 weeks ago
@noprofitmaximierung Explain to me why jobs in factories for US and other large corporations that are often kept out of 3rd world countries by rhetoric and moral outrage have better conditions and pay double of what other local industries pay on average? Is that exploitation in your eyes? Lack of capital investment is the real reason that these places are so poor. Politicians and dictators keep out these "exploiters", and if not that the lack of law and order and social stability do the rest.
ScionAscendant 1 month ago
@ScionAscendant National jobs in the US, i suspect, for corporations (which as you most likely know that the really big industrial monpols are state subsidized;i.e. GM GE various big technological companies etc.) which are system relevant, do pay well, nationally. The state has a say in most big corporations. But even GM is sitting on 4.7 billion $ + profits while Detroit has 50% unemployed. "Lack of capital investment..."? Have you ever seen the capital flight stats from the 3 world?
noprofitmaximierung 1 month ago
@ScionAscendant "Politicians and dictators keep out these [capitalist]'exploiters'" That is so sad i don't think it deserves a response. I'll just say: Pinochet, Mobutu, Suharto, Zelaya, Batista, Syngman Rhee, Khiem, Babangida, Mubarak, Pol Pot, Hussein, Azurdia....
noprofitmaximierung 1 month ago
@noprofitmaximierung Yep.
JoshMan522 3 weeks ago
@lookingbacku For anyone that has taken neurobiology, this man talks shit.
noprofitmaximierung 2 months ago
To call Friedman a charlatan or a sophist would be a great disservice to charlatans and sophists throughout history...
This man is single-handedly responsible for the distruction of the world economy!
MiltonPinochet 2 months ago
@MiltonPinochet No one man has been single-handedly responsible for any event of worldwide significance in the entire history of humanity. I think that you're the one engaging in sophistry, or perhaps stupidity.
ScionAscendant 1 month ago
Fuck the Mont Pelerin Society!
14TeaParty88 2 months ago
Back when PBS was open minded, PBS always is asking for money!
OmeRex89 2 months ago
your reaganomics FAILED Mr Friedman
YOU LOSE!
davidallenroth 3 months ago
@davidallenroth Meanwhile the US federal govt is running massive deficits and over 40% of every dollar spent goes to Social security, medicare, and medicaid. Europe's economies are collapsing despite being far less Reagonomic, and Japan's decade plus of stimulus hasn't worked. Seeing as how govt has increased over the past few decades, maybe you should rethink your premise.
cheeseburger12 2 months ago
@cheeseburger12 yeah but government spending as a share of GDP has declined by half or more. maybe you should rethink your premise.
soseeyopath 2 months ago
What's amazing about this Man the fact that he was one of the top austrian economists, constitutional liberal scholars, AND he came out of Chicago of all places.
Ssgtremy 3 months ago
@Ssgtremy he's not an austrian economist. the austrians disagree with his monetary policy.
davidnata1983 2 months ago
@davidnata1983, on top of that, Austrians disagree that empirical facts should the basis for doing anything...
a typical austrian would say that philosophical conjecture is enough to make the basis for any argument or action in the realm of economics....
it really gets to the heart of why BOTH the Chicago School of Economics and the Austrian School are so idiotic!
AugustoMilton 2 months ago
Friedman is the father of modern libitarianism and its a shame we aren't listening to his ideas with the country on the brink of economic failure.
slip1113 3 months ago
@nerfmyaccount Friedman was right if the Fed did bail out (which would have ment print enough money to keep up with demand of cash from people scared they would lose their savings) the banks would not have failed and the great depression wouldn't have happened. The Fed now however is not just a reserve of cash if the banks fail, it needs to be ended in its current role but having it as a reserve of cash to restore depositors confidence is ok as long as reserve requirements are lowered.
slip1113 3 months ago
Hey nerf the Fed was established to keep reserve currency in their vault so if there was a run on the banks the Fed could meet the sudden demand of cash without the banks going broke this is only necessary because of fractional reserve banking but you are kidding yourself if that is what you think the Fed is doing now. It is enabling insane ammounts of govt spending and interfering with the entire money supply and setting artificially low intrest rates which would be solved by having soundmoney
slip1113 3 months ago 3
@slip1113 i agree the fed is bad thats also why friedman was bad.
nerfmyaccount 3 months ago
@slip1113, the great thing about being a libertarian is that you're always in a position to complain because your ideological reference-point is based on anarchy, or conditions approaching anarchy. There have, never in the history of human kind, been those conditions which completely approach the libertarian ideal & there never will be. Libertarianism is just unrealistic. In this case, you guys just blame the FED...it's always SOMETHING that has to do with "government" that's blamed
AugustoMilton 2 months ago
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@AugustoMilton, the beauty of the argumentation of the typical libertarian ideologue is that since laissez-faire was never implemented in a perfect fashion it is still worth a try. We can say the same thing for communist countries -can't we? Orthodox Marxists claim that there has never been a truly communist country.
In fact, this is what makes Friedman such a great practitioner of chicanery...
AugustoMilton 2 months ago
@AugustoMilton Tell me which political ideology doesn't blame the ills, or what they percieve to be the ills of society on contrasting political ideologies? Also, you clearly don't understand what the term anarchy means if you attribute it to libertarianism. Libertarians simply want a government of laws, not men. Protection of property rights, individual liberties, police, courts, and a military are all that are required to curb anarchy.
ScionAscendant 1 month ago
@AugustoMilton They came pretty close in Spain in the late thirties, when they fought against Franco. There was no leader to make others follow, and they developed their own underground economy.
JoshMan522 3 weeks ago
Do you anti-fed anti-fiat idiots have any sort of clue at all? Friedman literally blamed the great depression on the government failing to bailout the banks lmao.
nerfmyaccount 3 months ago 2
@nerfmyaccount Link?
SkepticThink 3 months ago
@nerfmyaccount Read his book before you make a claim.
joeljgerard 2 months ago
This type of conversation used to be on TV????? Where is this now??
TiberiousOmegaMode 3 months ago 3
This man truly understood what he was talking about.
TiberiousOmegaMode 3 months ago 2
Its so refreshing to read comments of people who are reevaluating preconcieved notions they had due to this video.
The only people who are truly wrong headed are those who think they are always right.
Equity213 3 months ago 3
Not one guy in the present is as good as this gentleman!!!
gallant7 3 months ago
@gallant7 Ron Paul
OndrejSc 2 months ago
Where was "the invisible hand" when our economy went south? Years of Friedman-inspired deregulation, executed by father and son Bush, left financial markets in the hands of -- well -- invisible hands. Now off their regulatory leashes, financial institutions could create, invest in, and manipulate new, exotic, unstable, ungrounded, risky, but highly profitable, financial products -- mainly derivatives and securitization devices, such as subprime mortgage packages.
OrganNLou 3 months ago
@OrganNLou The Fed and FIAT money are to blame for the cycle of boom/bust. The markets and "greed" are the scapegoats.
mip0larity 3 months ago
@OrganNLou
What happened is that the fed fixed interest rates very low, which, along with direct manipulation in the housing market via fannie and freddie (and other legislation), caused massive malinvestment. Of course they were reckless. They were given money at no interest and promised that the taxpayers would get saddled with the losses if things went south. What should have happened is that they should have gone broke, and responsible, local banks should have bought their assets.
ninjabunnyman 3 months ago
@ninjabunnyman, the truth is that the bulk of residential mortgage lending during the peak bubble years (2004–06) was through commercial entities such as Countrywide Financial that weren't subject to provisions of the CRA.
Fannie Mae and Freddie Mac actually lost market share during the housing bubble. Assigning a key role in the crisis to Fannie Mae and Freddie Mac doesn't explain why other countries also had a similar real estate bubbles at the same time.
AugustoFriedman 2 months ago
@AugustoFriedman
It's not about the CRA primarily, but about government backing of mortgage securities. In 2008, Fannie and Freddie owned or guaranteed HALF of the US mortgage market. Even in the rest of the market, "to big to fail" was a well established principle, and large companies knew the government would step in in case of a large scale decline. Basically, these companies were able to get 0-0.25% money from the fed, gamble with it, and then stick the taxpayers when it didn't pay off.
ninjabunnyman 2 months ago
We have nothing even close to a free market in this country, in most sectors. What we have is corporatism, where big banks and corporations use government to block competitors, fix the game, and line their pockets with money taken forcefully from the taxpayers. Heck, the fed creates money out of thin air, hands it to the banks at close to zero percent, and loan it to use at 5-6% or more.
ninjabunnyman 3 months ago 2
I'm from Chile and this guy's theories resulted on a life of poverty under Pinochet's regime.
zevazstian 3 months ago
Comment removed
WheelsRCool 3 months ago
Friedman is God ,Keynes is a faggot.
dbohnenkamper 3 months ago 3
2035 morons saw this.
maersklandro 3 months ago
great interview! Open Mind... whatever happened to that
diogotomediogo 4 months ago
He was such a boss...
TheMango121 4 months ago
This comment has received too many negative votes show
Milton Friedman was certainly a ghoulish individual...
...simply the worst person to ever have had influence in modern economics.
TeaPartyTerroristss 4 months ago
@TeaPartyTerroristss Only to ignorant statist/collectivist stooges...if the shoe fits...
pretorious700 4 months ago 2
@TeaPartyTerroristss
Why?
Feel free to educate us.
snarfels 3 months ago
Ah the good ol days, where there is actually intelligent debate show on current issues by intelligent and articulate people, oh the contrast! There's nothing but trash entertainment nowadays.
yamahaU3 4 months ago 39
@yamahaU3 prolefeed! :D
aldoreshgaramok 3 months ago
@yamahaU3 Not really. There are plenty of intellectual lectures an conversations today.
SkepticThink 3 months ago
@SkepticThink but not on major tv stations
grizligrizli0 2 months ago
@grizligrizli0 oh, that's probably true
SkepticThink 2 months ago
@yamahaU3 OMG I KNOW! I was thinking that too. It's so nice to watch these back when people used to know how to debate in a civil manner.
stebecool 2 months ago
@yamahaU3 yea now its rachel maddow whining about what bill oreily said a week earlier about michael jackson
USTreasuryBond 2 months ago
@yamahaU3 so do you think you can dance? :)
testmark1 2 months ago
@yamahaU3 I agree completely.. we need more tv shows like this
stankmaw 1 month ago
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qwerty94376 4 months ago