I must admit though, It's going to a very long time before we get another like him, he'll be very missed. If he saw how downhill we've gone since his death he'd be very disappointed in us. Corporate Bailouts, more regulations, state-run medicine, state-coerced obligations, the worst deficient in history, and military involvement in Libya without proper process. What a mess :/
@mites7 yeah, I agree with all of that, it's really worrying me whats going to happen to our world if we keep increasing government. I'm young still so I fear a massive decrease in standard of living and increase in the control of speech and thought. I already have to shut up and get in line in my hyper liberal English class for fear of failing. I hate not being allowed to say what I think and I fear it will only get worse. regardless this man had it all right.
@benxr2006 I'm young too, just finished University myself. Thankfully I was in a commerce program (finance) rather than having to go to the liberal arts schools, but they still made us take a lot of general ed classes that had no relevance to my skills. I know exactly what you mean, I had a "Business Ethics" class that was basically just "Corporations are Evil, Keynes was Right, Marx was right" and ridiculed people like Smith and never even mentioned Mises. It's a fuckin joke.
Stossel said the key word at the end: "counterintuitive" ... people have a really hard time wrapping their head around counterintuitive ideas. And people tend to get really angry when you tell them their intuition is wrong. The Monty Hall problem is a good example.
Yes Estonia and the Czech Republic's prosperity lasted just long enough for foreign investors to race in and buy their industries up. That is the state run industries that had just been privatized. Then the poverty sit in. The same happened in Russia. What a liar this creep is.
Shameful of Naomi Klein to quote Friedman out of context when he said, "Only a crisis produces real change."
If she were intellectually honest she would know he was talking about the negative attitude that developed against the draft - not endorsing the use of coercion to achieve a freer economy (as if that was even possible).
thatcher, schwarzenegger,,, free to choose?? i dont think so.the last strike that signed a death knell on her prime ministerial ambitions was coz she wanted to levy a heavy toll taz on the british.arnold, well, hez just that, arnold.interesting that the people who profess to follow friedman to the letter are the same that have caused so much problems in their respective govt's.as friedman said, nt everythng that screams free capitalism is free capitalism
@LibertarianWatch: I've heard him say the Federal Reserve should be abolished. I'm not sure what he thought about the gold standard. I think it's not a very good idea, simply because things have changed with regards to gold. It used to be useless, and constant; therefore it was a good way to keep the amount of money constant. But now gold has become useful because of it's extremely good heat and electricity conductivity. You can't have something that is both money and a good.
Poor uneducated Americans. I can't believe some of the responses people leave in response to Dr. Friedman.
Don't worry Americans, you have your socialism and will continue to get more. Soon the gov't will control not most but everything you do. I hope you are happier then. Maybe you can be a police officer for the New World Order b/c socialism only works by force and that means more police.
Obama does not want you to have the freedom to spend your own money because - it means less money for Obama to spend on his wacky socialistic plan. Obama to make it worst starts printing money so he can bail out Unions & socialistic welfare states not private businesses hence our unemployment is still above 9%.
Libertarians need to visit Scandinavia (They have Government of over 50% of GDP and they are not starving and poor) and research that those countries at the top of the list have the highest inequality.
@funisverygood Many leftists often point to the "superiority" of Scandinavian "socialism." Leftists often use Denmark and Sweden as their examples, since they are the most successful Scandinavian nations.First of all, most leftists will use the USA as the measure of laissez faire capitalism. We all know that this is completely falseHong Kong, Singapore, Ireland, and Australia were all rated as "more free," according to the Heritage Index of Economic Freedom.
@hayden50 It would probably be better to compare these Scandinavian nations to Hong Kong or Ireland than to the United states.Furthermore, Scandinavian nations are not nearly as socialist as leftists claim they are. Although the United States ranks higher than these nations on the Index of Economic Freedom, Scandinavian nations are more free in several decisive areas.They have greater business freedom, monetary freedom, investment freedom, financial freedom,
@hayden50 freedom from corruption, and labor freedom while having comparable property rights and trade freedom scores to the U.S.In many ways, Scandinavian countries are more "laissez faire" than the United States.The United States, in contrast to Denmark, is a huge country with an extremely diverse population. It has very large population segments originating from very poor 3rd world countries, and a much more individualistic mindset.
@hayden50 Therefore, any socialist program implemented in the U.S. has a much greater potential of becoming an unsustainable burden on (the productive part of) society. Scandinavia is of a specific European culture and ethnicity, and has a uniform mindset with strong collectivist tendencies that look down upon extraordinary success...
@funisverygood we're not Europe,The European model won't work here.unfortunately we've been converging towards Europe ever-since Obama took office,but hopefully that would all change for the better,as more & more people begin to realize that big government is not the solution & feel the need to "return" to the constitution...
Blah Blah Blah! Those socialist countries have populations below 10 million. They are small scale economies. Apples and Oranges. You should really go watch Justin Bieber videos on Youtube. That's your intellectual level.
Let it be said. If you quote Milton Friedman. If you stand upon the alter of ideas that promote freedom and liberty over the governmental nanny state that the left promotes? You are indeed a higher intellectual being over ANY leftist Harvard, Columbia, or YALE professor. That includes the likes of Cloward and Piven, and yes too Barack Obama.
Friedman= Good libertarian and you could stretch minarchist. In the long run though, especially monetarily, he was just a monetary Keynesian. Friedman was against the gold standard and had numerous economic fallacies. He is still a great economist over all, but he is nothing compared to Rothbard and Mises.
I agree. Friedman was a very skilled economist but he never was able to apply his conclusions into a consistent political framework. Rothbard just did that.
@LibertarianWatch Heres what i don't understand about gold standard. Lets say your city has 4000 gold coins, no more can be produced cause thats all the gold in the world. There are 100 people in your city, they use the gold coins as money. Over time, pop grows and soon you have over 4000 people in the city, but not enough of the gold currency to go around. The Economy has grown, so how does gold grow with the economy? Not judging, i leg. want to know how the gold stand works long run.
@scrappmutt2 Ill admit that I am not an expert on the Gold Standard. However, I do know enough that I speculate that A) there will be gradual deflation (the market will work that out) as the population increases and products increase. Plus in real life the new amount of gold mined and added to the supply generally grows with the economy. Secondly Gold Standard is figurative language for the currency the market picks. Gold just tends to be the forrunner, but there is also silver, etc.
@LibertarianWatch Money = peoples time X their talent. Problem is the way to physically represent that time and talent and make it tradable. Gold and silver is a good shot at it, but problem is it's finite. As population grows (and lifestyle requirements), so to does our collective time and talent, which require money for trade. If we treated printed money with that equation, theoretically a dollar now should buy the same thing as a dollar 20 years from now. Just not sure how to ensure that.
@scrappmutt2 the fact that gold is finite the what makes a market commodity to fascilitate trade the best. The fact that paper notes are infinite is what makes them dangerous. Milton Friedmans intentions are good, but in all honesty government planning of the money supply is not going to turn out well, and HAS not turned out well in the past. Plus if we didnt find gold for a certain amount of time there would be gradual deflation, an incentive to save, plus what about other monies, silver etc
@scrappmutt2 Yeah, thats just the problem i see with it. Scalability. Like gold was what, $20 an ounce, $455 in todays dollars? If gold was the standard today and always had been, i'd imagine its value would be a lot more than it is due to its scarcity and the demand placed on it, so a dollars worth of gold would be what, a fleck of it?I know i'm thinking in hypothetical, but there has got to be a better way of representing a medium for trade.
@scrappmutt2 they can change the pegs, money can still be created, also under a gold standard prices are supposed to fall increasing your purchasing power
@krillin876 I still want a better understanding of it. How would prices fall? How would it ensure a somewhat stabilized currency to where a dollar now will purchase a dollar worth of stuff later? If they would change the pegs, what would keep me from hording gold at a low price, and using it later after the pegs change to buy more than it was worth than when i got it. (And i know thats generally how it is now) Is there a good hypothetical resource on how it's suppose to work?
@LibertarianWatch um to his credit he was at a time before the colossal failure of Keynesian theory became so evident like the recent housing collapse. it's sort of like criticizing leading figures on the path of an ideology's development.. a dire absence of context in your argument.
@spyletu Yes, like I said he was a great economist and Libertarian. I was just pointing out it was too bad he didn't support a Gold Standard/ Market Standard. While he was before his time, Mises and Hayek would be before Friedman, and they saw the failures of Keynesian economics in the great depression before it happened. Don't get me wrong I am not bashing Friedman or anything.
I think Friedman was a pretty good libertarian thinker, but after watching a speech by his grandson on seasteading on Vimeo few weeks back, I even more impressed by him, and hope that his ideas will come into fruition in my lifetime.
@LibertarianWatch u sure? milton friedman resigned in protest when Nixon completely decoupled our monetary system from gold (the dissolution of Bretton Woods) and he says in numerous videos available online that that was one thing he could never forgive Nixon for.
As I remember, Milton was specificly against the gold stanard becouse of the size of goverment. If the goverment would have only spendet around 3% of the GDP, then he said that it could have been an option.
@LibertarianWatch He was far more of a Keynesian in his early pieces (It's why Obama and Bernanke can site that they follow his works) In his later life he saw most of the fallacies of Keynesianism and became increasingly Austrian (Which is of course the Uncle Milty we love :)
@LibertarianWatch In the long run, sustained inflation is caused by growth in the money supply relative to the quantity of commodities in the economy; so controlling this type of inflation through controlling the money supply is not illogical. What 'numerous economic fallacies' are you talking about?
Friedman was perhaps the greatest economist ever; extremely logical and dispassionate in his analysis, undogmatic and open-minded, if anything the destruction of numerous economic fallacies is his legacy.
When your head is *occupying* your ass, you really can't figure out that Friedman supported the gold standard under certain conditions (19th century low government spending), and was opposed to Keynes as much as the Austrians were.
@LibertarianWatch Rothbard is the genius who wrote that the Great Depression was caused by a loose monetary policy. Aside from a few anarcho-capitalists, no one takes him seriously. But whatever floats your boat.
If John Stossel properly understood Free Markets then he would understand that the influence of Milton was, at best, only marginally harmful to Capitalism.
@JordanViewer Quite simply free markets depend upon an objective medium of exchange. Fiat currency is a subjective medium of arbitrary values that violates individual rights and leads to disaster. To properly explain this point in philosophic terms I refer you to 'egalitarianism and inflation' - (I'll PM the link).
Milton strutted around talking about monetarism and the imperative for governments to inflate the currency slowly and thus advocated the opposite of Capitalism.
@dannidandannikins "free markets depend upon an objective medium of exchange. Fiat currency is a subjective medium of arbitrary values that violates individual rights and leads to disaster"
@thomaserossi Everything I said was true. The U.S. gov't requires all kids to go to get an education. My opinion is that I dont think privatizing all schools is feasible while attending school is mandatory.
I want vouchers and freedom of education so that my and my friends children can be taught creation by Bible and not atheism as its taught in government schools.
@StopFear - That's exactly what I want too. That's what our Founding Fathers were taught and made the two greatest documents securing and reconizing our humanity ever penned by human hands.
Haha. I am all for Milton Friedman, yet its kind of ironic when Stossel mentions Ronald Reagan as if Reagan followed Friedman's concepts. Reagan was very much for federal drug control.
@StopFear - But "drug control" isn't the end all be all reasoning of Libertarianism. Reagan said that Libertarianism is at the heart of Conservatism. When it comes to drugs, many profreedom leaders that oppose their legalization do so because they lived through and witnessed the negative effects of drugs on society. Winston Churchill was well aware of Britian's use of opium in China to destabilize their population, making them very easy to subdue. That's why George Soros funds legalization.
@gina7177 Lots of folks learn that what they did earlier was no so good. Thomas Sowell admitted he was once a socialist who worked for the government and John Stossel admits to being formerly aligned with government busybodies in this video. The withholding tax and support of the Federal Reserve are both identified as such according to Milton himself. Later in life, he regretted both activities. He was not a god, but he was a genius and we are the lesser that he is not with us.
@fzqlcs I was for socialized programs like medicare, minimum wage, etc. I was 16 at the time and working a minimum wage job. With help from Ron Paul, I started to open my mind and eventually made my way to being a libertarian capitalist. The only way to get people to change their views is through civil discourse and debate. I regret not learning limited government and free market systems earlier.
@wizkid2000 As are Libertarians and America's founders. However Friedman and fellow libertarians did strongly and still do strongly advocate sound money, a gold standard.
Milton Friedman was wisdom personified
mites7 1 month ago
@mites7 that is the most spot on comment I've ever heard about Milton Friedman
benxr2006 3 days ago
@benxr2006 thank you ^_^
I must admit though, It's going to a very long time before we get another like him, he'll be very missed. If he saw how downhill we've gone since his death he'd be very disappointed in us. Corporate Bailouts, more regulations, state-run medicine, state-coerced obligations, the worst deficient in history, and military involvement in Libya without proper process. What a mess :/
mites7 2 days ago
@mites7 yeah, I agree with all of that, it's really worrying me whats going to happen to our world if we keep increasing government. I'm young still so I fear a massive decrease in standard of living and increase in the control of speech and thought. I already have to shut up and get in line in my hyper liberal English class for fear of failing. I hate not being allowed to say what I think and I fear it will only get worse. regardless this man had it all right.
benxr2006 2 days ago
@benxr2006 I'm young too, just finished University myself. Thankfully I was in a commerce program (finance) rather than having to go to the liberal arts schools, but they still made us take a lot of general ed classes that had no relevance to my skills. I know exactly what you mean, I had a "Business Ethics" class that was basically just "Corporations are Evil, Keynes was Right, Marx was right" and ridiculed people like Smith and never even mentioned Mises. It's a fuckin joke.
mites7 2 days ago
@benxr2006 And of course, my professor was a big supporter of the OWS movement -_-
mites7 2 days ago
Milton Friedman is straight forward and easy to communicate.
uniquefeisty 2 months ago
Stossel said the key word at the end: "counterintuitive" ... people have a really hard time wrapping their head around counterintuitive ideas. And people tend to get really angry when you tell them their intuition is wrong. The Monty Hall problem is a good example.
TungstenOrWolfram 2 months ago
Yes Estonia and the Czech Republic's prosperity lasted just long enough for foreign investors to race in and buy their industries up. That is the state run industries that had just been privatized. Then the poverty sit in. The same happened in Russia. What a liar this creep is.
louiethegreater 2 months ago
Still pushing that supply-side bullshit!
Tsnore 4 months ago
Friedman, Stossel, Paul, Napolitano, and I are ALL Strict Constitutionalists! :D
iluvpoliticzz 5 months ago
Shameful of Naomi Klein to quote Friedman out of context when he said, "Only a crisis produces real change."
If she were intellectually honest she would know he was talking about the negative attitude that developed against the draft - not endorsing the use of coercion to achieve a freer economy (as if that was even possible).
StateExempt 6 months ago
The book "free to choose" of Milton Friedman is not circulated in Canadian public Libraries and have only 4 copies all around Toronto.
MultiFufighter 6 months ago
thatcher, schwarzenegger,,, free to choose?? i dont think so.the last strike that signed a death knell on her prime ministerial ambitions was coz she wanted to levy a heavy toll taz on the british.arnold, well, hez just that, arnold.interesting that the people who profess to follow friedman to the letter are the same that have caused so much problems in their respective govt's.as friedman said, nt everythng that screams free capitalism is free capitalism
madscientistify 6 months ago
Comment removed
madscientistify 6 months ago
Gee-whiz???
-so the retarded Liberals were wrong???
Gee-who would have thought it?
--We've been watching these retards for 40 years now and look at the mess they've made.
Zendout1 9 months ago
@LibertarianWatch: I've heard him say the Federal Reserve should be abolished. I'm not sure what he thought about the gold standard. I think it's not a very good idea, simply because things have changed with regards to gold. It used to be useless, and constant; therefore it was a good way to keep the amount of money constant. But now gold has become useful because of it's extremely good heat and electricity conductivity. You can't have something that is both money and a good.
TheDestroyerCrom 10 months ago
Poor uneducated Americans. I can't believe some of the responses people leave in response to Dr. Friedman.
Don't worry Americans, you have your socialism and will continue to get more. Soon the gov't will control not most but everything you do. I hope you are happier then. Maybe you can be a police officer for the New World Order b/c socialism only works by force and that means more police.
ScrewSocialism 10 months ago
Obama does not want you to have the freedom to spend your own money because - it means less money for Obama to spend on his wacky socialistic plan. Obama to make it worst starts printing money so he can bail out Unions & socialistic welfare states not private businesses hence our unemployment is still above 9%.
UCSDEngineerDoctor 1 year ago
Libertarians need to visit Scandinavia (They have Government of over 50% of GDP and they are not starving and poor) and research that those countries at the top of the list have the highest inequality.
funisverygood 1 year ago
@funisverygood Many leftists often point to the "superiority" of Scandinavian "socialism." Leftists often use Denmark and Sweden as their examples, since they are the most successful Scandinavian nations.First of all, most leftists will use the USA as the measure of laissez faire capitalism. We all know that this is completely falseHong Kong, Singapore, Ireland, and Australia were all rated as "more free," according to the Heritage Index of Economic Freedom.
hayden50 1 year ago
@hayden50 It would probably be better to compare these Scandinavian nations to Hong Kong or Ireland than to the United states.Furthermore, Scandinavian nations are not nearly as socialist as leftists claim they are. Although the United States ranks higher than these nations on the Index of Economic Freedom, Scandinavian nations are more free in several decisive areas.They have greater business freedom, monetary freedom, investment freedom, financial freedom,
continued......
hayden50 1 year ago
@hayden50 freedom from corruption, and labor freedom while having comparable property rights and trade freedom scores to the U.S.In many ways, Scandinavian countries are more "laissez faire" than the United States.The United States, in contrast to Denmark, is a huge country with an extremely diverse population. It has very large population segments originating from very poor 3rd world countries, and a much more individualistic mindset.
continued...
hayden50 1 year ago
@hayden50 Therefore, any socialist program implemented in the U.S. has a much greater potential of becoming an unsustainable burden on (the productive part of) society. Scandinavia is of a specific European culture and ethnicity, and has a uniform mindset with strong collectivist tendencies that look down upon extraordinary success...
hayden50 1 year ago
@hayden50 Yes your right so why not implement the Nordic model?
funisverygood 1 year ago
@funisverygood read my last comment,we are a staunch capitalist society.socialism would never work,again please read my comments..
hayden50 1 year ago
@hayden50 You just said that the nordic model works! Social democracy does work in Europe.
funisverygood 1 year ago
@funisverygood we're not Europe,The European model won't work here.unfortunately we've been converging towards Europe ever-since Obama took office,but hopefully that would all change for the better,as more & more people begin to realize that big government is not the solution & feel the need to "return" to the constitution...
hayden50 1 year ago
@funisverygood only becasue we've subsidized their national security for the last 60 years
dmowings 11 months ago
@hayden50 Blatant special pleading.
funisverygood 1 year ago
@funisverygood
Blah Blah Blah! Those socialist countries have populations below 10 million. They are small scale economies. Apples and Oranges. You should really go watch Justin Bieber videos on Youtube. That's your intellectual level.
LogicalFlawDetector 1 year ago
2 statists watched this video
goPistons06 1 year ago
John Stossel&Milton Friedman FTW!
Akatam0t0ma 1 year ago
I love how Stossel sees through Arnold.
netster007z 1 year ago
Let it be said. If you quote Milton Friedman. If you stand upon the alter of ideas that promote freedom and liberty over the governmental nanny state that the left promotes? You are indeed a higher intellectual being over ANY leftist Harvard, Columbia, or YALE professor. That includes the likes of Cloward and Piven, and yes too Barack Obama.
SuperGuitarman69 1 year ago
Friedman was great. We could really use him now.
alc99 1 year ago
Milton points out basic, and simple truths about how things work. Great clip!
Krupification 1 year ago
Nice music selection. I love The Who.
dudemanbearpig 1 year ago
Right now the US has dropped in the economic freedom rankings, Canada is higher.
XCritonX 1 year ago
Friedman is responsible for giving us federal withholding. He helped get the policy instituted back when he worked at the treasury department.
AustinW90 1 year ago
Friedman= Good libertarian and you could stretch minarchist. In the long run though, especially monetarily, he was just a monetary Keynesian. Friedman was against the gold standard and had numerous economic fallacies. He is still a great economist over all, but he is nothing compared to Rothbard and Mises.
LibertarianWatch 1 year ago 7
@LibertarianWatch
I agree. Friedman was a very skilled economist but he never was able to apply his conclusions into a consistent political framework. Rothbard just did that.
MigDanskeren 1 year ago
@LibertarianWatch Heres what i don't understand about gold standard. Lets say your city has 4000 gold coins, no more can be produced cause thats all the gold in the world. There are 100 people in your city, they use the gold coins as money. Over time, pop grows and soon you have over 4000 people in the city, but not enough of the gold currency to go around. The Economy has grown, so how does gold grow with the economy? Not judging, i leg. want to know how the gold stand works long run.
scrappmutt2 1 year ago
@scrappmutt2 Ill admit that I am not an expert on the Gold Standard. However, I do know enough that I speculate that A) there will be gradual deflation (the market will work that out) as the population increases and products increase. Plus in real life the new amount of gold mined and added to the supply generally grows with the economy. Secondly Gold Standard is figurative language for the currency the market picks. Gold just tends to be the forrunner, but there is also silver, etc.
LibertarianWatch 1 year ago
@LibertarianWatch Money = peoples time X their talent. Problem is the way to physically represent that time and talent and make it tradable. Gold and silver is a good shot at it, but problem is it's finite. As population grows (and lifestyle requirements), so to does our collective time and talent, which require money for trade. If we treated printed money with that equation, theoretically a dollar now should buy the same thing as a dollar 20 years from now. Just not sure how to ensure that.
scrappmutt2 1 year ago
@scrappmutt2 the fact that gold is finite the what makes a market commodity to fascilitate trade the best. The fact that paper notes are infinite is what makes them dangerous. Milton Friedmans intentions are good, but in all honesty government planning of the money supply is not going to turn out well, and HAS not turned out well in the past. Plus if we didnt find gold for a certain amount of time there would be gradual deflation, an incentive to save, plus what about other monies, silver etc
LibertarianWatch 1 year ago
@scrappmutt2 Yeah, thats just the problem i see with it. Scalability. Like gold was what, $20 an ounce, $455 in todays dollars? If gold was the standard today and always had been, i'd imagine its value would be a lot more than it is due to its scarcity and the demand placed on it, so a dollars worth of gold would be what, a fleck of it?I know i'm thinking in hypothetical, but there has got to be a better way of representing a medium for trade.
scrappmutt2 1 year ago
@scrappmutt2 they can change the pegs, money can still be created, also under a gold standard prices are supposed to fall increasing your purchasing power
krillin876 1 year ago
@krillin876 I still want a better understanding of it. How would prices fall? How would it ensure a somewhat stabilized currency to where a dollar now will purchase a dollar worth of stuff later? If they would change the pegs, what would keep me from hording gold at a low price, and using it later after the pegs change to buy more than it was worth than when i got it. (And i know thats generally how it is now) Is there a good hypothetical resource on how it's suppose to work?
scrappmutt2 1 year ago
@LibertarianWatch um to his credit he was at a time before the colossal failure of Keynesian theory became so evident like the recent housing collapse. it's sort of like criticizing leading figures on the path of an ideology's development.. a dire absence of context in your argument.
spyletu 1 year ago
@spyletu Yes, like I said he was a great economist and Libertarian. I was just pointing out it was too bad he didn't support a Gold Standard/ Market Standard. While he was before his time, Mises and Hayek would be before Friedman, and they saw the failures of Keynesian economics in the great depression before it happened. Don't get me wrong I am not bashing Friedman or anything.
LibertarianWatch 1 year ago
@LibertarianWatch:
I think Friedman was a pretty good libertarian thinker, but after watching a speech by his grandson on seasteading on Vimeo few weeks back, I even more impressed by him, and hope that his ideas will come into fruition in my lifetime.
Akatam0t0ma 1 year ago
@LibertarianWatch u sure? milton friedman resigned in protest when Nixon completely decoupled our monetary system from gold (the dissolution of Bretton Woods) and he says in numerous videos available online that that was one thing he could never forgive Nixon for.
umrmecheman 1 year ago
@LibertarianWatch
As I remember, Milton was specificly against the gold stanard becouse of the size of goverment. If the goverment would have only spendet around 3% of the GDP, then he said that it could have been an option.
Finlandcitizen 1 year ago
@LibertarianWatch He was far more of a Keynesian in his early pieces (It's why Obama and Bernanke can site that they follow his works) In his later life he saw most of the fallacies of Keynesianism and became increasingly Austrian (Which is of course the Uncle Milty we love :)
Rensune 1 year ago
@LibertarianWatch
You are a fucking asshole!!! Friedman >> Mises, Rothbard
LogicalFlawDetector 11 months ago
@LibertarianWatch In the long run, sustained inflation is caused by growth in the money supply relative to the quantity of commodities in the economy; so controlling this type of inflation through controlling the money supply is not illogical. What 'numerous economic fallacies' are you talking about?
spader49 6 months ago
Comment removed
spader49 6 months ago
Friedman was perhaps the greatest economist ever; extremely logical and dispassionate in his analysis, undogmatic and open-minded, if anything the destruction of numerous economic fallacies is his legacy.
spader49 6 months ago
@LibertarianWatch I'm curious as to why he became against the gold standard, didn't he support it at first?
ElJefer 3 months ago
@LibertarianWatch
When your head is *occupying* your ass, you really can't figure out that Friedman supported the gold standard under certain conditions (19th century low government spending), and was opposed to Keynes as much as the Austrians were.
LogicalFlawDetector 2 months ago
@LibertarianWatch Rothbard is the genius who wrote that the Great Depression was caused by a loose monetary policy. Aside from a few anarcho-capitalists, no one takes him seriously. But whatever floats your boat.
tjohn1986 1 month ago 2
If John Stossel properly understood Free Markets then he would understand that the influence of Milton was, at best, only marginally harmful to Capitalism.
dannidandannikins 1 year ago
@dannidandannikins
please elaborate
JordanViewer 1 year ago
@JordanViewer Quite simply free markets depend upon an objective medium of exchange. Fiat currency is a subjective medium of arbitrary values that violates individual rights and leads to disaster. To properly explain this point in philosophic terms I refer you to 'egalitarianism and inflation' - (I'll PM the link).
Milton strutted around talking about monetarism and the imperative for governments to inflate the currency slowly and thus advocated the opposite of Capitalism.
dannidandannikins 1 year ago
@dannidandannikins "free markets depend upon an objective medium of exchange. Fiat currency is a subjective medium of arbitrary values that violates individual rights and leads to disaster"
Very good and important point.
TheLegalImmigrant05 1 year ago
@TheLegalImmigrant05 Thanks.
dannidandannikins 1 year ago
I completely agree with school vouchers but I dont think privatizing all schools is possible while schooling is still forced by law
redsox1006 1 year ago
@redsox1006 - Not true. Many European countries have moved toward vouchers and they cannot home school.
thomaserossi 1 year ago
@thomaserossi Everything I said was true. The U.S. gov't requires all kids to go to get an education. My opinion is that I dont think privatizing all schools is feasible while attending school is mandatory.
redsox1006 1 year ago
Shame Milton didn't eventually become an Austrian. His philosophic foundation just wasn't thought out enough.
selfrealizedexile 1 year ago
he is truly an inspiration
laurencepak 1 year ago
I want vouchers and freedom of education so that my and my friends children can be taught creation by Bible and not atheism as its taught in government schools.
StopFear 1 year ago
@StopFear I want privately ran schooling only
Gamermatt99 1 year ago
@StopFear - That's exactly what I want too. That's what our Founding Fathers were taught and made the two greatest documents securing and reconizing our humanity ever penned by human hands.
thomaserossi 1 year ago
Haha. I am all for Milton Friedman, yet its kind of ironic when Stossel mentions Ronald Reagan as if Reagan followed Friedman's concepts. Reagan was very much for federal drug control.
StopFear 1 year ago
@StopFear - But "drug control" isn't the end all be all reasoning of Libertarianism. Reagan said that Libertarianism is at the heart of Conservatism. When it comes to drugs, many profreedom leaders that oppose their legalization do so because they lived through and witnessed the negative effects of drugs on society. Winston Churchill was well aware of Britian's use of opium in China to destabilize their population, making them very easy to subdue. That's why George Soros funds legalization.
thomaserossi 1 year ago
@thomaserossi
I am personally for drug control. I just mentioned that Reagan and Friedman aren't weren't very much on same page
StopFear 1 year ago
@Sivels I agree he is more like Morpheus from the Matrix, waking people up to the real world.
residentzombie 1 year ago
That looks like a young Dr. Thomas Sowell on the right side @ 3:58
Tidoublemy 1 year ago
Good vid but didn't Milton Friedman come up with federal withholding before one receives their paycheck? Not very "free" is it?
gina7177 1 year ago
@gina7177 Lots of folks learn that what they did earlier was no so good. Thomas Sowell admitted he was once a socialist who worked for the government and John Stossel admits to being formerly aligned with government busybodies in this video. The withholding tax and support of the Federal Reserve are both identified as such according to Milton himself. Later in life, he regretted both activities. He was not a god, but he was a genius and we are the lesser that he is not with us.
fzqlcs 1 year ago 17
@fzqlcs I was for socialized programs like medicare, minimum wage, etc. I was 16 at the time and working a minimum wage job. With help from Ron Paul, I started to open my mind and eventually made my way to being a libertarian capitalist. The only way to get people to change their views is through civil discourse and debate. I regret not learning limited government and free market systems earlier.
heavym3tal 6 months ago
hahaha Milton Friedman was no friend of the free market. He was pro-government monetary intervention.
wizkid2000 1 year ago
@wizkid2000 He disfavored it. He was a pragmatist I think and didn't take a moral stand against government.
Sivels 1 year ago
@wizkid2000 As are Libertarians and America's founders. However Friedman and fellow libertarians did strongly and still do strongly advocate sound money, a gold standard.
residentzombie 1 year ago
@wizkid2000
can you give an example?
StopFear 1 year ago
@wizkid2000
Loser.
LogicalFlawDetector 1 year ago
OBEY!
airborne373 1 year ago