Milton Friedman - What is Monetary Policy?

Professor Friedman brilliantly explains monetary policy, what money really is, the Federal Reserve and the price system. www.LibertyPen.com

[@bossnian5615]

What’s even more amazing about Friedman is his ability to explain in simple terms, instead of using jargon and being pompous. God bless him

[@pheasantpluck]

That is the exact thing that most “intellectuals” should remind them selves. Einstein said it best. If you can’t explain something simply, then you do not know it well enough.

[@surreallife777]

My post: Anyone up for a challenge? Here is why Milton Friedman’s ideas are nonsense. “Fascism should more appropriately be called Corporatism because it is a merger of state and corporate power.” - Benito Mussolini So what happened after around 1980? The USA is now the most highly unequal industrialized country in the world with the highest incarceration rate in the world, with 40 years of stagnant wages. On the other hand progressive Norway just shut down 27 prisons due to lack of crime and has low inequality. All this inequality and poverty started around 1980 with Margaret Thatcher and Ronald Reagan who promoted Milton Friedman’s policies. Friedman was adviser to Ronald Reagan. So began the movement of 40 years of tax cuts for the Rich and corporations, austerity, cutting social programs, environmental deregulation, deregulation of banks/finance, underfunding the FTC, EPA and FDA, privatization, free trade, eliminating anti-monopoly laws, legalizing bribery laws to politicians, cutting and trying to privatize Social Security/pensions, privatizing education, Medicaid/healthcare and lastly the destruction of unions which gave some form of democracy to workers. This contributed greatly to stagnant wages and many employees feel they have to walk on eggshells and are afraid to speak up if they are overworked or if the environment is toxic psychologically or environmentally. The main way conservative economists and politicians convince the public to cut social programs is national debt hysteria, “The nation is broke!” Conservative believe or cynically promote the national debt is like household debt, its not. A household does not have its own currency and a nation owes its debts to its self. Countries that get into trouble owe there debts in a foreign currency. I recommend reading The Deficit Myth by Stephanie Kelton, it’s a best seller right now. Its no coincidence that around 1980 wages stoped going up with productivity. Conservatives like to accuse the left of a wealth transfer, what they don’t tell you is that there has already been a wealth transfer from the poor and middle-class to the rich to the tune of about $50 trillion while wages for the poor and middle class have been flat. This is according to Ronald Reagan’s own budget director David Stockman, who now regrets implementing supply side economic policies, he states this: “In 1985, the top five percent of the households - the wealthiest five percent - had net worth of $8 trillion - which is a lot. Today, after serial bubble after serial bubble, the top five per cent have net worth of $50 trillion. The top five percent have gained more wealth than the whole human race had created prior to 1980.” People need to understand that there are two kinds of dominant economists out there currently, one is conservative free market supply side economist and the other is the progressive demand-side economist. Conservative supply side economics policies have been proven not to work over and over again, yet the rightwing rich and conservative politicians still promote them. The reason people in Detroit are being poisoned with leaded water is precisely because of Friedman’s idea that big government is evil and his idea that everything should be deregulated and privatized. Detroit is in shambles economically precisely because of free trade policies. Ross Perot who was running for president decades ago said this “once these free trade policies are implemented you’re going to hear a huge sucking sound of manufacturing leaving the US.” Since implementing these policies 50,000 factories in the US of closed down. Perot was absolutely right, Detroit went from a prosperous manufacturing base to what it is today, all because of cheap labor and no workers rights/unions. Government for the people by the people is the only thing that prevents it from being overtaken by the rightwing rich and corporations, which is precisely what’s happened to the US after the conservative bill 1978 Boston Bellotti and Citizens United was passed. Prior to these two bills being passed giving unlimited funding to politicians was called called bribery, today is called “free-speech” and “corporations are people too” The US was bought and sold over 40 years ago, this is why it’s currently on the brink of revolution. When President Jimmy Carter talked about Citizens United and this doctrine of money as speech in 2015, he said: “It violates the essence of what made America a great country in its political system. Now it’s just an oligarchy, with unlimited political bribery being the essence of getting the nominations for president or to elect the president. They eliminated the Glass Steagall act which allowed commercial banks to merge with investment banks which allowed massive amounts or risky leveraging and in turn led to the 2008 crash. All in the name of less government. They eliminated the Sherman Antitrust Law which disallowed monopolies. There used to be hundreds of media outlets prior to the elimination of the Sherman Anti-Trust law, now most of the media is owned by a handful people. All in the name of less government. They eliminated The Fairness Doctrine. This was a law that was in place since 1940 which required that any broadcaster had to debate both sides of the issue equally. Republican Dick Cheney and George Bush removing it. All in the name of less government. They attacked unions. Unions fell from a high of 34% membership who is low as 10%. Many Americans today - especially women - are working more hours than they did three decades ago, but they’re not seeing a corresponding growth in wages. All in the name of moving towards a freer markets. Americans now work the longest hours per week compared to other developed nations with no paid sick leave, no paid vacations, and no healthcare. In France, Germany and Scandinavian countries workers get 6 to 8 weeks paid vacation. Life expectancy dropped. In 1980, the U.S. was right in the middle of the pack of peer nations in life expectancy at birth. But by the mid-2000s, it was at the bottom of the pack.” Milton Friedman stated that his free market policies would produce democracy, this certainly did not happen in Chile. The economy in Chile worked wonderfully for the top 1% of course. If Friedman‘s ideas were so wonderful, why did the Chilean people reject his policies? The Chilean people should be jumping up and down on the streets praising Milton Friedman, yet they are advocating for the removal of Friedman’s policies. “Statistically, 80% of the Chilean people have no money left at the end of the month. Senior citizens receives $180 per month. 33% of Chilean GDP goes to the 1%, that’s higher than almost anywhere else in the world.” Friedman took part in molding the Chilean economy. Chile now has the longest work hours per week with low wage payouts. Just like America his policies have made a small sector of Chile wealthy. In terms of healthcare, approximately 700,000 people In the US go bankrupt because they can’t afford healthcare or they are turned down because of pre-existing conditions. Approximately 50,000 Americans die each year because they can’t afford healthcare. How many people die or go bankrupt in France, Germany, Sweden, Norway, Canada, Finland etc. etc, ZERO. Ron Paul who’s a fan of Milton Friedman and Ayn Rand, stated that he thought that it was ok if someone just died in front of a hospital if he or she could not afford healthcare. Ron Paul later backtracked and said “well there’s always the churches” which is bullshit. For your own good, my advice is not to listen in Milton Friedman. Looking forward to your replies. P.S. When a democrat/liberal promotes conservative policies (like Bill Clinton) he or she is not progressive. Michael Pantazis

[@matik1662]

Even if I don't agree with a lot of his points he explains it so a normal worker can understand him , which never happens now all double talk fancy words lol 😆

[@IrishIwasJewish]

that's one of the things about jews they are great orators and are master of debate.

[@joe-y4o5y]

@@surreallife777 Agitprop

[@buddylobos5277]

Incredible. The ability to put economic information into understandable & functional concepts. Thank you for all of these videos.

[@normal_norm2627]

So do you now understand what REAL money is?? Silver and Gold. The pieces of paper he talks about .... Fiat currency.... is dying. First time in history ALL major currencies are fiat at the same time. The last round of QE has started and the US dollar will lose reserve currency status. You have a short amt. of time to use worthless paper to buy real assets. The wealthy people do but don't tell us for obvious reasons. They want us as their debt slave. Remember. All fiat currency eventually returns to it's true intrinsic value of zero. Make sense?

[@Has645]

@@normal_norm2627 I get your point but in a world where every economy runs on fiat money I don’t think any country will allow it to fall to a value of 0. That would mean the world economy would completely crash. Also yeah I agree QE will lead to a fall in currency and technically over time it should be 0 or even so now it should be 0. The reason it’s not is due to confidence and demand. The US and countries alike create the demand and confidence in money. Like Freidman said at every point in time there has always been a mean of currency and money is just that. I understand it is fiat money and has no intrinsic value since it’s not backed by gold. But it has now become the universal form of currency; which means it has become like gold was and all the other goods used in exchange. Although, it has no other properties asides from money. Fiat money has assumed its position in the world and therefore will most likely be around for a long time until a major world change happens like a world war, a worldwide disaster, and so on.

[@surreallife777]

My post: Anyone up for a challenge? Here is why Milton Friedman’s ideas are nonsense. “Fascism should more appropriately be called Corporatism because it is a merger of state and corporate power.” - Benito Mussolini So what happened after around 1980? The USA is now the most highly unequal industrialized country in the world with the highest incarceration rate in the world, with 40 years of stagnant wages. On the other hand progressive Norway just shut down 27 prisons due to lack of crime and has low inequality. All this inequality and poverty started around 1980 with Margaret Thatcher and Ronald Reagan who promoted Milton Friedman’s policies. Friedman was adviser to Ronald Reagan. So began the movement of 40 years of tax cuts for the Rich and corporations, austerity, cutting social programs, environmental deregulation, deregulation of banks/finance, underfunding the FTC, EPA and FDA, privatization, free trade, eliminating anti-monopoly laws, legalizing bribery laws to politicians, cutting and trying to privatize Social Security/pensions, privatizing education, Medicaid/healthcare and lastly the destruction of unions which gave some form of democracy to workers. This contributed greatly to stagnant wages and many employees feel they have to walk on eggshells and are afraid to speak up if they are overworked or if the environment is toxic psychologically or environmentally. The main way conservative economists and politicians convince the public to cut social programs is national debt hysteria, “The nation is broke!” Conservative believe or cynically promote the national debt is like household debt, its not. A household does not have its own currency and a nation owes its debts to its self. Countries that get into trouble owe there debts in a foreign currency. I recommend reading The Deficit Myth by Stephanie Kelton, it’s a best seller right now. Its no coincidence that around 1980 wages stoped going up with productivity. Conservatives like to accuse the left of a wealth transfer, what they don’t tell you is that there has already been a wealth transfer from the poor and middle-class to the rich to the tune of about $50 trillion while wages for the poor and middle class have been flat. This is according to Ronald Reagan’s own budget director David Stockman, who now regrets implementing supply side economic policies, he states this: “In 1985, the top five percent of the households - the wealthiest five percent - had net worth of $8 trillion - which is a lot. Today, after serial bubble after serial bubble, the top five per cent have net worth of $50 trillion. The top five percent have gained more wealth than the whole human race had created prior to 1980.” People need to understand that there are two kinds of dominant economists out there currently, one is conservative free market supply side economist and the other is the progressive demand-side economist. Conservative supply side economics policies have been proven not to work over and over again, yet the rightwing rich and conservative politicians still promote them. The reason people in Detroit are being poisoned with leaded water is precisely because of Friedman’s idea that big government is evil and his idea that everything should be deregulated and privatized. Detroit is in shambles economically precisely because of free trade policies. Ross Perot who was running for president decades ago said this “once these free trade policies are implemented you’re going to hear a huge sucking sound of manufacturing leaving the US.” Since implementing these policies 50,000 factories in the US of closed down. Perot was absolutely right, Detroit went from a prosperous manufacturing base to what it is today, all because of cheap labor and no workers rights/unions. Government for the people by the people is the only thing that prevents it from being overtaken by the rightwing rich and corporations, which is precisely what’s happened to the US after the conservative bill 1978 Boston Bellotti and Citizens United was passed. Prior to these two bills being passed giving unlimited funding to politicians was called called bribery, today is called “free-speech” and “corporations are people too” The US was bought and sold over 40 years ago, this is why it’s currently on the brink of revolution. When President Jimmy Carter talked about Citizens United and this doctrine of money as speech in 2015, he said: “It violates the essence of what made America a great country in its political system. Now it’s just an oligarchy, with unlimited political bribery being the essence of getting the nominations for president or to elect the president. They eliminated the Glass Steagall act which allowed commercial banks to merge with investment banks which allowed massive amounts or risky leveraging and in turn led to the 2008 crash. All in the name of less government. They eliminated the Sherman Antitrust Law which disallowed monopolies. There used to be hundreds of media outlets prior to the elimination of the Sherman Anti-Trust law, now most of the media is owned by a handful people. All in the name of less government. They eliminated The Fairness Doctrine. This was a law that was in place since 1940 which required that any broadcaster had to debate both sides of the issue equally. Republican Dick Cheney and George Bush removing it. All in the name of less government. They attacked unions. Unions fell from a high of 34% membership who is low as 10%. Many Americans today - especially women - are working more hours than they did three decades ago, but they’re not seeing a corresponding growth in wages. All in the name of moving towards a freer markets. Americans now work the longest hours per week compared to other developed nations with no paid sick leave, no paid vacations, and no healthcare. In France, Germany and Scandinavian countries workers get 6 to 8 weeks paid vacation. Life expectancy dropped. In 1980, the U.S. was right in the middle of the pack of peer nations in life expectancy at birth. But by the mid-2000s, it was at the bottom of the pack.” Milton Friedman stated that his free market policies would produce democracy, this certainly did not happen in Chile. The economy in Chile worked wonderfully for the top 1% of course. If Friedman‘s ideas were so wonderful, why did the Chilean people reject his policies? The Chilean people should be jumping up and down on the streets praising Milton Friedman, yet they are advocating for the removal of Friedman’s policies. “Statistically, 80% of the Chilean people have no money left at the end of the month. Senior citizens receives $180 per month. 33% of Chilean GDP goes to the 1%, that’s higher than almost anywhere else in the world.” Friedman took part in molding the Chilean economy. Chile now has the longest work hours per week with low wage payouts. Just like America his policies have made a small sector of Chile wealthy. In terms of healthcare, approximately 700,000 people In the US go bankrupt because they can’t afford healthcare or they are turned down because of pre-existing conditions. Approximately 50,000 Americans die each year because they can’t afford healthcare. How many people die or go bankrupt in France, Germany, Sweden, Norway, Canada, Finland etc. etc, ZERO. The best healthcare systems in the world are government run not privatized. Look it up for yourselves. Ron Paul who’s a fan of Milton Friedman and Ayn Rand, stated that he thought that it was ok if someone just died in front of a hospital if he or she could not afford healthcare. Ron Paul later backtracked and said “well there’s always the churches” which is bullshit. For your own good, my advice is not to listen in Milton Friedman. Looking forward to your replies. P.S. When a democrat/liberal promotes conservative policies (like Bill Clinton) he or she is not progressive.

[@deceasednebula]

Why does Friedman look like Danny devito

[@lilpeepwastrash3464]

lmao

[@joofbing]

Life time of research and study -> he described only as “an informed opinion with some evidence and work”. Random bloke who thought of a thing after binge reading tweets -> FACTS, TRUTH!!!

[@ninsiimaimmaculate4840]

I have always thought monetary policy is boring. This man just made me realize it is actually a great part of Economics

[@jakek7112]

"Distinguish rhetoric from substance" So true

[@andyhurla9045]

We need college students in the USA to answer this question with writing assignments: "What's different about the economy before 250 million Americans purchased a touchscreen smartphone and after over 250 million Americans purchased a touchscreen smartphone?" The world leaders began talking about the year '2050' before the last decade was over. College students in the USA in the 2020's need to skill-build with the new Census tools. I would ask the college students to review Jeff Bezos' statements from his talk at the National Cathedral for the Ignatius Talk Forum in Washington DC. -->> 🚀🤡🚀🤡🚀🤡🚀 -->> 🚀🤡🚀🤡🚀🤡🚀

[@saumitrsharma2816]

Money should be supplied in the system according to growth in products or services(GDP).

[@Paul-A01]

Why should prices remain stable? In a free market, prices should go down as productivity and efficiencies increase. We've all benefited because electronics are dropping in price.

[@s0lid_sno0ks]

TGGeko I love Milton, but he's never been a true free marketer. He pays lip service to it and is a good entry level red pill, but he's always been supportive of monetary policy.

[@bhuwankarki2441]

TGGeko This is what we never think of. Really make us to think about your comment. As u have pointed yes its is better if prices drop because of efficiency and productivity but if it drops because of lack of demand and supply as well as money supply then its a problem.

[@shlomosilversteinberg5785]

Yes. Prices don't need to be stable if prices raise with quality or if prices decrease with increased productivity.

[@fzqlcs]

You missed the point. The money supply should be stable so that prices can accurately reflect reality.

[@s0lid_sno0ks]

fzqlcs The money supply should be dictated by the market. It should go up only if more of its backing commodity is found. If so much is found as to become worthless, a different currency would be used. The monetary supply "should" be whatever it is, not what people want it to be. If a currency devalues and prices rise, those prices are still reflective of reality. The reality has shifted wherin the medium of exchange lost value.

[@78g476]

He was a genius.

[@idrissberchil25]

Are pokemon cards used as money ?

[@SapereAude1490]

That last point about introducing an (artificial) signal is very similar to the method of standard addition in analytical chemistry. This would allow a much more accurate assessment of the economy - effectively "calibrating" your measurements. It's quite brilliant.

[@ChitranjanBaghiofficial]

Totally agree with him and I have been working on a solution to impliment just that, such that creation of money goes back to free market.

[@mastershredder2002]

Love the sound effect at the end. It sounds like Milton slammed the door on you and left after telling you the facts because he is so upset that nobody in government ever listened to him and nobody ever will.

[@s0lid_sno0ks]

Chicagoans are so naiive when it comes to the state. You CANNOT impose rules on your rulers.

[@diegosilva3927]

Why is there such a strong need of rulers anyway? Let the individual choose what they see as being better for them. Adults know there are consequences to choices in life.

[@tommyrosati9326]

Aditya Oza Tbh Trump hasn’t been bad for the economy. He hasn’t been great either, as he put up tariffs and increased debt, but he did deregulate the economy as well as increase wages

[@carolking7748]

At the year 2013 was discovered The Progressive Growth of Money Supply Principle, which say you how much the Money Supply must growth, i.e., the quantity of money that markets needs: kzbin.info/www/bejne/n5quo2CfZZdlo7s Once the Fractional Reserve Banking is forbidden, if the Central Bank increases the money supply by an amount equal to the sum of interest generated by the financial system during the preceding period, the market interest rate will be the natural interest (Wicksell) and we won't have bubbles (tulips, gold, stocks, etc.) and crisis. Thanks to the Progressive Growth of the Money Supply Principle we know today that it is impossible to return to the Gold Standard. The Principle will force Central Banks to change de monetary policies. To control inflation we need to control de Money Supply.

[@charlessmith4381]

Most money is created in the form of credit. Only the market is best at determining what rates should be. Not the Fed or the gov. The Fed was created to address the ills of fractional reserve banking- to add liquidity and stability when the inevitable bust occurs. Address fractional reserve banking and the need for a Fed is eliminated.

[@lakeguy65616]

We should return the Fed to a single pre-1977 mandate of controlling inflation. Trying to create full employment is inflationary. It should not be a goal of the Fed to create full employment. Low unemployment is a byproduct of a healthy, growing economy.

[@maanelid]

Does anyone know which student he is referring to at the 3:55 mark, and which monetary policy his student proposed?

[@Domasiukas]

Not sure but it may have been Thomas Sowell.

[@felix-pb]

@@Domasiukas Somebody else suggested that he was referring to Robert Hetzel

[@Kas-yw5fe]

So he's basically advocating for a sort of crypto-currency type method? Where currency only grows relative to the market and it's use? I guess block-chain can help with our financial system in the coming decade.

[@alexocean9196]

Essentially yah

[@stefanibrietzig496]

He is criticizing the current economical system and it's Monetary Policies, having one power deciding all the liquidity and money creating variables is just not efficient and as said, it just causes much more harm than good. There is no perfect currency in an imperfect system.

[@stayswervin554]

No you don’t want blockchain tech in government it’s only good as decentralized currency

[@lakeguy65616]

Why shouldn't we tightly couple the growth in the money supply with growth in GDP? When the GDP falls, keep the money supply constant...

[@felix-pb]

Around 3:49, Friedman says "And indeed, a former student of mine has suggested what I now think is a better one". He's referring to a better monetary policy compared to his suggestion (i.e. growing the quantity of money at a steady and relatively slow rate). As of today, I agree completely with Friedman's suggestion which leaves me wondering what's that better alternative. Does anyone know the name of the former student and the monetary policy he is referring to? Thanks!

[@maanelid]

I share your assessment and have the same question.

[@barryweiss9977]

Robert Hetzel

[@barryweiss9977]

@@maanelid Robert Hetzel

[@maanelid]

@@barryweiss9977 Thank you! Do you happen to have a source for this?

[@barryweiss9977]

@@maanelid I heard it on a podcast between David Beckworth and I think Scott Sumner and I just put 2 and 2 together. I believe it’s nominal GDP that they target the money supply to

[@bhuwankarki2441]

I used to support communism before but after i started listening Friedman I know the power of Free market economy. The greatest economist , may your body rest in heaven.

[@samsheehan5298]

Milton was still in favor of government intervention he just wanted to set the rules to it.

[@Kas-yw5fe]

Damn it, should have been buying up all that fiat the past decade. Well, little people like us only realize last minute.

[@tefazDK]

I NEED that tie!!

[@DublinDapper]

QE

[@politics4270]

❤❤

[@carolking7748]

At the year 2013 was discovered The Progressive Growth of Money Supply Principle, which say you how much the Money Supply must growth, i.e., the quantity of money that markets needs: kzbin.info/www/bejne/n5quo2CfZZdlo7s Once the Fractional Reserve Banking is forbidden, if the Central Bank increases the money supply by an amount equal to the sum of interest generated by the financial system during the preceding period, the market interest rate will be the natural interest (Wicksell) and we won't have bubbles (tulips, gold, stocks, etc.) and crisis. Thanks to the Progressive Growth of the Money Supply Principle we know today that it is impossible to return to the Gold Standard. The Principle will force Central Banks to change de monetary policies. To control inflation we need to control de Money Supply.

[@DaniyarAlibayev]

You can call me King Solomon, professor...

[@geethasaranya2404]

money is in the hand of all rich and poor..money is hidden..its clear that why sir is saying why money ss giving both positive and negative effect.. and that creates more uncertainty due to more hoarding..hence prices must go up to drive out the bad money out.. lol :P

[@Spartacus547]

the things he's talking about have nothing to do with the stock market regulations to free market what is advocating for the bank's ability to create debt and influence that debt.

[@roberthewitt2155]

Money is any tool used to quantify value

[@bluequiltedness]

He passed away just before the Global Financial Crisis and the ensuing monetary measures that were supposed-to-be-temporary-but-ended-up-being-forever

[@SL-pg4dh]

Even more poignant today.

[@stephenclues2948]

Genius at work.

[@nishnianidze]

A beautiful mind indeed.

[@Bills4]

Crypto future

[@kmg501]

I disagree with Friedman, when the markets are left alone they far more stable. The call for constant inflation is based on a unfounded fear of deflation and depression. Market lulls would be a natural balancing mechanism in the absence of the Fed.

[@fzqlcs]

Disagree. The money supply should increase but only in accord with the increase in production.

[@kmg501]

Okay but that isn't what Friedman advocated for, he called for small and constant inflation.

[@LFSPharaoh]

fzqlcs The supply of gold increases at about the same rate as the population. No need for treasonous monetary policy. If they do it, it's called monetary policy, if I do it, it's called counterfeiting and massively punishable.

[@LFSPharaoh]

What the hell does that even mean "there's not enough gold", I've heard that argument so many times and it doesn't make sense. Is there supposed to be an ounce per person? A gram per person? 10 oz per person? The only thing that matters is price. There's enough gold - it just depends on the price. If we went on a gold standard at CURRENT prices than no, there's no enough. All that means is that it has to be higher in price. There's always enough gold, we were on a gold standard before and during the 1980's the public bid the price of gold up ALL the way to cover all paper fiat in existence. We could've went back on the standard during that time, but then gold started to drop again after the inflation wore off.

[@psychoh13]

What you're describing is not a gold standard, it's just a fiat currency that supposedly does not fluctuate, just because you define it as such. The advantage of the gold backing is that you can't come up with gold as easily as you can come up with paper to print bills, it's also inert and easily divisible, that's why it was used for exchanges. If you have a gold money in a free market the amount of gold available for exchanges will vary depending on the demand, a sharp increase in the purchasing power will motivate miners to find more gold a decrease would reduce the amount produced, it's not controlled by any entity and as such the forces of the market will make the purchasing power of gold more stable. The reason why the price varies so much today is because not only the fiat currency itself is not subject to market forces but to the whims of bureaucrats and bankers, but also because it's not directly in use in the economy as a medium of exchange.

[@satoshilife]

Watching this should make you want to buy more bitcoin

[@rawcircoking]

Boy weren't you right!!

[@markflierl1624]

I want to go back to using tobacco as money. Either that or pot.

[@firstnameangel6841]

Still is

[@enricmm85]

3:43 "The Federal Reserve over the whole of its existence has done more harm than good." Then why are you the poster child of monetarism?

[@robbinpapalucas6613]

Those who created debt must pay that debt i personally did not create the national debt polticians corporations and bankers did this so they must be responsible for paying it not the people. I did not ask for this debt they demanded it i owe nothing

[@dillonopponferguson972]

we all contribute to it one way or another

[@lovelynokorie467]

Pls can anyone write explicitly what he said monetary policy is?

[@ferminpatino9613]

do your own work

[@lovelynokorie467]

@@ferminpatino9613 that’s what he said? If you didn’t have the answer to what i asked you shouldn’t have bothered making a comment.

[@kmalik9698]

@@lovelynokorie467 he basically said that money supply should be increased at a instant rate to that if gdp and that will help keep the economy stable as opposed to fluctuating the money supply

[@kmalik9698]

Constant rate^*

[@aon10003]

Has anybody here discovered the 10 year failure of this cult?

[@surreallife777]

Debunking Milton Friedman. Milton Friedman states that free market capitalism has lifted more people out of poverty more than any other system. What he doesn’t tell you is compared to left leaning social democratic capitalist countries, free market capitalist countries are nowhere in comparison. Social democratic countries by all metrics out perform countries that are free market or free market leaning. Milton Friedman was an advisor to Ronald Reagan and he also implemented his policies in Chile. Look at Chile and the US as an economic experiment, then compare them to socially democratic countries which have unions, regulations, minimum wage laws, lots of social programs etc, everything that Milton Friedman disapproves of and they all outperform America and Chile not just economically but socially. People in Chile were rioting in the streets and Milton Friedman’s economic policies are no longer implemented in Chile. If Milton Friedman’s policies were so wonderful the Chilean people would not be getting rid of his policies would they? Just like the US, the economy did improve in Chile, but only for the top richest individuals with high inequality and low wages. After Ronald Reagan implemented Friedman policies in the US inequality skyrocketed. The US is now the most highly unequal country in G7 countries, this was not the case prior to 1980. The same thing happened in the UK with Margaret Thatcher who was a fan of Milton Friedman, it is the second most highly unequal country in the G7. The US has the highest incarceration rate in the world of over two million, the 3rd highest homicide rate next to Mexico and Estonia. Nordic countries have low crime, as an example Norway just shut down 27 prisons due to lack of crime. The US has a massive homelessness problem, Finland has no homelessness. In the US it’s estimated that approximately 40,000 and 50,000 people die each year because they can’t afford healthcare and another 700,000 people file for bankruptcy because of healthcare costs. In 2007, 8.1 million children under 18 years old were without health insurance in the US. In left-leaning socially democratic countries nobody goes bankrupt and nobody dies. The healthcare systems in Socially democratic countries are rated to be best the world with much lower costs compared to private healthcare in the US. Milton Friedman was promoted by right wing billionaires. Personally I would not listen to him, his policies only leads to inequality and wealth concentration. He is easily debunked today. Michael Pantazis.