Hehe this one is rich. Private enterprise has no press agents? Anybody watching this must be really really really silly to keep believing in this guy. He's a huge ideology-propaganda machine. At one point I believed that Friedman himself did think he was right. I almost can't believe that anymore. Erm, "in my opinion". lol
I think the point he was making was that Private Enterprise has no press agents, since it's not a government program and really has nobody directing it.
"At one point I believed that Friedman himself did think he was right."
Your problem is that you believe too much and don't rely on reason very often. I assure you, you don't understand jack shit of what he is saying. You just don't have the intelligence.
Go back to Chomsky's videos and get some more indoctrination, no one is forcing you to be here and listen to the "propaganda".
@isedairi He always talked about "what direction you are going in," and said capitalism is a NECESSARY condition for freedom, but not a sufficient one. You need competitive capitalism under a private property system with the proper "rules of the game" and individual rights. His "government" term related to the FED, which let the money supply drop by 1/3 when it should have surged greatly, thus turning the 1929 crash recession into a depression.
@jrooksable yes im aware. i said that because there are people on here arguing over religion. im not taking that as evidence for anything so what the fuck are you talking about?
"Private enterprise has no press agents"...? What an odd statement to make. Every corporation has a PR staff which works to polish the firm's image in spite of their actual poor corporate citizenship. I'd hazard that a good deal of money has been spent to burnish the truth regarding such malfeasance. A good deal of what Americans (and others) take to be historically based fact is in fact the result of such efforts.
It's impossible to fathom the activities of corporations without their propaganda machines (what you are probably calling PR staff), so maybe your comment would read better if it were worded:"I didn't think about this subject until recently." Fact is, the larger a corporation becomes, the more important PR becomes in allowing them to effect their goals, and it has been this way for some time. I hope you're aware of the role corporations played in the founding of the US.
I really respect Friedman, but I don't agree with him very often, but this video is an exception. There was a little more going on with the Great Depression than bad money policy, but it all breaks down to bad government policy in general and not a private sector mistake.
@ninuxy how do you gather? the board is appointed by congress and its activities are controlled by congress. theres almost nothing private sector about it.
@jboze3131 The members of the board of governors is appointed by the president and approved by the senate. The members decisions do not have to be approved by anyone in the Government, and it is considered a public/private enterprise.
@jboze3131 The Fed is an instrumentality, and it is NOT controlled by the Congress, idiot.
All its "members" are a part of the private banking system. Examine the board members on the federal and regional level. Who they are and what their positions are in the financial/banking industry.
@ninuxy the fed's mandate comes FROM the current administration's public policy goals. ben bernanke just doesn't flip obama the bird and tell him HE'S going to decide what's best in terms of monetary policy. congress can do a review of the fed anytime it so desires. the banks are non-profit. their board of governors are appointed by congress. etc. there's very little private about the fed, unless you're a conspiracy theorist.
"there's very little private about the fed"- How many units did the Fed print this year?
See, that is a very important question, which at this time has no answer to, yet it needs to be answered nonetheless. The fed hasn't been audited this fiscal year and I'm sure many Americans and Europeans, and Asians would love to know how the books read.
@ninuxy in theory yes... but in practice is a part of government, Barnak is president's appointee ! and all theire decisions are poitical too... get real !
@fzqlcs Do you know that Christianity is correct? The world around us reveals that G-d DOES exist, and the historical evidence reveals that Jesus Christ really did come to this earth and there is overwhelming evidence that Jesus Christ really did physically rise from the dead. Jesus is coming again and the signs of the end times that were foretold in the Bible are coming to pass.
Poverty is ALWAYS the result of too much government. Look at the poorest nations throughout history. How big was and is each of those nations respective governments? It doesn't take an economist to figure this out. How big was our government during the great depression, the recession in the 70's, and how big is the government in our recession today? Tell me there's not a correlation.
So the Federal Reserve failed to take an action, therefore we need government to not take any actions? If inaction by government caused the depression, why would less action by government be better?
@hoodoo961 He is essentially stating that the federal reserve failed by poor monetary policy, the Fed could have stopped the depression, but instead it magnified it, so instead, he is saying forget the fed because they have screwed up this economy time and time again.
@GTdnrSTANG umm... if that was the case then why did recessions before the federal reserve prior to 1900's have such devastating effects? The federal reserve was not there to help, or in your words to make it worse, yet recessions where much worse with bank runs. Terrible recessions happened all the time and lasted awhile as well, you can't argue it was government intervention that caused the prolong-ness.
@VassiliZaitsev12 I clearly can, because the first major recession became the longest and worst one in American history, because it was the first one with government intervention.
@blastsummit If you consider a 1 to 2 year recession a major recession, then you need to go back to school. There were tons of garden variety recessions between 1839 and the great depression, but they were all just cyclical and ran their course, in less than 2 years, mostly one year. The great depression ended lasting more than 4 years, and do you think that was just by chance? No it was the federal reserve. End of story. I'll even give you the panic of 1873 but that too was gov't intervention
@GTdnrSTANG there is a difference between recession and depression. you said the 1929-1933 depression was the 'first great recession.' it wasn't the first recession. and it was the government's non-interference that aggravated the depression. if you're such a free market guy, then the government shouldnt have done anything.
@blastsummit The government has a monopoly on the monetary supply, so it has to try to simulate what an idealized competitive market would do in response to changing conditions. In principle, the government monopoly should produce better results than an unregulated market because it can only pretend there are multiple competing currencies and act accordingly without the overhead of actually dealing with multiple currencies. And they still failed.
@blastsummit The entire economy determines optimal interest rates and the forms and supplies of money. Central banks try to find optimal levels using models. The models are both crude approximations and computationally intractable. When reality deviates from this estimate of an estimate, systems can fail in a big way. A competitive marketplace also fails quite frequently but in smaller, more tolerable ways.
@blastsummit That's kind of my point. The answers don't exist to be had. Anyone claiming to have the answer is is offering an incomplete solution to an incomplete model. So how can we minimize the extent of damage from wrong answers?
@blastsummit Depression is just a name people attach to a deep recession. Look into the ideas of milton friedman some more, because free market guys like him believe there should have been intervention. Governmental monetary policy. Not the Federal Reserve sitting allowing the quantity to fall.
@GTdnrSTANG Do you know that Christianity is correct? The world around us reveals that G-d DOES exist, and the historical evidence reveals that Jesus Christ really did come to this earth and there is overwhelming evidence that Jesus Christ really did physically rise from the dead. Jesus is coming again and the signs of the end times that were foretold in the Bible are coming to pass.
@GTdnrSTANG keynes and milton believe in similar concepts but go about achieving them differently. keynes is very misunderstood. and fighting the depression at the time didn't include the almighty hindsight economists have nowadays
@GTdnrSTANG Well, actually the first major recession was so bad because the second bank of America didn't do it's job. Take a look at Japan's lost decade for example. They had an asset bubble in 1986-91. This was because of massive savings, and deregulation of the market. They had deflation during the 90's and this caused a second recession. If they would have QE like the US they would have positive inflation. This would have stopped the second recession. So, not all monetary policies are bad
Neither have the banks that are "too big to fail". However we turn, the big "provate" corporations have us by the balls. They will all claim to special treatment: if it si not because they threaten investments elsewhere, and job losses, then they get special "sweet" deals from the tax authorities, courtesy of the tax payer. (Recent story how Goldmann Sachs was waived millions of UK tax revenues in a deal which never got parliamentary scrutiny). There is nothing private about private enterprise.
The only thing missing in Friedman's criticism of the FED's handling of the great depression, is that the FED is actually a private banking cartel, and as such if it failed at the time, it was actually a failing private enterprise itself. Milton Friedman claims that he is an "objective" observer. Really?
@kyaume21 The problem with your comment is that the Fed really isn't Private, because they have no counter-party risk. The risk is all on the Federal Government.
@jakek812 Do you know that Christianity is correct? The world around us reveals that G-d DOES exist, and the historical evidence reveals that Jesus Christ really did come to this earth and there is overwhelming evidence that Jesus Christ really did physically rise from the dead. Jesus is coming again and the signs of the end times that were foretold in the Bible are coming to pass.
@marionetemanJ Be careful here, Jesus said: "I will come like a thief in the night; you'll know not the day nor the hour." No ONE...repeat NO ONE knows when our Lord will return and anyone who claims
@vince33x ..or, the Jesus your read about in the Bible was a myth and is in fact dead and won't return at all. Since that is physically impossible. YMMV.
@vince33x Ha ha ha. ***Breathes*** hahahahahahahaha.
Yes. It is entirely illogical and based on nonsense. Fake my belief in Jesus just in case? What if its Allah or Baal or Vishnu?
Sorry, I live by my principals and by reason and do not let the irrational fear of what might happen based on the myths of a bronze age foreign culture rule my life.
Milton Friedman is full of crap he was for the new deal until he no longer needed it.When he Graduated, he could not find a Job anywhere so his first job was a government job.
@mrgetrealpeople He supported the job creation. What are you talking about? He has objection to the price and interest fixing. Stop misrepresenting him.
@muslimgiga He was against government intervention in what he called free market, the New Deal is what he was railing against,but it was great when it was there for him.Hypocrite
@mrgetrealpeople Wait so your telling me that If he supported 1 government program that was practical and of utter neccessity, he had to support ALL of them? Are you telling me I should support Government BAILOUTS of failed banks? I really don't understand what your trying to prove. What does the WPA have to do with Monetary policy, the FED and the other failed gov. programs?
@muslimgiga I'm not responding to this video in particular ,it about Milton Friedman himself, my point he loved government invention in the great depression when it benefited him,but when he became rich had no use for government interference in the free market. His views are polar opposite of new deal economics.
I think ur dead wrong. Will there b problems w/Private banking? Sure. Anything man does will b imperfect. But we had no Central bank from 1830 thru 1913 and we had the fastest economic growth of any major nation in history. In addition, the dollar INCREASED in value (Dollar Diplomacy, remember?). Since the advent of the Fed, we've had our three WORST economic downturns and the dollar has lost 93% of its value. HOW COULD PRIVATE BANKING HAVE DONE ANY WORSE?!
@Sexualwendigo Ron Paul advocates something called blowback in his foreign policy, which says "If you hit someone and kill their family, they will hate you and probably hit you back in the future." This is untrue. For example, Iran hates us not because we have hit them over the head militarily, because we really haven't, but because we are not a nation of Islam, and because we are in league with Israel, and have their best interest in mind.
@anvilsnare That is a silly thing you no because their ally Russia is a christian nation. We have been fucking with Iran for years and still are the cant produce enough oil so the want nuclear so what do we do? Destroy there plants. Israel is also fucking with Iran. It really isn't that hard to understand.
@Sexualwendigo Their ally isn't russia, Iran is Russia's client. And as everyone familiar with realpolitic knows, the "alliance" would only last as long as iran could pit the US and russia against eachother. Believe me, Iran was rooting for Chechnya
@Sexualwendigo Ron Paul's economic ideas are the best part of his platform but his Foreign Policy is right on and what our Founders envisioned. Our Mid-East Foreign Policy is driven by Tel Aviv and their 'Amen Corner' here in the USA. Two most powerful lobbies in USA are 1) AIPAC (American Israel PAC) and 2) The American Jewish Committee. Their collective power is far greater than any other lobby in the USA - They pushed Bush into war with Iraq because it was in Israel's interest.
@Sexualwendigo The media is dominated by Left-Wing Jews and this is the reason most Americans are so ignorant of the power of these two lobbies - the Left-Wing, Jew-dominated media rarely, if ever reports on them.
@anvilsnare Ron Paul's economic ideas are the best part of his platform but his Foreign Policy is right on and what our Founders envisioned. Our Mid-East Foreign Policy is driven by Tel Aviv and their 'Amen Corner' here in the USA. Two most powerful lobbies in USA are 1) AIPAC (American Israel PAC) and 2) The American Jewish Committee. Their collective power is far greater than any other lobby in the USA - They pushed Bush into war with Iraq because it was in Israel's interest.
@williamjpiano Who named Bernanke? Who named each and every single one of the 7 members of the board of governors? Just becouse it works independently it doesn't means it's not goverment. Supreme Court works independently too. Isn't it goverment?
@williamjpiano Yes, the Fed is a gov't agency. Don't believe the baloney claimed here and elsewhere that it is not. It was created by an act of Congress and it has regulatory power - it is by definition, a gov't agency.
I found his argument about government federal reserve being responsible for the great depression unconvincing. He says the FR failed to prevent the reduction of the quantity of money. Is he saying the government should of printed money? That's what Germany did... and it didn't go to well!
@rich1701 He's saying that the government is to blame for the Great Depression because the Federal Reserve was the one that ignited the whole inferno.. much like the dot com bubble and the recent housing bubble.
@rich1701 You're 95% of the way there. Friedman is saying "The Fed didn't print enough, and it was disastrous! Now they're printing too much, it will be disastrous!" It's not that he's saying they should have printed more, it's that they didn't print more. Now, they are printing too much. This is meant to frame the overall problem: The Federal Reserve cannot operate as efficiently as a free market currency. De-pegging the dollar from gold and the Fed have bankrupted our country.
@rich1701 You touch on a great point. Weimar printed money to get out of massive debt instead of trying to focus on growing production (which one could argue was hindered by Versailles). Printing money does not cause hyperinflation unless it is overused. Increasing the money supply (and decreasing it) are both means by which the FR could enact to "manage" the economy, but as with all things it must be used with responsibility and temperance.
@RJWooller It was put into motion long before that. Government kept preventing market corrections from occurring with stimulus packages (yes, some under Bush.) You need only to step back and consider the extent of credit card debt to realize that the problem was not in unwillingness to spend, but rather a basic correction was needed. Corrections were not allowed and a bubble built up until it popped.
@RJWooller No it wasn't, our current crisis was created by the following: 1) CRA (Community Re-Investment Act, signed by Democrat Carter and passed by Democrat-controlled Congress), 2) Fed keeping interest rates too low for too long, which artificially increased demand for housing and thus mortgages, 3) Fannie & Freddie urging mortgage industry to "write" as many mortgages as possible and they would buy them, again boosting demand, 4) Bush's initial bailout of GM, 5) Treasury's Tarp program,
@vince33x 6) Clinton ordering Treasury Dept. to "put more teeth" in CRA rules and regs, 7) Idiotic voters electing the nitwit Obama to office. BTW, 'W' was also a nitwit for getting us into Iraq War, which was a PROXY WAR for ISRAEL plus, he didn't veto a single spending bill for the first 7 years as Prez. Our last two Prez's show how stupid the American electorate really is. We could have had Steve Forbes or Ron Paul but the "people" chose nitwits instead - because they are nitwits as well!
@vince33x I read several of your posts and I agree with what you are saying, but it needs to be pointed out that the CORE economic problem which plagues the world boils down to two things, Fractional Reserve banking and Fiat currencies. This IS the cancer. It is what allows governments and central banks to do the things you mention. End these two things and most economic problems would vanish.
@thinkertank1 I don't disagree but another aspect of gov't that is strangling our economy is regulatory agencies. Our Founders believed that LAW should be made in LEGISLATURES elected by the people. Now we have regulatory agencies ELECTED BY NO ONE issuing 1,000s of pages of regulations with virtually no oversight (about 80,000 pages a year!) and that doesn't include state and local agencies!
@Sexualwendigo What we need is a citizenry that understands what freedom and Individual Liberty really mean. And they'll NEVER learn it in government schools because it is not in the interest of government schools to teach about Liberty.
It is pointless to try to use reason and logic to convince socialist that we should go back to being a free country. They are so thoroughly brainwashed they would literally believe 2+2=5 if the government told them to.
The FED is a private enterprise but has governmental authority. So it is BOTH.Theoretically government should act on behalf of the society as a whole. But the FED, since it is privately owned, put's it's own interest ahead of society...it is this interest that caused the great depression. The FED purposely crashes the economy to buy it up for pennies on the dollar. Through inflation and deflation of the money supply they steal wealth.
@RICHTERNEWS The Fed is a government agency that may be able to fool the dummies in the country into believing it is Private but that is preposterous. The only way the Fed came into being was through an act of Congress. If you believe an agency created by Congress is Private, then you are part of the problem we have as a nation, you're both naive and ignorant. And when naive and ignorant people vote we get idiots like 'W' and Obama in the White House.
This man is a genius and the genius is in the simplicity. More complicated than what he makes it is what I am hearing on this board and in a Milton Friedman style of response I would tell you that is exactly correct and there you have given a perfect example of how and why we are in the situation we are in today. Only people can complicate uncomplicated problems and typically this is done through politics. Did that sound like friedman? Oh well, I did my best. RON PAUL 2012
The federal reserve system has also caused bubbles like the tech bubble, but even bigger was the real-estate bubble by lowering interest rates super low. But it's not just one thing. An economist who studies behaviors should know better. Generally, an all out failure in the system like the banking bust of '08 was caused by many factors, including easy credit in terms of worthiness checks not just lower interest rates, and consumers willing to do such risky debt even though wages were low.
@IKiLLNRapeCOMMUNISTS I think ur dead wrong. Will there b problems w/Private banking? Sure. Anything man does will b imperfect. But we had no Central bank from 1830 thru 1913 and we had the fastest economic growth of any major nation in history. In addition, the dollar INCREASED in value (Dollar Diplomacy, remember?). Since the advent of the Fed, we've had our three WORST economic downturns and the dollar has lost 93% of its value. HOW COULD PRIVATE BANKING HAVE DONE ANY WORSE?!
@RichieW He was one of the four greatest economists of the 20th Century - the other three were: Ludwig von Mises, Joseph Schumpeter, and Fritz Hayek. Your characterization just proves ur an ignoramus.
@vince33x Just because you are a right leaning libertardian does not mean everyone who disagrees is an ignoramus. I made no characterisation either. I simply stated that I'm glad he's dead.
@RichieW Well, first of all, economics is not a true science, it is mere;y the study of how scarce resources are allocated and what incentivizes and disincentives human action. There, that wasn't so hard was it?
@vince33x Which makes what he says opinion, one you agree with but many many more abhor. Your free market religion will never get off the ground. Turkeys don't vote for Christmas.
@RichieW Do u not understand there are facts associated w/economics? Fact: USA's GDP is $15 TRILLION - more than any nation on earth; Fact: China has the fastest growing economy of all the major economies of the world; Fact: Cap Gains tax rate in China is 0%. Fact: Tax rate on dividends in China is 0%. Question: Can u draw any conclusions from these FACTS? Note: Facts are the foundation of TRUTH.
@Actualecon Well, it's not a science in the sense that u can't say we're gonna cut the tax rate by X and the economy will then grow by Y%. There are broad axioms that can be deduced, such as you will stifle economic activity by raising the tax rate to 100% and thus you can assume that going down along the tax rate continuum economic activity will increase as rates go down but again, you can't say so with exactitude.
@vince33x I personally think this guy had a political agenda. He focuses on one aspect, but ignores other areas of failure. So he can pin point them on what he detests the most, which is the government and federal reserve. I personally don't like the idea of the federal reserve. But that's my normative view. Things are more complex, even air crashes cannot be isolated to just one error on the flight, its a series of errors in the system that causes a crash.
@jmitterii2 What exactly are you trying to say? Economic and modern government models are very complex concepts for the average mind and Friedman is guilty of having consistently oversimplified the subject so he could bring forward his own personal view?
@jmitterii2 Ur words:"I personally think this guy had a political agenda." WTF does that mean? Again: "He focuses on one aspect, but ignores other areas of failure." Ur saying nothing. Just vague BS. And this is the Left's standby comment: "Things are more complex," Again, just vague drivel.
@vince33x And your reply to my comment is... LOL! As if a 500 character comment section and small comment sheet has time for a real debate. I don't have the time, nor the desire. I just have to say this guy is placing his opinions and biases. And contradicts himself, "private enterprise has no press agencies." Are you kidding me? They own them. That is fact. And he plays a silly fallacy of the blame game, you could use his arguments for both side-- dubious no facts all drivel.
@jmitterii2 Most of the news media is Privately owned, yet Pew Research and UCLA have both shown that 90% of the people writing and reporting the news ID themselves as Democrat, Liberal or Left-of-Center. Business leaders usually have no ideaology. Bill Gates funds dozens of Left-Wing Groups because he is clueless. Furthermore, even FDR, one of the most Left-Wing Presidents in USA history said: "Capitalism is the unequal sharing of riches while Socialism is the equal sharing of poverty."
@vince33x Then he points to the decline in M2. If fed would have just increased money supply it would have been a garden variety recession. Then he notes the fed will never make this mistake again, so they'll produce more M2 supply this time, but they've hosed themselves it won't work-- but it would have worked the first time. So really nothing would have fixed the great depression using his logic. Either massive inflation or what did happen massive deflation.
@jmitterii2 Ur words: "So really nothing would have fixed the great depression using his logic." U don't know that. Look at the actions taken by JP Morgan and others during the Panic of 1907. The supplied liquidity to trouble banks that weren't too far gone and the economy was back on its feet by 1908.
The money supply shrunk by a third during the great depression, true.
Inflation is the government spending too much money, maybe?
He failed to mention that it is private banks that create our money supply through issuing loans. You can't ignore this fact when talking about a deflating money supply or inflation.
Milton is too intelligent to not know this, I can only conclude he can't be trusted, which is a shame.
People are more becoming more informed now, thank god.
@rachmatinoff NO, the MS goes up or down based on Fed actions at the "discount window" or through the buying and selling of gov't bonds, or the raising or lowering of the "reserve" requirements. Those are the ways the Fed controls the MS.
@vince33x Base money maybe, if banks stop issuing loans the base money may stay the same but all those numbers in peoples accounts can reduce significantly, this has real consequences in the economy.
Anyone arguing 'government is bad', 'unions are corrupt' or 'banks and big business are evil' really need to get a grip, life is not black and white. There is no one simple ideology which would solve the problems of the world.
@rachmatinoff The problems of the world are largely insoluble, however, Capitalism has lifted more people out of poverty than any other economic system extant. The USA became the richest nation in man's history because of Capitalism. Was it pure capitalism? Of course not, but history has clearly demonstrated when gov't gets out of the way of economic activity, wealth is created. Those who deny this are simply FLAT-EARTHERS.
@rachmatinoff Government is MOSTLY bad, Unions are UNIVERSALLY corrupt, and businesses have always tried to GAME the system. These are precisely the reasons governments should only be allowed to protect property rights and individual rights and maintain Free and Open markets. This is why governments MUST be restricted in their power by a Constitution. While our Founders got it mostly right but then the Progressives gained power in the early 20th Century, which led to the passage of the 16th
@vince33x Amendment and the Federal Reserve Act - and earlier, the Sherman Anti-Trust Act. All have been a great detriment to freedom and a hindrance to economic growth.
If you take anything vince33x says seriously, you're making a big mistake. The man is a bigot and a woman-hater. He also thinks he's an expert in economics by watching YouTube videos. The more you read what he says, the more obvious it becomes he's a moron.
The nose picking is distracting.
stalrunner 4 hours ago
This is idiotic! The Reserve are the banks!
Superorchestra 1 day ago
and yet today so many people look to an idiot like ron paul for economic theory
jrooksable 2 days ago
common america.
why was this guy never president? This guy could save greece with his middle finger. This is pure genius
IFrancyISantosI 3 days ago
@IFrancyISantosI
Well, let's just agree that a bit of Friedman could do well on greek economy. But not too much. At least in the public sector.
VonManavis 2 days ago
@VonManavis
Why not too much ?
CollectivePreference 2 days ago
@CollectivePreference
Common now, we don't have a HUGE workforce, our population is that of Holland. We just want to live in peace. But I agree, we have to act smarter.
VonManavis 1 day ago
Hehe this one is rich. Private enterprise has no press agents? Anybody watching this must be really really really silly to keep believing in this guy. He's a huge ideology-propaganda machine. At one point I believed that Friedman himself did think he was right. I almost can't believe that anymore. Erm, "in my opinion". lol
solmyrgarde 3 days ago
@solmyrgarde
I think the point he was making was that Private Enterprise has no press agents, since it's not a government program and really has nobody directing it.
Smullet90 2 days ago
This has been flagged as spam show
@solmyrgarde
"At one point I believed that Friedman himself did think he was right."
Your problem is that you believe too much and don't rely on reason very often. I assure you, you don't understand jack shit of what he is saying. You just don't have the intelligence.
Go back to Chomsky's videos and get some more indoctrination, no one is forcing you to be here and listen to the "propaganda".
CollectivePreference 2 days ago
Milton Milton when are you going to learn that capitalist reality cannot be explained through these dichotomies of market vs state, private vs public
isedairi 1 week ago
@isedairi He always talked about "what direction you are going in," and said capitalism is a NECESSARY condition for freedom, but not a sufficient one. You need competitive capitalism under a private property system with the proper "rules of the game" and individual rights. His "government" term related to the FED, which let the money supply drop by 1/3 when it should have surged greatly, thus turning the 1929 crash recession into a depression.
NoProbaloAmigo 2 days ago
strange... i didnt hear him say anything about religion. i wonder why then we have some assholes on here debating it.
sandman3697 1 week ago 12
@sandman3697 he spoke about economic issues, not religious ones, however do not take THAT as evidence that religioun should never be discussed
jrooksable 2 days ago
@jrooksable yes im aware. i said that because there are people on here arguing over religion. im not taking that as evidence for anything so what the fuck are you talking about?
sandman3697 2 days ago
"Private enterprise has no press agents"...? What an odd statement to make. Every corporation has a PR staff which works to polish the firm's image in spite of their actual poor corporate citizenship. I'd hazard that a good deal of money has been spent to burnish the truth regarding such malfeasance. A good deal of what Americans (and others) take to be historically based fact is in fact the result of such efforts.
chokkan7 1 week ago
@chokkan7 I don't think most corporations had PR staff until fairly recently.
joelgabrielgrey 3 days ago
@joelgabrielgrey
It's impossible to fathom the activities of corporations without their propaganda machines (what you are probably calling PR staff), so maybe your comment would read better if it were worded:"I didn't think about this subject until recently." Fact is, the larger a corporation becomes, the more important PR becomes in allowing them to effect their goals, and it has been this way for some time. I hope you're aware of the role corporations played in the founding of the US.
chokkan7 2 days ago
Milton Friedman=The Truth
Jamespot24 1 week ago 16
@Jamespot24 omg this man is a demagogue...everybody knows that but ...you swallow his half truths, lies and logical fallacies without any doubt...sad
thelion2430 1 week ago
@thelion2430 Go rely on the government dole bud
Jamespot24 1 week ago
Milton Friedman isn't right on everything. It's not to "set" the value thereof, it's REGULATE. There is a big difference.
ItsAllAboutGuitar 1 week ago
I really respect Friedman, but I don't agree with him very often, but this video is an exception. There was a little more going on with the Great Depression than bad money policy, but it all breaks down to bad government policy in general and not a private sector mistake.
elephant37020 1 week ago
This guy is a smarmy charlatan.
The Fed IS the private sector.
ninuxy 1 week ago
@ninuxy how do you gather? the board is appointed by congress and its activities are controlled by congress. theres almost nothing private sector about it.
jboze3131 1 week ago
@jboze3131 The members of the board of governors is appointed by the president and approved by the senate. The members decisions do not have to be approved by anyone in the Government, and it is considered a public/private enterprise.
elephant37020 1 week ago
@jboze3131 The Fed is an instrumentality, and it is NOT controlled by the Congress, idiot.
All its "members" are a part of the private banking system. Examine the board members on the federal and regional level. Who they are and what their positions are in the financial/banking industry.
Stop embarrassing yourself.
ninuxy 1 week ago
@ninuxy the fed's mandate comes FROM the current administration's public policy goals. ben bernanke just doesn't flip obama the bird and tell him HE'S going to decide what's best in terms of monetary policy. congress can do a review of the fed anytime it so desires. the banks are non-profit. their board of governors are appointed by congress. etc. there's very little private about the fed, unless you're a conspiracy theorist.
jboze3131 1 week ago
@jboze3131
"there's very little private about the fed"- How many units did the Fed print this year?
See, that is a very important question, which at this time has no answer to, yet it needs to be answered nonetheless. The fed hasn't been audited this fiscal year and I'm sure many Americans and Europeans, and Asians would love to know how the books read.
Cr3Nietzsche3n 1 week ago
@ninuxy in theory yes... but in practice is a part of government, Barnak is president's appointee ! and all theire decisions are poitical too... get real !
arka67 1 week ago
This is the best video I've ever seen on youtube. I just gained so much insight into current Fed thinking. Thanks Libertypen for posting this video.
USNDeepsea1991 1 week ago
Devastating for those who don't want to cut spending.
maxscriptguru 1 week ago
this guy is awsome, he picks his nose and just keeps going like nothing happen LOL seriusly I love listening to this guy, talk me alot
dia480 1 week ago
Wasn't Keynseian economics really just a reaction to the realization that government used war to stimulate economies.
tikiart1970 2 weeks ago
@tikiart1970 ?
tikiart1970 2 weeks ago
@tikiart1970 How has that philosophy worked out for you? To believe war is an economic stimulus, one must sign on to the "Broken Window Fallacy."
fzqlcs 2 weeks ago
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@fzqlcs Do you know that Christianity is correct? The world around us reveals that G-d DOES exist, and the historical evidence reveals that Jesus Christ really did come to this earth and there is overwhelming evidence that Jesus Christ really did physically rise from the dead. Jesus is coming again and the signs of the end times that were foretold in the Bible are coming to pass.
marionetemanJ 2 weeks ago
@fzqlcs War is the worst economic stimulus. They build a bridge to nowhere, then they bomb it.
tikiart1970 2 weeks ago
@tikiart1970
HHAHA thats so true!
TheMango121 1 week ago
@tikiart1970 As an arms dealer, I have to strongly disagree. War has sustained my industry very well.
Povidius 1 week ago
@tikiart1970 Anyone who believes war 'stimulates' economies is an absolute moron.
vince33x 1 week ago
Poverty is ALWAYS the result of too much government. Look at the poorest nations throughout history. How big was and is each of those nations respective governments? It doesn't take an economist to figure this out. How big was our government during the great depression, the recession in the 70's, and how big is the government in our recession today? Tell me there's not a correlation.
Vindigary 2 weeks ago
@Vindigary holy fuck was that a simplistic post!!!
blastsummit 2 weeks ago
So the Federal Reserve failed to take an action, therefore we need government to not take any actions? If inaction by government caused the depression, why would less action by government be better?
hoodoo961 2 weeks ago
@hoodoo961 He is essentially stating that the federal reserve failed by poor monetary policy, the Fed could have stopped the depression, but instead it magnified it, so instead, he is saying forget the fed because they have screwed up this economy time and time again.
GTdnrSTANG 2 weeks ago
@GTdnrSTANG umm... if that was the case then why did recessions before the federal reserve prior to 1900's have such devastating effects? The federal reserve was not there to help, or in your words to make it worse, yet recessions where much worse with bank runs. Terrible recessions happened all the time and lasted awhile as well, you can't argue it was government intervention that caused the prolong-ness.
VassiliZaitsev12 2 weeks ago
@VassiliZaitsev12 I clearly can, because the first major recession became the longest and worst one in American history, because it was the first one with government intervention.
GTdnrSTANG 2 weeks ago
@GTdnrSTANG it wasn't the first major recession, you idiot
blastsummit 2 weeks ago
@blastsummit since 1839, you idiot.
GTdnrSTANG 2 weeks ago
@GTdnrSTANG bullshit, retarded knuckle dragger
blastsummit 2 weeks ago
@blastsummit If you consider a 1 to 2 year recession a major recession, then you need to go back to school. There were tons of garden variety recessions between 1839 and the great depression, but they were all just cyclical and ran their course, in less than 2 years, mostly one year. The great depression ended lasting more than 4 years, and do you think that was just by chance? No it was the federal reserve. End of story. I'll even give you the panic of 1873 but that too was gov't intervention
GTdnrSTANG 2 weeks ago
@GTdnrSTANG there is a difference between recession and depression. you said the 1929-1933 depression was the 'first great recession.' it wasn't the first recession. and it was the government's non-interference that aggravated the depression. if you're such a free market guy, then the government shouldnt have done anything.
blastsummit 2 weeks ago
@blastsummit The government has a monopoly on the monetary supply, so it has to try to simulate what an idealized competitive market would do in response to changing conditions. In principle, the government monopoly should produce better results than an unregulated market because it can only pretend there are multiple competing currencies and act accordingly without the overhead of actually dealing with multiple currencies. And they still failed.
natlang1 2 weeks ago
@natlang1 you make it sound as tho the problems they faced and the economy at large is simple and should've been a quick fix.
blastsummit 2 weeks ago
@blastsummit No, it's not simple. It's intractable. That's why central planning consistently fails.
natlang1 2 weeks ago
@natlang1 but the fed does not plan the entire economy, so i'm not sure what you are arguing.
blastsummit 2 weeks ago
@blastsummit The entire economy determines optimal interest rates and the forms and supplies of money. Central banks try to find optimal levels using models. The models are both crude approximations and computationally intractable. When reality deviates from this estimate of an estimate, systems can fail in a big way. A competitive marketplace also fails quite frequently but in smaller, more tolerable ways.
natlang1 2 weeks ago
@natlang1 i don't think you know what you're talking about. sure, you have a broad understanding, but generalizations don't run an economy
blastsummit 2 weeks ago
@blastsummit I try to keep my YouTube treatises under 500 characters.
natlang1 2 weeks ago
@natlang1 regardless, i don't believe you have the answers to what ails large scale economies. you have an opinion based on limited research.
blastsummit 2 weeks ago
@blastsummit That's kind of my point. The answers don't exist to be had. Anyone claiming to have the answer is is offering an incomplete solution to an incomplete model. So how can we minimize the extent of damage from wrong answers?
natlang1 2 weeks ago
@natlang1 the jacobin guillotine?
blastsummit 2 weeks ago
@blastsummit Depression is just a name people attach to a deep recession. Look into the ideas of milton friedman some more, because free market guys like him believe there should have been intervention. Governmental monetary policy. Not the Federal Reserve sitting allowing the quantity to fall.
GTdnrSTANG 2 weeks ago
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@GTdnrSTANG Do you know that Christianity is correct? The world around us reveals that G-d DOES exist, and the historical evidence reveals that Jesus Christ really did come to this earth and there is overwhelming evidence that Jesus Christ really did physically rise from the dead. Jesus is coming again and the signs of the end times that were foretold in the Bible are coming to pass.
marionetemanJ 2 weeks ago
@GTdnrSTANG keynes and milton believe in similar concepts but go about achieving them differently. keynes is very misunderstood. and fighting the depression at the time didn't include the almighty hindsight economists have nowadays
blastsummit 2 weeks ago
@GTdnrSTANG Well, actually the first major recession was so bad because the second bank of America didn't do it's job. Take a look at Japan's lost decade for example. They had an asset bubble in 1986-91. This was because of massive savings, and deregulation of the market. They had deflation during the 90's and this caused a second recession. If they would have QE like the US they would have positive inflation. This would have stopped the second recession. So, not all monetary policies are bad
VassiliZaitsev12 2 weeks ago
@hoodoo961 He never said they shouldn't have done anything. Printing money is one of the most basic things that an economy needs.
The Fed simply messed up.
imRyRy 2 weeks ago
Neither have the banks that are "too big to fail". However we turn, the big "provate" corporations have us by the balls. They will all claim to special treatment: if it si not because they threaten investments elsewhere, and job losses, then they get special "sweet" deals from the tax authorities, courtesy of the tax payer. (Recent story how Goldmann Sachs was waived millions of UK tax revenues in a deal which never got parliamentary scrutiny). There is nothing private about private enterprise.
kyaume21 2 weeks ago
The only thing missing in Friedman's criticism of the FED's handling of the great depression, is that the FED is actually a private banking cartel, and as such if it failed at the time, it was actually a failing private enterprise itself. Milton Friedman claims that he is an "objective" observer. Really?
kyaume21 2 weeks ago
@kyaume21 The problem with your comment is that the Fed really isn't Private, because they have no counter-party risk. The risk is all on the Federal Government.
Joe11Blue 2 weeks ago
Is that author Murray Rothbard?
jsamsonite07 3 weeks ago
@jsamsonite07 I would doubt it. Friedman and Rothbard didn't like each other.
jakek812 3 weeks ago
@jakek812 Do you know that Christianity is correct? The world around us reveals that G-d DOES exist, and the historical evidence reveals that Jesus Christ really did come to this earth and there is overwhelming evidence that Jesus Christ really did physically rise from the dead. Jesus is coming again and the signs of the end times that were foretold in the Bible are coming to pass.
marionetemanJ 3 weeks ago
@marionetemanJ Be careful here, Jesus said: "I will come like a thief in the night; you'll know not the day nor the hour." No ONE...repeat NO ONE knows when our Lord will return and anyone who claims
vince33x 1 week ago
@vince33x to know is a charlatan.
vince33x 1 week ago
@vince33x ..or, the Jesus your read about in the Bible was a myth and is in fact dead and won't return at all. Since that is physically impossible. YMMV.
johnycannuk 1 week ago
@johnycannuk Have you ever considered Pascal's wager?
vince33x 1 week ago
@vince33x Ha ha ha. ***Breathes*** hahahahahahahaha.
Yes. It is entirely illogical and based on nonsense. Fake my belief in Jesus just in case? What if its Allah or Baal or Vishnu?
Sorry, I live by my principals and by reason and do not let the irrational fear of what might happen based on the myths of a bronze age foreign culture rule my life.
You should really try it...
johnycannuk 1 week ago
@johnycannuk I'll see you in Hell Costanza!
vince33x 3 days ago
@vince33x Milton Friedman was a Jew lol
mrgetrealpeople 3 weeks ago
Milton Friedman is full of crap he was for the new deal until he no longer needed it.When he Graduated, he could not find a Job anywhere so his first job was a government job.
mrgetrealpeople 3 weeks ago
@mrgetrealpeople He supported the job creation. What are you talking about? He has objection to the price and interest fixing. Stop misrepresenting him.
muslimgiga 3 weeks ago in playlist Liked videos
@muslimgiga He was against government intervention in what he called free market, the New Deal is what he was railing against,but it was great when it was there for him.Hypocrite
mrgetrealpeople 3 weeks ago
@mrgetrealpeople did you read what I said?
muslimgiga 3 weeks ago
@muslimgiga your quote.....He supported the job creation,
Do you mean government job creation such as the new deal? Only, when it suited him.
mrgetrealpeople 3 weeks ago
@mrgetrealpeople Wait so your telling me that If he supported 1 government program that was practical and of utter neccessity, he had to support ALL of them? Are you telling me I should support Government BAILOUTS of failed banks? I really don't understand what your trying to prove. What does the WPA have to do with Monetary policy, the FED and the other failed gov. programs?
muslimgiga 3 weeks ago
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@muslimgiga I'm not responding to this video in particular ,it about Milton Friedman himself, my point he loved government invention in the great depression when it benefited him,but when he became rich had no use for government interference in the free market. His views are polar opposite of new deal economics.
mrgetrealpeople 2 weeks ago
The FED has governmental authority but it is privately owned by its member banks you moron.
RICHTERNEWS 3 weeks ago
I find it distracting when he picks his nose....
kazeet456 3 weeks ago
you can see on this smiling face how overwhelmed he's by this global crisis...........
shillywithes 3 weeks ago
Milton: A failure of the Federal Reserve system... wow. Someone admitted it was a failure.
brianpadrickdrake 3 weeks ago
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I think ur dead wrong. Will there b problems w/Private banking? Sure. Anything man does will b imperfect. But we had no Central bank from 1830 thru 1913 and we had the fastest economic growth of any major nation in history. In addition, the dollar INCREASED in value (Dollar Diplomacy, remember?). Since the advent of the Fed, we've had our three WORST economic downturns and the dollar has lost 93% of its value. HOW COULD PRIVATE BANKING HAVE DONE ANY WORSE?!
vince33x 3 weeks ago
Milton Friedman is a prophet.
Sexualwendigo 3 weeks ago
End the FED!
Ron Paul 2012!
whyyesyes 3 weeks ago
@whyyesyes I would but Ron Paul's foreign policy is crrrraazzzyyyy.
anvilsnare 3 weeks ago
@anvilsnare It is the best part of his platform.
Sexualwendigo 3 weeks ago
@Sexualwendigo Ron Paul advocates something called blowback in his foreign policy, which says "If you hit someone and kill their family, they will hate you and probably hit you back in the future." This is untrue. For example, Iran hates us not because we have hit them over the head militarily, because we really haven't, but because we are not a nation of Islam, and because we are in league with Israel, and have their best interest in mind.
anvilsnare 3 weeks ago
@anvilsnare That is a silly thing you no because their ally Russia is a christian nation. We have been fucking with Iran for years and still are the cant produce enough oil so the want nuclear so what do we do? Destroy there plants. Israel is also fucking with Iran. It really isn't that hard to understand.
Sexualwendigo 3 weeks ago
@Sexualwendigo Their ally isn't russia, Iran is Russia's client. And as everyone familiar with realpolitic knows, the "alliance" would only last as long as iran could pit the US and russia against eachother. Believe me, Iran was rooting for Chechnya
jm04206 3 weeks ago
@Sexualwendigo Ron Paul's economic ideas are the best part of his platform but his Foreign Policy is right on and what our Founders envisioned. Our Mid-East Foreign Policy is driven by Tel Aviv and their 'Amen Corner' here in the USA. Two most powerful lobbies in USA are 1) AIPAC (American Israel PAC) and 2) The American Jewish Committee. Their collective power is far greater than any other lobby in the USA - They pushed Bush into war with Iraq because it was in Israel's interest.
vince33x 3 weeks ago
@vince33x Indeed, AIPAC is a cancer to democracy on of the things it should be destroyed so that we may act in our own interest.
Sexualwendigo 3 weeks ago
@Sexualwendigo The media is dominated by Left-Wing Jews and this is the reason most Americans are so ignorant of the power of these two lobbies - the Left-Wing, Jew-dominated media rarely, if ever reports on them.
vince33x 3 weeks ago
@Sexualwendigo I have no problem w/AIPAC per se but our media doesn't report on them because our media is dominated by Left-Wing Jews.
vince33x 1 week ago
@vince33x I think it was the worlds interest to get rid of that scumbag sadam.
nigelsenchez 3 weeks ago
@nigelsenchez Well it was certainly in Israel's Interest. For my money though, Israelis NOT AMERICANS should be fighting for Israeli interests.
vince33x 1 week ago
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@anvilsnare Ron Paul's economic ideas are the best part of his platform but his Foreign Policy is right on and what our Founders envisioned. Our Mid-East Foreign Policy is driven by Tel Aviv and their 'Amen Corner' here in the USA. Two most powerful lobbies in USA are 1) AIPAC (American Israel PAC) and 2) The American Jewish Committee. Their collective power is far greater than any other lobby in the USA - They pushed Bush into war with Iraq because it was in Israel's interest.
vince33x 3 weeks ago
@anvilsnare I like Paul's foreign policy....
mrgetrealpeople 3 weeks ago
Milton Friedman doesn't give a shit, just picks his nose right in the middle of his speech, like "yeah I picked my nose...so what?"
Combat79 4 weeks ago
This man was a genius.......where are the contemporary versions?
MrBiggamehunter22 4 weeks ago 2
@MrBiggamehunter22 Thomas Woods, Gary North, Tom DiLorenzo, Jim Rickards, Walter Block, Robert Murphy, Lew Rockwell
Cloudrunner1 4 weeks ago
@MrBiggamehunter22 They're out there, though none as eloquent and perspicacious as Dr. Friedman.
vince33x 3 weeks ago
Government failure? Is the FED even government?
williamjpiano 1 month ago
@williamjpiano yes it was authorized by the congress. Doesn't matter who runs it or how it operates, it's still technically goverment.
FSFchannel 4 weeks ago
@williamjpiano Who named Bernanke? Who named each and every single one of the 7 members of the board of governors? Just becouse it works independently it doesn't means it's not goverment. Supreme Court works independently too. Isn't it goverment?
gustavotriqui 4 weeks ago
@williamjpiano Yes, the Fed is a gov't agency. Don't believe the baloney claimed here and elsewhere that it is not. It was created by an act of Congress and it has regulatory power - it is by definition, a gov't agency.
vince33x 3 weeks ago
I found his argument about government federal reserve being responsible for the great depression unconvincing. He says the FR failed to prevent the reduction of the quantity of money. Is he saying the government should of printed money? That's what Germany did... and it didn't go to well!
rich1701 1 month ago
@rich1701 He's saying that the government is to blame for the Great Depression because the Federal Reserve was the one that ignited the whole inferno.. much like the dot com bubble and the recent housing bubble.
09Chance 1 month ago
@rich1701 You're 95% of the way there. Friedman is saying "The Fed didn't print enough, and it was disastrous! Now they're printing too much, it will be disastrous!" It's not that he's saying they should have printed more, it's that they didn't print more. Now, they are printing too much. This is meant to frame the overall problem: The Federal Reserve cannot operate as efficiently as a free market currency. De-pegging the dollar from gold and the Fed have bankrupted our country.
paradigmentropy 1 month ago
@rich1701 basically the FED horded all the gold and did nothing to solve the problem. look up the gold standard milton freedman video
DBKK 1 month ago
@rich1701 You touch on a great point. Weimar printed money to get out of massive debt instead of trying to focus on growing production (which one could argue was hindered by Versailles). Printing money does not cause hyperinflation unless it is overused. Increasing the money supply (and decreasing it) are both means by which the FR could enact to "manage" the economy, but as with all things it must be used with responsibility and temperance.
TheHistoryOfChannel 1 month ago
The fact is that the last great depression of 2008 was created by bankers and bu George Bush.
RJWooller 1 month ago
@RJWooller It was a recession and it was caused by government intervention over a long period of time.
666or999 1 month ago
@RJWooller It was put into motion long before that. Government kept preventing market corrections from occurring with stimulus packages (yes, some under Bush.) You need only to step back and consider the extent of credit card debt to realize that the problem was not in unwillingness to spend, but rather a basic correction was needed. Corrections were not allowed and a bubble built up until it popped.
Firebert79TA 1 month ago
@RJWooller It was caused by individuals borrowing too much money.
SuperCLabs 1 month ago
@RJWooller No it wasn't, our current crisis was created by the following: 1) CRA (Community Re-Investment Act, signed by Democrat Carter and passed by Democrat-controlled Congress), 2) Fed keeping interest rates too low for too long, which artificially increased demand for housing and thus mortgages, 3) Fannie & Freddie urging mortgage industry to "write" as many mortgages as possible and they would buy them, again boosting demand, 4) Bush's initial bailout of GM, 5) Treasury's Tarp program,
vince33x 3 weeks ago
@vince33x 6) Clinton ordering Treasury Dept. to "put more teeth" in CRA rules and regs, 7) Idiotic voters electing the nitwit Obama to office. BTW, 'W' was also a nitwit for getting us into Iraq War, which was a PROXY WAR for ISRAEL plus, he didn't veto a single spending bill for the first 7 years as Prez. Our last two Prez's show how stupid the American electorate really is. We could have had Steve Forbes or Ron Paul but the "people" chose nitwits instead - because they are nitwits as well!
vince33x 3 weeks ago
@vince33x I read several of your posts and I agree with what you are saying, but it needs to be pointed out that the CORE economic problem which plagues the world boils down to two things, Fractional Reserve banking and Fiat currencies. This IS the cancer. It is what allows governments and central banks to do the things you mention. End these two things and most economic problems would vanish.
RON PAUL 2012
thinkertank1 3 weeks ago
@thinkertank1 I don't disagree but another aspect of gov't that is strangling our economy is regulatory agencies. Our Founders believed that LAW should be made in LEGISLATURES elected by the people. Now we have regulatory agencies ELECTED BY NO ONE issuing 1,000s of pages of regulations with virtually no oversight (about 80,000 pages a year!) and that doesn't include state and local agencies!
vince33x 3 weeks ago
@vince33x indeed, we need a more democratic system.
Sexualwendigo 3 weeks ago
@Sexualwendigo What we need is a citizenry that understands what freedom and Individual Liberty really mean. And they'll NEVER learn it in government schools because it is not in the interest of government schools to teach about Liberty.
vince33x 3 weeks ago
It is pointless to try to use reason and logic to convince socialist that we should go back to being a free country. They are so thoroughly brainwashed they would literally believe 2+2=5 if the government told them to.
halloranedward 1 month ago
The FED is a private enterprise but has governmental authority. So it is BOTH.Theoretically government should act on behalf of the society as a whole. But the FED, since it is privately owned, put's it's own interest ahead of society...it is this interest that caused the great depression. The FED purposely crashes the economy to buy it up for pennies on the dollar. Through inflation and deflation of the money supply they steal wealth.
RICHTERNEWS 1 month ago
@RICHTERNEWS The Fed is a government agency that may be able to fool the dummies in the country into believing it is Private but that is preposterous. The only way the Fed came into being was through an act of Congress. If you believe an agency created by Congress is Private, then you are part of the problem we have as a nation, you're both naive and ignorant. And when naive and ignorant people vote we get idiots like 'W' and Obama in the White House.
vince33x 3 weeks ago
Great mind compared to the crap we have now.
TWSceptic 1 month ago 2
This man is a genius and the genius is in the simplicity. More complicated than what he makes it is what I am hearing on this board and in a Milton Friedman style of response I would tell you that is exactly correct and there you have given a perfect example of how and why we are in the situation we are in today. Only people can complicate uncomplicated problems and typically this is done through politics. Did that sound like friedman? Oh well, I did my best. RON PAUL 2012
vilekyle22 1 month ago
Ireland. Now there's an example of how things work. (sarcasm)
warfossil 1 month ago
The federal reserve system has also caused bubbles like the tech bubble, but even bigger was the real-estate bubble by lowering interest rates super low. But it's not just one thing. An economist who studies behaviors should know better. Generally, an all out failure in the system like the banking bust of '08 was caused by many factors, including easy credit in terms of worthiness checks not just lower interest rates, and consumers willing to do such risky debt even though wages were low.
jmitterii2 1 month ago
@jmitterii2
The Federal Reserve sucks.
But, Nationalized banks can be even worse look at Germany after WW1 or Zimbbabwe
So what is the solution?
Seems like you are fucked anyway.
I was thinking perhaps many regional banks could print you money in trade for gold, silver, etc etc
But, that could be Chaotic & destructive too
There seems to be no real anwser.
IKiLLNRapeCOMMUNISTS 1 month ago
@IKiLLNRapeCOMMUNISTS I think ur dead wrong. Will there b problems w/Private banking? Sure. Anything man does will b imperfect. But we had no Central bank from 1830 thru 1913 and we had the fastest economic growth of any major nation in history. In addition, the dollar INCREASED in value (Dollar Diplomacy, remember?). Since the advent of the Fed, we've had our three WORST economic downturns and the dollar has lost 93% of its value. HOW COULD PRIVATE BANKING HAVE DONE ANY WORSE?!
vince33x 3 weeks ago
The world's a better place with this scoundrel dead.
RichieW 1 month ago
@RichieW He was one of the four greatest economists of the 20th Century - the other three were: Ludwig von Mises, Joseph Schumpeter, and Fritz Hayek. Your characterization just proves ur an ignoramus.
vince33x 1 month ago
@vince33x Just because you are a right leaning libertardian does not mean everyone who disagrees is an ignoramus. I made no characterisation either. I simply stated that I'm glad he's dead.
RichieW 1 month ago
@RichieW Listen u liar, u said he was a scoundrel, when in fact, he had the courage to tell the truth. "Scoundrel" is a characterization.
vince33x 1 month ago
@vince33x only what you consider the truth. He was not a scientist, he was an ideologically couched economist. He was indeed a scoundrel.
RichieW 1 month ago
@RichieW Well, first of all, economics is not a true science, it is mere;y the study of how scarce resources are allocated and what incentivizes and disincentives human action. There, that wasn't so hard was it?
vince33x 1 month ago
@vince33x Which makes what he says opinion, one you agree with but many many more abhor. Your free market religion will never get off the ground. Turkeys don't vote for Christmas.
Have a nice day :)
RichieW 1 month ago
@RichieW Do u not understand there are facts associated w/economics? Fact: USA's GDP is $15 TRILLION - more than any nation on earth; Fact: China has the fastest growing economy of all the major economies of the world; Fact: Cap Gains tax rate in China is 0%. Fact: Tax rate on dividends in China is 0%. Question: Can u draw any conclusions from these FACTS? Note: Facts are the foundation of TRUTH.
vince33x 1 month ago
@vince33x No. Not without looking at a variety of variables, more than just GDP growth rate and two tax rates.
Actualecon 1 month ago
@vince33x it's a science, by which I mean economic theories can be tested. albeit in macroeconomics the tests are inconclusive a lot of the time
Actualecon 1 month ago
@Actualecon Well, it's not a science in the sense that u can't say we're gonna cut the tax rate by X and the economy will then grow by Y%. There are broad axioms that can be deduced, such as you will stifle economic activity by raising the tax rate to 100% and thus you can assume that going down along the tax rate continuum economic activity will increase as rates go down but again, you can't say so with exactitude.
vince33x 1 month ago
@vince33x I personally think this guy had a political agenda. He focuses on one aspect, but ignores other areas of failure. So he can pin point them on what he detests the most, which is the government and federal reserve. I personally don't like the idea of the federal reserve. But that's my normative view. Things are more complex, even air crashes cannot be isolated to just one error on the flight, its a series of errors in the system that causes a crash.
jmitterii2 1 month ago
@jmitterii2 What exactly are you trying to say? Economic and modern government models are very complex concepts for the average mind and Friedman is guilty of having consistently oversimplified the subject so he could bring forward his own personal view?
GabrielXXIst 1 month ago
@jmitterii2 Ur words:"I personally think this guy had a political agenda." WTF does that mean? Again: "He focuses on one aspect, but ignores other areas of failure." Ur saying nothing. Just vague BS. And this is the Left's standby comment: "Things are more complex," Again, just vague drivel.
vince33x 1 month ago
@vince33x And your reply to my comment is... LOL! As if a 500 character comment section and small comment sheet has time for a real debate. I don't have the time, nor the desire. I just have to say this guy is placing his opinions and biases. And contradicts himself, "private enterprise has no press agencies." Are you kidding me? They own them. That is fact. And he plays a silly fallacy of the blame game, you could use his arguments for both side-- dubious no facts all drivel.
jmitterii2 1 month ago
@jmitterii2 Most of the news media is Privately owned, yet Pew Research and UCLA have both shown that 90% of the people writing and reporting the news ID themselves as Democrat, Liberal or Left-of-Center. Business leaders usually have no ideaology. Bill Gates funds dozens of Left-Wing Groups because he is clueless. Furthermore, even FDR, one of the most Left-Wing Presidents in USA history said: "Capitalism is the unequal sharing of riches while Socialism is the equal sharing of poverty."
vince33x 1 month ago
@vince33x Then he points to the decline in M2. If fed would have just increased money supply it would have been a garden variety recession. Then he notes the fed will never make this mistake again, so they'll produce more M2 supply this time, but they've hosed themselves it won't work-- but it would have worked the first time. So really nothing would have fixed the great depression using his logic. Either massive inflation or what did happen massive deflation.
jmitterii2 1 month ago
@jmitterii2 Ur words: "So really nothing would have fixed the great depression using his logic." U don't know that. Look at the actions taken by JP Morgan and others during the Panic of 1907. The supplied liquidity to trouble banks that weren't too far gone and the economy was back on its feet by 1908.
vince33x 1 month ago
Thank you Milton.
newportbeachsailor 1 month ago
What a joke.
The money supply shrunk by a third during the great depression, true.
Inflation is the government spending too much money, maybe?
He failed to mention that it is private banks that create our money supply through issuing loans. You can't ignore this fact when talking about a deflating money supply or inflation.
Milton is too intelligent to not know this, I can only conclude he can't be trusted, which is a shame.
People are more becoming more informed now, thank god.
rachmatinoff 1 month ago
@rachmatinoff NO, the MS goes up or down based on Fed actions at the "discount window" or through the buying and selling of gov't bonds, or the raising or lowering of the "reserve" requirements. Those are the ways the Fed controls the MS.
vince33x 1 month ago
@vince33x Base money maybe, if banks stop issuing loans the base money may stay the same but all those numbers in peoples accounts can reduce significantly, this has real consequences in the economy.
Anyone arguing 'government is bad', 'unions are corrupt' or 'banks and big business are evil' really need to get a grip, life is not black and white. There is no one simple ideology which would solve the problems of the world.
rachmatinoff 1 month ago
@rachmatinoff The problems of the world are largely insoluble, however, Capitalism has lifted more people out of poverty than any other economic system extant. The USA became the richest nation in man's history because of Capitalism. Was it pure capitalism? Of course not, but history has clearly demonstrated when gov't gets out of the way of economic activity, wealth is created. Those who deny this are simply FLAT-EARTHERS.
vince33x 1 month ago
@rachmatinoff Government is MOSTLY bad, Unions are UNIVERSALLY corrupt, and businesses have always tried to GAME the system. These are precisely the reasons governments should only be allowed to protect property rights and individual rights and maintain Free and Open markets. This is why governments MUST be restricted in their power by a Constitution. While our Founders got it mostly right but then the Progressives gained power in the early 20th Century, which led to the passage of the 16th
vince33x 3 weeks ago
@vince33x Amendment and the Federal Reserve Act - and earlier, the Sherman Anti-Trust Act. All have been a great detriment to freedom and a hindrance to economic growth.
vince33x 3 weeks ago
If you take anything vince33x says seriously, you're making a big mistake. The man is a bigot and a woman-hater. He also thinks he's an expert in economics by watching YouTube videos. The more you read what he says, the more obvious it becomes he's a moron.
NYCSteveS 1 month ago