Milton Friedman explains role of gold in Great Depression.

Milton Friedman explains what happened during the great depression and what the role of the federal reserve is during economic ups and downs. This is from a 10 hour documentary series which can be viewed online at: http://www.ideachannel.tv/

Category:

News & Politics

Tags:

• federal
• reserve
• money
• supply
• great
• depression

[NicosMind]

How come none of these main stream economists NEVER look at the boom and always look at the bust?

[clearasvodka]

Keynnes was wrong. The MOST important factor in the purchasing power of currency is the money supply. When you create too much of it you almost always get inflation. Inflation is like a sneaky tax that robs the public of purchasing power. Since Keynnes' theory was adopted, the U.S. dollar has lost 95% of purchasing power. In relation, income has not increased from year to year at the same rate resulting in a lower standard of living....

[clearasvodka]

@AllenJeffreyGurfel Oh yeah? How so? Enlighten me if you can....

[AllenJeffreyGurfel]

@clearasvodka You're an idiot.

[AdversusHaereses]

@SuperMagix7 Well actually John D. Rockefeller strongly opposed the creation of the Fed and opposed it his entire life. This is why he went to fund Ludwig von Mises who was against the Fed. Andrew Jackson opposed the second bank of America because of the same reason John D. Rockefeller opposed the Fed. They both thought that the central bank would control the economy, when in fact what controls it is the availability of the currency. I would encourage you to watch the Secret of Oz by Bill Still.

[SuperMagix7]

@AdversusHaereses good point..correct me if im wrong mate, but i believe the feds have these policies in place, please read about how they have manage to come to pass the FEd res act 1913 and how everyone against the bankers died... Andrew jackson explained that clearly, thomas jefferson, benjamin franklin, abraham lincom,

The issuing power should be taken from the banks and restored to the people, to whom it properly belongs." ...

[mersk100]

@AdversusHaereses Yep, I think most could agree with that, and likely why things such as gold, silver and platinum rose to the top and very well may do so again.

[AdversusHaereses]

@mersk100 I think you are right on that. Although I myself do not identify myself as a libertarian or a constitutionalist, as a distributist, I think money is a relatively localist thing. On a grand scale like an entire country or nation, a more common currency is preferred.

[mersk100]

@AdversusHaereses Bill Still is correct on many things, but allowing man to control the money supply is still a bad idea. Him, Ellen Brown, the MPE authors etc, all of them, still trust man, government and bureaucracy.

Let the market decide what is money, and set the exchange values.

[AdversusHaereses]

@SuperMagix7 You should look up Bill Still. Abolishing the Fed will not solve the problem. The banks are allowed to create the credit out of thin air, not the Fed. The Fed only lends to banks out of last resort. But the core of the problem is the fractional reserve system.

[SuperMagix7]

ron paul will abolish the federal reserve if he is elected. vote rp 2012

[manhunter9]

@clearasvodka monetary income has not risen as fast as you would like but TOTAL benefits has!! think of other things employers provide like health insurance, sick leave, vacations, longer breaks, you dont think these have monetary value? i actually saw a great chart that better explains this but i forgot the link! :(