@SuperMagix7 You should look up Bill Still. Abolishing the Fed will not solve the problem. The banks are allowed to create the credit out of thin air, not the Fed. The Fed only lends to banks out of last resort. But the core of the problem is the fractional reserve system.
@AdversusHaereses Bill Still is correct on many things, but allowing man to control the money supply is still a bad idea. Him, Ellen Brown, the MPE authors etc, all of them, still trust man, government and bureaucracy.
Let the market decide what is money, and set the exchange values.
@mersk100 I think you are right on that. Although I myself do not identify myself as a libertarian or a constitutionalist, as a distributist, I think money is a relatively localist thing. On a grand scale like an entire country or nation, a more common currency is preferred.
@AdversusHaereses Yep, I think most could agree with that, and likely why things such as gold, silver and platinum rose to the top and very well may do so again.
@AdversusHaereses good point..correct me if im wrong mate, but i believe the feds have these policies in place, please read about how they have manage to come to pass the FEd res act 1913 and how everyone against the bankers died... Andrew jackson explained that clearly, thomas jefferson, benjamin franklin, abraham lincom,
The issuing power should be taken from the banks and restored to the people, to whom it properly belongs." ...
@SuperMagix7 Well actually John D. Rockefeller strongly opposed the creation of the Fed and opposed it his entire life. This is why he went to fund Ludwig von Mises who was against the Fed. Andrew Jackson opposed the second bank of America because of the same reason John D. Rockefeller opposed the Fed. They both thought that the central bank would control the economy, when in fact what controls it is the availability of the currency. I would encourage you to watch the Secret of Oz by Bill Still.
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.
@Or If you think this was caused by free markets you havent done much lurking. Fannie, freddie, ginnie, the Fed, community reinvestment act, rating agencies, derivitives, depart of housing & redevelopment, equal credit opportunity act, ACORN, pro ownership tax code, greenspan put and the media with one program after another telling people how easy it was to make money just by owning a house.
F sake banks were sued billions under the ECO act if they didnt lend out money to those that couldnt pay!
Keynnes was wrong. The MOST important factor in the purchasing power of currency is the money supply. When you create too much of it you almost always get inflation. Inflation is like a sneaky tax that robs the public of purchasing power. Since Keynnes' theory was adopted, the U.S. dollar has lost 95% of purchasing power. In relation, income has not increased from year to year at the same rate resulting in a lower standard of living....
@clearasvodka monetary income has not risen as fast as you would like but TOTAL benefits has!! think of other things employers provide like health insurance, sick leave, vacations, longer breaks, you dont think these have monetary value? i actually saw a great chart that better explains this but i forgot the link! :(
Friedman scares the hell out of people who eschew personal responsibilty and need to be "lead". Anyone who is willing to give up their personal freedom doesn't deserve to have any.
Friedman likes to say the federal reserve didn't do enough, I'd say that the federal reserve shouldn't have existed in the first place and by existing misplaced lending incentives by replacing clearing houses as the lender of last resort and in the end, didn't even act as the lender.
mba2ceo, people on both sides of the political spectrum concur it is true. As do Alan Greenspan and Ben Bernanke. That is not saying more factors did not contribute. If your username says anything about you than I would pay more attention to Friedman and less to Chomsky and Zinn. Life will teach you anyway.
@kevrawn It's funny that you start calling people names and insult their intelligence just because they don't understand the format for pasting a link....a lot of very intelligent people don't know how to do that!...Just because you creep and troll the internet all day and know how to copy and paste...doesn't make you an economic professor.....It just lets people know how really intelligent you are!
@shadowgeyser Friedman's objection to the gold standard wasn't theoretical. He was making the point that it wasn't practical at this point to return to it. But 2 the end he insisted that the quantity of money must be controlled to tame inflation. He had 2 major policy prescriptions: a formulaic, slow & steady increase in the quantity of money, & a constitutional amendment capping gov't spending. He believed the Fed would be tempted to deviate from the formula so he advocated its abolishment.
@shadowgeyser I can find absolutely no reference to this statement. Just like Darwin denounced evolution on his deathbed. People love to pass these rumors off as truth when someone has died, just so they can't be proven wrong. Nice try.
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Friedman is right that the Fed didn't play by the rules and didn't let the gold into the system. But that's not gold's fault - once again, it was the Fed's fault.
The Fed is right for the US to keep gold, however - we're going to need it when our regular currency becomes worthless. What Friedman is doing praising Keynes is beyond me.
@ItsFazsha - He's not praising Keynes. He points out that the politicians love Keynes and his theory that allowed them to deficit spend - to spend money without taxing subjects - to make public works and not pay the bill. He's very subtly mocking Keynes' horrible theory.
@3055DOG How can you say that? You're telling me that everything he said from 6:00 was sarcasm? "JMK was unquestionably one of the greatest economists of all time." I agree from 8:00 on it is sarcasm, but he is way too subtle between 6-8. Anyway, Friedman's idea of inflation targeting was all wet.
The real problem in the 30's actually WAS what Friedman pointed out - the failure of the US to allow the gold coming in to expand our money supply.
Ah yes Milton Friedman the poster boy of the Nixon admin who pushed us off the gold standard to allow floating currencies that would self regulate. How did that work out? Friedman is a genius cc consumption, Free to Choose is his opus however Friedmans acceptance of central banking has been his downfall. Give me Rothbard, Mises and Hayek. The crack up boom is arriving. As I write gold $1511 silver $47.81.
@UBSCARED Keynesian economics, as described to me. A rich person buys a boat, and that money goes to the people who made the boat. They spend their money on goods and services, and the people offering those in turn spend their money. In effect, the spending creating a flow of money that keeps everything running. Savers then become the enemy, because they are taking money out of this flow.
As for inflation on a gold standard, that's down to printing paper money, shrinking the gold behind it.
@AnnoyedDragon saving only hurts the economy in the short run. which we all know was invented by Keynes. You are right, saving is the enemy to the short run, but without saving banks dont have as much reserves to lend out to entice spending. Also the savings that is kept for one year might add to the spending the next year when people withdraw it. So it will equal out the shortage in demand lost the year before.
Isn't it interesting that Keynesianism has turned the corner stone of capitalism, savers, into the enemy? Keynesianism requires a constant flow of money, so savers are seen as stagnating growth by having their money just "sit there".
Of course, thanks to dropping the gold standard, politicians can just print money to a infinite degree. Constantly punishing savers with the hidden tax called inflation. They can just print money, transfers savers buying power to themselves, and spend that.
@NicosMind Because they can ammass power by pushing solutions during the bust. Solutions which, as Henry Hazlitt said, end up with politicians cutting ribbons at new $500 million per mile tunnels, acting as if they've created something. No one sees what is invisible, what has been destroyed. No one sees how the tunnel's funding and taxes created disincentives to entrepreneurial risk-taking and investing. No one sees the tunnel as an obstacle to economic growth, a job killer.
@g Im a big Hazlitt fan & Peter Schiff. But i dont think anyone write quite like Hazlitt. I think with how solid the Austrians have been, and how logical their arguments have been that theyve grown a lot of supporters this depression.
After all if you look at the last 2 housing booms b4 this one there was a 20% rise then recession. For this one houses in areas rose from 200% to 500%. And these "economists" want to keep that going? Its insane theyre unaffordable, and only 1 section of the economy
@Kurise1 Except the Austrians who blame the boom as the cause and not the crash watch?v=21DZRm1dx0I
And thats just prediciting the crisis. A fuller explaination prediciting it is this watch?v=jj8rMwdQf6k
And i can get you even more detailed explaination of the crisis which still complain against the boom. A more accurate phrase would have been "Keynesians, Monetarists, neo classical and socialists dont complain when its booming. Austians complain about bubbles, especially credit bubbles"
FDR was a fascist! Even the German Nazi Party hailed the new deal. Fascism, corporatism in some forms, is when you aggregate industrialist (businessmen) and labor unions to very powerful positions, that effectively run industry jointly. Sounds good, but eventually, wages and the consumer price index shoot up dramatically, making everyone poorer and business uncompetitive abroad.
FDR prolonged a recession and turned it into a full on depression... from an economic standpoint that is.
Elements of the New Deal, such as Social Security, were originally developed in Germany under Bismark, you idiot.
And when FDR took office in March of '33, unemployment stood at around 25%. The very next year, it fell to 17% after his dollar devaluation, financial reforms, and New Deal programs began. Roosevelt's biggest mistake was to balance the budget in '37, helping to send us right back into depression.
You're an idiot and have no idea what you're talking about.
@AntiSchiff I know who invented social security, but I should have stated the "National Industry Recovery Act" was fascist specifically, although it was covered under the New Deal with a variety of other programs. By the way, the majority of the New Deal and other laws FDR promoted were later declared unconstitutional.
The recession you mentioned ended a year later by the way. FDR did not balance the budget in any way Gov spending rose. To even make that claim shows how unintelligent you are.
I should have said when he tried to balance the budget, as he reversed himself later the same year when GDP was falling.
And the NIRA fascist? lmao You don't even know what the word means. Does this mean the US WW2 effort was also fascist? Was the war against fascism American Bolsheviks were sidelined.
I'm getting tired of you idiots defaming FDR. Sure, some of his wage policies were disastrous and there was some gross overreach, but he fed millions and saved lives.
I hope the IRS breaks your doors in and finds out you haven't been paying taxes. I hope you resist arrest and get both clubbed and tazed, and then end up in prison with big Bubba as your new beau. I hope you are forced to wear a nice white gown during your prison yard marriage ceremony.
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I urge those who have said "Friedman was an idiot for endorsing Keynes" to keep watching... The Fed made mistakes, the World made mistakes, and the US made mistakes during the depression, but remember it was the first time the world economy was as "connected" but if you watch more Friedman will explain why Keynes was the biggest mistake that is perpetuated to this day... These clips are sliced too thin to get the picture from just one or two
@taewsk I would say you misread Friedman, and for that matter Keynes
the problems he illustrated have everything to do with deficit spending in good times, deficit spending in bad times is still the best approach. William Jefferson Clinton was the last effective Keynesian president we had - and brought us up to a surplus in good time instead of continuing the trend towards deficit.
Ya, I picked up on that without the slice - he was fluffing Keynes up with "brilliant economist ever" - only to explain he was the biggest mistake towards capitalism ever
Deficit spending isnt bad when the money is spent on infrustructure/industrial growth/roads/highways/public works projects.... ITS BAD WHEN THE GOVERNMENT JUST BAILS OUT FAILING FINANCIAL INSTITUTIONS THAT ARE THE ROOT OF THE PROBLEM. ITS BAD WHEN IT GIVES MONEY AWAY TO FOREIGN BANKS FOR NO GOOD REASON. ITS BAD WHEN THEY SPEND IT ON STUPID SHI%% LIKE THEY DO TODAY.
Its amazing that so many liberals are atheists... but most are socialists. It seems they moved their religious fervor to social issues and are just as misguided. Why do i say socialism is creationism? The big sky daddy government will take care of it attitude. Capitalism is simple u fail u fall, survival of the fittest.
Uhh but Socialists don't believe in a God that will take care of you, they believe in a concrete entity called Government. Their atheism is exactly WHY they believe this. They must find a God surrogate because they reject the real thing. America's embrace of God is intrinsically related to it's free Market sensibilities, and we have never seen a Godless Laissez faire society.
Some Libertarians are just as apt to place theory over experience as Liberals are.
-What'th, a simple Central/NationalTreas.-bank would easily serve the function of money-supply! ONLY purpose of deRothschild's pvt./Fed.Reserve Bank'ster-sys. was/is to criminally defraud n.Americans of their earnings! These sociopaths include Rockefellers and score of other warmongering jewZionist-families, self-anointed 'NWO Mafia-kings!', -whom can't believe naive public hasn't lynched'em for murderous scheming, extortion, usury, -back on 24/Dec./1913 when they hyjacked our usTreasury...!!!
There's one thing I don't understand - why didn't the Fed issue more money in the US when it recieved new gold from abroad? Were they afraid of inflation? How could that be when the country was having deflation?
All I can see is that this gives further water to conspiracy theories, am I missing something here?
@foozemusic I think you are onto it. Look at what happened and what the fed bought, or the amount of money being released by the fed prior to the great depression. It is just like our modern depression. They loaned out money, created a bubble, then poped it, once prices reajusted, they bought up the "toxic" assests for pennys on the dollar. That is what has been happening with every bubble, it pops and big companies like the fed buy up the assests and get bigger.
@foozemusic on hulu, it is either nova or biography, did the modern collapse and explains some of the reasons behind it. Very interesting stuff, the value of speculation.
Very disappointed in Freidman's view. Not even a mention of the monetary inflation pre-depression as the cause of the Depression. Then praising Keynes. Messed up. How about Ludwig Von Mises, the man who predicted the Depression?
Mises wouldn't even have a career if it wasn't for the Rockefeller grants he got. Yeah, that's YOUR boy right there. Rothschild's puppet for a new gold standard. YOUR BOY.
How can you possibly listen to Mises????? HE WAS FUNDED BY ROCKEFELLER GRANTS TO START HIS CAREER!!!!!! There's a reason that Austrian economists are looked at like morons.
Probably the biggest difference between Mises and Friedman was their analysis of the business cycle. Are you saying the ABCT > Friedman's "monetary contraction" correlation or are you actually conflating the two?
Hahahaha. You crack me up. Do you realize that govt. funded monopolies and bailouts are not in the blueprints for a free market system? You do realize that right? How can you even pretend that we have a free market or ever did? Our money has been privatized ever since 1776 and big banks have NEVER failed. Why? Because they are "essential" for the cattle to maintain order. They aren't allowed to fail. And they get bailed out with new credit that depletes our currency EVERY TIME.
"not enough money" only can occur when the monetary system is centrally controlled (with legal tender laws), planned (and of course manipulated by the planners). If the money were left to the free market to originate define value and quantity - no any kind of money shortage could ever occur, one ounce of gold/silver/any_other_thing_of_value would simply go up in price triggering more production of it. Free Market =People free to chose what is money and how much it costs =no great depression.
I was starting to enjoy these MF's videos, until realising he supported Keynes and central fractional reserve banking. In my eyes he just went from smart to stoopid faster than a quick thing going downhill. Shame.
If you want to use an example of a capitalist free market, the closest thing to one can be found in New Zealand. Would you use the same adjectives to describe NZ? Or look at the internet. Possibly, the last system that could be described as a free market left in the US. Would you want it abolished? I would rather call the US system, Corporatism or monetarism, akin to mercantilism of the 1700's. Only, banks are in control, not merchants. Capitalism = good, Corporatism = bad
If you want to use an example of a capitalist free market, the closest thing to one can be found in New Zealand. Would you use the same adjectives to describe NZ? Or look at the internet. Possibly, the last system that could be described as a free market left in the US. Would you want it abolished? I would rather call the US system, Corporatism or monetarism, akin to mercantilism of the 1700's. Only, banks are in control, not merchants. Capitalism = good, Corporatism = bad
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2. A. Atkeson & P. Kehoe looked at data for 17 countries over at least 100 years and found that delation only cause 10% of depressions.
3. The great depression wasnt caused by deflation but rather the boom preceeding it. Adhering to the gold standard would have stopped the boom, hence stoping the depression.
4. FDRs spending made things worst! There was no recovery til after the war when taxes were cut by 1/3 and gov spend by 2/3
@Tyjohnable The Federal Reserve might be a private entity but the President appoints the seven members of the Board of Governors of the Federal Reserve System; they must then be confirmed by the Senate and serve for 14 years. So it isn't so private is it? Really should at least google something before you post it and the same with the idiots giving it a thumbs up.
So that just makes them government sponsored dose the Senate vote at there meetings?Also what happens if they do what they want...they lose there job in 14 years well maybe I can afford to retire at $179,700 a year.
The problem I was referring to was that America doesn't make it's own money and borrows it from the Federal Reserve bank at interest that makes it impossible to ever really get out of debut.
The "idiots" who gave thumbs up to my last comment probably just knew that already
@Tyjohnable Show me one private business in the world that has to keep a bad employee for 14 years before they can fire him? I get hired on 01/01/2000 and I commit fraud on 01/02/2000 and you can't fire me till 01/01/2014. Is that a free enterprise? Can you do that at work? Go up to your manager today and slap him. I bet you he will fire you right there and then not in 14 years.
@Tyjohnable You also said that the Senate doesn't vote at their meetings. The senate can not be packed in a box and taken around the world so they can vote on things. This is why the president appoints people that think like him, agree with him and represent his interests. I don't understand how you can claim it is a true private entity when its leader is picked by a politician. What you are saying to me is this: You decide who lives in your house. But I decide who you can decide on. Do you see?
@Tyjohnable And last, the federal reserve does make money. It isn't based on gold or silver. So when they print new money what do you think they are doing? They are creating money out of nothing. They take air and poof, you have money. It isn't about debt, barrow or payback. It is about the power they hold over us. Lets see here can you go and print more money when you run out of what they gave you on your check in exchange for your labor or brain power or skill? No, you can't.
@Tyjohnable And regarding the "idiots" that "probably just knew that already." You wouldn't know your own name if it wasn't shouted at you all day. You don't think with your brains, you think with your hearts. Your heart says this sounds like a good idea and your brain shuts down and lets your heart take over. It doesn't matter what the facts are, what the truth is, what has worked and not, all that matters is that you think something that isn't true is true and that is the end of it all
IF America made it's own money it it wouldn't owe interest right off the bat that was the whole point I was trying to make the system is fucked the way it is now.
But I guess I'm just thinking with my heart and I should love living in a system that could never pay back it's debut like you.Thank you for opening my eyes to the truth I'm convinced no need for another 4 post rant really I mean it
@Tyjohnable My friend, your lack of know in this matter is not allowing you to truly understand. You are stuck because your mind can't go past what you know. And it isn't fair for you to reply and tell me not to reply as if you have the last say in this matter and the last say happens to be true. Just because I print $20 bills in my basement doesn't mean I'm paying an interest to China. The money being printed and the debt to china are two different things. Don't take my word, look it up.
I wasn't talking about China I was talking about debt to the the banks who own the federal reserve.If America still made it's own currency and saved 300B or so a year on interest than maybe paying back China wouldn't be so hard.
@Tyjohnable look, why are you arguing? what do you gain if you are right and everyone else is wrong? why not take a look at how things work instead of assuming things work the way you think they do. I mean my car is 183 horse power that doesn't mean there are 183 little horses in my engine galloping away. The banks do not own the Fed Reserve. The Fed Reserve owns the banks. Do you understand anything about money and economics? You can't just print money to pay China...
@Tyjohnable When you print money you create inflation. China isn't going to take back 300B today when that 300B in dollars is worth 150B. Do you see how it works? So China would and is against us printing more money. You really need to study a little more about how economy and money works. I understand why you think the way you think. I use to think that way too. But one day I decided to read and learn rather than just assume my brain has figured it out with no help.
@Tyjohnable You are simply mixing things up. Yes, when we get a $2B loan from China they do not ship $2B in a box. We print that money here. So you are right in a small way. But you are not seeing what more there is behind this complex entity.
Rothschild Bank of London Warburg Bank of Hamburg Rothschild Bank of Berlin Lehman Brothers of NY Lazard Brothers of Paris Kuhn Loeb Bank of New York Israel Moses Seif Banks of Italy Goldman, Sachs of New York Warburg Bank of Amsterdam Chase Manhattan Bank of New York These bankers are connected to London Banking Houses which ultimately control the FED. When UK lost the Revolutionary War they planned to control us by controlling our banking system, the printing of our money, and our debt
@Tyjohnable can you explain to me what the Federal Reserve is without googling it? I mean do you even know what it is? The revolutionary war took place between 1775 and 1783. The federal reserve was created in 1913. These two events have nothing to do with each other. I really don't want to sit here and explain to you what the Federal Reserve is. I assume you know this if you are arguing about it. The federal reserve is just what the name says, A FEDERAL RESERVE of money.
First National Bank of New York James Stillman National City Bank,National Bank of Commerce,Hanover National Bank, and Chase National Bank all have shares in the Fed
@Tyjohnable The FRS was created to make sure there is enough money incase of a "bank run." So that the market wouldn't crash. Over time the roles of the FRS have expanded. National banks are REQUIRED BY LAW to become members of the Federal Reserve system. So these banks you listed have to buy stocks in the FRS if they want to be members. So what are you talking about? It's cool man. You are right. 2+2=5. I agree. No need to argue about it anymore.
Your right 2+2=5 if you take interest into account but you don't seem to care about it at all.Nothing you have said explains why it's better to pay someone else to make your money instead of making it yourself with no interest.Just because banks lost the chance to control of America in 1783 you think they gave up on it? Woodrow Wilson put it best when he said "I have unwittingly ruined my country"
@Tyjohnable I never said it's better to let someone else make your money. And I never said there is no interest when you barrow money. And once again you took a quote from a man in the 1900s and applied it to an event in 1783 just to advance your idea. I too can do that but will not. All I have said is geared towards making you understand that the FRS is not really a private entity as you stated.
I can tell from your posts that your an intelligent person so please stop pretending to misunderstand me to make me look worse.You know damn well that the point was that Woodrow Wilson regretted starting the Fed regardless of when the idea started and I was not applying his quote to 1783.
@Tyjohnable I don't support borrowing and I don't support printing. However, let me explain why it is better to borrow rather than to print from thin air. When you print money, money that is based on nothing, you are creating inflation. So in reality you are doing no good. We had $50 total in the world. We printed another fake $50. That doesn't mean we now have $100. It means that we have $100 but its true worth is about $80.
The borrowed money is also created out of thin air for every dollar the fed lends out it creates 10 but what happens if you pay back or destroy money you made yourself? The value goes up same as when you pay back someone you had make it for you except with the latter you still owe interest.
@Tyjohnable lol, you are amazing bro. this is the key part you are missing. lol. Ok so you borrow 50B. and the interest is 5B so you owe a total of 55B. So you print 55B to pay China back, but that 55B is only worth 45B due to inflation. Would you take it if you were china? No, so now you have to spend 110B to purchase 55B worth of money that is worth 55B to pay back 55B. Do you understand? so you have to print 110B. and that is worth only 95B so you have to print 125B and so on and on and on.
@Tyjohnable They are both bad for a country. Debt or inflation. I think we can agree on that. The key here is that we need to not try to borrow or inflate. It is very hard to keep away from these things at the same time it easy very easy not to care when you are spending other people's money.
Tell me about it my friend has a company car and gas card and drives everywhere at any time for anything lol
But I think fear is the biggest problem to the economy. Spending more than the next 16 highest country's in the world on the militarily (not counting Iraq and Afghanistan) hurts the taxpayer but people are so scared of terrorist's they just don't care. I think spending more than the next 2 would be enough if you ended pure bullshit like cost-plus
Wow I just realized something crazy the U.S spends more on Iraq and Afghanistan than the next 3 to 5 highest country's combined spend on there entire Military.
@Tyjohnable What happens is that the new printed money doesn't go into your account or my account but the inflation it creates does cause you and I to have less money. We have the same amount in number but it is worth less. At least when you barrow money it isn't printed from thin air. Germany did this to England during WWII. They dropped millions of counterfeit British pound to create an inflation which would help the Germans win the war.
@Tyjohnable: There is some control of the government over the fed. But from a realistic point of view that would be a bad thing anyway, since it negates the possibilities of a government to run inflationary policies for political gain when elections come up.
Sir if you are implying that one of our fine elected officials would endeavor to be dishonest just for political gain I say you must be sadly mistaken.
Just who are you sir to accuse these leaders, nay pillars of our society of treachery?
I stand corrected good sir, forgive my ignorance. Who am I to doubt the integrity of the pillars of society. Now if you will excuse me, I have to go flog myself.
No need for a flogging a fortnight ago I witnessed the punishment Bownsaw laid out for you and I'm sure your previous comment came out of a pain filled haze.
@arzoyan, The problem with the Anarcho-Communist Utopia that you desire is that it totally ignores the basic realities of nature and of man. Your understanding of real capitalism has been skewed by the Fascist Capitalism and State Capitalism. Please see a simple explanation of the value of Capitalism in How an Economy Grows and Why it Doesn't by Erwin Schiff or Economics in One Lesson by Henry Hazlitt. You are correct to decry the system in which we currently exist...it just isn't capitalism
@danneskjoldragnar The priest in you is running scared of revolutionary change, a world of cooperation for our common needs and well being. Free yourself from crude reductionism of capitalist ideology. for human nature look out for Bruce Lipton, you may learn something interesting for a change.
@arzoyan Will you get a life troll? You're motivating me to start trolling all those Noam Chomsky videos. Your view is based upon the assumption that all humans are savage evil people, despite you call capitalism "dehumanization", socialism is the real dehumanization, regulation of individuals to fit in line because they are all evil stupid creatures as your own words imply. 0/10 try harder next time.
@arzoyan, communism/socialism, it's basically just trying to argue that the means are better then the ends. Communists use the means of redistributing wealth to justify whatever happens as a result.
Capitalism uses the ends of an optimized economy to justify the means that wealth disparity is acceptable.
Free agent and decentralized systems work, in real life, in theory, and in simulation, while centralized and hierarchial structures always, always, fail.
@Ho Capitalism is a world system of nomadic rampaging of Profit for minority owning/ruling class. Ex Soviet Union just like China was a STATE CAPITALIST tyrannical operation some do it better than others, just loook at the so called free market example of USA, the ill health and obesity epidemic,debt,corruption and moral decay has exposed the corporate lies and deception of democracy and freedom. free yourself from mind mass control and emotional manipulation, you got nothing to lose
@arzoyan, wow. That is one of the most ignorant things I've ever heard. You obviously have no understanding of how the economy works and don't care to find out.
If you want to use an example of a capitalist free market, the closest thing to one can be found in New Zealand. Would you use the same adjectives to describe NZ? Or look at the internet. Possibly, the last system that could be described as a free market left in the US. Would you want it abolished? I would rather call the US system, Corporatism or monetarism, akin to mercantilism of the 1700's. Only, banks are in control, not merchants. Capitalism = good, Corporatism = bad
If you want to use an example of a capitalist free market, the closest thing to one can be found in New Zealand. Would you use the same adjectives to describe NZ? Or look at the internet. Possibly, the last system that could be described as a free market left in the US. Would you want it abolished? I would rather call the US system, Corporatism or monetarism, akin to mercantilism of the 1700's. Only, banks are in control, not merchants. Capitalism = good, Corporatism = bad
If you want to use an example of a capitalist free market, the closest thing to one can be found in New Zealand. Would you use the same adjectives to describe NZ? Or look at the internet. Possibly, the last system that could be described as a free market left in the US. Would you want it abolished? I would rather call the US system, Corporatism or monetarism, akin to mercantilism of the 1700's. Only, banks are in control, not merchants. Capitalism = good, Corporatism = bad
@warriorprince1010, there isn't even any reason for people to generate wealth in a communist society, unless they are being threatened. "Do it or we shoot you." Hardly a perfect, moral society.
@warriorprince1010 yes to a point, since the business round table only allows what it deems ok, to their benefit only. Just like all those inventions that would allow people to live free and independent, yet they don't allow it to come to market. 100 mile per gal. carburators stopped, magnetic generators lasting 100 years stopped, fuel cells like bloom box that google has on their roof and is completly self producing power, never to come to makt. All lies
@v44forme1 "the business round table only allows what it deems ok"...You mean the corrupt government. Socialism gives more power to these corrupt government. Socialism believe if the state ois corrupt you give it more power and some how this will make them less corrupt. Sigh, hence why socialism in its real form has always failed.
@warriorprince1010 Socialism is freedom, our "Bill Of Rights" is socialism. Socialism puts those rich on the fair playing ground, with banks helping the public, then there would be no poverty.
Wallstreet needs to go to jail, one jail for them all, no more double stanards.
End the FED
Ego and greed divide, they do not include, and are evil
@v44forme1 Socialism is state slavery, so yes the founding father owned people so they would be classed as socialists. Power lust and greed are all socialist are interested in.
@warriorprince1010 this is why we have 10% Mfg only in the USA? Capitalism and communism is the same, power in the hands of the few !! Endless money sent to them, because products are made not to last. Jobs outsourced, food production outsourced, theift of treasury (FED, foreign mobsters), endless wars (stealing natural resources all around the world). The result, because a educated populas? No, greed by the rich only. This is dependednce, not a free society.
ron paul will abolish the federal reserve if he is elected. vote rp 2012
SuperMagix7 3 weeks ago 2
@SuperMagix7 You should look up Bill Still. Abolishing the Fed will not solve the problem. The banks are allowed to create the credit out of thin air, not the Fed. The Fed only lends to banks out of last resort. But the core of the problem is the fractional reserve system.
AdversusHaereses 2 weeks ago
@AdversusHaereses Bill Still is correct on many things, but allowing man to control the money supply is still a bad idea. Him, Ellen Brown, the MPE authors etc, all of them, still trust man, government and bureaucracy.
Let the market decide what is money, and set the exchange values.
mersk100 2 weeks ago
@mersk100 I think you are right on that. Although I myself do not identify myself as a libertarian or a constitutionalist, as a distributist, I think money is a relatively localist thing. On a grand scale like an entire country or nation, a more common currency is preferred.
AdversusHaereses 2 weeks ago
@AdversusHaereses Yep, I think most could agree with that, and likely why things such as gold, silver and platinum rose to the top and very well may do so again.
mersk100 2 weeks ago
@AdversusHaereses good point..correct me if im wrong mate, but i believe the feds have these policies in place, please read about how they have manage to come to pass the FEd res act 1913 and how everyone against the bankers died... Andrew jackson explained that clearly, thomas jefferson, benjamin franklin, abraham lincom,
The issuing power should be taken from the banks and restored to the people, to whom it properly belongs." ...
SuperMagix7 1 week ago
@SuperMagix7 Well actually John D. Rockefeller strongly opposed the creation of the Fed and opposed it his entire life. This is why he went to fund Ludwig von Mises who was against the Fed. Andrew Jackson opposed the second bank of America because of the same reason John D. Rockefeller opposed the Fed. They both thought that the central bank would control the economy, when in fact what controls it is the availability of the currency. I would encourage you to watch the Secret of Oz by Bill Still.
AdversusHaereses 1 week ago
This is from Free to Choose. An excellent 10 part series of documentaries and debates with Milton Friedman
stebecool 2 months ago
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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
@Or If you think this was caused by free markets you havent done much lurking. Fannie, freddie, ginnie, the Fed, community reinvestment act, rating agencies, derivitives, depart of housing & redevelopment, equal credit opportunity act, ACORN, pro ownership tax code, greenspan put and the media with one program after another telling people how easy it was to make money just by owning a house.
F sake banks were sued billions under the ECO act if they didnt lend out money to those that couldnt pay!
NicosMind 3 months ago
TOTAL BULLCRAP!!!
OrganNLou 3 months ago
Keynnes was wrong. The MOST important factor in the purchasing power of currency is the money supply. When you create too much of it you almost always get inflation. Inflation is like a sneaky tax that robs the public of purchasing power. Since Keynnes' theory was adopted, the U.S. dollar has lost 95% of purchasing power. In relation, income has not increased from year to year at the same rate resulting in a lower standard of living....
clearasvodka 3 months ago 12
@clearasvodka monetary income has not risen as fast as you would like but TOTAL benefits has!! think of other things employers provide like health insurance, sick leave, vacations, longer breaks, you dont think these have monetary value? i actually saw a great chart that better explains this but i forgot the link! :(
manhunter9 4 weeks ago
@clearasvodka You're an idiot.
AllenJeffreyGurfel 5 days ago
@AllenJeffreyGurfel Oh yeah? How so? Enlighten me if you can....
clearasvodka 5 days ago
Friedman scares the hell out of people who eschew personal responsibilty and need to be "lead". Anyone who is willing to give up their personal freedom doesn't deserve to have any.
pretorious700 3 months ago
Friedman likes to say the federal reserve didn't do enough, I'd say that the federal reserve shouldn't have existed in the first place and by existing misplaced lending incentives by replacing clearing houses as the lender of last resort and in the end, didn't even act as the lender.
takadi 3 months ago
Holyshit, did you see the pile of gold that he was sitting on at 2:30? *_*
playboysinistro 4 months ago
@playboysinistro Tungsten. Fake gold.
clearasvodka 3 months ago
mba2ceo, people on both sides of the political spectrum concur it is true. As do Alan Greenspan and Ben Bernanke. That is not saying more factors did not contribute. If your username says anything about you than I would pay more attention to Friedman and less to Chomsky and Zinn. Life will teach you anyway.
mitziedoll 4 months ago
Gold is way over valued. Why should money be backed by gold? It should be backed by something valuable......like food.
1971SuperLead 4 months ago
That is NOT true ... it was because of the lack of distribution of wealth.
mba2ceo 5 months ago
Milton balling out sittin on a pile of gold hahaa
supahsekzy 5 months ago
Cool
tchoakim 5 months ago
Does it continue ?
seppsters 5 months ago
@kevrawn It's funny that you start calling people names and insult their intelligence just because they don't understand the format for pasting a link....a lot of very intelligent people don't know how to do that!...Just because you creep and troll the internet all day and know how to copy and paste...doesn't make you an economic professor.....It just lets people know how really intelligent you are!
fullblastman 6 months ago
@fullblastman
Everything said was backed up empirically by the links provided.
Also, you leave out that ad hom was used in conjunction with granting information, invalidating the ad hom part.
So unless you care to actually refute the subject at hand, this post you made was entirely pointless.
Also, you're guilty of what you accuse by this post. Except I actually provided information with mine, making my posts actually useful. lol.
fountainherz 4 months ago
@fountainherz I was responding to kevrawn.......not you!.....so maybe you posted to the wrong person?
fullblastman 4 months ago
@shadowgeyser Friedman's objection to the gold standard wasn't theoretical. He was making the point that it wasn't practical at this point to return to it. But 2 the end he insisted that the quantity of money must be controlled to tame inflation. He had 2 major policy prescriptions: a formulaic, slow & steady increase in the quantity of money, & a constitutional amendment capping gov't spending. He believed the Fed would be tempted to deviate from the formula so he advocated its abolishment.
jjohngalt 6 months ago
@shadowgeyser
You sent me to a search page, dipshit.
Your non-existent dick --> in your own ass
ExcellentErnest 7 months ago
@shadowgeyser I can find absolutely no reference to this statement. Just like Darwin denounced evolution on his deathbed. People love to pass these rumors off as truth when someone has died, just so they can't be proven wrong. Nice try.
ExcellentErnest 7 months ago
right11 wHO IS we nwo NEW IN NUMEROLOGY 666 NOT NUMBER A GROUP OF GREEDY ILLUMINISTS;MASONS AND SATANISTS: NEXT CRASH PROPABLY PLANNED SO THAT NWO CAN BRING ABOUT MARTIAL LAW ; START DEPOPULATION AND MAYBE INFECT ATTACK;LASER ATTACK: WEATHER HAVOC WITH HAARP AND ELF::KILLING WILDLIFE AND POSSIBLY HUMANS:fema THATS WHY THEY HAVE ORDERED ALL THESE TRAINS; MASS GRAVES AND COFFINS AND BODY BAGS: HELLO AMERICA AND WORLD; WAKE UP:PRAY: MARANATHANA
pineappleseer 7 months ago
@pineappleseer Yes, we have received your request for medication. It should arrive within the week.
ahardycrockett 7 months ago
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what film is this?
rogertayloRRR 8 months ago
Friedman is right that the Fed didn't play by the rules and didn't let the gold into the system. But that's not gold's fault - once again, it was the Fed's fault.
The Fed is right for the US to keep gold, however - we're going to need it when our regular currency becomes worthless. What Friedman is doing praising Keynes is beyond me.
ItsFazsha 9 months ago
@ItsFazsha - He's not praising Keynes. He points out that the politicians love Keynes and his theory that allowed them to deficit spend - to spend money without taxing subjects - to make public works and not pay the bill. He's very subtly mocking Keynes' horrible theory.
3055DOG 8 months ago
@3055DOG How can you say that? You're telling me that everything he said from 6:00 was sarcasm? "JMK was unquestionably one of the greatest economists of all time." I agree from 8:00 on it is sarcasm, but he is way too subtle between 6-8. Anyway, Friedman's idea of inflation targeting was all wet.
The real problem in the 30's actually WAS what Friedman pointed out - the failure of the US to allow the gold coming in to expand our money supply.
ItsFazsha 8 months ago
you're such a lier and sucker...and thief of course
MrGRT99 9 months ago
And I would guess if no gold is in Fort Nox, would mean the FED stole it toooo.
v44forme1 9 months ago
Ah yes Milton Friedman the poster boy of the Nixon admin who pushed us off the gold standard to allow floating currencies that would self regulate. How did that work out? Friedman is a genius cc consumption, Free to Choose is his opus however Friedmans acceptance of central banking has been his downfall. Give me Rothbard, Mises and Hayek. The crack up boom is arriving. As I write gold $1511 silver $47.81.
lintburger 9 months ago
Czar is a communistic term, here in our free USA?
If banks helped the public, there would be no poverty.
If banks stopped funding wars, there would be peace.
v44forme1 9 months ago
Despotism
See FDR's FireSide Chats, Bill Of Rights
People wo lost their homes
People who lost their jobs
People who are hungry
People who are dependent
Are the stuff of DICTATORSHIP
Also ben bernake said that the FED caused the great depression #1. And yes this GREAT DEPRESSION #2 probably too !!
SOO EVIL,
FN greed
v44forme1 9 months ago
Comment removed
v44forme1 9 months ago
too bad Friedman couldn't accept that the Fed caused the crash.
evangrogers 9 months ago
milton was a dummy
jerrydoubleu 9 months ago
@UBSCARED Keynesian economics, as described to me. A rich person buys a boat, and that money goes to the people who made the boat. They spend their money on goods and services, and the people offering those in turn spend their money. In effect, the spending creating a flow of money that keeps everything running. Savers then become the enemy, because they are taking money out of this flow.
As for inflation on a gold standard, that's down to printing paper money, shrinking the gold behind it.
AnnoyedDragon 10 months ago
@AnnoyedDragon saving only hurts the economy in the short run. which we all know was invented by Keynes. You are right, saving is the enemy to the short run, but without saving banks dont have as much reserves to lend out to entice spending. Also the savings that is kept for one year might add to the spending the next year when people withdraw it. So it will equal out the shortage in demand lost the year before.
adulby 9 months ago
Isn't it interesting that Keynesianism has turned the corner stone of capitalism, savers, into the enemy? Keynesianism requires a constant flow of money, so savers are seen as stagnating growth by having their money just "sit there".
Of course, thanks to dropping the gold standard, politicians can just print money to a infinite degree. Constantly punishing savers with the hidden tax called inflation. They can just print money, transfers savers buying power to themselves, and spend that.
AnnoyedDragon 10 months ago
How come none of these main stream economists NEVER look at the boom and always look at the bust?
NicosMind 10 months ago 19
@NicosMind Because they can ammass power by pushing solutions during the bust. Solutions which, as Henry Hazlitt said, end up with politicians cutting ribbons at new $500 million per mile tunnels, acting as if they've created something. No one sees what is invisible, what has been destroyed. No one sees how the tunnel's funding and taxes created disincentives to entrepreneurial risk-taking and investing. No one sees the tunnel as an obstacle to economic growth, a job killer.
gdbalck 3 months ago
@g Im a big Hazlitt fan & Peter Schiff. But i dont think anyone write quite like Hazlitt. I think with how solid the Austrians have been, and how logical their arguments have been that theyve grown a lot of supporters this depression.
After all if you look at the last 2 housing booms b4 this one there was a 20% rise then recession. For this one houses in areas rose from 200% to 500%. And these "economists" want to keep that going? Its insane theyre unaffordable, and only 1 section of the economy
NicosMind 3 months ago
@NicosMind No one complains when the goins good.
Kurise1 2 months ago
@Kurise1 Except the Austrians who blame the boom as the cause and not the crash watch?v=21DZRm1dx0I
And thats just prediciting the crisis. A fuller explaination prediciting it is this watch?v=jj8rMwdQf6k
And i can get you even more detailed explaination of the crisis which still complain against the boom. A more accurate phrase would have been "Keynesians, Monetarists, neo classical and socialists dont complain when its booming. Austians complain about bubbles, especially credit bubbles"
NicosMind 2 months ago
FDR was a fascist! Even the German Nazi Party hailed the new deal. Fascism, corporatism in some forms, is when you aggregate industrialist (businessmen) and labor unions to very powerful positions, that effectively run industry jointly. Sounds good, but eventually, wages and the consumer price index shoot up dramatically, making everyone poorer and business uncompetitive abroad.
FDR prolonged a recession and turned it into a full on depression... from an economic standpoint that is.
groam6666 10 months ago
@groam6666
Elements of the New Deal, such as Social Security, were originally developed in Germany under Bismark, you idiot.
And when FDR took office in March of '33, unemployment stood at around 25%. The very next year, it fell to 17% after his dollar devaluation, financial reforms, and New Deal programs began. Roosevelt's biggest mistake was to balance the budget in '37, helping to send us right back into depression.
You're an idiot and have no idea what you're talking about.
AntiSchiff 10 months ago
@AntiSchiff I know who invented social security, but I should have stated the "National Industry Recovery Act" was fascist specifically, although it was covered under the New Deal with a variety of other programs. By the way, the majority of the New Deal and other laws FDR promoted were later declared unconstitutional.
The recession you mentioned ended a year later by the way. FDR did not balance the budget in any way Gov spending rose. To even make that claim shows how unintelligent you are.
groam6666 10 months ago
@groam6666
I should have said when he tried to balance the budget, as he reversed himself later the same year when GDP was falling.
And the NIRA fascist? lmao You don't even know what the word means. Does this mean the US WW2 effort was also fascist? Was the war against fascism American Bolsheviks were sidelined.
I'm getting tired of you idiots defaming FDR. Sure, some of his wage policies were disastrous and there was some gross overreach, but he fed millions and saved lives.
AntiSchiff 10 months ago
What the Hell have you ever done for anyone?
I hope the IRS breaks your doors in and finds out you haven't been paying taxes. I hope you resist arrest and get both clubbed and tazed, and then end up in prison with big Bubba as your new beau. I hope you are forced to wear a nice white gown during your prison yard marriage ceremony.
AntiSchiff 10 months ago
All in the world google adsense approval and genuine account within 2 hour and all so deals genuine earning tricks and account making contact us 03465055015
fatherofadsense 11 months ago
I urge those who have said "Friedman was an idiot for endorsing Keynes" to keep watching... The Fed made mistakes, the World made mistakes, and the US made mistakes during the depression, but remember it was the first time the world economy was as "connected" but if you watch more Friedman will explain why Keynes was the biggest mistake that is perpetuated to this day... These clips are sliced too thin to get the picture from just one or two
taewsk 11 months ago
@taewsk I would say you misread Friedman, and for that matter Keynes
the problems he illustrated have everything to do with deficit spending in good times, deficit spending in bad times is still the best approach. William Jefferson Clinton was the last effective Keynesian president we had - and brought us up to a surplus in good time instead of continuing the trend towards deficit.
override367 10 months ago
@override367
Expand on Billy Clinton's policies that did so
canefan17 10 months ago
@taewsk
Ya, I picked up on that without the slice - he was fluffing Keynes up with "brilliant economist ever" - only to explain he was the biggest mistake towards capitalism ever
canefan17 10 months ago
Deficit spending isnt bad when the money is spent on infrustructure/industrial growth/roads/highways/public works projects.... ITS BAD WHEN THE GOVERNMENT JUST BAILS OUT FAILING FINANCIAL INSTITUTIONS THAT ARE THE ROOT OF THE PROBLEM. ITS BAD WHEN IT GIVES MONEY AWAY TO FOREIGN BANKS FOR NO GOOD REASON. ITS BAD WHEN THEY SPEND IT ON STUPID SHI%% LIKE THEY DO TODAY.
Dre4dwolf 1 year ago
damn Blacks working in that bitch...I CANT believe it!
playitbackent 1 year ago
Socialism = Creationism
Capitalism = Evolution
Its amazing that so many liberals are atheists... but most are socialists. It seems they moved their religious fervor to social issues and are just as misguided. Why do i say socialism is creationism? The big sky daddy government will take care of it attitude. Capitalism is simple u fail u fall, survival of the fittest.
ORACLE063 1 year ago
@ORACLE063
\
Uhh but Socialists don't believe in a God that will take care of you, they believe in a concrete entity called Government. Their atheism is exactly WHY they believe this. They must find a God surrogate because they reject the real thing. America's embrace of God is intrinsically related to it's free Market sensibilities, and we have never seen a Godless Laissez faire society.
Some Libertarians are just as apt to place theory over experience as Liberals are.
Aphoresis 11 months ago
yeah how is that theory workin out today milton?...lol
WarrivarNeo 1 year ago
@WarrivarNeo
How is what working out? The Gold Standard was abandoned long ago, and Milton is opposing deficit spending here..
Aphoresis 11 months ago
Can you imagine this guy fucking some broad?
TheCottonTop 1 year ago
FDR WAS AN IDIOT
stjdavis 1 year ago
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-What'th, a simple Central/NationalTreas.-bank would easily serve the function of money-supply! ONLY purpose of deRothschild's pvt./Fed.Reserve Bank'ster-sys. was/is to criminally defraud n.Americans of their earnings! These sociopaths include Rockefellers and score of other warmongering jewZionist-families, self-anointed 'NWO Mafia-kings!', -whom can't believe naive public hasn't lynched'em for murderous scheming, extortion, usury, -back on 24/Dec./1913 when they hyjacked our usTreasury...!!!
AryanKnight 1 year ago
There's one thing I don't understand - why didn't the Fed issue more money in the US when it recieved new gold from abroad? Were they afraid of inflation? How could that be when the country was having deflation?
All I can see is that this gives further water to conspiracy theories, am I missing something here?
foozemusic 1 year ago
@foozemusic I think you are onto it. Look at what happened and what the fed bought, or the amount of money being released by the fed prior to the great depression. It is just like our modern depression. They loaned out money, created a bubble, then poped it, once prices reajusted, they bought up the "toxic" assests for pennys on the dollar. That is what has been happening with every bubble, it pops and big companies like the fed buy up the assests and get bigger.
bluefootedpig 1 year ago
@foozemusic on hulu, it is either nova or biography, did the modern collapse and explains some of the reasons behind it. Very interesting stuff, the value of speculation.
bluefootedpig 1 year ago
ORGANIC HEIRLOOM SEED IS WORTH MORE THAN GOLD, START GETTING AND SPREADING THE SEED EVERYWHERE WHERE YOU LIVE TO INCREASE THE FOOD SUPPLY!!!
boxa888 1 year ago
Very disappointed in Freidman's view. Not even a mention of the monetary inflation pre-depression as the cause of the Depression. Then praising Keynes. Messed up. How about Ludwig Von Mises, the man who predicted the Depression?
acjitsu 1 year ago
@acjitsu
You have to watch the rest of the video - he BLAMES keynes.
canefan17 10 months ago
ha ha - 47 marxists were upset by the truth in this video :-P
grraadd 1 year ago
Mises >> Friedman > Keynes > Marx.
vspqbd 1 year ago 2
@vspqbd
Mises wouldn't even have a career if it wasn't for the Rockefeller grants he got. Yeah, that's YOUR boy right there. Rothschild's puppet for a new gold standard. YOUR BOY.
accursedheretic 1 year ago
@accursedheretic
Genetic fallacy.
vspqbd 1 year ago
Ludwig Von Mises 4 the wIn
ORACLE063 1 year ago 47
@ORACLE063
How can you possibly listen to Mises????? HE WAS FUNDED BY ROCKEFELLER GRANTS TO START HIS CAREER!!!!!! There's a reason that Austrian economists are looked at like morons.
accursedheretic 1 year ago
@ORACLE063
Probably the biggest difference between Mises and Friedman was their analysis of the business cycle. Are you saying the ABCT > Friedman's "monetary contraction" correlation or are you actually conflating the two?
fountainherz 4 months ago
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sadaranusalitha 1 year ago
Man, I wish I knew where to find the whole thing. It's very interesting. Thanks for posting!
stardustotaku 1 year ago
Yes. By ALL means.
SirCBJackson 1 year ago
Free market is officially dead.
Lillymill 1 year ago
@Lillymill We can debate in one-sentence declarations, but I would ask "how so"?
SirCBJackson 1 year ago
@SirCBJackson
They screwed up and the state needed to intervene.
Lillymill 1 year ago
@Lillymill Keep going...
SirCBJackson 1 year ago
@SirCBJackson
It's over.
Get over it.
Lillymill 1 year ago
@Lillymill So there's no debate, no facts, no rational discussion? It's just over, and I should get over it.
Alright.
The earth is flat.
Get over it.
SirCBJackson 1 year ago
@SirCBJackson
The problem seems to be that you're insisting on the debate over the flatness of the Earth even though it's round.
Lillymill 1 year ago
@Lillymill You are unbelievably thick. I should give up now.
SirCBJackson 1 year ago
@SirCBJackson
:yawn:
Lillymill 1 year ago
@Lillymill Indeed.
SirCBJackson 1 year ago
@SirCBJackson
By all means.
Lillymill 1 year ago
@Lillymill
Free market never officially existed.
accursedheretic 1 year ago
@accursedheretic
For now, I'll consider that a usual apologism, a mere excuse.
But I might reconsider it if we agree that communism never really existed, either. ;-)
Lillymill 1 year ago
@Lillymill
Hahahaha. You crack me up. Do you realize that govt. funded monopolies and bailouts are not in the blueprints for a free market system? You do realize that right? How can you even pretend that we have a free market or ever did? Our money has been privatized ever since 1776 and big banks have NEVER failed. Why? Because they are "essential" for the cattle to maintain order. They aren't allowed to fail. And they get bailed out with new credit that depletes our currency EVERY TIME.
accursedheretic 1 year ago
@accursedheretic
Yeap, that's basically what happens when you believe in neo-liberal fairy tales.
State intervention is bad as far as Ordinary Joe's concerned but as soon as some free market cheering sugar daddy's pocket is at stake... WHOA!
It's really not that hard to comprehend...
Cold War, opening markets, transitional sellout of foreign state property...
Everything else is just a bunch of false sugarcoated liberal cliches.
Lillymill 1 year ago
I wish Friedman had run for president when he had the chance.
KenMacMillan 1 year ago
"not enough money" only can occur when the monetary system is centrally controlled (with legal tender laws), planned (and of course manipulated by the planners). If the money were left to the free market to originate define value and quantity - no any kind of money shortage could ever occur, one ounce of gold/silver/any_other_thing_of_value would simply go up in price triggering more production of it. Free Market =People free to chose what is money and how much it costs =no great depression.
alennna 1 year ago
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monikaminole 1 year ago
I was starting to enjoy these MF's videos, until realising he supported Keynes and central fractional reserve banking. In my eyes he just went from smart to stoopid faster than a quick thing going downhill. Shame.
Capnwabbit 1 year ago
"inflation is taxation without legislation"
reneh 1 year ago
they tried just making more money in japan, it failed to stop the decline in the money supply.
funisverygood 1 year ago
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@arzoyan
If you want to use an example of a capitalist free market, the closest thing to one can be found in New Zealand. Would you use the same adjectives to describe NZ? Or look at the internet. Possibly, the last system that could be described as a free market left in the US. Would you want it abolished? I would rather call the US system, Corporatism or monetarism, akin to mercantilism of the 1700's. Only, banks are in control, not merchants. Capitalism = good, Corporatism = bad
aseredy 1 year ago
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@arzoyan
If you want to use an example of a capitalist free market, the closest thing to one can be found in New Zealand. Would you use the same adjectives to describe NZ? Or look at the internet. Possibly, the last system that could be described as a free market left in the US. Would you want it abolished? I would rather call the US system, Corporatism or monetarism, akin to mercantilism of the 1700's. Only, banks are in control, not merchants. Capitalism = good, Corporatism = bad
aseredy 1 year ago
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Alan Greenspan (former Federal Reserve Chairman) now works for John Paulson's fund. Guess what John Paulson's fund's BIGGEST position is right now? GOLD. . Don't say you weren't told. Protect your families wealth. Visit: goldsave.co/
JulMasters88 1 year ago
When financiers take away all money from the people it is called Great Depression ?
Serrokot 1 year ago
A couple of things.
1. A sample of one does not make a survey
2. A. Atkeson & P. Kehoe looked at data for 17 countries over at least 100 years and found that delation only cause 10% of depressions.
3. The great depression wasnt caused by deflation but rather the boom preceeding it. Adhering to the gold standard would have stopped the boom, hence stoping the depression.
4. FDRs spending made things worst! There was no recovery til after the war when taxes were cut by 1/3 and gov spend by 2/3
NicosMind 1 year ago
This was really interesting but he missed one very important fact.
The Federal Reserve hasn't been controlled buy the government since 1913 it's private enterprise and that's a huge part of the problem.
Tyjohnable 1 year ago 7
@Tyjohnable The Federal Reserve might be a private entity but the President appoints the seven members of the Board of Governors of the Federal Reserve System; they must then be confirmed by the Senate and serve for 14 years. So it isn't so private is it? Really should at least google something before you post it and the same with the idiots giving it a thumbs up.
reneh 1 year ago
@reneh
So that just makes them government sponsored dose the Senate vote at there meetings?Also what happens if they do what they want...they lose there job in 14 years well maybe I can afford to retire at $179,700 a year.
The problem I was referring to was that America doesn't make it's own money and borrows it from the Federal Reserve bank at interest that makes it impossible to ever really get out of debut.
The "idiots" who gave thumbs up to my last comment probably just knew that already
Tyjohnable 1 year ago
@Tyjohnable Show me one private business in the world that has to keep a bad employee for 14 years before they can fire him? I get hired on 01/01/2000 and I commit fraud on 01/02/2000 and you can't fire me till 01/01/2014. Is that a free enterprise? Can you do that at work? Go up to your manager today and slap him. I bet you he will fire you right there and then not in 14 years.
reneh 1 year ago
@Tyjohnable You also said that the Senate doesn't vote at their meetings. The senate can not be packed in a box and taken around the world so they can vote on things. This is why the president appoints people that think like him, agree with him and represent his interests. I don't understand how you can claim it is a true private entity when its leader is picked by a politician. What you are saying to me is this: You decide who lives in your house. But I decide who you can decide on. Do you see?
reneh 1 year ago
@Tyjohnable And last, the federal reserve does make money. It isn't based on gold or silver. So when they print new money what do you think they are doing? They are creating money out of nothing. They take air and poof, you have money. It isn't about debt, barrow or payback. It is about the power they hold over us. Lets see here can you go and print more money when you run out of what they gave you on your check in exchange for your labor or brain power or skill? No, you can't.
reneh 1 year ago
@Tyjohnable And regarding the "idiots" that "probably just knew that already." You wouldn't know your own name if it wasn't shouted at you all day. You don't think with your brains, you think with your hearts. Your heart says this sounds like a good idea and your brain shuts down and lets your heart take over. It doesn't matter what the facts are, what the truth is, what has worked and not, all that matters is that you think something that isn't true is true and that is the end of it all
reneh 1 year ago
@reneh
IF America made it's own money it it wouldn't owe interest right off the bat that was the whole point I was trying to make the system is fucked the way it is now.
But I guess I'm just thinking with my heart and I should love living in a system that could never pay back it's debut like you.Thank you for opening my eyes to the truth I'm convinced no need for another 4 post rant really I mean it
Tyjohnable 1 year ago
@Tyjohnable My friend, your lack of know in this matter is not allowing you to truly understand. You are stuck because your mind can't go past what you know. And it isn't fair for you to reply and tell me not to reply as if you have the last say in this matter and the last say happens to be true. Just because I print $20 bills in my basement doesn't mean I'm paying an interest to China. The money being printed and the debt to china are two different things. Don't take my word, look it up.
reneh 1 year ago
@reneh
I wasn't talking about China I was talking about debt to the the banks who own the federal reserve.If America still made it's own currency and saved 300B or so a year on interest than maybe paying back China wouldn't be so hard.
Tyjohnable 1 year ago
@Tyjohnable look, why are you arguing? what do you gain if you are right and everyone else is wrong? why not take a look at how things work instead of assuming things work the way you think they do. I mean my car is 183 horse power that doesn't mean there are 183 little horses in my engine galloping away. The banks do not own the Fed Reserve. The Fed Reserve owns the banks. Do you understand anything about money and economics? You can't just print money to pay China...
reneh 1 year ago
@Tyjohnable When you print money you create inflation. China isn't going to take back 300B today when that 300B in dollars is worth 150B. Do you see how it works? So China would and is against us printing more money. You really need to study a little more about how economy and money works. I understand why you think the way you think. I use to think that way too. But one day I decided to read and learn rather than just assume my brain has figured it out with no help.
reneh 1 year ago
@Tyjohnable You are simply mixing things up. Yes, when we get a $2B loan from China they do not ship $2B in a box. We print that money here. So you are right in a small way. But you are not seeing what more there is behind this complex entity.
reneh 1 year ago
@reneh
Rothschild Bank of London Warburg Bank of Hamburg Rothschild Bank of Berlin Lehman Brothers of NY Lazard Brothers of Paris Kuhn Loeb Bank of New York Israel Moses Seif Banks of Italy Goldman, Sachs of New York Warburg Bank of Amsterdam Chase Manhattan Bank of New York These bankers are connected to London Banking Houses which ultimately control the FED. When UK lost the Revolutionary War they planned to control us by controlling our banking system, the printing of our money, and our debt
Tyjohnable 1 year ago
These last 2 post were all from The Federal Reserve Is A PRIVATELY OWNED Corporation
By Thomas D. Schauf
Tyjohnable 1 year ago
@Tyjohnable can you explain to me what the Federal Reserve is without googling it? I mean do you even know what it is? The revolutionary war took place between 1775 and 1783. The federal reserve was created in 1913. These two events have nothing to do with each other. I really don't want to sit here and explain to you what the Federal Reserve is. I assume you know this if you are arguing about it. The federal reserve is just what the name says, A FEDERAL RESERVE of money.
reneh 1 year ago
@reneh
First National Bank of New York James Stillman National City Bank,National Bank of Commerce,Hanover National Bank, and Chase National Bank all have shares in the Fed
Tyjohnable 1 year ago
@Tyjohnable The FRS was created to make sure there is enough money incase of a "bank run." So that the market wouldn't crash. Over time the roles of the FRS have expanded. National banks are REQUIRED BY LAW to become members of the Federal Reserve system. So these banks you listed have to buy stocks in the FRS if they want to be members. So what are you talking about? It's cool man. You are right. 2+2=5. I agree. No need to argue about it anymore.
reneh 1 year ago
@reneh
Your right 2+2=5 if you take interest into account but you don't seem to care about it at all.Nothing you have said explains why it's better to pay someone else to make your money instead of making it yourself with no interest.Just because banks lost the chance to control of America in 1783 you think they gave up on it? Woodrow Wilson put it best when he said "I have unwittingly ruined my country"
Tyjohnable 1 year ago
@Tyjohnable I never said it's better to let someone else make your money. And I never said there is no interest when you barrow money. And once again you took a quote from a man in the 1900s and applied it to an event in 1783 just to advance your idea. I too can do that but will not. All I have said is geared towards making you understand that the FRS is not really a private entity as you stated.
reneh 1 year ago
@reneh
I can tell from your posts that your an intelligent person so please stop pretending to misunderstand me to make me look worse.You know damn well that the point was that Woodrow Wilson regretted starting the Fed regardless of when the idea started and I was not applying his quote to 1783.
Tyjohnable 1 year ago
@Tyjohnable I don't support borrowing and I don't support printing. However, let me explain why it is better to borrow rather than to print from thin air. When you print money, money that is based on nothing, you are creating inflation. So in reality you are doing no good. We had $50 total in the world. We printed another fake $50. That doesn't mean we now have $100. It means that we have $100 but its true worth is about $80.
reneh 1 year ago
@reneh
The borrowed money is also created out of thin air for every dollar the fed lends out it creates 10 but what happens if you pay back or destroy money you made yourself? The value goes up same as when you pay back someone you had make it for you except with the latter you still owe interest.
Tyjohnable 1 year ago
@Tyjohnable lol, you are amazing bro. this is the key part you are missing. lol. Ok so you borrow 50B. and the interest is 5B so you owe a total of 55B. So you print 55B to pay China back, but that 55B is only worth 45B due to inflation. Would you take it if you were china? No, so now you have to spend 110B to purchase 55B worth of money that is worth 55B to pay back 55B. Do you understand? so you have to print 110B. and that is worth only 95B so you have to print 125B and so on and on and on.
reneh 1 year ago
@Tyjohnable They are both bad for a country. Debt or inflation. I think we can agree on that. The key here is that we need to not try to borrow or inflate. It is very hard to keep away from these things at the same time it easy very easy not to care when you are spending other people's money.
reneh 1 year ago
@reneh
Tell me about it my friend has a company car and gas card and drives everywhere at any time for anything lol
But I think fear is the biggest problem to the economy. Spending more than the next 16 highest country's in the world on the militarily (not counting Iraq and Afghanistan) hurts the taxpayer but people are so scared of terrorist's they just don't care. I think spending more than the next 2 would be enough if you ended pure bullshit like cost-plus
Tyjohnable 1 year ago
@reneh
Wow I just realized something crazy the U.S spends more on Iraq and Afghanistan than the next 3 to 5 highest country's combined spend on there entire Military.
Tyjohnable 1 year ago
@Tyjohnable What happens is that the new printed money doesn't go into your account or my account but the inflation it creates does cause you and I to have less money. We have the same amount in number but it is worth less. At least when you barrow money it isn't printed from thin air. Germany did this to England during WWII. They dropped millions of counterfeit British pound to create an inflation which would help the Germans win the war.
reneh 1 year ago
@reneh
Oh this didn't fit.
Once appointed, Governors may not be removed from office for their policy views.
Also the Chairman's annual salary is $199,700.
Tyjohnable 1 year ago
@Tyjohnable: There is some control of the government over the fed. But from a realistic point of view that would be a bad thing anyway, since it negates the possibilities of a government to run inflationary policies for political gain when elections come up.
Flyingdutchman1999 11 months ago
@Flyingdutchman199
Sir if you are implying that one of our fine elected officials would endeavor to be dishonest just for political gain I say you must be sadly mistaken.
Just who are you sir to accuse these leaders, nay pillars of our society of treachery?
Hogwash I say!
Tyjohnable 11 months ago
@Tyjohnable
I stand corrected good sir, forgive my ignorance. Who am I to doubt the integrity of the pillars of society. Now if you will excuse me, I have to go flog myself.
Flyingdutchman1999 11 months ago
@Flyingdutchman1999
No need for a flogging a fortnight ago I witnessed the punishment Bownsaw laid out for you and I'm sure your previous comment came out of a pain filled haze.
Consider the slight forgotten good sir.
Tyjohnable 11 months ago
always up-to-date
sesvecan 1 year ago
Don't forget Mussolini's influence on Roosevelt in the 30'.
elbuggo 1 year ago
@arzoyan, The problem with the Anarcho-Communist Utopia that you desire is that it totally ignores the basic realities of nature and of man. Your understanding of real capitalism has been skewed by the Fascist Capitalism and State Capitalism. Please see a simple explanation of the value of Capitalism in How an Economy Grows and Why it Doesn't by Erwin Schiff or Economics in One Lesson by Henry Hazlitt. You are correct to decry the system in which we currently exist...it just isn't capitalism
danneskjoldragnar 1 year ago
@danneskjoldragnar The priest in you is running scared of revolutionary change, a world of cooperation for our common needs and well being. Free yourself from crude reductionism of capitalist ideology. for human nature look out for Bruce Lipton, you may learn something interesting for a change.
arzoyan 1 year ago
@arzoyan Will you get a life troll? You're motivating me to start trolling all those Noam Chomsky videos. Your view is based upon the assumption that all humans are savage evil people, despite you call capitalism "dehumanization", socialism is the real dehumanization, regulation of individuals to fit in line because they are all evil stupid creatures as your own words imply. 0/10 try harder next time.
s0beit 1 year ago
@arzoyan, communism/socialism, it's basically just trying to argue that the means are better then the ends. Communists use the means of redistributing wealth to justify whatever happens as a result.
Capitalism uses the ends of an optimized economy to justify the means that wealth disparity is acceptable.
Free agent and decentralized systems work, in real life, in theory, and in simulation, while centralized and hierarchial structures always, always, fail.
Houshalter 1 year ago 28
@Ho Capitalism is a world system of nomadic rampaging of Profit for minority owning/ruling class. Ex Soviet Union just like China was a STATE CAPITALIST tyrannical operation some do it better than others, just loook at the so called free market example of USA, the ill health and obesity epidemic,debt,corruption and moral decay has exposed the corporate lies and deception of democracy and freedom. free yourself from mind mass control and emotional manipulation, you got nothing to lose
arzoyan 1 year ago
@arzoyan, wow. That is one of the most ignorant things I've ever heard. You obviously have no understanding of how the economy works and don't care to find out.
Houshalter 1 year ago 2
@arzoyan
If you want to use an example of a capitalist free market, the closest thing to one can be found in New Zealand. Would you use the same adjectives to describe NZ? Or look at the internet. Possibly, the last system that could be described as a free market left in the US. Would you want it abolished? I would rather call the US system, Corporatism or monetarism, akin to mercantilism of the 1700's. Only, banks are in control, not merchants. Capitalism = good, Corporatism = bad
aseredy 1 year ago
@arzoyan
If you want to use an example of a capitalist free market, the closest thing to one can be found in New Zealand. Would you use the same adjectives to describe NZ? Or look at the internet. Possibly, the last system that could be described as a free market left in the US. Would you want it abolished? I would rather call the US system, Corporatism or monetarism, akin to mercantilism of the 1700's. Only, banks are in control, not merchants. Capitalism = good, Corporatism = bad
aseredy 1 year ago
This has been flagged as spam show
@arzoyan
If you want to use an example of a capitalist free market, the closest thing to one can be found in New Zealand. Would you use the same adjectives to describe NZ? Or look at the internet. Possibly, the last system that could be described as a free market left in the US. Would you want it abolished? I would rather call the US system, Corporatism or monetarism, akin to mercantilism of the 1700's. Only, banks are in control, not merchants. Capitalism = good, Corporatism = bad
aseredy 1 year ago
@Houshalter Communism....government an their friends own all the wealth.
Capitalism...People have an opportunity to own wealth.
warriorprince1010 1 year ago 23
@warriorprince1010, there isn't even any reason for people to generate wealth in a communist society, unless they are being threatened. "Do it or we shoot you." Hardly a perfect, moral society.
Houshalter 1 year ago 2
@Houshalter True, hence the poverty we see in North Korea..
warriorprince1010 1 year ago
@warriorprince1010 yes to a point, since the business round table only allows what it deems ok, to their benefit only. Just like all those inventions that would allow people to live free and independent, yet they don't allow it to come to market. 100 mile per gal. carburators stopped, magnetic generators lasting 100 years stopped, fuel cells like bloom box that google has on their roof and is completly self producing power, never to come to makt. All lies
v44forme1 9 months ago
@v44forme1 "the business round table only allows what it deems ok"...You mean the corrupt government. Socialism gives more power to these corrupt government. Socialism believe if the state ois corrupt you give it more power and some how this will make them less corrupt. Sigh, hence why socialism in its real form has always failed.
warriorprince1010 9 months ago
@warriorprince1010 Socialism is freedom, our "Bill Of Rights" is socialism. Socialism puts those rich on the fair playing ground, with banks helping the public, then there would be no poverty.
Wallstreet needs to go to jail, one jail for them all, no more double stanards.
End the FED
Ego and greed divide, they do not include, and are evil
Intellignce includes, and is not evil
v44forme1 9 months ago
@v44forme1 Socialism is state slavery, so yes the founding father owned people so they would be classed as socialists. Power lust and greed are all socialist are interested in.
warriorprince1010 9 months ago
Comment removed
v44forme1 9 months ago
@v44forme1 The problem with socialism is it is about greed and powerlust. Castro...$1.4 billion. Chavez....$400 million. Obama...$8 million.
warriorprince1010 9 months ago
@warriorprince1010 Not all the founding fathers owned people. John Adams for one.
JackGriffin2 8 months ago
@JackGriffin2 Therefore they were socialists if they owned people. Capitalism is people owning property not other people. Socialism is state slavery.
warriorprince1010 8 months ago
@warriorprince1010 this is why we have 10% Mfg only in the USA? Capitalism and communism is the same, power in the hands of the few !! Endless money sent to them, because products are made not to last. Jobs outsourced, food production outsourced, theift of treasury (FED, foreign mobsters), endless wars (stealing natural resources all around the world). The result, because a educated populas? No, greed by the rich only. This is dependednce, not a free society.
v44forme1 9 months ago