Milton Friedman The Path to Global financial crisis 2009

[dbww]

Wow you obviously have never read or watched anything by Friedman have you. Your photo of him at the mint with 'the buck starts here' sign behind him implying that he supported the printing of money was taken when he was making the free to choose episode opposed to the printing of money! And the allegation that he supported the housing bubble ignores the fact that it was created by state intervention which he oppsed! You ought to be ashamed of this wantonly misleading video.

[johnvannewhouse]

This video is almost too stupid for words... but I will try. What ADULT would think that a series of utterly incomplete snippets of what someone said followed by doctored photos would be IN ANY WAY a serious analysis of the global financial crisis OR convincing to someone with more than a fourth-grade education? This is such a transparently pathetic work of agitprop liberal propaganda...and is isn't even GOOD! ."OOOoooh, capitalism is bad...ooooohhhh". Too sad....

[MrStoneBullberry]

This is so misleading. You picked apart his quote about Democracy and lied about the rest. We DO NOT have a democracy and NO ONE would actually want a democracy in the United States. In a true Democracy, 51% of the people could decide to shoot the other 49% and the other 49% would have to take it. In a democracy civil rights would have never come about because every southern state would have voted individually to keep slavery. Democracy is morally reprehensible. A republic is what we have.

[MrSmartopinion]

It´s unbelievable that so terrible ideas could be taken seriously by people. These opinions about Friedman do not deserve any comments. Surely the guy who broadcast this awful video has never read any part of a serious economics book. Fortunatelly great economists like Friedman, Samuelson, Tobin, regardless their different points of view in economics, will live forever for their ideas and their tremendous impact on young economists minds.

[instantpestering]

This is probably the greatest piece of video garbage I have ever seen. How irrational does one have to be in order to believe this crap? Where in the world did you acquire such crazy ideas?

When in human history did your model of government controls, of collective rights, ever benefit mankind more than a society that holds individual rights as the highest virtue? I can never get past this idea of your model; what do you plan to do when there are no individuals to rob, no wealth to steal?

[mixmastermeeks]

In my opinion, the fact that the only way anyone can attack Milton Friedman's ideas is by making ridiculous attacks on his charactor or taking his quotes and ideas out of context just proves how right he was.

[albertvader]

bla bla bla bla, lies and lies, probably a radical leftist

[NearAbbeyRoad]

John Maynard Keynes:

"The Conservative belief that there is some law of nature which prevents men from being employed, that it is 'rash' to employ men, and that it is financially 'sound' to maintain a tenth of the population in idleness for an indefinite period, is crazily improbable"

The Chicago school of economics had high unemployment as a deliberate policy in Chile, to depress wages. Freidman was a big wig there.

[NearAbbeyRoad]

Milton Friedman said....

“Land should be taxed as much as possible, and improvements as little as possible.”

"In my opinion the least bad tax is the property tax on the unimproved value of land, the Henry George argument of many, many years ago."

A pity he never pushed Land Valuation Taxation with force, otherwise we would not have had a financial crash and wealth would be "fairly" distributed.

[vincentkjones1]

khallaghi try actually finding out about your subject before posting an idiotic clip that looks like it is straight off the Sorros cutting floor.

[vincentkjones1]

This clip is trash. I don't like mincing words.

[shadowfighting88]

Only an insecure person without any faith in his own abilities aside from

arguing about things he knows nothing about would derive pleasure from posting

a video for the sole purpose of inciting an adverse reaction.

[bisbeejim1]

The U.S. Constitution allows every citizen the right to the freedom of speech (and some people will, invaribly, use it make a fool out of themselves). The founding fathers knew this. They also knew that "stupid people" are "unteachable people." They knew that people will suffer a lot of hard-knocks before the wisdom sinks in. They knew that no person, no government, not even God Almighty can get through the "stupid person," only experience can teach this type of person. So send me your money.

[canaanav]

One of the worst videos ever made.

[Warzoooooo]

Why does this video show a text power of the free market, and then a picture of Bush? Bush was not a free market poltician. He was rather the oposit. All ppl i know that acctually believe in free market (without govt internvention) dont account Bush for a free market politician. Only ppl not understanding what free market and free choise is, are those who claim he was working for a free market.

[Warzoooooo]

In democracy you only need more than half the votes to make something leagal. That means that if more than half of the voters agree that there should be law to make sure enought ppl do suecide every year, it will pass. Milton Friedman knew that democracy doesn't see to the best of the society, rather to the intresst of the one with "best argument". And if you tell the majority you will give them all that rich have, you get the power to take from who you want and give to who you want.

[eagle071]

Whoever made this video is an F***en retard! Milton Friedman believed in individual liberty, personal freedom and limited government. Every example described in this video is a result of big government.

[seitzmicha]

dumbest and at the same worst video i have ever seen on youtube. whoever expresses his view in this video has not spent one second finding out what milton friedmans ideas are all about: individual freedom, not tyranny!

[23shahar]

Sorry for being blunt - but this video just calls for it - it is absolutly garbage. I'll give you the benefit of a doubt, and assume that this is due to poor education on Fridman's recommended policies and what capitalism actualy is. if you're familiar with Friedman's Ideas than this is just intentional false propoganda.

[SuperGuitarman69]

@23shahar You are totally correct. We are in a war against leftists/communists/socialists­. We HAVE to and MUST fight from here on out. The sake of the last real republic and free society on this planet rides directly on the people like you and I's shoulders. It is a large responsibilty I know. But, propoganda like this cannot stand. So against the Maher's, Olbermanns, Clinton's, Obamas, Moores of the world? It is time us with plain common sense no longer sit as they speak. We need to FIGHT!!

[JohnnyUltra305]

Nice video on anti-capitalism. Now for the real question, What is your alternative??? Social justice? Socialism? Collectivism? Take from the wealthy and give it to the poor? Has this been tried before? has it had a favorable result? Has socialty as a whole benefitted ??

[440wedge]

More childish propaganda,not an analysis of anything. I would suggest to anyone unfamiliar with Milton Friedman; do your own research. Make up your own mind. There are many videos of Friedman here on you tube. You can hear him in his own words talking about what he thought on a whole array of issues. This video however is so dead wrong about Friedman there's little point in addressing it.

[BrianHibbert]

This film is pure crap propaganda.

[111sunder]

What a waste of time...why make something that tells lies? Friedman was a genius then and if he were alive today he'd be laffing his balls off at the inate stupidity of the American publics "whatever works" attitude towards the Federal Reserve AND the IRS. I already know for certain that if I ever reach old age, it will not be inside America.

[olwill1]

Just like a liberal numbskull - all hype and emotion, no cogent arguments.

I'm surprised that liberals have the intellect to suck in air when they wake up in the morning.

I watched "The Ascent of Money" last night on public tv about the foundation of the rip-roaring Chilean economy. They have the freest markets in Latin America. The poverty rate has dropped from > 40% to < 13%. All of the rest of Latin America is stuck at about 40%.

Liberalismsocialismcommunismfa­scism = BAD. Freedom = GOOD!

[shodan78]

Dr Friedman promoted economic freedom but also that the law should be followed. If the US would follow the ways of Dr Freidman I'm sure Goldman sachs and other investment bankers would have payed huge fines for fraud. Free market would have abolsihed those banks that needed goverment bail outs which would lead to a more responsible acting of surviving companies. Friedman promoted less intervention by the goverment not more and this crisis was partly caused by politicians.

[andyoupretendtoknow]

Did Jacques Sapir published real advances in economics in good peer review journals (e.g. Econometrika, American Economic Review, Journal of Finance, etc.). The answer is no.

All the publications of this author are in unknown reviews (i.e. with impact factor = to zero).

Did he in his (invisible) publications made some great contribution to mathematical economic models? The answer is no.

So I would not believe what he said more than Bozo the clown's claims on economics subjects.

[andyoupretendtoknow]

one more question: does the analysis Jacques Sapir made contain econometrics measure as proof? is the analysis that he made grounded on mathematical model or proof? The answer is again no. His analysis is just blablabla....With such kind of analysis you can say what do you want.

This in the realm of economists does not convince anyone.

[cerebral200]

Images of money being handed over as bribes are laughable. Only someone who hasn't seen corrupt governments can believe them. When it comes to bribing, corporations are at least limited by their own wealth, do you know what happens when politicians get access to public money? 

[cerebral200]

Emotional appeal....no valid arguments in the video. Showing images of Bush Cheney doesn't win arguments against Friedman. Seriously..is there any other known mechanism other than Capitalism that actually helps the poor? By help doesn't mean giving money..means pulling large sections out of poverty..generating wealth. I am not saying unrestrained Capitalism..more like Dr. Manmohan Singh's Capitalism with a human face.

[ALFIEAJAPAN]

This video is a PACK OF LIES!

[mintoo2cool]

my biggest fear is that people like the creator of this presentation exist and get to promote their biased ideas ... and invariable exert a minimal amount of influence on naive , uninformed minds and make them biased too .... why do you want to do this is beyond my mind ... i despise people like you ...

[papercut272]

your vid needs a lot of work buddy..... i wont even waste time explaining..

[Hydra773]

What khallaghi is saying is that he wants the poor to be poorer as long as the rich are less rich. That is what he wants.

[SlaveTaxPayer]

What does any of this have to do with Friedman?

[libertariannews]

Linking Friedman with Haliburton and Bush/chainy? Bush was a neo con Government not libertarian nor were busy/chainy advocates of the freemarket.

Well done for an ignorant vidoe. U have stood up the straw man and knocked him down but Friedman still stands tall. If anything proved more right.

[imstillalive0331]

a complete and total misrepresentation of milton friedman's philosphies. lets start with government bailouts. also, a fractional quote of why total democracy (NOT the representative based one we have today) means that 51% can enslave 49%. you are attacking a person, not the ideas. you have done nothing to cite your sources or debate his views. he has been against the economic practices of this country all throughout the 20th century. slander is not debate, it is the sign of a weak arguement

[zac1bar83]

23discordians argues that if it wasnt for the state there would only be a few people with all the wealth oppressing the rest, well the us government from 1776-1916 was tiny, there were no income taxes, there were hardly any taxes at all, only tarriffs and a few small other exceptions. Yet wages, gdp, and standart of living rose higher and faster than in any other country in human history. How did that happen without government intervention?

[tom87pate]

The government has done such a bang up job with everything else, like education, The U.S. Postal Service, illegal immigration. Lets just give them total control and bring on doomsday!!!

[zac1bar83]

Here is the problem with all you anti-free market people, you think the problems come from capitalism right? and the way to fix it is giving the government more control? how dumb is that thinking, oh so you didnt like bush so you think by giving someone like bush more power over your desigions you will some how get more freedom? and by the way when you say the middle class is disapearing, not true income per person is up, household income is down but there are more housholds ie divorce,

[23discordians]

Here is the problem with all you pro-free market people, you think the problems come from the state right? And the way to fix it is by giving the very few wealth individuals who have an interest in maintaining an opressive state more control? How dumb is that thinking?

[undermyvoodoo22]

Milton Friedman identified himself with the original term for liberal, not neoliberal. That's a bit misleading.

[Bartimeo1990]

So funny, who ever made this video has no idea what milton friedman's theories are.

But let us all hail socialism!

Hail to da big Brother!

[donotswallow]

Can someone explain why this is a featured video?

[twk373]

I don't really see why people say "right wing" fascists, particularly in reference to the Nazis. Presumably this is meant to be a slur against conservatives.

But what, precisely, is conservative about fascism, let alone Nazism? Hmm? Fascists put free markets, individual liberty, and morality behind the interests of the state. Does that sound "conservative" or "right wing" to you?

Isn't it the "left wingers," those who favor a powerful, controlling government, who are closest to fascism?

[Robodude288]

I think the reason behind it isn't based on any sort of logic but rather the left's need to paint conservatives as the worst thing they possibly can and Hitler was the worst thing they could come up with.

they must do this because they know that if people listen to us even just a bit it will be clear who is right.....in more ways than one.

[twk373]

@Robodude288

I agree. Still, I keep hoping against hope to find a leftist who isn't a clueless moron. How difficult is it to actually *think* about these issues?

[jonshultz]

hahahahahaha what a joke and waste of time this person just lost credibility in my eyes

[yadranko]

I agree!

[relyingonhim]

Bush isn't the only one. They're all sending our country down the toilet. Obama has taken this country even closer much quicker than any of our "presidents" thus far. McCain, in my oppinion, wouldn't have been any better. We're headed into some very dark days if we don't abruptly turn this country around & get it back on course... or is it too late?

[5amuu]

This video is one big shitburger. I can't believe the maker of this has some kind of official title (Research Director at the bla bla bla).

[apetr7586]

Many of your characterizations of Friedman's beliefs are totally wrong. Watch some of his youtube videos and you'll realize how intellectually honest the man was. He was against Corporate Welfare for example. He was a great teacher who made so many young people think deeply about one of the most important subjects for them to undrstand. That is a proud legacy that even his liberal rivals such as John Kenneth Galbraith would recognize.

[kaza999t]

100 Profs at University of Chicago: No Milton Friedman Institute (because he was an evil conservative)"

New Yourk Times

[albertsamerica]

same Chicago economists never saw the recession coming... (Cough, Cough...)

No argument on ur hand buddy.

[pragmatismnotidealis]

If Milton Friedman actually had influence in government, we would never of had the financial crisis we have now!!!

[khallaghi]

" The Social Responsibility of corporation is to Increase its Profits" Milton Friedman The corporations are designed to make as much money as possible for shareholders without regard to human life, It is only the arms industry, looking myopically to the next quarters share price, that has a direct interest in war above all else. These forces that are behind the worldwide Conflict we are witnessing now in Iraq , Palestine , Afghanistan .

[albertsamerica]

lol let me ask you simple question (to determine your intelligence). What system of government does America follow?

If you looked at the REAL policies of Bush and Obama, you see Neo-Keynesian policies - i could explain, but it is obvious your brain would implode due to the info.

[khallaghi]

Corporatism — the economic doctrine of fascism

[albertsamerica]

you do know what keeps monopolies running right? Bailouts, corporate welfare, stimuli, can government regulations - this is common knowledge. If you want something done, let them fail when they start failing and lower taxes for smaller business.

You are an idiot.

[albertsamerica]

secondly, what is the American form of government?

You are not coming across as an intelligent individual.

[tomsinclairjr]

@albertsamerica :America follows the free market system. HOWEVER, AFTER HAVING SAID THAT, THIS NEW PRESIDENT IS TRYING TO CONVERT IT TO A SOCIALIST GOVERNMENT and the American people are against this because of our Constitution. Obama is a PROGRESSIVE MARXIST and this country has never successfully had that, but President Wilson tried his best to convert it back in the 30s. After that time, Wilson was denounced. Now, 60+ years later, Obama is trying to make our Republic into a democracy. bad

[albertsamerica]

@tomsinclairjr President Obama's policies are Neo-Keynesian in nature. He has not set wage limits, or price caps, or even profit limitations yet. He has not begun the massive nationalization of most of the free market yet, and all his policies are just modified versions of Keynesian Theory. He is no socialist, because he hasn't even implemented massive amounts of socialist policies - except for the handful of companies he nationalized.

[albertsamerica]

@tomsinclairjr Maybe Obama is a socialist, but so far what he has done is nothing compared to what we've been through with Nixon or Ford, or especially Carter. As for redistribution of wealth, all government jobs are redistribution of wealth - the redistribution of wealth has been going on since the start of this country. Nothing new there.

The American system now is not a free market system - part of it is capitalist/free market, while a small fraction of it is Socialistic in nature.

[albertsamerica]

@tomsinclairjr As for the health care bill, I'm confident that it will be shot down before 2014. After all, the CBO just stated this month that the bill will not cut deficits, and many people have pointed out numerous constitutional issues with the bill.

All i see is a president who is making flawed economic decisions based on a Neo-Keynesian view of economics.

[albertsamerica]

PS: The gap between the poor and rich doesn't matter when the standard of living increases buddy. EVEN John Maynard Keynes loved the free market (he just thought there needed to be improvements).

All great economists think socialism is pathetic. Go get an education dumbazz.

[khallaghi]

Friendman advocates was government welfare for corporations.

[albertsamerica]

You have no education do you? You must be 9 year old idiot... Nuff said, you attack a man, yet u know nothing of what he stood for... STFU and come back to me when you have an education in economics.

[delyshBB]

actually, not really. you should read more economics.

[MrXfromPlanetX]

Hitler may have called himself a Socialist, just as Bush called the Patriot Act the Patriot Act, but the first thing Hitler did when he came to power was round up all the socialists.

He was a right wing Fascist.

Look up Martin Niemoller's poem:

First they came for the communists, and I did not speak out-- because I was not a communist;

Then they came for the socialists, and I did not speak out--

. . .

Then they came for the trade unionists, and I did not speak out--

. . .

Etc.

[Fonyod2008]

@MrXfromPlanetX

Far right- Far left- making a circle and there meet in the centre.

Marx is a clue you ought to study!

Nazi= National Socialist's

Better also study John Maynard Keynes, Fascist policies the West follows today, Fabian Fascism that is......

Too complicated to tag- left this- right that!

There is no real left or right- it's an illusion,

[breakinthebend]

@khallaghi

You're video is just promoting the same untrue bullshit that most people already believe. For one, it wasn't the market itself that caused the housing bubble and collapse, it was the government's intervention into the market through GSEs that removed the risk inherent in Capitalism. As Sowell and Friedman have said, capitalism is a profit/loss system, not just a profit system.

Friedman advocated just the opposite, I'm convinced you don't know anything about Friedman.

[imstillalive0331]

@khallaghi where is that found? he was actually openly against the bailouts of chrysler in the '70s. he wanted the government to leave them to the discretion of the consumer. you are completely ignoring the other half of the arguement and only reading your own biased propaganda.

[shodan78]

@khallaghi

Please show me a clip or an article where he says that.

[BelieversinThings]

@khallaghi Where and when did Friedman ever advocate government welfare for corporations. Site examples.

[delyshBB]

yes, the GAP is irrelevant. socialism decreases the gap while lowering the standards of living for everyone, including the poor. it's amusing. have you ever saw a socialist say that he wants things to be better for the poor by any other mean than lowering the gap? lol

[asknudsen]

So the maples formed a union

And demanded equal rights.

"The oaks are just too greedy;

We will make them give us light."

Now there's no more oak oppression,

For they passed a noble law,

And the trees are all kept equal

By hatchet, axe, and saw...

[MrXfromPlanetX]

Check out The Daily Show site - look for Stockholm Syndrome Pt2

They go to Sweden and interview an actual Socialist politican. It's a socialist country and they have the highest living standard in the world.

The socialist also points out they are loaning money to the US on a daily bases, and they do not have a trade deficit.

Their taxes are higher to provide their social services, but think of how high the US's taxes would be to pay for wars without having the world's reserve currency

[hannel19]

@MrXfromPlanetX This is a ridiculous argument. Sweden is vastly more efficient since using free market principles and free trade. Just look at how bad they were doing compared with 20 years ago. You also failed to mention its abundance of natural resources with the addition with free trade that made Sweden prosperous. Its homogenous population may be advantageous for them to have a welfare state but for the US this is simply not the case with so many interests. Your last point is laughable.

[Fonyod2008]

@MrXfromPlanetX

Swedem is on queer street- the welfare costs are astronomical.

Highest living standard?

Sure, but that was long ago, it does not apply today.

Visit Malmo- see the problems yourself.

[albertsamerica]

oh and last but not least, instead of cherry picking quotes, you should learn to study up on Freidman's beliefs. That's how you become educated...

[khallaghi]

Friendman as a friend of capitalism and the free market but a closer analysis of Friedmans ideas show that his ideas were more in line with the New Fascism that runs this country under Corporatism.

[albertsamerica]

no you stupid idiot, Friedmen was not for welfare and his thinking was not corporate fascism. Sorry Susie, but you're wrong.

[delyshBB]

actually Friedman talked about a lot of things that the government shouldn't do and they did. i don't see where Friedman said the gov should make regulations that force banks to lend, that the gov should guarantee mortgages, he bashed deficits and so on.

[imstillalive0331]

@khallaghi except that he said corporate lobbyists and private interests should have nothing to do with government. basically every comment i have read of yours is either a lie, or a complete lack of knowledge on the man. if you are going to attack another philosophy, you have to understand what their arguement is. you can't simply say something you read on a blog

[WWRHorn1]

@khallaghi

yes. You are correct. friedman is no genius. he just doggedly sticks to his talking points and argues with absurdities.

[SuperGuitarman69]

@khallaghi I am an economist. Where are your credentials. I have a degree in economics from the University of Missouri. The crisis we are in currently has NOTHING to do with the free market. Let me educate you. Barney Frank and Chris Dodd are directly responsible for the crisis. By pushing a law that required banks to loan to unqualified borrowers. The housing bubble and instant collapse. Government meddling in the market CAUSED IT. Milton Friedman is by FAR the most brilliant economist to live!

[rainzoro]

@khallaghi and what is wrong with corporations? in the end of the day, corporations are just a group of people trying to make a living. Sure many CEOs did make bad decisions in the past, but that doesn't mean the entire corporation is pure evil. Including you, we are all using computers, tapping on those keyboards, and guess what this computer is made by corporations too. You think in a communism society the world would work without people gathering together, form a group, and work? wake up

[TxTeaParty]

This is an absurd video that is full of flat out lies and distortions and the creator know this.

[GenitalGrinder69]

I'm not sure how Friedman's views on banking lead us INTO the crisis... He would have gotten rid of the fed and intated a monetary growth rule. That means much a small predictable amount of monetary expansion not the bubble blowing the fed did. O and how do pictures of cameras in public and a fascist republicrat police state have anything to do with milton? Thats what the republicrats and Naomi Klein support... Klein would write a book called not free to choose about how she should run u!!

[GenitalGrinder69]

Milton Friedman also said that he doesn't think anyone believes in democracy in the same quote. He then used the example of 55% of people voting to have 45% of people killed. Are u saying u support that?

[Sam26100]

This video is a pack of lies

:55

the printing of money, are you serious? that's a free market phenomenon?

Creation of a false lending market in order to give the poor a chance to buy houses they can't afford, this was done through deregulation?

you're a space cadet my friend. Nothing the federal reserve does represents the FREE market. You're just offering more of the poison that's destroying us. Milton Friedman has proven himself to be the greatest economist of the 20th century

[MrXZodiacInfinitY]

yeah, this video is a very unintellectual attempt to discredit one of the greatest economists of the 20th century. Milton Friedman would school any stupid person of today that thinks socialism is right for america! BTW, the definition of socialism is still state ownership of capital.

[sinister60804]

keep voting democrat our country will end like Cuba! Ron Paul for 2010

[fhavenger09]

You are so ignorant just by showing some propaganda it doesn't mean anything! is this an add for socialism? this is a ridiculous video with nothing backing it. Go Friedman!!!

[snailspace2]

What and where is the argument???

Some nice pictures. Too bad I'm not 6 years old.

[kynismos]

Not enough to keep the mind alive! What a stupid video!!

[dewikid]

well I figure ill actually comment on the video. It was poor and I didnt really find much of a message except typical "conservative" bashing.

[GaudierBrzeska]

This is so embarassing. A child could see that the Economic Crisis was caused by governmental interference into the free-market. Been reading Naomi Klein much?

[PhDEconomics]

You should no longer speak about economics. If there was a criminal sentencing for what you said, you would get the chair!

[GaudierBrzeska]

Because as Naomi Klein infers 'purchasing goods' and torture are akin to one another. I'll take it you meant it with irony considering there's no qualification of your remarks. Oh except the laughable nom de plume.

[BelieveIt1051]

The housing bubble was caused by socialism, government intrusion in the free market, and lack of oversight in regard to fraudulant records. The government forced banks and loan providers to give loans to those who didn't qualify and allowed adjustible rates to be applied to those who took the loans. This caused a boom in the housing market, and later when these people couldn't pay as us capitalists knew they couldn't, they lost the houses and the debt remains for the taxpayers to pay off.

[Sivels]

thisis bullshit... government caused the crisis by interfering with something as extremely complex as the free market mechanism,, all now all the liberals/socialist blame capitalism and want more government, ridiculous,

[txtransam]

Bush-bashing is so passe.

[davidmesaaz]

Hitler was a socialist... He nationalized more of the economy then "socialists'' did after the war. Nice try... Go read a book....

[dar3dav6]

Yes, I'm interested in countervailing points to Friedman's ideas, but nothing valid was contained in this video. Like 0:58 "Printing more money without security" Terribly misdirected blaming.

[MOE435]

In fact, it goes against the very essential point of Friedman's Monetary policies! especially "Gov. bailouts" what a joke of a propaganda - its either the author is the most ignorant person on the matter, or he's just feasting on the ignorance of others!!

[obrienftw]

The current economic crisis was caused by Governments forcing banks to give mortages and loans to low-income customers.

cf. The 1977 Community Reinvestment Act (CRA) signed by President Jimmy Carter.

Regulation, NOT de-regulation, caused this mess.

[includao]

in what parallel reality BANKS get controlled by the government? the government is controlled by bankers.

banks brought this to themselves

[Blucius13]

This is one of the most malevolent distortions of a man that even PAUL KRUGMAN said was a "great man". You're worse than Bush and the neocons. Whom Friedman made his lifes goal to criticize.

[Blucius13]

Yes Yes. I was typing that only to see you beat me to it.

[allmtrwhor3]

^^^ well said!

[tomandersoon]

In the real world, however, human rights, democracy and free markets are all under serious attack in many countries, including the leading industrial societies. Power is increasingly concentrated in unaccountable institutions. The rich and the powerful are no more willing to submit themselves to market discipline or popular pressures than they ever have been in the past.

[Rexanglorum]

The far left cannot defeat freemarket capitalism (FMC) in an intellectually honest debate. Therefore, it has to bundle FMC with militarism, corporatism, racism, fascism and all sorts of illiberal and coercive practices which site on the antipodens of FMC. It is true that many right wingers have hinden under a cloak of FMC while using war or other government favors to get rich but the mere fact that government is powerful enough that it can enrich some by fiat is anathema to FMC's principles.

[CosmicFork]

There is a huge discrepancy between the utopian ideal of "Free-Markets" that is supported by strident libertarians like stealthswimmer, and their actual manifestations in the real world. People can hear the truth, time and time again, that a truly Free-Market has never existed, and yet they'll still believe crap from a Milton Friedman video. I want to talk about Friedman's ideological consequences on the real world as seen in Reaganomics. They were NOT GOOD, for working-class people in the world

[theotherrobert]

ummm... the problem is not milton friedmans ideas, it is that many of our masters in washington that actually have major consequence on our lives have blatantly ignored them... the myth of capitalist failure gave this nation a violent shove into socialism decades ago... and as we all know once govt gets their hands on something, they never let go willingly.

[theotherrobert]

my point is that the idea that people are generally dumb and that govt needs to take care of them by controlling their lives is as old as history itself. the bulk of humanity has lived in tyranny and oppression and ev1 suffered for it. the amazing thing is that we were able to get a century or a century and a half where the dominant philosophy was the opposite. so where does prosperity lie? our standard of life is falling because govt spends over 40 percent of our income to "protect" us. BS!!!

[includao]

Free Market Capitalism is based on the belief that by competition and societal interaction things like slavery and monopoly can be eradicated. It's like telling that through time, spontaneously, people decide it's time to quit maintaining monopoly.

[wpiman]

If we had listened to Friedman; we would have never gotten into this mess. He argue for a small government with very limited powers.

[senselessbattery]

Search "Friedman Democracy" and see what he actually says about it.

Now tell me khallaghi, do YOU believe in democracy?

[khallaghi]

Friedman was responsible for the Pinochet regime's economic theories, and bloody coup against the government of Salvador Allende in 1973. At least 30,000 Chileans were killed during the coup and in the following years ,although no one can be sure of the actual number, since many people were disappeared and never heard of again. 400,000 people were tortured according to some estimates, and one million Chileans were forced to flee the country and go into exile.

[FPENA98]

So according to your logic if someone's theories and ideas are adopted by someone else then by that mere fact the theorist is himself responsible for the crimes of that person? Is this really what you are saying? Tell me how many people did Friedman order arrested or killed in Chile? How often was Friedman in contact with the Pinochet regime planning the death of the Chilean people? This is the same old leftist rhetoric that has been so discredited.

[stealthswimmer]

Actually no. Pinochet had already(with the help of the US government) overthrown Allende. He wanted control over the economy. He wasn't a friend of the free market. However the severe inflation in Chile forced him to take the advice of economists, including Milton Friedman, who told them how to end inflation. In the end, Chile recovered, became a vibrant economy and eventually became a freer society as Friedman was vocal about saying that Chile needed to be a freer society in order to succeed

[khallaghi]

This about the Pinochet coup in Chile that simply would never have happened without the ITT Corporation ( Alleged Nazi involvement ) in 1973 behind US government. In 1970 ITT owned of 70% of Chitelco, the Chilean Telephone Company.

[stealthswimmer]

it wouldn't have happened cus of some company? I doubt that. They can try to persuade all they want, but only governments have monopoly over force and decision making in cases like this. Corporations are like kids asking the parents(government) for favors. It's ultimately the decision of the parents, no matter how often the kids nag about it, lol

[khallaghi]

These kids (corporations)are very sweet and lovely but when grow up they become horrible monster who fight and destroy every thing for money and listen to nobody specialy their parents .and still the parents support them .

[stealthswimmer]

exactly....and very similar to the analogy, it's the fault of the parents, not the kids. The government is the one that sets the rules and has a monopoly on the use of force. The free market force of competition ensures that the businesses in each industry got there legitimately and if they mess up that new companies will come up and take hold of market share. When government gets involved, they usually regulate it so much that it impedes competition and prevents customers from winning.

[blummedia]

Friedman believes in freedom and the republic in which it was founded. Democracy is mob rule and we can see how that is working out today.

[CosmicFork]

The intellectual foundations of the "Reagan Revolution were provided by Friedman and a package of ideas that came to be known as Neoliberalism. This ideological movement was called Neoliberalism because it took the liberal principles of Freedom and Liberty very seriously, and the Neo came from their adherence to neoclassical economics, and the view that the Liberty and Freedom of the individual, could only be guaranteed by free markets, free trade, and a strong system of private property rights.

[CosmicFork]

What the Neoliberals did was to have a rhetoric which emphasized individual liberty and freedom. Neoliberalism basically said to everybody, we'll give you the individual liberty and freedom, you FORGET the social justice. That in effect; is precisely what has happened over the last 30 years. Neoliberalism has kept the majority in poverty, and the elite fat and rich. If you study the places where Neoliberalism has been applied, it's mostly been a total failure, (except for the very rich.)

[stealthswimmer]

lol, not really. Much of the policies that have been undertaken have been because of "social justice" and that's what's been causing problems, but the "free market" takes the blame instead. Most policies have unintended consequences. That's one of the strongest arguments for a free society. You need to allow individuals to experiment and find what works for them instead of having a tyrannical government oppressing everyone "for their own good"

[khallaghi]

Free Market Fundamentalism often leads to corporate welfare because deregulated markets often allow corporations to become so overgrown, even to the point of monopoly, that their influence over the government .They can game the system so that government programs end up funneling money straight into their own pockets.

[stealthswimmer]

lol, actually no it doesn't. Only technical monopolies occur in a free market (and even this is extremely rare) when only one company has the productive capacity to serve consumers.

As far as corporate welfare goes, governments get in bed with business to do what they think is right (or to get money to fund their elections) and often highly regulate markets to prevent competition or directly give certain businesses special privilege. This is hardly the free market at work.

[djangothecat]

You say it right here. A corporation who is in bed with the government is bullshit and should not happen. That is NOT Capitalism. That is a mixed economy at best and can lead to economic Fascism. The Free Market is only free when it is NOT being helped by the government. Don't confuse the two. The people that are against free enterprise want you to think that it leads to government bailouts but only crooks in business and government together do that. The rule of law weeds out this type.

[theotherrobert]

plz the only monopoly out there that did not get where is by government control and interference or through coercion (illegal activity) is the debeers diamond co.

[khallaghi]

"Fascism should more appropriately be called corporatism because it is the merger of state and corporate power." - Benito Mussolini

[senselessbattery]

Well spotted mate! That is why guys like Friedman are for a SEPARATION OF STATE AND ECONOMY!!!

Get it?

[mrt7733]

This video uses Friedman's name and views in a distorted manner to the benefit of its creator. Clearly and simply a liberal who is pissed off at the previous administration. To the author: You did a horrible job of disguising your political beliefs and providing a fair analysis of our current economic environment and free market system. I guess you would be much happier with a collectivist State. Silly liberal, truths are for conservatives.

[kaza999t]

Friedman was a corporatism , however He was convinced that Keynesianism would lead to socialism. The problem is that his solution leads to fascism, that is, state corporatism, which is where we are now.

[khallaghi]

Today, we have reached the end of the line for the Chicago view of financial deregulation. Friedman thought that the central bank could exercise enough influence over the money supply to effectively control it, and that banks and other financial intermediaries would be regulated tightly enough that what is now happening would be impossible. unfettered.

[tarunrb]

Have you even bothered to read or listen to Friedman!!

[josh803]

What a bunch of %&*@()#! propaganda. Just like a liberal to post this biased untruths after the Milton Friedman is dead and buried. Always the choice opponent of a liberal fascist socialist coward.

[senerrednas]

quite amusing:

Milton Friedman get mentioned for all the wrong reasons, take the printing money without security bit and compare it with his "cure for inflation" video's and you'll get a clearer insight in how it works. The links to nazi Germany are ironically relevant in this video since it reminds me of the work of Goebels, the cartoons and pictures are mend to work on emotions and therefore do not require actual facts or content to back it up. Clearly Goebels' lessons were well taught

[khallaghi]

Financial crisis haunts Milton Friedman's legacy Oct 14, 2008

CHICAGO (Reuters) - U.S. economist Milton Friedman, the champion of unfettered markets, is under siege for theories that some blame for unleashing the global financial crisis.

His legacy is even being questioned on the leafy University of Chicago campus that he once called home. Milton Friedman Institute, a multidisciplinary research outpost attracting million-dollar donations from corporations and the wealthy.

[kaza999t]

Brilliant video I Blame Milton Friedman Ronald Reagan 'sDeregulation for This Crisis .The motivation for bankers to undermine and inhibit prudent regulation is inherent in banker compensation incentives.

[rsobies]

hitler was elected during free election by the german nation, should we respect we respect the will of the people in this case?, he was not neoliberal he was national socialist. this film is not about the bad free market, it shows where economy can lead us when there is not free marek as it is now.

[qnahum]

whoever made this doesn't actually know a lot about Friedman's work, theories, or positions.

[khallaghi]

If you are a truth seeker,search,How the International Bankers Conspiracy Formed Banks, Suppressed History and Caused Wars,

[superdiza]

wow.

What an ignorant propaganda, totally missing deeper truth and understanding.

[khallaghi]

People get upset when that free market results in market manipulation. But market manipulation is just a natural part of capitalism as it must work in reality. Ivory tower proponents of an ephemeral perfect capitalism try to convince us that market manipulation is an aberration of their imaginary version of true capitalism. They conveniently sweep reality under the carpet when it conflicts with their religious devotion to true capitalism.