Free to Choose Part 9: How to Cure Inflation Featuring Milton Friedman

[@deborahjabara2614]

Milton Friedman, a voice crying in the wilderness.

[@7beers]

The lone voice of sanity in the nuthouse.

[@lukeskyrunner8888]

7beers toxic libtard

[@armandoc.3150]

@@lukeskyrunner8888 Do you know the difference between a liberal and a libertarian?

[@dsvet]

You should read Mises, Hayek and Rothbard

[@garethmorris6314]

Enoch Powell was the first to invent Monetarism.AsEnoch said about being in the wilderness,-“wildernesses are good places for voices,they have a reverberation which is often lost in more crowded places”!.Brilliant man -RoIPProfessor Enoch Powell.

[@ionwatch]

"That leaves me with a total of $12,000 to live on. That may seem like a lot of money..." Okay, Milton. You were right.

[@joshh6376]

milton friedman smiles when he is angry.

[@abcd123906]

Josh H Kind of true. He also smiles when he has contempt for something someone is saying.

[@UV-mu9ox]

He literally smiles 100% of the time

[@patrickmccarron5059]

In the future, a meal from McDonald's will cost $9.00. Oh wait, that is now.

[@ispaf]

+BPLNothingChannel That's the only part of Seattle's $15 an hour minimum wage that I like: watching these blowhards who want handouts getting replaced with machines. Amen.

[@ttrippa1295]

This aged like a McDonald's fry

[@EddieVBlueIsland]

Now it's even more expensive and will be again in a few months

[@scottysmo88]

Fantastic series. I only wish there could be an updated version for the 21st century.

[@oldrichkosacka5522]

Yes I agree, but not easy to find someone that can do it as good as Milton Friedman. The people was just beter quality back then.

[@TheReaper569]

This is a really good debate, a lot better than the last one, you see when you dont have marxists on board there can be a good conversation

[@davianalaniz7557]

Thats cause marxists dont know shit about monetary policy

[@datavirtue]

This is golden. You could take 4 - 5 economics classes and never get this clear of a picture about government monetary and fiscal "policy."

[@nthperson]

Early in my professional life as a young bank officer, I studied economics and came to embrace much of what Milton Friedman offered as solutions to our societal and economic problems. However, as my responsibilities brought me into the realm of property markets (first as an accountant, then managing the residential mortgage lending program for a commercial bank), I came to recognize that the cost of land rose faster than the prices of goods we produce and most services. I understood from my study of economics that one of the differences between land and produced goods is that land is finite, we cannot produce more of it. Its supply is described as "inelastic." And, in fact, as the demand for land was increasing due to the number of "baby-boomers" reaching adulthood and beginning to form millions of new families, land prices were climbing faster and faster. Because land does not depreciate as does machinery or buildings, land is an excellent investment option for pure speculation (i.e., purchasing land not for development but to hold until the price climbs even higher and then sell to a developer). This brought me to study more deeply the economics of land markets, and this led me to the impact of taxation on land versus on property improvements, wages, capital goods and commerce. I found the best answers in several books written in the late 1800s by the American political economist Henry George. What George observed is that every tract or parcel of land has a potential annual rental value (i.e., what individuals or entities will bid to control that land under competitive conditions). This value is societally-created by aggregate demand and the development of societal infrastructure. If this value was collected via taxation, the price of land would be zero. There would be no rent coming to private interests to be capitalized into a selling price for access to land. George argued that this fund would be sufficient to pay for all public goods and services, eliminating the justification or need for other taxes. Interestingly, although Milton Friedman fails to make the connection between land speculation and inflation, he on several occasions endorsed Henry George's proposal for the taxation of the rent of land. Tame the land markets and we will go a long way toward taming inflation. This does not mean that the current monetary system should be kept. Reformers (myself included) offer a variety of alternatives. What most agree is that giving the banks the power to expand the money supply out of thin air, charging government interest for any borrowing from the central bank, benefits the banks at the expense of the public. So, should government directly issue currency into the economy? Should we back currency with something specific, whether this is gold or a basket of commodities? Should each level of government operate a public bank? Should individual banks issue their own currency (based on something tangible held as reserves)? The debates continue...

[@nthperson]

***** I, too, have "invested" in income-producing property over the years. Some of us who play the game fair well, if we get in early enough during the current land market cycle and manage to sell off before the cycle peaks and crashes (as it did in 2008). However, what is good for some individuals has very negative consequences for society as a whole. The historical data indicates that whenever in any regional market land-to-total value ratios rise above 30-35 percent, there is a serious erosion of affordability, particularly for renters and potential first-time home buyers. Absent ever growing subsidies (e.g, rent controlled or public housing, forgivable down payment assistance, etc.) almost no new affordable construction occurs and prices of the existing supply skyrocket. There is only one solution, which is to move to the land-only property tax base, but this change in public policy is very rigorously opposed by powerful landed interests.

[@danielndichu191]

+Edward Dodson I believe that observation is totally true. Land appreciates at an alarming rate. I tend to also agree that land contributes a lot to a rise in inflation. I have seen in some instance the price of land rising by more than 40% just overnight.

[@Tenebrousable]

+Edward Dodson That's backwards. 1st we need to tame the money printing. By taming money printing, you tame land speculation and overpriced property. Someone pays too much for land? Let him. The surrounding business will sufer too high cost of doing business from rents and employment costs as workers need high wages to afford to pay rents to work in the area, and businesses will move to cheaper areas. And the land value will normalize. Speculators take a hit that they deserved for overpricing the property.

[@nthperson]

+Tenebrousable I certainly agree that restructuring of our monetary system and banking regulations are desperately needed. A system of publicly-owned banks would be a significant step in this direction. And, with proper controls, direct issuance of currency by the U.S. government would solve part of the problem of a skyrocketing national debt. As always, the devil is in the details when any entity is authorized to self-create credit.Our credit-fueled, speculation-driven land markets are the main cause of the boom-to-bust nature of our economic system. Rising land prices eventually reach a point that cannot be sustained by businesses or by consumers. Roughly every 18 years this causes a crash in the property markets. There is only one way to solve this problem, and that is to impose an annual tax on the potential rental value of parcels or tracts of land. A long list of economists, including Milton Friedman, called for this change in tax policy.

[@Tenebrousable]

Edward Dodson So what would you bet will happen first? New taxes to landowners to combat realestate speculation, or the end of fiat currency as it is today. Ending of fiat wouldn't even need more taxes like that. But we are sure to get more taxes and the fiat will never die, if the politicians are given the choice. Luckily the choise is slipping away from them.

[@kshoren05]

Milton Friedman is genius, it's unreal how similar the issues in the late 70s/early 80s are to what we are going through today.

[@rodrigomiscellaneous8372]

Hi Kyle I'm from the future. Still true 11 years later, now truer than ever 🙁

[@honestabe6926]

8:18 is by far the best part. Friedman truly was an economic genius.

[@chrisabair42]

While watching these videos I find myself talking to the screen telling Milton he is right over and over again. The video is shot in the late 70s and early 80s and these videos just predict with such accuracy what happened in the years that followed. The guy from Pittsburgh is talking about the price of groceries going up and gasoline going up and not knowing when its going to stop, well buddy I am in 2013 and from the future and I can tell you it keeps going up. Doesn't stop.

[@dsvet]

I'm from 2022. You have no idea. Lets Go Brandon! You'll understand what that phrase means when you get here. Lol!

[@liberatenknk5530]

We should be thankful he not only wrote as much as he did, but also made this documentary series and possible. I recommend "Commanding Heights" if you want to see some of the last tv interviews with him.

[@devanne3]

The only issue with this series is that their conversations always get cut before they can get to a good conclusion. It's so beautiful listening to these great minds. It's a pity we get to taste so little of it

[@benjaminnivison5229]

brilliant debate with people who actually understand the facts. Having the German example was very productive.

[@Ledhead2112]

30 years later and the debate stays the same. This is startlingly relevant

[@trexx32]

Milton Friedman is the Nostradamus of Economics

[@dsvet]

That would be Murray Rothbard

[@garethmorris6314]

Was Enoch Powell who was the first to espouse Monetarism.Brilliant man.RIP Professor Powell.

[@FormlessGeometry]

This program is amazing.

[@-optimist-2697]

I really love this kind of discussion. Thanks for uploading

[@marcusporciuscatotheyounge5795]

Milton Friedman economics has been used as the model for the Independent Eastern Europe (from the old USSR) Study Hong Kong if you want to view a mature Friedman Economy. Also study the Asian Tigers, and China (and India some what). Friedman economics is the best economics of the last 200 years.

[@dsvet]

The Austrian economists are far ahead of Friedman and the Chicago school especially on the subject of the Fed. Read Ludwig von Mises, FA Hayek, Murray Rothbard

[@TheManiacalSatanist6]

It needs to be pointed out, since so many people are confused on this (way to go, Ph.D economists!), that definition of inflation is an increase in the supply of money, not an overall increase in prices.

[@SamtheSham2000]

30 years later.....nothing has changed.....

[@jackgoldman1]

What a fine program. Thank you and thank your Milton Friedman.

[@Flabernat]

35:08 ...Nothing like a good ole' schooling from the great Dr Friedman!

[@erpollock]

Now I see where Thomas Sowell may have picked up (or identified with) his down to earth stye: From Milton Friedman, who explains everything in folksy, easy to understand real terms. No equations for Milton Friedman, no graphs. But real life situations. They sound very similar, Sowell and Friedman.

[@rebeccasaysrelax]

Milton Friedman, my hero. It's a shame how I discovered you posthumously, how I will never get a chance to meet you.

[@remember_annie]

You mean if I don't get drunk today. I won't be hungover tommorow? Printing money today brings inflation tommorow? It's common sense.

[@kaijiesoo8588]

Smokey Mirror the person is smart. the herd of people is stupid, no more intelligent than domesticated cattle.

[@ThePeterDislikeShow]

I can't wait until the day we know how to bring back the dead; Milton Friedman will be one of the first people I look forward to meeting.

[@bowmanxlbackup770]

nigga dont wanna talk to you lmao

[@michaelwoods4495]

Dr. Friedman ascribes the high interest rates that prevailed then on monetary policy. I blame myself and others like me. During that time we baby boomers who were born from 1946-1956 were marrying and establishing households. We bought houses and cars and appliances on credit. Borrowing is a demand for money and naturally the price (interest rate) has to go up. That demand also drove up prices of goods (inflation).

[@dsvet]

The Federal Reserve enables the credit cards by artificially lowering interest rates. Banks would not have that money to loan if not for the Fed.

[@christophervo8228]

The fed creates a floor for banks to lend overnight. Say fed funds rate is 100 basis pt and say boa wants to borrow money from jp Morgan. Jp can easily park their money at fed and earn 100 basis point risk free or lend out their excessive money to boa at 150 basis pts. As a result boa will pass a higher rate say 350 basis pts to ant mortgage holders

[@IgnacioGutt]

How much does USA long for his ideas in these times of high inflation and high US dollars emission rates...

[@0utc4st1985]

When will we realize that inflation hurts the poor?

[@0utc4st1985]

***** Considering that for years the Fed has created one bubble after another and still doesn't realize it's role, I wouldn't assume what they do and do not understand.

[@Epicgear848]

Inflation hurts everyone. Hurts the poor more.

[@ulyssesvaughan464]

A couple decades ago, hence why inflation is so minimal in recent years.

[@toolxxx420]

It definitely doesn't hurt the people who gets their hands on the newly minted currency first.

[@dojimaryotaro6563]

It doesn’t hurt the poor. If you look at the poorest 20% of Americans, they have no savings and are deeply in debt. Inflation reduces the value of that debt that directly helping the poor. What you have said is simply incorrect.

[@henriquecarneiro4014]

Friedman trop fort

[@anthonyprogress]

whos here in 2021.

[@rodrigomiscellaneous8372]

2022 unfortunately...

[@mustang607]

2023, and 2024 is around the corner.

[@kshoren05]

@LogicalFlawDetector you sound like Milton himself! One of my Business School Professors always says, 'Get into politics or get out of business'. Let free markets rule.

[@dericksuapaia]

I’m hoping that within my lifetime that I witness a debate like this. I’m hoping to engage one like this as well. Study hard young ones.

[@peterivanac7359]

Modern politicians need to learn this

[@PlayingAsDave]

Awe, I got to wait till next week to see part 10? dang it haha

[@EarthSurferUSA]

If I were to say, we need a total separation of government and economy, which would be lassiez-fare, (no taxes or regulation, but a good court system to keep people fair), most people would say I was insane. But if I said that the closer to lassiez-Fare economics we can get to, the more civility and prosperity we would gain, most would agree.

[@EarthSurferUSA]

The entire conversation revolves around a "mixed economy", (government intervention of economy). Lassiez-Fare is never mentioned. Good luck with your government growth in our economy (which Allen Greenspan says it is past the point of no return, and you will not like what you see of the USA in 20 short years), as the result will be,----you will die under total government control, (communism, to keep it simple).

[@jakemf1]

Milton at his best! This is where his insight is so unique and level headed the other videos where he carries this over to social issues is a lot weaker in my opinion!

[@tessagrace6185]

when he slammed that button to shut off the printer, i felt that

[@rodrigomiscellaneous8372]

Word

[@RobARug]

I agree. Since there are 5 dislikes, I will also like to include Chris Dodd and Barney Frank for their spectacular accomplishments.

[@bies21]

Spot on.

[@fonrogers]

We would do with this lecture in the current climate. Stop printing!!

[@IncandescentBuddha]

Those beer steins are making want to go to Germany. Nothing better than a pint and a stimulating, progressively more exuberant discussion.

[@MRKetter81]

Correct, but when you allow companies like Walmart to influence the government by imposing MORE regulations, so that they remain the only option for employment, you induce the results you are talking about by SOCIAL control of which companies are allowed to be successful, instead of leaving them to the personal voting conditions of the individual citizen who may choose where he desires to be employed and whom THEY desire to purchase products from, as apposed to those companies that follow regs.

[@bernlin2000]

4:17 somewhere in heaven...Keynes just had an organism (that's right...I went there) :-P

[@7beers]

Organism? A malapropism, perhaps?

[@ПрикладнаЕкономіка]

he had organism 100%, becouse if he hadn't an organism he can't be human)

[@Alejandro-Te]

24:00 He says during the civil war inflation came to a halt during the 2 weeks period that the printing presses were inoperative, but right after he claims that inflation takes almost two years to catch up with changes in money supply.

[@rpalmatres5898]

Both statements are true. Inflation by definition is an increase in the money supply. The next statement was a generalization about the full effects of inflation (increase in prices, shortages) after the money supply is increased.

[@Alejandro-Te]

@@rpalmatres5898 I know it's a general statement about inflation, and that's why inflation could not have come to a halt in the 2 weeks the mint was inoperative.

[@rpalmatres5898]

@@Alejandro-Te @Alejandro Tello I get what you are saying but I think you are missing context when Friedman is referring to the inflation of money supply coming to a halt for two weeks and since only the government prints money, the government is 100% responsible. At the 26:40 mark, he makes the point clear that he is referring to an inflation of the money supply in comparison to alcohol. In reference to the 2 years, Friedman is referring to when a sharp increase in the money supply typically being followed by an inflation of the consumer price index, properties etc.

[@evil1143]

The rate was so high it didn't matter

[@apocalypticskepticus3299]

Milton Friedman - the argumentative Terminator.

[@stankmaw]

Exactly what I was thinking.

[@bujo2k6]

there is no need for an updated version, humans have still not learnt from the past enough.

[@jscottupton]

Paul Krugman lies awake a night...staring at the ceiling...saying "damn Friedman...damn Friedman..."

[@stankmaw]

"Demand Management" that is a very interesting term.

[@clintcastle]

"Regualtions are RULES" Enforced by who exactly? The people or a revolving door of lobbyists? Laws are one thing, a faceless bureaucracy is quite another. It is quite easy to get carried away with government, perhaps if there weren't so many who fail to recognize that fact, you wouldn't see such drastic polarization of opinions. This is a simple concept that far more can't comprehend than are calling for no government. If we limited government more, anarchists would come to their senses.

[@EarthSurferUSA]

50:36: "And when the public recognizes that", then the camera shows about 20 people in the room.

[@willpoundstone71]

He contradicts himself at 24:35. He says that when the confederacy was unable to print any currency, the inflation stopped immediately, then he says it took 1 full year of slower money supply growth in Japan to bring inflation under control.

[@bobholly3843]

Well, that's because Japan at the time wasn't being absolutely crused & destroyed and had time to keep their society going. The Confederacy at that point in the war was already in hyper inflation & most barely even used the confederate currency, many just bartering for what they needed. When the presses were destroyed, there was virtually no southern economy that used the notes to recover. The notes were being printed to pay back loans on contract, but it was more formality at that point, as many lenders figured they lost their investment, or gained profit from some other way.

[@brandoncollins3740]

So productivity doesn’t fluctuate and over spending and printing money (debt) is good in the short term but not the long term Because In the long term that money has to be paid back . When overspending surpasses productivity prices go up And Printing more money will not cure the problem.

[@dsvet]

Audit the FED!!!

[@KNemo1999]

Biden's Top 5 ways to combat inflation 5. Blame Trump 4. Blame Putin 3. Blame Americans 2. Deny that it exists 1. Increase the money supply

[@christophervo8228]

No one in the govt is as good as friedman. Kruger is a hobbit

[@patrickbateman783]

@@christophervo8228 Agreed... 😅🤣😂😅🤣😂😅🤣😂

[@jedivish]

Everyone who's part of Occupy Wall street Ought to see this. Especially the discussion in the end. The point Dr. Friedman makes at 49:29 is nearly 30 odd years ahead of its time, its almost prophetic in nature. Based on what he's saying, the only individual I see today who's truly capable of affecting the kind of change required in our economic crisis is Ron Paul.

[@TheBlackComedy]

Actually Friedman was very sympathetic towards free banking, were private banks print their money. He has also stated if there is going to be a centrally controlled money supply, it should be computer that takes into account the current state of the economy.

[@kaijiesoo8588]

The Revolutionary what is to stop a private bank from effectively stealing from everyone’s savings by printing money? Wouldn’t that worsen the problem taxpayers already have with the government?

[@MrFluffykat]

You show a bank vault filled with gold but very telling you don't show any industrial utilization of gold which is gold's true value

[@RJKYEG]

Should I send this to my Member of Parliament?

[@Rob-fx2dw]

Now that is interesting thinking. Reduce the monopoly on money by creating a number of legal tenders within an economy - well done. That is a question which needs more serious debate if not a trial. You can see the price of money today only by comparing different economies in other countries (exchange rate) but also in the EU where there are two currencies operating in any EU economy.

[@EarthSurferUSA]

Notice around min 53, they mention how important productivity is. "Production or poverty" is our real choice. This film is in 1980, and it was 1978 when china decided to give "semi communist/private" capitalism a try, and regan did not stop the "international redistribution of production" to communists nations, who do not respect individual liberty at all, when it was our freedom as individuals in a free market that was the founding of the USA. Communism (no individual liberty), and capitalism--are simply not compatible, (REPEAT!!). That is why we have 94 million out of work today (2017), and teach our kids to get into arts and crafts or government work, instead of free enterprise production. Did I mention that I am so glad I already had a great life, and don't want to be the last one?

[@writereducator]

In the discussion section of this episode, one person talks and everyone else listens before responding. So different from episode 9.

[@DREwestcoast]

@Jalreal it's up to the people to petition their congressmen/women

[@tylergriffin333]

Maybe Congress doesn't have access to KZbin?

[@antonioguarco4515]

THIS WILL BE ENORMOUSLY RELEVANT IN THE 2020’s. The money supply has increased over 25% in a year. DO NOT KEEP CASH. PROTECT YOURSELVES. You deserve to know how to insulate yourself even if it contributes to inflation in the wider economy. BONDS ARE BAD TOO!!! A real return on investment is measured by (1 + %return/1 + %inflation) - Dated Feb 1 2020(prescience)

[@lanetxgp1]

Too right.

[@fudgedogbannana]

Ron Paul could have done it, but nooooooo, we had to elect an ornament.

[@ulyssesvaughan464]

SamytheGreek by returning to the gold standard? Lmaoo

[@nat1jtb]

Same discussion, new decade only now the Fed is off the chain to the tune of TRILLIONS. We never learn. Side observation: watching these episodes, notice how each participant makes their points / arguments but, but they wait for the other person to finish their points / arguments without interrupting. This skill / courtesy is missing in today's discourse.

[@bb-lq6dm]

There is some friendly arguing in other episodes of the series. Your point is still well taken. These debates are far more respectful than what we see today.

[@RamonWilliamsJr]

Milton’s budget was inflated with these graphics, camera angles and destination recordings 🤯

[@johnsurs22]

@LogicalFlawDetector Actually, both are still problems. The Fed changed the CPI so that it didn't look bad. The older CPI shows 9% inflation per year.

[@Quizibo]

The "Free to Choose" series are a collection of Friedmans normative statements. Its basically opinion. His technical analysis from his academic journals and his books, such has "A Monetary History", are completely opposite from his "Free to Choose" series.

[@yvoncormier9762]

2:39 the greatest wealth by far was gained by those selling the pics, pans, shovels tools and food plus sundries to the prospectors.

[@mariodavila2852]

Anybody watching this in 2020 guessing how inflation will rapidly increase with all the corona relief packages?

[@afterburnerfox]

No shit

[@mariodavila2852]

@@afterburnerfox lol... time to buy gold

[@TheRealTaco87]

80-90 for TWO weeks of food?! OMG

[@EarthSurferUSA]

23:45, Milton hits the E-stop button on the printing press. Under obama and several others, the E-stop button does not exist. Enjoy what time we have left to enjoy.

[@LightLord1870]

Damn straight.

[@sdgsdf45]

Friedman has once tried to stop the printing press!

[@RobARug]

Thank you for posting. Timothy Geithner and Ben Bernanke disliked this.

[@Cyberdactyl]

The dude in the background @23:10 is totally obvious and hilarious.

[@nonstopjoliver]

The cutoffs at the ends of all these are so disappointing. No full cut version either.

[@StB4400]

hey you should read paul krugman's book "the return of depression economics." The issue wasn't that we overly deregulated the banks, its that a shadow banking system (based on auctions) emerged that this system was never regulated in the first place. Reagan and bush deregulating the industry had nothing to do with it, and this is coming from a respected liberal economist...

[@TheBlackComedy]

And David D. Friedman.

[@jorgerinker]

Milton is talking about Javier Milei at 48:40

[@christopheradderley6902]

@stebecool We can! If we apply his wisdom!

[@GregScholfield]

Towards the end (last 5 minutes) the Congressman and Milton are talking about personal savings financing the debt, it's just like 2 sentences. Was this like saying "a tax break on buying government debt" from the Congressman? Any thoughts?

[@tablature6121]

I, too, was confused as to what the Congressman was proposing. I've watched it twice, now, and it's still unclear whether he was advocating tax cuts to help finance public debt or private debt. As he was talking about more capital investment at one point it makes me think it was the latter. Then, all the other stuff he says makes me wonder if not the former. In either case, he was trying to make the case that to ease the painful period that would follow serious inflation fighting efforts on the part of our government, tax breaks would give some relief to the public, especially breaks that would encourage savings and investment. Notice how quick Friedman brought him back to the topic at hand--inflation. Friedman is of the Monetarist school of economic thought and inflation, above all others, is a "monetary" phenomenon. It can only be cured by Monetary Policy. Tax breaks are Fiscal Policy. Friedman is not opposed to tax breaks, which might indeed ease the painful period following serious inflation fighting efforts. But I think he didn't like Brown bringing them into a discussion about curing inflation, and confusing the issue. Notice how Emminger, immediately afterwards, mentions that, in his country, the pain was more bearable when the public was on board with their efforts to fight inflation. After inflation dropped and the economy started picking up, they were even more so. But it was after an effort to educate and let them know what the plan was, and what would follow. "Bear with us."

[@GregScholfield]

That's a great point. I can't add anything at all to that :)

[@dreamingWisdom]

@Jalreal Ron Paul also has the advantage over Obama in that he understands how and why these changes in monetary policy needs to be done, thus he is able to articulate and persuade congress not with sensationalism but with logic, reason, facts, and scores of historical examples behind his words.

[@mutdogg21]

Inflation is a way that politicians can increase spending and cut taxes without their constituents realizing their representatives aren't really helping the people they represent.

[@TheSmokinApples]

Paraphrased Quote from Gerald Celente: This (president) is the new nobility (king)

[@NotBen101]

was the oil embargo on germany?

[@rugbyjefe710]

Isn't it ironic that this series was aired on PBS and funded by the Corporation for Public Broadcasting?!?! Also, I am down for pegging the tax rate to the rate of inflation. That would go a long way. I believe that we should end the corporate welfare state before we end the welfare state designed for people, flawed though it is. The subsidies government has provided to industrialists has been the greatest contributor to our rate of inflation and ballooning debt.

[@robertpires87]

NASA is one the most inefficient scientific organization due to government involvement. In regard to aerospace, more advancement has been done through private research via competition than NASA

[@DREwestcoast]

I want you guys to pause the vid at precisely 38:16, and tell me in the eyes that this guy wasn't thinking in his crooked mind: ''Oh shit, He knows''...

[@mutdogg21]

The problem wasn't deregulation, it was government programs aimed at more home ownership in America. Banks were being subsidized by the FHA for giving out risky loans, which lead to the housing bubble and subsequent crash. The problem arose with government; the banks were just responding to the monetary incentives which were given to them. As Milton would say, this was another failure of government.

[@davidf95]

I hate when the people who are always right are always ignored.

[@lineseeking]

23:20 Chairman of Federal Reserve PUMPY GOES BONKOS

[@NotBen101]

23:44 Every Austrian/Monetarists dream

[@mrvictorian4004]

7:22 What's the song?

[@Jalreal]

@jedivish But, if Paul is elected, will our disfunctional congress help him to pass his ideas as laws? I don't think so, it's like saying Obama's 2008 slogan "Change." actually meant something. I support Ron Paul very much, but I don't think even he could turn around our system of crony capitalism into a true free market system.