Milton Friedman: The Purpose of the Federal Reserve

Milton Friedman says that the purpose of the federal reserve is to provide cash when there is a run on the banks. This is part of a 10 hour series which can be viewed at: http://www.ideachannel.tv/

Category:

News & Politics

Tags:

• money
• supply
• federal
• reserve
• crisis
• run
• on
• bank
• cash
• shortage
• depression
• recession
• crash
• economy

[chapsroc]

@johnsurs22, look it up, in the 1980s, how many times MF visited China and gave the Communist Party's top echelon leaders lectures on monetary policies and how "free market" work. Once you looked it up, then ask yourself, WTF was this high-priest of "free-market" doing in China talking to the communist leaders?

[chapsroc]

@johnsurs22 , "production supply", where the money to buy them?

most "famous lies" front loaded lies with psychological terminologies to put you in a trance, then they will hit you with the lies and you wouldn't know. (btw, @TeaParty1776 is bad example of "front loader" of lies, he is just terrible at it.)

What you need to do is stepping back and reconstruct the theory using your own head. Supply Side Economics

[chapsroc]

@johnsurs22 , not only I have done enough research, I also have figured out how most "Western intellectuals" think and work. Do not confused economic theories with scientific theories. The field of economics is laced with fraud, people like MF don't just write econ theory as if it was "law of nature", they are not that stupid, THEY GO OUT AND MAKE IT HAPPEN!

Jews might tell you about God, but all bliblical God's "blessing" and "wrath" are done by hands of men.

[TeaParty1776]

@johnsurs22 How about a zillion bucks? We could all afford Rolls-Royces ,megayachts w/helicopter landing pads and mink-coated mistresses on the Riviera. Counterfeiting steals, but does not create, material wealth. This inflationary quackery was identified long before the quack, Keynes, advocated it. See South Sea Bubble, Mississippi Bubble (wrecked the French economy). The increased, counterfeit dollars will bid up the price of everything, especially producers' goods, thus asset bubbles. POP!

[johnsurs22]

@chapsroc I think you need to do more research on what Friedman actually believed in with regard to money supply. He didn't suggest controlling anything. He advocated constant growth of money supply which has no effect on purchasing power, so I don't know what you're complaining about. Also, supply side economics does not refer to money supply; it refers to actual production supply.

[johnsurs22]

@TeaParty1776 If everyone goes to the government and exchanges each dollar bill for 2 dollars, that results in 100% inflation but no change in purchasing power. That doesn't involve stealing money from anybody.

[TeaParty1776]

@chapsroc American Indians were slightly more advanced than the Stone Age, with no private property, no concept of an individual person or individual rights; the tribe, rather than reality, as the framework for their primitive ,short-range reasoning, and warfare as the normal method of getting material values, including slaves. They had no right to forcibly stop the advance of the rational, individual rights culture of Western civilization. They benefited greatly from it.

[TeaParty1776]

@chapsroc 1776 was the war for constitutional law to protect individual rights. Cowboys are a symbol of independence, a horror for commies who have sacrificed independence for social approval from other zombies. You are ZOMBIEMAN. YOU HAVE BEEN ZOMBIEFIED. YOU WILL BE ZOMBIFRIED. DO YOU WEAR ZOMBIE TIGHTS AND CAPE? RUN FOR YOUR LIFE! THE ZOMBIES ARE COMING! ARE YOU A BADASS ZOMBIE, WITH A ZOMBIE WIFE AND ZOMBIE CHILDREN, LIVING IN ZOMBIELAND, DRINKING ZOMBIE COLA, EATING ZOMBIE FRIES?

[TeaParty1776]

@chapsroc Just exactly how is living w/the constant fear of arrest selfish? The lifestyle of most criminals is nasty, brutish and short, with no rational self-esteem, no future, a painful past and socializing w/other losers because honest people would spot their constant dishonesty. Your conventional "selfishness" is an infant's perspective of mindless, short-range, physical sensations.

The basic moral virtues: rationality, productiveness, independence, integrity, honesty , justice and pride.

[TeaParty1776]

@chapsroc What happened to the liberal attack on hatred? Were you mugged by the reality of your nihilism? Are you channeling Hitler? He, too, was explicit in condemning selfishness and praising sacrifice. His death camps are the end of the road for sacrifice.