Milton Friedman on Donahue 1980 (4/5)
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- Опубліковано 6 тра 2009
- Milton Friedman provides a direct and to-the-point defense of capitalism and free trade. He explains how governmental regulations, no matter how well-intended, are inevitably infiltrated by business interests which use governmental power to stifle competition. He also explains the economics of why drug prohibition doesn't work to control drugs.
AMAZING! This is from 30 years ago and is still applicable today!
Despite my philosophical disagreements with Phil, I think his show was amazing. He asked truly objective questions, in a format that is unmatched by any TV show on the air today.
A truly honest and enlightening form of discussion.
yeah, on the 79 or 80 interview, Friedman won every question/debate with Donahue. Friedman was a genius. he was 100% correct.
Wow! Donahue had a convincing point about Adam Smith's gold standard policy being outdated, which could mean many of his other policies could be outdated as well, and Friedman gave the most perfect answer possible.
Friedman gives answers on the spot that most people (including myself) would need time to think about.
Also impressive is his ability to remember multiple questions that the audience asks. I would have to stop and say "Okay, what were the other two questions again?"
@08MVPyouKnowWho That was my favorite too. The first time I saw this clip and heard that I couldn't help but smile just like that lady does.
@SMSUMarine I think it's a skill that academic teachers should learn, especially in seminars when people like to ask REALLY long questions to show off. Friedman's ability to communicate to the general public had a lot to do with nearly 30 years of teaching.
@Porojukaha
i agree. the worse parents are the ones who are either too strict or too lenient.
kids need to be taught to think for themselves.
Friedman is brilliant
Friedman was in favour of 100% reserve banking, on the basis that it was the best way to prevent inflation. However, there is also a prudential advantage to such a system and he pointed out in the early 1990s that the S&L crisis would not been what it was had the US had a 100% system. He wanted to combine that with deregulation in other aspects of finance.
So, if he had his way with financial regulation, we'd BOTH have less pinickity regulations in finance AND be proof against crises like 07/08
why is it everytime a clip comes on a tv show and the conversation moves towards the fed or the gold standard, we suddenly have to cuto to commercial break. I've seen this happening in so many vids over the years and its disturbing
Brilliant
@Joem734 Yes, the more I learn about the man, the sadder I get because he's not around anymore. He would have been a great person to meet.
"Not a shock treatment."
What a misunderstood man.
Where the hell are Milton and Ronald Reagan when you need them!
@Joem734
In the States there is Peter Schiff, Ron Paul and his son Rand.
@K20ej88 Last I heard, Friedman was Agnostic. Whether or not he changed since then, I'm not sure. (The letter where he stated he was agnostic was way before he passed away)
Needless to say I hope so too (:
@Rightwing123123 Exactly!
I dont know if thats a sound critisism. As stated before he would be totally for it but you must have some stablization in the market for products and government spending before we could jump on to the gold standard. He is for it in that regard and would be. In Free to choose he talks about money in great detail. Its a very tough question as this point to deal with and would take some years to fix though we should asap.
@SIMKINETICS
Someday you might go to wikipedia and check out the economic boom that occurred on Reagan's watch, after he inherited Carter's mess.
You might also take a single basic economics course.
Milton Friedman's hair makes him look like he just woke up, lol.
The closest person we have to him are Ron Paul and Peter Schiff although they are Austrian economics and not from the chicago school but there general libertarian principles are very similar
@08MVPyouKnowWho Of course freedom is fairness, because if you have true freedom, then everyone has the same rights. That is pretty fair in my opinion.
okay i get it now. I'm back on the Friedman bandwagon!
What's funny is that we could have backed up all the paper money and coin that existed in 1980 by gold in the U.S. treasury.
@Joem734 Try Peter Schiff and Ron Paul.
it's good he asks the tough answer's so that Friedman can give even better answers.. Compare him to Bill O'reilly for example
@Joem734 There is still a lot who our principled in personal individual liberty & economics. There called Libertarians - the third largest 3rd party.
Ron Paul, Peter Schiff, look up the libertarian movement.. They argue for many of the views that Milton Friedman held
Even if that were true which there doesn't seem to be any evidence in favor of such a claim, would it matter?
@razerfish
"I do not believe it's either feasible or desirable to establish a gold standard IN THE CURRENT CIRCUMSTANCES. The gold standard served well in the 19th century, if you could restore the conditions of the 19th century...namely where gov't spending was 3% of national income, I'd be in favor of a gold standard."
So I think what he's saying is that the gold standard is impractical ONLY when government is too big, which explains why the government/fed is against the gold standard.
@Joem734 Thomas Sowell is cut from similar cloth. :-)
@razerfish
Hey man, I hear you. But in the context of keeping a stable economy and society, you would have to slowly reduce the size of government, then transition. If you suddenly switched to a gold standard, the government would default and collapse.
I advocate what Dr. Ron Paul advocates and that is to legalize competing currencies. That way the market decides.
Cause he's having fun; he prepares people for bomb drops in a sense. He does the same thing in other videos.
What happen to tv shows like this.
@08MVPyouKnowWho and 'fairness' is MORE about whats 'right' and what's 'wrong' which is inconsistent constantly changing and contradicting itself...where as 'freedom' is about an individual choosing to live, die, smoke, diet, swim, jump, sleep, take drugs, or not, etc...governments like society on a bigger scale is always trying to get in other peoples business as opposed to minding their own business under the guise of 'for the people as a whole' when there's a hidden agenda...
He's wrong about the gold standard. I wonder how he'd feel if he were alive right now on the precipice of a currency crash. Some of my fellow Austrian Libertarians seem to really have a problem with Friedman, but I love the guy. I don't agree with some of his ideas, but I don't think he's that far outside the Austrian Libertarian philosophy some make him out to be, plus I think he communicates Libertarian ideas better than anyone I've ever seen.
@myhipsi
He's wrong. What happens when the dollar implodes? Do you think anyone will accept another fiat currency? It's not a question of what someone thinks practical, it's about what happens when people will ONLY accept real money -- gold or precious metals. That's what will happen in a currency crisis. And read Rothbart about how to go to a gold currency, not just a standard. It will be done damn any concerns about practicality politicos may have.
@myhipsi
I'm all for competing currencies and I guarantee a gold backed one would be chosen by the market, as it did many times over the last 6000 years. And the competing currency idea would collapse the Fed and dollar in VERY short order, trust me. It would not be gradual. There is a reason why all govts with central banks poo poo the idea of a gold standard, and that's because it would reign them all in. Competing currencies would do the same. I love it and it would crash our govt FAST.
Reagan agreed with Friedman and he won...TWICE lol
He said "as good" not someone similar.
Its so interesting to see How Donahue gets in Milton's face all the time but ends up looking like an idiot when Milton answers him..
If there is God, I hope he set aside a nice place in heaven for Friedman's soul.
@rikhurley
evolution is a theory (i do believe in evolution)
@Joem734 Ron Paul buddy. Ron Paul.
Phil Donahue voted 4 times
Half?
I'd say the majority of people in the Conservative Party can't stand the fact that by getting rid of her they opened up a huge wound which led to Labour getting elected in 1997.
Everybody listen @ 6:14 - what is that sound? Sounds like a couple girls screaming bloody murder.
The first woman, to me, admitted she is a bad mother.
@mrgeestacksalot Easy on the GOD talk, but i agree. We can all be like these men, just STUDY STUDY STUDY and SPEAK when you hear a liberal talking. Engage them in a discussion. PS 1:14 is the kinda scared people that want the government to be mommy & daddy WE NEED TO TALK TOO!
@mike6459 He also thinks we have too much Israel.
Donahue, objective? I suppose you believe Brian Williams if objective too. Good grief.
except Bush and Obama
8:50 He is out of business.
I guess a conservative then is a libertarian today
First beoch got owned... ha ha.
Long term communist
Obama is by far the worst, but Reagan was a big government Republican, and so were both Bushes.