Milton Friedman - More Liberty, Less Government

[stevemcgee99]

dtorfleming - it's not possible to have monopolies lie you suggest without government intervention.

The current water monopolies are supported through government enforcing water collection laws, making it illegal to collect the water that lands on your property or roof!

[Cornampoo]

I agree that free markets were not responsible, but is Milton Friedman saying that if the FED would've printed enough money, the Great Depression wouldn't have happened?

[asianpsuation]

@Cornampoo he is staking out a monetarist position with regards to the depression, frankly it would be difficult to explain in a 400 character youtube comment...He has written pretty extensively on the matter, I'd imagine a google search would answer your question better than any of us can.

[Cornampoo]

@asianpsuation I know, it's more of a rhetorical question. Monetary policy is the only issue on which Friedman advocates government interference and it's also the only issue I don't agree with. Listen to what his son David Friedman has to say about the issue.

[asianpsuation]

@Cornampoo gotcha, at the risk of speaking for Friedman I would argue that monetarism seeks an objective monetary policy that targets money supply based on various pbpl indicators. As much as is possible it seeks to remove politics and subjective preference, avoiding the keynesian tendency towards inflation. The business community would be told in advance future interest rates, and would then hopefully make more informed decisions as a result. It is intervention, but imo fairly reasonable.

[Cornampoo]

@asianpsuation it sounds good, but it doesn't work. Unlike the FED, the European Central Bank (ECB) is officially completely independent from politics and therefore supposedly makes it decisions objectively - like you would like. However, reality is that they are also bailing out losers, buying up debt and lowering interest rates; just like the FED. ECB is literally throwing billions of euro's at the banks at 1% interest rates. Unfortunately, objective monetary policy is wishful thinking.

[asianpsuation]

@Cornampoo and i say that as a libertarian, I share your fear about the federal reserve system and the enormous malinvestment it can promote via artificially low interest rates...I'm just not quite convinced a return to commodity/competing currencies is the solution. I think monetarism stakes out a fairly reasonable and prudent position.

[thumpybones]

Does anyone know what the music is at the beginning? It's gorgeous!

[kaaajeee]

love the reflection on his glasses. its hypnotic

[aaronon1]

god i wish he was alive NOW....

[cucucachu0000]

we are reversing now!! ron paul 2012!!!

[FRSFreeStateNow]

The theory behind Limited Government, is that government should be kept at a certain size or made smaller. Because the more it grows and regulates how people live their own lives and taxes. The less freedom people have to live their own lives.

[mba2ceo]

Why do I try to educate the stupid ? Only an idiot would equate dictatorship with socialism. Done on purpose by the Elites to manipulate the stupid.

[mba2ceo]

U get to vote for GOVT ... and it is your responsibility to be eternally vigilant to make sure GOVT benefits the citizens. Corruporation only serve the Elites. If the citizens are too stupid & lazy to over see GOVT they deserve oppression.

[mba2ceo]

Less GOVT = less liberty due to oppression from RICH.

It is NOT the size of GOVT that is the problem it is the corruption.

[dab0331]

@mba2ceo noooo it IS the size of government. government is even MORE corrupt than the rich.

u fail to look at the record of history..

u also have to understand that corporations LOVE regulations becuz it destroys their competition.

so in increasing government u have only centralized control and expanded corporatism, not limited it.

the Soviet Union is THE perfect example.

[mba2ceo]

@dab0331 Soviet Union was a dictatorship ... not an elected GOVT by the PPL.

[dab0331]

@mba2ceo minimum wage is the perfect example of hell being paved by good intentions.

if increasing the minimum wage was truly the way to go why be so greedy? why not jack it up to $100 per hour?

that's becuz only large corporations can afford such a wage.

try having a mom and pops store be able to do that with a brand new business they opened up.

[dab0331]

@mba2ceo as Thomas Jefferson so eloquently put it...

"I would rather be exposed to the inconveniences of attending to much liberty than those attending to small a degree of it."

[mba2ceo]

@dab0331 spoken like a true exploiter ...

[dab0331]

@mba2ceo lol.... call freedom what u want. if u think that's exploiting then give up your 2nd amendment & 1st amendment rights to Obama.

[dab0331]

@mba2ceo the true exploiters are those who push for total government control of the private sector and the economy.

it's not just immoral it doesn't work. how about u read the history of a little place called the Soviet Union.

[mba2ceo]

Capitalism is one step above slavery. GOVT needs to level the playing field. It is immoral to designate certain humans to servitude. Remember "all men are created equal" and that cannot be true under capitalism.

[fzqlcs]

@mba2ceo YES! Only government enslavement can save us from the evils of liberty, and God forbid, voluntary exchange. You're not the only one who went to government schools.

[mba2ceo]

@fzqlcs Well ... U R wrong twice in one post. I did NOT go to GOVT school.

[FabiusMaximus1000]

@mba2ceo How can the government create equality without the application of force?

[mba2ceo]

@FabiusMaximus1000 All Authority is force. Since human nature is evil even discussing justice is a moot point. No matter who is in charge they will be unjust & abuse their power for their own benefit.

[dab0331]

@mba2ceo govnt's role in the economy is simply to prevent fraud and ensure safety.

and when i mean safety i mean for the companies to be honest.

if there's a safety concern with a car then the companies should be honest that there is one. but this idea that gvnt can always keep us safe is silly.

a simple ex. is if the gvnt truly wanted everyone to be safe while driving they would make cars illegal and force ppl to make & buy tanks.

but who would be willing to pay for it?

[dab0331]

@mba2ceo give me liberty or give me death!

[FabiusMaximus1000]

@mba2ceo Your premise is pessimistic and I do not accept it. No one is saying there should be anarchy, that's a straw man argument. Most of us simply do not want the government as an active participant in our lives.

[mba2ceo]

@FabiusMaximus1000 ... and children do NOT want parents intervention either. The fact of the matter is that humans need oversight & guidance. Most humans are too stupid to make their own decisions. Look at all counties with limited GOVT ... they are in poverty and mayhem. Look at history NO country even advanced with limited GOVT. Lack of GOVT is as bad as corrupt GOVT ... both should be avoided.

[FabiusMaximus1000]

@mba2ceo Do you troll every comment on this video? I can cite several places where an expansive government has caused extreme poverty as well. In fact, more people have died under communism at peace time than is every war combined. I know I won't convince you because you already seem to think you are smarter than "most humans", so have fun with that!

[MilOurives]

@FabiusMaximus1000 The truth is that in EVERY country government IS composed by 'the rich'. They enforce power whether you like it or not. A democratic people is just as manipulable, if not even more, as an ungoverned people, simply because they think that they are enforcing some degree of decision (power) in their society. They are NOT.

[mikebri527]

@MilOurives By "rich" I hope you're talking about the US Congress. Did you know that almost 50% of the people in Congress are millionaires? That number outside of Congress is only 1% in the rest of the US. My question is why aren't these 50% of this group of people excoriated by the press the same way the 1% is in the rest of our society as being "evil"? I refuse to believe that just because you're a millionaire "public servant" you're somehow better than a millionaire in the private sector.

[MilOurives]

@mikebri527 You're not better. And the reason is that the public sector isn't all that different from its private counterpart. It's all just an interest game. It doesn't matter which country you're talking about. Everything is the same in every single one.. Except maybe (maybe) in ungoverned countries. Why are they not bashed by the press? Well I think that's very simple to answer: I bet most of the millionaires in the U.S Congress are also shareholders of major TV, radio (whatever) stations.

[mikebri527]

@MilOurives Then if they're not any better than why do people put their trust in them? So do we just vilify all the rich? If (as you say) every country government is composed of "the rich" are all rich people evil? I certainly don't think so. I also think that the wealthy people of this country are the greatest provider of jobs for the rest of us. Any country that vilifies the wealthy is doomed to fail. The US is headed right in that direction by it's own government (composed of the rich).

[MilOurives]

@mikebri527 Why do people put trust in them? I have no idea since i don't.. And I wasn't trying to imply that all "rich" people are what we call evil, far from that. Though not for the reason you mentioned. These issues are best discussed if we actually define what we are talking about. Wealth and 'evil' are difficult to describe after all..

[dab0331]

@mba2ceo "Capitalism is one step above slavery. GOVT needs to level the playing field."

lol.... funny

[dab0331]

@mba2ceo saying capitalism is one step above slavery is equating American republicanism to communism.

it's stupid. lol

[Butmunch666]

@mba2ceo Your initial assumption is wrong on all accounts. All men are not created equal. So how do you solve this without capitalism?

[mba2ceo]

@Butmunch666 USA is based on "All men are created equal" ... it is the main reason why USA came in to existence. If U favor exploitation then we have an ideology dispute NOT an ignorance manifestation.

[Butmunch666]

@mba2ceo It would do you well to quote the rest of that sentence, let me do that for you:"that all men are created equal, that they are endowed by their Creator with certain unalienable Rights, that among these are Life, Liberty and the pursuit of Happiness." What they mean is that each person has the right to their life, their property and the right to pursue their own self interest. They are talking about equality before the law, not material equality.

[mba2ceo]

This fool is an idiot ... the more I hear of this cretin the more I am convinced he is just a lackey of the Elites to justify exploitation. PPL are forced to work for survival due to lack of opportunity and resources.

Third World Country = Less GOVT

Late-2000s financial crisis is a direct result of LACK of GOVT !!!

USA needs better MORE GOVT. NOT LESS.

Just my opinion.

[2dum2getsocialism]

@mba2ceo PROVE IT! name me some third world countries that have limited/constitutional governments or free market economies

prove to me that the 2008 meltdown wasn't caused, in part, by the community reinvestment act and the cronyism of giving preferential treatment to banks that took on "sub prime customers"

prove that the us needs more government

your side never proves shit! you cherry pick isolated instances (usually the fault by government intrusion) then claim FREEDOM FAILS DERP

[mba2ceo]

@2dum2getsocialism I cannot educate the stupid.

[2dum2getsocialism]

@mba2ceo precisely, so go inform yourself on the alternatives to free market capitalism and get back to us with a viable alternative; maybe you wont be as stupid as you suggest

[luizcadu]

I'm yet to find a libertarian that explains to me: if government spending is so harmful, why is it that almost every developed nation has government spending rates above the world average (mostly way above the average), with the notable exception of the Asian Tigers?

[2dum2getsocialism]

@luizcadu government spending costs at least twice as much and is at most 1/2 effective as the equivalent free market spending; the reason government spending is excessive all over the world is simple; most of the world is not free

[luizcadu]

@2dum2getsocialism The fact is: government spending is not excessive all over the world. It is way below the average in most Sub-Saharan countries and other poor countries like Haiti, Bangladesh and Cambodia. And it's a curious fact that some of the freest economies in Heritage's ranking are also the ones who have big government (US, Denmark, Ireland, to name a few).

[luizcadu]

@2dum2getsocialism So it seems that the environment necessary for capitalism to prosper (infrastructure, skilled labour force, property rights), does not happen by spontaneous force of the market.

I think rich countries (and developing countries like my own, Brazil) have to change their politics towards a more efficient and less wasteful government. But I think the libertarian rhetoric tends to simplify it all.

[FRSFreeStatePlus]

New Hampshire had it right when they coined the phrase "give me liberty or give me death". That means to me that there should be "Maximize Freedom and Responsibility for the Individual" in America. That people should be able to live their own lives as they see fit as long as their not hurting anyone else with their Freedom.

I'm for the Socialist Democratic form of "Big Government nor the Far Right Conservative form of "Big Government" with limited Social Freedom.

[all028]

Does anyone notice we live in a paradox? When the gov't messes up, everyone complains the gov't is useless & wastes our tax $. But whenever there is an issue, people call on the gov't to step in and help.

What we need is less gov't because there would be less pressure on raising taxes & it isn't like the gov't knows everything anyways. Everyone's solution to a problem is to throw $ money at it.

[AroundSun]

@all028 But whats funny now is they can make themselves look good. They can spend spend and spend, and NOT raise taxes! Wow! What a great buncha guys! Instead, they'll print the money, decrease the value of your dollar, and make you pay inflation tax without even knowing it!

[evdelrio]

Markets must make the decisions and not government.

[Myndir]

@SonnyTheWhiteDwarf The sad thing is that arguments against the free market are at their most persuasive in times of economic crisis, yet it's at those times where free market capitalism is needed the most.

[dtorfleming]

@Myndir

So, do you free market worshippers support monopolies and unlimited price variation based upon supply and demand? For example, if a business had a near monopoly on water you would support a price of $200/gallon? Or is that the point when you would support big government regulations?

[AroundSun]

Without government you can not have law, and without law, there is no freedom.

Government should control: Defense, Legislation/Courts, Police and Emergency Services (FD, PD, EMS). That's all!

[Bfisher14]

any rand once said "If you believe money is the root of all evil ask yourself what is the root of all money?"

[dayvidiot]

@Bfisher14

money is not the root of all evil...

usury is the root of all evil.

[mpc91]

@dayvidiot - Usury is not the root of all evil. If you don't have interest you don't have loans. Loans are a good thing, they promote growth.

No, the root of all evil is the idea that you know better than your neighbor what's best FOR HIM.

[AKlover]

Where government grows liberty dies, it's that simple.

[pleximold]

Well put

[puffinonindo]

@AKlover Not really... depends on how corrupt the government is.

[servantsofsouls]

@AKlover  that's right..

[Budvb]

hmm... Money has become our command now as well as this government. Money is nothing more then Evil's Tool, in my belief!

[selfrealizedexile]

You're missing the point if you're looking at the green pieces of paper themselves. Now, you can talk about materialism, but what's your alternative? If it's anything short of freedom to be materialistic or not, it will only end in oppression and tyranny; we'd be much worse off than the present situation.

[shamgar001]

"So you think that money is the root of all evil? Have you ever asked what is the root of money? Money is a tool of exchange, which can't exist unless there are goods produced and men able to produce them. Money is the material shape of the principle that men who wish to deal with one another must deal by trade and give value for value...Money is made possible only by the men who produce. Is this what you consider evil?"

Francisco D'Anconia

[Budvb]

I would Rather see Gold and Silver used as exchange of money then pieces of fiet money that is controled by Evil men!

[shamgar001]

Absolutely! But the evil part is the men, not the money.

[Budvb]

yes, agree

[XCritonX]

@shamgar001 Actually the saying is "the LOVE of money is the root of MUCH evil". Its in the bible. Back then all money was gold or silver.

People who make their lives all about money tend not to be very happy or successful. A good business person focuses on making the customer happy, then he will be successful.

[shamgar001]

I'm aware of that. Many people misquote it, saying "Money is the root of all evil".

[fdny9682]

@shamgar001 dude thats awesome,

[jettbugg]

....This guy is really knowledgeable about good old common sense.....

[drkangravewing]

I agree! Gov is doing what it is unable to do and not doing what it is able to do!

[Dabba23]

LP, keep 'em comin'.

[AshillaBeige]

He was like a little gnome-person... And like Whoo689, I think his enthusiasm for economics and liberty is nothing short of amazing

[mallardhead]

When was this taped?

[ThePenWolf]

@mallardhead I think this was done in the 70s.

[axe863]

Complex Adaptive Systems => For The Win

[whoo689]

Friedman's enthusiasm and simplicity never ceases to amaze me.