Milton Friedman - Understanding Inflation

  • Жарияланды 8 жыл бұрын

    LibertyPenLibertyPen
    Жазылушы: 208 М.

    The professor provides an explanation of the origins of money as well as the cause and cure for inflation. www.LibertyPen.com

Simon Zonenblick +278
Simon Zonenblick

One thing I've never been entirely clear on is what exactly people mean by "the money supply," or "printing money." Obviously I understand the process practically, and the premise of its effects on inflation, but I can't join the dots in my mind between physical money being printed, and the amounts of money ending up in people's bank accounts. When they say that quantitative easing results in more money being in the economy and thus lowering the value of a currency / creating inflation, how does the money being printed find its way into the money supply? It isn't as if finance ministers go round to people's home and hand them wads of cash. A person's salary doesn't alter because of this, unless they are paid directly by the state. Maybe we are talking about the money being made available to banks for lending?

2 ай бұрын
Simon Zonenblick
Simon Zonenblick

@Our Colonel This is what I'm trying to establish. When you say "it gets ink and paper and prints a hundred trillion dollars," are you speaking metaphorically, or saying money is physically printed in a building somewhere for the purpose?

3 күн бұрын
DoubleEszpresszo +976
DoubleEszpresszo

This video debuted on youtube several years ago, when nobody seemed concerned about inflation. I hope this video gets noticed by the younger generation who are experiencing it for the first time. Being 64 years of age, I remember well the inflation of the 70's and how it impacted me when I began to work. Prior to that, it was a conversation topic for parents as they read the newspaper and scoured the sales sheets and ads for the cheapest prices on food. My first classes in economics in the mid seventies, focused strongly on this topic. My biggest fear in recent years was that inflation would return - and lo - right as I am about to retire, it has returned.

2 ай бұрын
DoubleEszpresszo
DoubleEszpresszo

@Supernova I'm about to find out how people live in Argentina as I will go there and study Spanish at the end of this month. I do know this. Their currency is in a steady prolonged dive and Argentinians pay a much higher exchange rate through a "blue market" rate on the street for USD or Euros as people are trying to stay ahead of inflation or at last limit their losses by holding hard currencies. I'm in Brazil at the moment and last month I met an Argentinian man who offered me 280 Argentina Pesos for any dollars I had. I declined his offer though as the ARS continues to decline and I will likely get a higher exchange rate on the street when I get down there. Cheers

11 күн бұрын
DoubleEszpresszo
DoubleEszpresszo

@armycheesebagel Whoa aren't you clever. Lmao right. Yes we've always experienced inflation but I see you at least got a laugh out of my failure to type "uncontrolled inflation". I guess you got the last laugh Mister Economist.

11 күн бұрын
DoubleEszpresszo
DoubleEszpresszo

@Aonoymous Andy No prayers required, Andy. Social Security has an annual COLA adjustment. My last job however was only giving raises of 2-3 percent the last two years. It made more sense to retire early or find a better paying job. The latter is not easy when you are 64. Plus I've got tax sheltered investments that yield passive income though the stock market will not likely do well until the next presidential election.

11 күн бұрын
teflontelefon
teflontelefon

Try HYPERinflation. We're about to go there.

26 күн бұрын
Andrew Scheuerman +1
Andrew Scheuerman

They never solved this problem, all that happened is that the tech industry took off in the late 80s early 90s, the USSR fell apart and all that did was mask this cancer. The wars after 9/11 also created a decade of defense welfare spending, masking again the cancer. By the crash of the 2009 that gave us Obama, we saw inflation with no relief for the people, we did see large money going to corporations and that changed America into a corporatist state, as they all now have a back and forth so strong that we see it in the woke WEF agenda playing out. We need to end the FED cartel and have our money backed by Gold and have congressional oversight. Then we need to have domestic oil and gas projects open up and create domestic supply industries for energy, food and tech, this will not cut us off from global trade but it will start to shift us away from China having all the cards.

29 күн бұрын
blakespower +498
blakespower

I like documentaries like this, without people sticking their fake emotions into the subject

2 ай бұрын
Brandon Vestal
Brandon Vestal

@Wei2 Oh wow, that looks awesome. Will do, thanks!

11 күн бұрын
philip northfield
philip northfield

@billj139 The primary drivers of the boom bust cycles are related to the law of supply and demand, availability of capital and future expectations these conditions are still in existence if you have a metal or asset backed currency or a fiat paper currency hence there were booms and busts prior to adoption of fiat currencies. Look at the great depression of the 1920s when most nations currencies were gold backed. The Tulip mania of the 1630s another boom bust cycle. More recently the 1953, 57 and 1960 recessions these at a point where the dollar was pegged directly to gold. So no infact the use of asset backed currencies such as gold unfortunately won't stop the boom and bust cycle.

25 күн бұрын
philip northfield
philip northfield

@Marc Ritchie No I don't think you understood what I said, I made the observation that unless you explain that they're going to be downsides to whichever course of action you embark on then you are not being honest. Do you understand how the fractional reserve system in use in most of the world actually provides money into the economy?

Ай бұрын
0penthaugtz +16
0penthaugtz

This video should be shown to everyone when they're in high school, so they know how money works when they graduate. Because the amount of grown adults today, whom are economically illiterate is quite staggering.

21 күн бұрын
Geronimo Gerardot +204
Geronimo Gerardot

I like how it’s not political. It’s just the facts and uses real examples to support the data. We need more of this these days.

2 ай бұрын
Gary Crabtree
Gary Crabtree

@Mike Smith Why should we believe you?

20 күн бұрын
Evil 1
Evil 1

@mpfilgueiras That's a lie

21 күн бұрын
philip northfield
philip northfield

@joe turtleneck No the truth and facts are the truth and facts regardless of an individuals beliefs, there is room for interpretation of how those truths and facts may effect different situations but they are still either truthful and factual or they aren't.

21 күн бұрын
joe turtleneck
joe turtleneck

we have it but unfortunately its the ppl that make it political. the truth and facts are whatever they already agree with

22 күн бұрын
philip northfield
philip northfield

@GuilhotinaGamez As you understand the fractional reserve system you also understand the need to not cause a sharp reduction in money supply that would be caused by a reduction in borrowing and the long term consequences of the resultant defaults and collapses of so many businesses this would cause early in the pandemic the US stockmarket was collapsing the QE was primarily to avert this and the instant consequences, as I understand when those decisions were taken a different administration were in office in the US, the later stimulus was in actuality quite small by comparison and could be considered more like a tax reduction just with the benefit being more widely distributed. More similar to the stimulus that Brazil employed. The vast majority of the inflation in the world is less about the fairly carefully structured and costed borrowing to mitigate the effects of the Pandemic, rather the global oil gas and grain price shock caused by the conflict in Ukraine and the huge disruption caused to supply chains in China where nearly 30 of the world's goods are produced and the container shipping contraction massively ramping up prices. The QE programs can be unwound relatively easily by selling the assets the central banks purchased back into the market as the global recovery progresses. The cost of not having injected liquidity to save those businesses would have resulted in immediate unemployment rising and reduction in tax base and all the other consequential problems associated with high levels of commercial bankruptcy.

Ай бұрын
Ben Phillips +355
Ben Phillips

This is a tangent, but notice how healthy and lean everybody is in this video. Pretty shocking. Everybody has a normal BMI in this video, from the mom and dad to the union veterans to Milton himself.

2 ай бұрын
FallNorth
FallNorth

@slonik14 LOL my dad (who is shall we say "old") comments about how the Eastern Europeans are so much fitter than the "locals" :) I get it. But to be fair it IS normally a lot warmer in summer in Warsaw than Wales :)

27 күн бұрын
sloburnjo
sloburnjo

@Peace on Earth yes, transformed and processed 'foods' are no bueno.

29 күн бұрын
sloburnjo
sloburnjo

@Joaquin Correa i am sure investments grew as fat as the general public.

29 күн бұрын
Max Kline +1743
Max Kline

it's not explicitly stated in there but inflation is also an indirect tax on savings.

5 жыл бұрын
Scott Coleman
Scott Coleman

Even Mr. OBVIOUS gets it it's awesome

22 күн бұрын
Jax Sage
Jax Sage

Your point is made by Friedman.

Ай бұрын
tallthinkev
tallthinkev

A very late comment, however. As for savings don't put in all in one place or one type of savings. The best is still land, gold and silver, they always go up over time

Ай бұрын
Therbeeo
Therbeeo

@Iceman Many people do not understand the concept. So not obvious for some

Ай бұрын
ANNA KENDRICK +70
ANNA KENDRICK

"Wealth is created when the conditions are such that the people who know how to create it are free to do so"

Ай бұрын
Paul Bate
Paul Bate

@Kate Benaym Financial advice is another form of taxation unless it becomes your education. Never confuse wealth creation with wealth protection, and that generally doesn't come from a financial advisor, it comes from someone who can set up a non-registered trust! Anyone can make wealth, most people don't know how to keep it, therefore the skill that really needs to be attained is how to protect from piracy and plunder. This is more law than finance.

19 күн бұрын
Paul Bate
Paul Bate

Or more to the point: "Everybody has the power to create wealth, but few have the knowledge on how to protect it".

19 күн бұрын
Tony Moruzzi
Tony Moruzzi

Wealth is created by working people who don’t get their just reward.

24 күн бұрын
sloburnjo
sloburnjo

@Jessica read the 2 or 3 classic investing books. Then just mimic the Dow or S&P you will grow as they do.

29 күн бұрын
Neva morris morris
Neva morris morris

48750

Ай бұрын
F Bart +219
F Bart

It's almost unbelievable that such a simple explanation is so foreign to so many people.

2 ай бұрын
Anthony
Anthony

@Daniel T. based off of what body of literature? Of course high school level Americans don’t go off of research. The go off of personal anecdotes and their feelings.

Ай бұрын
Daniel T.
Daniel T.

@Anthony Why do you think I believe everything he says "without question"? I don't believe it because he said it. I believe it because it's been proven time and again that printing too much money causes inflation. Do you disagree with this? And if so, why do you think inflation happens?

Ай бұрын
Anthony
Anthony

@Colonel 100 Says the guy that thinks Friedman had no opposition and thinks he's an infallible god haha

Ай бұрын
Anthony
Anthony

@Daniel T. you’re the kind of guy that sees one video of an economist from decades ago that had others with opposing views at the time and believes everything he says without question

Ай бұрын
B Reft
B Reft

It's completely unbelievable that you would accept it as an explanation. Inflation overall is 9%. But some things are up way more than that. How much of that extra printed money did you get your hands on in the past two or three years that hasn't already been spent? Money supply arithmetic makes no sense. It's logical, but math and reason don't support the logic.

Ай бұрын
AB Hockle +208
AB Hockle

40+ years later we're still dealing with these shenanigans with these career politicians.

2 ай бұрын
Steve Rooney
Steve Rooney

Yesorr Yes probably

17 күн бұрын
Big Johnson
Big Johnson

@GizmoMaltese You left out Wilber Ross, Trump's Treasury Secretary while 6.7 Trillion was printed and flushed into the economy in 4 years.

Ай бұрын
Martin
Martin

replace career with corrupt........

Ай бұрын
Danthecoinman
Danthecoinman

@Mark Mance Lobbying should be illegal.

Ай бұрын
Michael Couch
Michael Couch

@Richard Keyser anymore than a President who can’t complete a sentence?

Ай бұрын
Tayo +35
Tayo

God bless Milton Friedman for this astute and articulate explanation.

2 ай бұрын
glenn oc +7
glenn oc

For years I was of the understanding that wage growth always follows two factors, 1.low unemployment, 2.hyper Inflation or in some cases just three quarters of growth over the govts accepted indexation on services. Now I'm hearing from respected economists that interest rates rises will exacerbate short to medium term inflation and possibly send nations into a depression.

2 ай бұрын
Stephen Bell +24
Stephen Bell

I have an interesting perspective that I suspect not many people have gained from personal experience anymore. And it's one that validates what Milton Friedman was describing. I grew up on a homestead in a very rural area in Alaska in the middle of the last century. We had some land, but it was not considered very valuable. We had very little in the way of cash income. There were no roads, no electricity, no infrastructure, no radio, no television, etc. Alaska was, and largely still is, a cold, hard country, and is certainly not one of the easier places in the world in which to wring a living from the land. Our family was a 'self-contained economy'. If we wanted food, we planted, gathered, hunted, etc. If wanted shelter, we built it. If we wanted clothes we made them. We could do a small amount of trading for the goods of others or to earn a small amount of cash money, which we could spend on goods available by a supply ship that came by twice a year. But the point is that pretty much everything we had was the direct result of our own productive efforts. Another way to say that is that pretty much all of our productive efforts directly benefited ourselves. Now here is the interesting bit. You might think our lifestyle was precarious, or that we didn't own much, or that we had to work very hard, and there is *some* truth to that latter, at least periodically, BUT in actuality we generally lived very comfortably, in a large family home that my father built by hand, we ate extremely well from the bounty of the earth and sea, we were well educated, and we actually had a great deal of leisure time to spend on making music, playing games, creating art, simply spending time with family, traveling, and pursuing personal hobbies and interests. For six months of the year we worked about six to eight hours a day with a strong work ethic (a good bit more in harvest time etc.), for the other six months of the year (winter), we didn't work at all. I would estimate that we worked probably about one thousand hours per year, or less than half of what the average wage earner works per year now - not forgetting that it now more often than not requires more than one wage earner to support a family. Half. When you are the direct beneficiary of your own effort, that's all it actually takes to live, and live well, even in a difficult environment. Money is basically a marker system. It represents a frozen form of productive effort. When they devalue money, through inflation or otherwise, they are stealing from that banked effort. The real horror of this is not merely that 'things cost more' or 'money is worth less', or even that they have stolen from everyone who exercised the virtue to save, it is that the work you have put in can no longer buy an equivalent effort from your fellow human being and they have thereby increased the productive effort required of you just to provision the basic necessities of life. Multiply that by a few inflationary cycles and you arrive at where we are today. Take it from me. I have cause to be convinced. It doesn't really require one to work three thousand hours a year, eat low quality food, end the day in exhaustion, and rarely spend time with friends and family just to get by. That is the true cost of inflation.

2 ай бұрын
Brandon Martin
Brandon Martin

Thank you Stephen Bell for your insightful story and reality. It makes all the sense in the world to me.

Ай бұрын
Stephen Bell +5
Stephen Bell

@Dr10s Well, hmm... I think I would say that what I am describing is actually the destruction of stored capital, which is another fairly succinct way of describing inflation. As to who derives the benefit of an individual's productive effort, in anything but a solitary existence it is divided - and I am not aware of any system of division of labor that is not subject to abuse or unfairness. Some would argue that free-market capitalism has a better track record in this respect than its alternatives and that competitive market economies take less off the top than centrally planned or controlled ones; however, there is historically no system where a very substantial amount of the benefit of work does not derive to the person actually doing the work. Even slavery. (Slave or fedual systems weren't replaced by capitalism, btw, but rather by the land-lease system, which still remains the source of wealth for the much of the Western world's old money). I would agree that slavery or any form of compulsary labor has to some degree been functionally replaced over time by indebtedness, since either of these places an individual in rather similar circumstances. To the extent that one might criticize modern corporate capitalism, I suspect it might be rather more valid to fault them for encouraging indebtedness than for taking too big of a piece of the pie, although there is legitimacy in that latter criticism as well. In any case, my only real point in my original post was to provide a point of reference for people who might not have personal experience of the relatively modest effort that it requires to live comfortably, to the extent that one can drive much of one's effort to directly benefit oneself and shield oneself from confiscation, whether that be in money (taxes) or in the value of money (inflation). Thank you for the civil discourse :)

2 ай бұрын
Dr10s +1
Dr10s

That’s not really caused by inflation, but by the corporation-dominated capitalist system, the modern day version of the feudal system. A few at the top, the corporate overlords, get rich, and the workers who produce the wealth for the owners get only a tiny amount of it.

2 ай бұрын
Rachel B. +2
Rachel B.

Thank you for posting this. I am working toward self sustainable life style

2 ай бұрын
Chubaka +74
Chubaka

"If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around them will deprive the people of all property until their children wake up homeless on the continent their Fathers conquered." Thomas Jefferson, our 3rd President

Ай бұрын
Bryan Rendleman +1
Bryan Rendleman

@FreeGeorgia Actually it's NYC because the FED is a private corporation owned by Wallstreet banksters. Milton never addresses this part of the economic equation because he is one of its few stock holders.

Ай бұрын
Ace Mc Cool
Ace Mc Cool

What, you hate Jews? GET HIM

Ай бұрын
FreeGeorgia +2
FreeGeorgia

And inflation comes from one place and one place only. Washington DC. Why? Because only the FED has a printing press.

Ай бұрын
grayhawk66 +101
grayhawk66

This is powerful. Every media and social outlets need to play the video three times a month until everyone understands what’s inflation is all about.

2 ай бұрын
D G +1
D G

Lmao, the media has cancel cultured him and anyone like him decades ago. He flies in the face of everything they narrate, and makes them look like complete morons.

29 күн бұрын
Blue Max
Blue Max

@tdunster2011 where's your Nobel Prize?

Ай бұрын
Соɾу ℛ.
Соɾу ℛ.

That would go against what they're aiming achieve.

Ай бұрын
Coffee Sploosh
Coffee Sploosh

@AB Hockle National Economic Security and Recovery Act

Ай бұрын
Coffee Sploosh
Coffee Sploosh

@tdunster2011 he skimmed the surface of the problem. The problem is the fiat currency and the amount the U.S. government needed to pay back to the Fed, with interest. The interest doesn't exist until printed so, to pay it off, you have to ask for more to cover the interest. So much so these days that when bills are passed, there is a nauseating amount of unrelated garbage hidden away asking to print more money. We call that an omnibus bills. When that escapes you, well, you need to start selling. Selling bonds, and commodities. Need to increase taxation. People cannot have as many kids, especially after having to shove women into the workforce, which deflated wages. Corporations, businesses, even regular folks need to survive too, so businesses take their manufacturing and production to another country with low currency value (usually taking advantage of human right violations), sometimes, keeping their currency artifically low to compete with other poorer countries for the production. And folks need to buy cheaper stuff since prices continue to rise and rise, so they're just happy that prices are lower not concerning themselves with the exploitation of child, prison, and slace labor. See Nike, EV car batteries, Apple, all smart phones, etc. for examples. Taking all types of loans from banks using fiat currency is the issue. Thank Wilson in 1913 for establishing the Fed as a private company not on U.S. jurisdiction, and Nixon in 1972 completely stripping the gold standard from the dollar. It was the finite amount of gold that prevented inflation, because they could have only borrowed so much. It has created so much corruption and so much influence, it's maddening. The Fed has accumulated so much raw wealth from the wars that started the year after it's establishment in 1914 that essentially, mission accomplished. Now strip it's value and seize the raw wealth. The country was brutally robbed and is only floating about on a dream that debt notes and digital currency is somehow valuable and we can trade with it. It has always been a pyramid scheme from the start and it has an inevitable collapse. The signs are clear, and we will continue these cycles which will only get worse and worse until it can't sustain any longer. And then what? The bankers know what they're doing. Nothing better than your subjects voluntarily becoming your debt slaves to rule over the countries who practice this method of corrupt banking. My speculation that follows, issuing a valueless one world digital currency that will follow the global economic collapse, since most nations use fiat currency.

Ай бұрын
G mac +1514
G mac

I got an undergraduate degree in International Business. But I've learnt more on youtube in 6 months than in did during my 3 years there.

2 жыл бұрын
Shitij Malhotra
Shitij Malhotra

Maybe you were sleeping in school

18 күн бұрын
Eric D
Eric D

@Glitch He hasn't watched that video yet! I'm not gonna lie, I don't think studying 'business' implies anything like getting an education.

21 күн бұрын
Glitch
Glitch

@Eric D Bro,...he said "learnt" in the same statement as his comment about his undergrad in international business. I just can't.

22 күн бұрын
Joe Harris +1
Joe Harris

@pseudo-philosopher Same. I got my degree in economics. It gave me little benefit in the job force after college. May as well not have even gone.

26 күн бұрын
樂 天 Bradley
樂 天 Bradley

@James Wilson it also is a distraction from the things they don't want you to know

Ай бұрын
phenomenal 2171 +6
phenomenal 2171

Love Milton Friedman, he can explain complex subjects in a easy to understand manner and not be condescending. I watch his Free To Choose videos all the time to refresh my understanding.

Ай бұрын
Mr Green
Mr Green

Really well explained Milton. Inflation is really rate of money printing vs goods+ services.

23 сағат бұрын
quality Boy +13
quality Boy

It's one thing to have the masses live through the ups and downs of the economy, it's another to realize that select few manage to make money, and lots of it, regardless.

2 ай бұрын
Alan
Alan

The problem is matching money supply with goods and services available and in demand. Consider: if the money supply remains stable, but available goods and services drop, there will be inflation. The money supply is basically managed by the fed through the prime rate: the lower the interest rate, the more will be borrowed, releasing new money to the public. Many outside factors affect production - which the fed has to respond to. If the fed matches them perfectly, it can stop inflation. If it doesn't, do you blame the fed for inflation, or these other factors? To complicate matters: institutions (the gov't in particular) may continue to borrow even when the prime rate goes up - keeping inflationary pressures in place. A side effect of raising the prime rate could be a cooling of the economy - causing unemployment, and a reduction in production, in turn causing inflation. People's habits change; they may be more quick to the money they have - causing inflationary pressure even if the money supply hasn't changed. In summary, the fed has this one lever which is more effective than anything else at controlling inflation, and can often keep it in check. Whether you blame them - or the other factors - for inflation depends on your ideology.

2 ай бұрын
Steve Richter +16
Steve Richter

That part about inflation pushing you into a higher bracket is something that dawned on me would happen when reading and listening to discussions on this elsewhere. It just seemed logical and it's supported here by what Milton is saying. Man, we need a better press to discuss this stuff publicly. Nobody's talking about this. NOBODY! I'm happy that we live frugally in our home and are both working at the moment, but the impact is still there.

2 ай бұрын
JiF
JiF

@J K The IRS actually releases a document every year detailing the adjustments made for inflation. That said, god only knows if a broad measure of inflation like the consumer price index is even useful, with stagflation being a thing and huge increases in the cost of living occurring in most US cities.

Ай бұрын
Steve Richter +4
Steve Richter

@Stuart D I don't really need to as Biden has already told us.......It's big oil's fault! Inflation just came out at 8.6% and accelerating! Gah!

2 ай бұрын
Melodius Thump +69
Melodius Thump

Well here in June 2022, this aged well. Once again, DC is spending beyond their means, requiring mass printing of money, driving down the value of the dollars in circulation. This affects only the lower and middle classes because the rich have other forms of investments that are not pegged to the dollar.

2 ай бұрын
romulusnr +1
romulusnr

"Spending beyond their means" is just something people say when they get mad about not being able to earn enough to afford their own over-leveraged lifestyles because taxes exist.

Ай бұрын
Bob Burnitt +1
Bob Burnitt

Yep, and PEOPLE NEVER LEARN!!!

Ай бұрын
inSparks
inSparks

Everyone should watch this video. It's as relevant today as it was back then. The majority of the money problems we face are the symptoms rather than the cause. However the solutions are also the variables within the wider puzzle. It's this never ending cycle that ensures that so long as there is money (and there will always be a form of currency because everything has a value), there will never be a utopia.

2 ай бұрын
Geoff Phillips +12
Geoff Phillips

Milton Friedman was a macro- fiscal genius.

Ай бұрын
Geoff Phillips +1
Geoff Phillips

@Rick Springfield Let’s insert “macro”.

Ай бұрын
Rick Springfield
Rick Springfield

Nothing you said was incorrect. He is simply a genius.

Ай бұрын
Rick Springfield
Rick Springfield

Let’s just remove the word “fiscal”.

Ай бұрын
bermudaguy1 +1963
bermudaguy1

Everybody was looking to strike it rich, but the guy who made out well was selling shovels and equipment.

8 жыл бұрын
Kent S
Kent S

It was actually the guys and gals who bought stock in the companies making shovel PARTS that made the most! 😀

Ай бұрын
RAEL +1
RAEL

"Everybody was looking to strike it rich, but the guy who made out well was selling shovels and equipment." .....a stock broker. The stock broker knows there is no money in buying stocks. The money is in selling stocks. Otherwise all stock brokers would make their fortune and retire young.

Ай бұрын
Craig VR
Craig VR

Hey that's a good point. Making money on people hoping. Guaranteed.

2 ай бұрын
Joe L +40
Joe L

Milton was awarded the Nobel Prize because of his work. He and I share the same Birth Date - 7/31 and although he has passed, his "Free to Chose" will live on as a marker for economics.

2 ай бұрын
Tom Wayburn +1
Tom Wayburn

Nevertheless, when he assigns inflation to washington alone, his faulty economic assumptions begin to lead him astray. I am willing to discuss why Milton Friedman is wrong with any serious person who is willing to do high-school math.

Ай бұрын
wikikris
wikikris

Loved his work but be careful to be explicit what he won. It was a separate price in memory of Nobel and not one of the actual Nobel prizes.

Ай бұрын
flashtheoriginal +5
flashtheoriginal

An economics masterclass. I dont fully subscribe to the monetarist view on demand-pull-inflation, but can now better understand the position. The managed carousel of money supply, underpinning the freedom of market forces, cannot be disputed as a primary inflation factor, but it raises big concerns around quantative easing and its' impact on real terms spending. And now I have a headache. Thanks for posting

Ай бұрын
My Google +1
My Google

1:10 Thankfully Dr. Friedman prefaced the "pour" with the reassurance that it wasn't real gold. Iron pyrite, maybe.

Ай бұрын
E Squared +13
E Squared

We need someone in our generation to be the new Milton Friedman

Ай бұрын
Nathan Romano +5
Nathan Romano

Milton is a brilliant man who explains economics in a simple way so a dummy like myself can understand.🤣

Ай бұрын
Jason Rose +13
Jason Rose

Friedman reminds us that true economists, while fascinated by formulae and statistics, view the discipline as a human one. They are students of history, politics, anthropology etc. That seems sorely lacking in the profession today.

Ай бұрын
Jason Rose
Jason Rose

@B Reft Fascist?

Ай бұрын
B Reft
B Reft

Miltie is smiling all through that film because he knows everything he said was no longer applicable to the fascists he so loved. It's a propaganda piece that explains why the working man gets screwed, but not who ultimately benefits, as if it was the government. The only connection is where the money is spent. Big business and government dumped the average person a long time ago.

Ай бұрын
Tom Smock +3
Tom Smock

Friedman is a brilliant, good hearted economist. He simply explains the inflation mechanism in detail. But few explain why and necessity to print lazy money to increase the velocity so necessary to offset risk. There’s a solution, but few have the skill to sell the concept. Trouble will continue to repeat itself.

2 ай бұрын
Doctor Nawar Sabah +15
Doctor Nawar Sabah

This guy knows about history like no one else!

2 ай бұрын
Matthew Vicendese +1
Matthew Vicendese

Nah, communists and socialists have a much better understanding of history.

2 ай бұрын
BitcoinFixesThis +1
BitcoinFixesThis

Milton was a hero and is a LEGEND!

2 ай бұрын
Jeffrey Stevens +1283
Jeffrey Stevens

>watches milton friedman for 15 minutes >knowledge is power

5 жыл бұрын
maxi cornejo
maxi cornejo

@chris wtf did I just read?

Ай бұрын
Erik Larson +1
Erik Larson

What's hilarious is: If you do spend the 15 minutes here you are infinitely more educated than 99% of voters.

Ай бұрын
Sarah G
Sarah G

is it possible QE was used bc supply increased, thus negating the effect of more bills in circulation? as in, an equilibrium btwn supply and demand was achieved by QE. I'm still trying to comprehend this, I'm just thinking aloud

Ай бұрын
chris
chris

@lgrrf ok smarty pants you missed the point the barter system was alive and well ..Like if a neighbor has a tree fruit or veggie tree they dont like and they dont wantem to waste they givem to you and you.eat some and tradem to another neighbor who has tomatoes cuz he dont mind he has extra tomatoes and dont know the other neighbor etc... everyone should grow their own gardens and veggie trees etc..

Ай бұрын
Mike Thurman +34
Mike Thurman

As a kid in the 80's, my folks struggled to pay bills. But we always had food, clothes, but nothing much extra. Today, my wife and I make 12x what my parents made, have nearly 30x in savings (IRA's, 401k, bank) that my parents have, but struggle paycheck to paycheck to pay bills. We try hard as we can to NOT use that savings to just live month to month. 200k house that we owe 70k left. 1 car payment (other car paid for), and paying for college for our oldest from a 529.

2 ай бұрын
Kriegerdammerung
Kriegerdammerung

@Feyser1970 Anything wrong, you failed to write something useful: - Communism is like intergallactic travel: it never happened - Socialism was a succes in EVERY country it was implemented - You can't tell me where to go, what if I don't want to go to Cuba, Korea or whatever?

23 күн бұрын
Feyser1970
Feyser1970

@Kriegerdammerung socialism and communism failed in every country and there were just repression and no no human rights the reward they gave, so shut up or just go to live in Cuba, Venezuela North Korea, that's socialism reality

24 күн бұрын
Brian C +1
Brian C

Some of it is dollar inflation some of it is inflated expectations from monsters in my Millennial generation. There are truly poor people out there in America on a relative basis and I feel for them. But for so many the new Struggle to pay the bills in America has become I can't have 2,500 SQFT home when in 1960 it was like 1,400 SQFT. Inflation is real but you really go back and compare lifestyles shit hasn't changed as much as you would think. Although expectations have. Most Americans just waste a ton of money on impulse buys and things that give them instant gratification. So glad you got a new car my 12 year old car is running fine.

Ай бұрын
Mar Blox +62
Mar Blox

I wish our government would practice what Mr. Friedman preaches.

2 ай бұрын
Nathan Pattee
Nathan Pattee

Friedman's idea of an economy was used on chiles economic system for decades and its crap. I live here and no one can retire because the private pension companies AFP were not good compared to the USA and northern Europe. They were too much for profit compared to public pensions and social security like is in the USA. People get like 200 dollars a month when they retire. Food prices are higher than the USA in actual dollars. Friedman's monopolistic ideals were implemented and there isn't any competition to keep prices low. Its ridiculous here! Talk about inflation!

Ай бұрын
Lee Mcc +1
Lee Mcc

@Retrovirus Negative income tax is not socialist. You need to read into what socialism actually is.

2 ай бұрын
Tjalve +26
Tjalve

And after 2 years of pandemic, where money has been poured into the economy b the way of assistance to people, while work has grounded to a halt and less things have been produced, people are surprised that we are getting the highest inflation in 40 years. How can they be surprised? It's obvious what the reason is.

2 ай бұрын
Gigabomber
Gigabomber

Closer to 100 years.

Ай бұрын
A G +4
A G

Many people said it would happen once businesses fully reopened. They even explained why. Here we are.

2 ай бұрын
Brian C +6
Brian C

Man you have to miss someone like Milton Friedman. Amazing the quality of work he did in an era most people born after 2000 will never understand. Actually having to go into a library or travel to see and get information.

Ай бұрын
LPSchaf
LPSchaf

Ch ch ch ch changes

Ай бұрын
D.B. +519
D.B.

Milton, apart from being well educated and well-read... was such a great, natural teacher.

2 жыл бұрын
stevo11101
stevo11101

And that is why his ideas won out...but that does not mean his ideas are correct.

27 күн бұрын
Albert Andrews
Albert Andrews

He wrote the book.

Ай бұрын
D G +1
D G

He tells it how it is, with no fluff or submissivenes to certain idealisms or political narratives. A concept this country needs to get back to, instead of hiding behind feelings and living in a delusional fantasy land.

Ай бұрын
Mark Vidal
Mark Vidal

Wouldn’t stopping the printing press ( which I’m in favour) be a form of regulation? The demands placed on the printing press is from the explosion of credit lending backed by securities and is also driven by how consumerism is marketed to us. Unlimited demands, limited means = credit. Wouldn’t stopping the printing press only be possible if people didn’t have such an insatiable desire for goods,wealth, success etc and doesnt that go against what this whole neoliberal world is based on?

Ай бұрын
Rimma Rosenberg +1
Rimma Rosenberg

Genius, Brilliant Milton Friedman! Simple and short explanation!

Ай бұрын
Asadian Belifont +67
Asadian Belifont

Remember when you could raise a family with 2 cars, 3 kids, and a 4 bedroom house on a single working mans income? Lol

2 ай бұрын
antilogism
antilogism

@C G56 No limit to union greed. It sucks not being in a right-to-work state since you are forced to quit or have your pay docked if the leaches get in.

Ай бұрын
Jeff DuMond +1
Jeff DuMond

@drunkensailor112 - agree. Corporate greed had everything to do with it. Patriotism and loyalty to the USA had zero to do with it either

Ай бұрын
drunkensailor112
drunkensailor112

@C G56 the unions had nothing to do with that

Ай бұрын
Wm Edmis
Wm Edmis

@C G56 Maybe super low labor costs and almost free ocean shipping rates and easy communication had something to do with products being made elsewhere, dontcha think?

Ай бұрын
Lego +17
Lego

It all started with Nixon taking the US off the gold standard. Previously, there could only be the amount of money in the economy that matched the gold reserves. Now, no coordination to the printed dollar to any value - just debt piling up on more debt.

Ай бұрын
Paul Meeker +4
Paul Meeker

@Try telling the truth. You're correct. Nixon severed any remaining tie the US dollar had to gold. But loosely stated, it can be said FDR and Nixon both ended the gold standard

Ай бұрын
Try telling the truth. +5
Try telling the truth.

@Paul Meeker The US went off the gold standard in 1933, meaning debts could no longer be paid off in gold. This followed the UK which came off the gold standard in 1931. Nixon finally killed it off in 1971.

Ай бұрын
Paul Meeker +3
Paul Meeker

@eljamo93 It's not a joke. In 1971 Nixon took the US off the gold standard. The dollar was no longer tied to the amount of gold we had and became a fiat currency, meaning the dollar was no longer backed by a commodity, gold. As a result, the Federal Reserve was able to print as much money as it wanted. Immediately inflation started.

Ай бұрын
eljamo93
eljamo93

Is this a joke?

Ай бұрын
Salty Gamer +26
Salty Gamer

I officially now know more about inflation then all of Congress combined.

2 ай бұрын
Hans Krieger
Hans Krieger

Now the reasons are putin, putin and putin.

Ай бұрын
alpha-male1 +2
alpha-male1

An absolute amazing video..and he we are today living what was just taught in the clip! Why humanity doesn’t learn from its past is just boggling

2 ай бұрын
John 316 +108
John 316

“Inflation is not a capitalist phenomenon, it’s not a communist phenomenon, it’s a printing press phenomenon.” -Friedman

2 ай бұрын
Darkness
Darkness

@Mark Mance and for all our advancement, the world is worse.

2 ай бұрын
Mark Mance
Mark Mance

@Darkness The things that change are numerous: culture, technology, etc. Human nature does not seem to be amenable to change, apart from growing old and dying.

2 ай бұрын
Darkness
Darkness

the more things change the more they stay the same

2 ай бұрын
Simboiss +1
Simboiss

Milton Friedman conveniently ignored charter banks, the institutions that are responsible for most of the inflation.

2 ай бұрын
B C +7
B C

The anguish on the Pittsburgh tool and die maker's face says it all. Great easy to understand video. Loved the gold and tobacco teaching examples too.

2 ай бұрын
Jean-Pierre De Vent
Jean-Pierre De Vent

Thank you Milton for not blaming inflation on unions and wages. But it's like there already was so much "virtual money" for years. Why now suddenly ? They say it's because production can't follow risen demand. So what if the government gave us a list of things we should for the moment avoid to buy in large quantities, if possible ?? Would that help?

Ай бұрын
New Yardley Sinclair +136
New Yardley Sinclair

My favorite Friedman quote was something along the lines of "if the U.S government were in charge of the Sahara desert it would be out of sand in 2 years "

2 ай бұрын
Liam Taylor
Liam Taylor

You might want to read about the worldwide sand shortage, the kind that is used in construction. The private sector is literally using it all up to make concrete. If the private sector were in charge of your property there would be a mine where your house used to be.

Ай бұрын
Brian Armstrong
Brian Armstrong

Most of the Sahara isn't the dune seas you see in the movies.

Ай бұрын
Liam Taylor
Liam Taylor

@Piotr D. So who pays for upkeep on those empty houses?

2 ай бұрын
Liam Taylor +2
Liam Taylor

Speaking of which, there is a worldwide sand (construction quality) shortage, thanks to unrestrained growth propelled by the capitalist expectation of rents, in combination with the use of fossil fuels.

2 ай бұрын
Shaun Sweeney +5
Shaun Sweeney

If every American stops paying federal taxes on thier working wages. This is gotten out of control.

Ай бұрын
Ghetto Wagon +4
Ghetto Wagon

A old teacher I had was a personal friend of Milton Friedman

2 ай бұрын
Apollinaris
Apollinaris

I feel like the way to fix inflation is to outlaw printing more momey, and outlaw banks loaning out money they don't actually own..

Күн бұрын
John
John

Inflation offsetting tax cuts by putting you in a higher tax bracket has nothing to do with wage and salary earners whose income is seldom tied to inflation (colas) but mostly affects business income because of those price hikes. What happens is that the tax brackets themselves are changed to make your same income fall into a higher bracket. That's what Trump did to the middle class to pay for the huge tax cuts he gave the super wealthy, which had no effect on gnp or employment in an already booming economy.

2 ай бұрын
Cliff +298
Cliff

The genius of Milton Friedman is explaining esoteric economical concepts in a way everyone can understand. After all, as abstract as it may be, economics has a very real impact on our daily lives.

3 жыл бұрын
xxxblackvenomxxx +5
xxxblackvenomxxx

Well.. inflation is one word to put it. The other one is THEFT. You might call it a tax, but it's not. With everything going digital, it's worse than ever. We need to stop this, the sooner the better.

Ай бұрын
Mar Blox +18
Mar Blox

One of the smartest economic minds that ever lived.

2 ай бұрын
rob slade +1
rob slade

I live in the UK and one of the clueless idiots who is trying to be our next Prime Minister wants to fix inflation with tax cuts. While at the same time looking the other way with all the corruption that is causing our problems in the first place.

2 күн бұрын
peep39
peep39

watching that poor guy do his taxes made my skin crawl. I remember my dad doing that. My wife and I go to H&R Block and while it pains me to pay someone, at least it is easier

Ай бұрын
Craig Field
Craig Field

I have yet to see a video that actually explains how the expansion of a currency creates inflation. Take the example of tobacco in this video. The reason tobacco lost value is because the market got flooded. Yes, you could use tobacco as a currency, but ultimately is was a commodity and the market only demanded a certain amount. Once the market got flooded, the value deteriorated. It is difficult to vue fiat currency in the same manner because either only value is as a currency. If businesses stopped accepting it, the money wouldn't be worth any more than a piece of tissue paper. Yet it is accepted and humans never seem to feel as if they have enough. There is always a demand, if for no other reason than to have the security of knowing they have it. Now, do I believe there will be an eventual collapse of the US Dollar, yes, but we are talking about inflation. Right now, inflation is a direct byproduct of poor governmental policies in the USA that created a demand for oil/gasoline. That caused an increase in production costs and transportation costs that are being passed on to the consumer.

Ай бұрын
glenn oc +1
glenn oc

Supply demand and other small factors will always influence inflation but once the supply demand extremes become less extreme prices will often fall. Well elastic prices will but fixed prices such as rates, doctors and trades services tend to remain static. That's why minimum wages have to increase to facilitate those bills for non elastic services.

2 ай бұрын
Pete M +6
Pete M

7:20 being pushed into higher tax brackets because of inflation. So many examples--perhaps the biggest one is the level of income at which social security is taxable. By not indexing this number, Congress is taxing retirees and those on fixed incomes. As always, Congress seeks to tax the poor because they have no political voice while claiming to tax the rich. Great video! Friedman should be required reading in all high schools and colleges!

2 ай бұрын
Dariune +5
Dariune

I know very well what inflation is but it's so painful and demoralizing that I just get mental block and refuse to acknowledge it even when it's right in front of me

2 ай бұрын
olwill1
olwill1

I believe ol' Uncle Miltie was an absolute genius, but how could he "explain" "inflation" without mentioning the Feral Reserve? He explained inflation well, but I don't think he gave the definition enough emphasis. "Inflation" is an inordinate increase in the money supply - an "inflation" of the money supply. Inflation is NOT rising prices and wages. It has to do with the money supply, not the cost of goods. Rising prices and wages are SYMPTOMS of monetary inflation - in spite of what the main-stream media say. Back to the Feral Reserve: They cause the vast majority of inflation through creation of money and credit out of thin air. They go through a complicated process so it doesn't look to the casual observer what they are doing. The FR was created to do just what they are doing. Once the FR was established, continual inflation became inevitable. The printing presses merely try to meet the demand for "pocket money". There's a retirement "advisor" here, who, in his ads, says, "...inflation went away" talking about the years since Jimmeh Catah's inflation was "cured". That liar fails to note that 1% to 3% annual inflation is still inflation and results in "creeping prices". Apparently, the people will take a beating with a switch, but not with a billy club. Any rate of inflation is harmful to people's future well-being, and the wolves always stand ready to come charging out of the kennel to tear and destroy as soon as the gate is swung wide open. People act like it's a strange thing that's happening. In fact, it's to be expected with a fiat monetary system.

5 күн бұрын
Jakob Jackson
Jakob Jackson

8:42- "we used to live on $60 or $50 every two weeks, now its $80 or $90" That is for a family of 5! Incredible how much food prices have gone up since then. With a family of 5 I spend 3x what he did then!

7 күн бұрын
Chuck D +1
Chuck D

We need to re-animate Milton and make him chairman of the Fed. 👍

2 ай бұрын
herman hesse +2
herman hesse

"Knowledge is a power when applied", " the power of any theory is defined by its predictions" - two citation of our boss of IT-ACS LTD we remember since 1989. Non of these two axioms are applied to mr Friedman: he never predict or prevent any unpleasant sequence of event in the world economics. each of us can make a lot of tales AFTER the event. None what to do before.

Ай бұрын
Vladi Vlad +397
Vladi Vlad

What a great man. What a great mind the world has lost.

8 жыл бұрын
madjack821 +1
madjack821

we still have this and his books

2 ай бұрын
Daniel Zachary Zapico +1
Daniel Zachary Zapico

LMFFAAOOOO

2 жыл бұрын
Feralz
Feralz

galohff you’re all thinking about what we’ve lost but never thought about what we’ve gained. People die that’s how life works the quicker you accept this the better off you will be

2 жыл бұрын
Ronnie Burson +8
Ronnie Burson

I have the book Free To Choose I bought in 1977 . I love Mr. Friedman , Thomas Sowell and Walter Williams. I spent my life making decisions I learned from these men. School did little for me. I am not rich but I have enough, God has blessed me and keeps me to this day. Run form the foolish, work hard and stay true to your heart. Look out for your neighbor.

2 ай бұрын
Richard
Richard

For an in depth explanation, read Friedman's book Money Mischief. It will teach you more about monetary policy and inflation than anything else available anywhere.

2 ай бұрын
Michael +2
Michael

I'd love to see the financial statement of the USA today. It would be like looking at the worlds biggest hypocrite. Government should be for protecting the people not stealing money from them. Politicians should work for modest income as a public service. Not as a way to become of the 1% in the world. There should be term limits in congress.

2 ай бұрын
Serfcity Herewecome +4
Serfcity Herewecome

We sure do miss the days back then when we had ACTUAL economists helping run the economy who WEREN'T 100% economically-illiterate.

Ай бұрын
David Um +695
David Um

Friedman, you are the Carl Sagan of the money universe

5 жыл бұрын
Supernova
Supernova

Funny, I was thinking the same!

2 ай бұрын
Anthony Fransella
Anthony Fransella

Two of my favorite educators growing up. PBS had some good programs back then

2 ай бұрын
Bucketheadhead +2
Bucketheadhead

Molon Labe “a mere astronomer with a telescope” This is the stupidest thing I’ve ever read. What kind of astronomer wouldn’t have a telescope?

Жыл бұрын
Bucketheadhead +1
Bucketheadhead

Joseph Mellen Which fiction was that exactly?

Жыл бұрын
JC Cloe +6
JC Cloe

I like how he was given permission to walk around the federal mint and blatantly accuse them of being the source of inflationary issues. It was cool to see him stop the print job too. That's all it takes folks. Literally stop printing the stuff. Let the markets regulate themselves, then be fiscally responsible for real, and bam! Healthy economy and decreasing debts.

2 ай бұрын
Rich L
Rich L

He was savage. 🤣🤣

2 ай бұрын
John R +3
John R

The single most influential person to the economic problems we have today.

2 ай бұрын
hedonist27 +1
hedonist27

"That beleaguered minority of the population that still smokes" cracked me up LOL 3:00

2 ай бұрын
Jay Ski +37
Jay Ski

You've got to love the simplicity of this presentation. It makes the concept understandable to anyone willing to watch. But we have to remember that most money these days is not created with a printing press and Milton knew this but chose not to muddy the waters for the average viewer. For those who would like to roll around in the mud though... The Fed lowering the reserve rates it requires from banks is one way to create money without a press. Quantitative Easing (which Milton could not have know of) is another. Or simply letting the Federal government spend more money than it takes in is another. Then there is the fact that since WWII the U.S. dollar has been the world's reserve which let's us get away with inflationary actions more than other countries since the rest of the world is often willing to absorb our excess dollars. Now if you want to talk about the velocity of money... It normally circulates a pretty steady rate but when inflation takes hold that velocity skyrockets and just like a rocket, it's hard to control. But that's enough for now.

2 ай бұрын
Gary Thompson +1
Gary Thompson

Quantatative Easing has been printing and circulating money in the UK for the last 12 yeasr (stopped Dec 21), which devalues the currency. Now QE has stopped, we've been hit with that devaluation, labelled as 'inflation' when in fact it's the devaulation coming home to roost.

2 ай бұрын
randomguy9777 +4
randomguy9777

Keeping interest rates low when times were good also didn’t help I take it - nor did the tax cuts and the US government assuming more debt during the same period. All increase money in circulation out of sync with actual productivity increases. Then the pandemic hit and productivity crashed.

2 ай бұрын
Jim Normand +1
Jim Normand

So we're in a high velocity period.

2 ай бұрын
PimpMaster +2
PimpMaster

In 1980, I began seeing families needing separate jobs to keep up with "the bills" aka: the profligate spending required to impress the neighbors. Prior to that period, a single wage-earner could support many other people.

Ай бұрын
Rand Al'thor
Rand Al'thor

and that has stayed for 40 years in the western world ( I am from Spain...the same happened)..so now, I guess the change will be, two working but no propieties. everything will be shared: car, house....

29 күн бұрын
concken1
concken1

higher wages certainly drove some of the inflation we're now seeing. The minimum wage inflated far beyond a small increment and has to come from somewhere.

2 ай бұрын
Brian Bagdan +1
Brian Bagdan

Had to believe we’ve had virtually no inflation for the last 10 plus years. We got spoiled.

Ай бұрын
RAEL +1
RAEL

"Everybody was looking to strike it rich, but the guy who made out well was selling shovels and equipment." .....a stock broker. The stock broker knows there is no money in buying stocks. The money is in selling stocks. Otherwise all stock brokers would make their fortune and retire young.

Ай бұрын
mcdouche2 +606
mcdouche2

Some say that Bob Crawford is still working on that 1978 tax return to this day....

4 жыл бұрын
mark vitelli
mark vitelli

lmfao

2 ай бұрын
Leopard Cup Pup Kryky
Leopard Cup Pup Kryky

​@David Floren yeah.......they were like 3 years old when ol Bob Crawford was filmed for this.

2 ай бұрын
Madison Ryan +1
Madison Ryan

@John Duffy according to the BLS it actually would be closer to $84,000. That being said I believe the correct answer would be no, because the government understates inflation as the often exclude energy and asset prices.

2 ай бұрын
John Duffy +4
John Duffy

@Occam's Razor but would that $70,000 have the same purchasing power as that $18,000 in 1978? That's the essential thing missing when we just look at wage growth out of context.

2 ай бұрын
Michael K
Michael K

legend has it lols

2 ай бұрын

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