Free To Choose 1980 - Vol. 03 Anatomy of Crisis - Full Video

The Great Depression has been popularly viewed as a failure of capitalism. The stock market crash, the failure of the Bank of the United States, loss of personal savings, were visible symbols supporting this belief. As Friedman explains, the real cause was the unseen failure of government policy and action. Yet this crisis resulting from government failure leads to decades of government expansion. Discussion Participants: Robert McKenzie, Moderator; Milton Friedman; Robert Lekachman, Professor of Economics, City University, New York; Nicholas Von Hoffman, Syndicated Columnist; Peter Temin, Professor of Economics, MIT; Peter Jay, British Ambassador to the United States, 1977-1979.
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[@lxDarkToothxl]

Oh how programming of this sort would benefit the modern age!

[@UnthinkableFairytales]

Would they listen? Ha

[@chomnansaedan4788]

It's a miracle to witness competency.

[@nanpanman1]

This series is fantastic. Thank you for uploading it in its entirety!

[@ahmadsayuthi960]

I've only started to watch, beginning with this video. Based on the content, this series promises to be among the most informative and thoughtful on the subjects mentioned. Over the years, almost all of us anywhere in the world would surely have heard of the 1929 Wall Street Crash, and the ensuing Depression. I've read and watched a lot about these over the years and therefore could claim to know quite a bit. At least when compared to the average person. However, this video has provided more depth to the understanding. For instance in how Friedman dealt with the Bank of United States matter. Despite my previous knowledge, his perspective is something that's new to me and adds a new level to my understanding. I'm very thankful for videos like this. -- Petaling Jaya, Malaysia

[@dolphineachonga8724]

You can see the shrinking number of monetarist pundits right here. More economists in the room want government regulations to keep expanding. As someone who has lived in a communist society where government directly regulated every aspect of life and economy resulting in total collapse of the entire country, it's scary that economists seem to be leaning more towards such a system.

[@TangieTown81]

Damn that discussion was just getting really good....wtf...where's the bonus extended discussion behind the pay wall?!?!.... :p

[@KietHuynh-zg9gt]

I just accidentally knew Milton Friedman meanwhile searching a few information of the economist F.A Hayek. I've been really being excited until now when spending almost time on economic knowledge learning and philosophy. Frankly sharing, I know about the impacts of government planning that read in Black Swan of Nassim Nicholas Taleb. This is really the amazing thing of knowledge discovery. The more knowledge you searching, the more lack of knowledge you realizing. Huge respect for Dr. Milton Friedman.

[@Dr.Blockchain]

Now they are using Keynesian economics during the pandemic to prevent another depression. Will it work? Or will it result in hyperinflation? I don't know. I wish Milton Freedman was alive to see.

[@Manima108]

right but Friedman won the Nobel peace prize and Keynes didn't. shouldn't that alone suggest the adoption of the policies of the former?

[@macioluko9484]

Let us remember that any bank is in service to its clients. It makes money based on its deposits which would be $0 without its clients. Even tough a bank run is undesirable, it is a part of a reality that can occur under unusual circumstances. The free market, once again, offers the solution. In a true free market the client would have the choice of the safe banks that guarantee their deposits at the cost of a lower interest rate. The risky banks would not offer any guarantees but would lure clients in with high yielding deposits. Any bank, or business for that matter, that does not plan and set aside a pool of funds for an emergency like this, has to fail.

[@no-bozos]

There is an obvious problem that I see that hardly anyone ever addresses. When someone talks about "government" the term is used in a generalized term. Similar to how children use the term "they". The problem we Americans have is that we don't understand the true nature of our government as outlined in the constitution. Our government is not supposed to be a ruling body. The rule of law is supposed to be the framework of the rule. Our elected officials are supposed to be simply civil servants tasked to serve and protect the rule of law, and to make changes when necessary, through constitutional process, like in the case of slavery. Government is not supposed to "see to our needs". Individual freedom was the intent of the founding of this country, and you can't fulfill that when someone is taking care of you, or attempting to guide the populace. The only time government is tasked to step in is when someone's activity is violating someone else's individual freedom.

[@ronaldmarston5674]

A very informative discussion about the Great Depression and the reason for it. This video explains the reasons and rationale for the depression in layman terms that one can easily understand. A great program and one that must be continued and expanded for the public good of this nation and most especially at this particular time.

[@andresff0]

Friedman says its a tragedy that Keynes didnt live a decade more. And I think its a shame that Friedman himself died 3 years before the 2009 recession.

[@onekerri1]

And we all can take a guess as to why he died at such an untimely and young age.

[@netero38]

2008 crisis was caused by the government tho

[@MrMajani]

Each of the men in this discussion deserved their own 20 minute video to explain their viewpoints. They are all intellectual titans who shouldn't be relegated to small sound bites on Friedman's round table.

[@f3d3917]

thank you so much for uploading this i love this

[@superdude292]

Does Friedman ever explain why deflation is a problem? Why does the quantity of money need to change at all? It’s transactional ability doesn’t diminish because it can be divided. And as a store of value it would increase in value if we didn’t create more of it, which seems like a great feature. We used to actually use coins, the penny is worthless now. Friedman has explained many things to me but never this.

[@alejomorand1255]

thanks for uploading this. its amazing

[@hayteren]

39:30 hahahahah How times have changed. People literally believe the government is god and does indeed control the weather.

[@A_New_Yorker_Lost_In_Florida]

that is exactly on point - omfg you are still a human!! i thought i would never find another awake person! 🙃🙂

[@SJM6791]

Lol, you’re absolutely correct my friend. We’re living in dangerous times my friend.

[@puddintame7794]

I find it odd that no economist points at the huge increase of regulation that paralleled the banking crisis. It was the regulations that throttled the economy, not the decrease in the money supply.

[@bruncibanci]

Friends, I have a question, if someone has an answer please reply. It's the part from 19:30 to 20:20. Milton is explaining how gold flew from the UK to the US, but that gold, instead of working as a ''new slice of monetary structure'' (i.e. the base on which the US was able to create more dollars to stimulate the economy) ended up ''locked away''. He said that the Fed simply ''didn't let it'' serve that monetary function. What I don't understand is why? Why would the Fed lock that gold away (and what does it mean to lock the gold away in the first place), wasn't it in their interest to stimulate the US economy? From the part I watched so far, including the Fed's unwillingness to act as the lender of last resort to The Bank of United States, it seems that the Fed just wanted to have that depression, but that's just illogical to me.

[@nvppatilmyhistory6733]

Heathy people healthy Nation

[@GerardoPereira.]

vamo arriba milton y el liberalismo

[@RikrdoStrike]

Saludos hermano que también hablas español y hace unos días por acá 💪🏼😎

[@enjoiskaterguy]

There is no constitutional authority to 1. have a central bank, and 2. and bailout bad market actors. being pro-bailout was a very dissapointing position for Friedman to take. An immoral, unconstitutional and financially destructive position to take.

[@hayteren]

You don't know how to learn. He isn't pro bailout. But he IS pro-"do your job". The main point is the government rarely does that and a free market could've softened the blow if it was expected that the government had no effect on the market. It's also important to note that if ever Marxism were to be agreed upon and everyone does their job, it is the best society possible. And I'm sure Friedman would be a Marxist....if he believed everyone always did their job. The reason he isn't is from his dude, Adam Smith.

[@immaculatesquid]

Bradley Killian its not a bailout in the same sense as giving them money they didnt physically have but it did exist in their books, whereas the bank bailouts of these days were government deeming they were "too big to fail" and saving banks that were losing money because of too many assets turned liabilities because of risky investments defaulting

[@krrh]

LibertyMan he wasn’t saying there should have been a bailout. In his model the shareholders of the failed bank would have been wiped out, and the depositors would have taken a haircut. It would have been an orderly failure where the deposits and loans of the failed bank would have been taken over by healthy banks. This isn’t the treasury coming in and spending tax money to make irresponsible shareholders while.

[@cabalpaxiarch7239]

I'd so love it if he were still around to see him trying to explain how the 2008 wall street debacle can be blamed on the government and not crony capitalism.

[@ahmedmohanned9994]

same problems in car racing , too many regulations , to keep competition fair ! limited budget , dimensions , power , aero , everything ! The racing team doesn`t really design the car ! all the money in racing , and engineers can`t make their innovations thrive on the racetrack , they would be immediately banned !

[@YourBestFriendforToday]

I want this music as my ringtone

[@nvppatilmyhistory6733]

Gold not work out public health

[@AkiKii519]

and once again we come to the question of maintaining the mechanisms of free market for which dear Dr. Friedman has no answer. "unwritten constitution" is not a reliable measure. People will always look for a shortcuts to immediate wealth, irregardless of long term consequences.

[@riyadhf1rdausehh]

First of all.. the number of views of this video shows how much average people know about economy Second of all, why don't we merge Keynesian theory with Friedman's? we can always fix the rate of money supply and at the same time create essential, large secale public works such as... the wall?

[@ghirardellichocolate201]

Another thing think of the power of things in its pure form. Like Lemons are pure vitamin C. Walnuts are pure iodine....Potatoes are pure starch...Eggs are pure albumen....

[@Mikey-mike]

BS

[@ghirardellichocolate201]

Say, potatoes are the God. Why? What is you ruin the soil properties? Will you still get potatoes? When the sale of potatoes is down, what does it say about the health of your people? #Unhealthy (Mental health matters)#Lemon to potatoes

[@ageofechochambers9469]

Free to chose = free to play a rigged game with fixed results appearing to be fair .