Capitalism, Socialism, and the Jews
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- Опубліковано 22 лис 2009
- Why have the Jewish people, who seem to have benefited greatly from capitalism, contributed disproportionately to socialist literature? Although the question remains unanswered, Dr. Milton Friedman, a secular Jew himself, offers some fascinating observations.
Dr. Friedman gave a lecture entitled, "Capitalism and the Jews" at the University of Chicago in 1978. Listen here:
www.law.uchicago.edu/audio/by/...
For a contemporary neoconservative point of view, read "Why Are Jews Liberals?" by Norman Podhoretz, also Jewish, in the Wall Street Journal:
online.wsj.com/article/SB10001...
www.commentarymagazine.com/art...
pajamasmedia.com/ronrosenbaum/...
From the American Thinker:
"The Anti-Defamation League pushes a leftist agenda in the guise of fighting anti-Semitism and bigotry."
www.americanthinker.com/2009/1...
Also, FrontPage Magazine has a good article titled, 'See No Anti-Semitism, Hear No Anti-Semitism.' Read it here:
frontpagemag.com/2010/03/01/se...
Excerpt from "The Open Mind" - A Nobel Laureate on the American Economy (1977)
www.thirteen.org/openmind/publ...
What fascinates me about Milton more than anything is, he won Nobel Memorial Prize in Economic Sciences, was the economic advisor to many Presidents and countries, yet nobody took his advice. Go figure.
He was an academic. A theorist. Dudn't work in the private sector like most Phds.
@@silvervalleystudios2486 because he understood in places like that you have to be with the incrowd or be left out of anything altogether. He was for freedom of policy and change for bettering things but in circles in positions like that. You are all about gaining status and the most you can take advantage of from your position of power. Of course those types of people wouldn’t take his advice because it would mean not caring about your own selfish needs but the betterment of what you’re actually supposed to look out for
Those being who are only interested in making monetary profit off others
I'm assuming solutions Milton came up with would've been too much work for a politician to give a second thought.
They took his advice, more profits for themselves. National goodness be damned.
The Jews thrived in 14th century Italy, which was arguably the first capitalistic society (some claim that the Middle east was the first capitalistic society).
The Middle East is always in competition of claims about being the first everything
@@tiagomoraes1510 I’m not denying any claims on anything but pointing out what the Middle East always brags about as if they created humanity or something like that
@@c.galindo9639so the same claims made by Western chauvinists
@@0fficerpimp a lot of people want that claim so take your pick
Europe to always claim to be the first in everything and this man even claimed Africans never invented a wheel. How did he know that?
"I am myself persuaded, on the basis of extensive study of the historical evidence, that... the severity of each of the contractions - 1920-21, 1929-33, and 1937-38 - is directly attributable to acts of commission and omission by the Reserve authorities and would not have occurred under earlier monetary and banking arrangements".
Milton Friedman
Fascinating stuff
The Nazi economy was a planned economy. They weren't capitalists at all. People tend to think of Nazi Germany and of the Soviet Union as of two opposites. They tend to think that the former was an extreme rightist state and that the latter was an extreme leftist state. But in reality, both states were very similar in their politics: they both were complete interventionists on all policies, whether economic, social or foreign.
Lo que Dr Fridman sostiene es el gran intervencionismo estatal que se da en muchos países incluidos los EEUU en el área de manufactura y banca por ejemplo. Por eso los judíos prosperaron mucho más en otras áreas de la economía, las más libres (por lo menos al principio). En el caso de Alemania nazi es un modo de capitalismo dirigista con fuerte injerencia del Estado pero sin llegar a modificar el carácter de propiedad de los medios de producción que seguían siendo privados, lo contrario de la URSS en que fue abolida la propiedad privada. La Alemania nazi estaba más cerca en algunos aspectos de la China actual que de la URSS
The Jews funded hitler, who was a jew
True. Nazi Party was an abbreviation for National Socialist German Workers Party. Hitler was a socialist.
That's exactly what he said...successful in Germany BEFORE national socialism...
Quite correct! Nazism was called National Socialism for a reason.
I'm certain that there is no one else for whom I'd tolerate such an awful video&audio quality to listen to and watch than Milton Friedman.
Nicholas Corliss its actually better
"Tolerate?" Did you pay for this video?
Imagine, our forebears thought this was acceptable quality
hadnt seen that part before, thx.
Where do you get all this stuff from? I thought i had seen ALL the MF stuff on youtube but you keep coming up with new stuff!
What a brilliantly educated and well informed man he is. I mean he knows much about history and government that he makes up a great learnt discussion on the matters he is debating. A really interesting individual to hear from
You know when I look up the Galindo surname, a whole bunch of stuff on Human Trafficking and money laundering comes up, how come that is?
@@adambeaulieu2655 because it is a surname derived from Spanish conquest throughout the Americas. I am certain I have many distant relatives I don’t know about in Mexico participating in such activity but going into my bloodline here in the US. It can vary as I have relatives in many other states with that part of my Family
Can someone do the subtitle for this? I don't understand 30% of this. :/
This is very interesting interview.
It's typical that people who have enjoyed great success through hard work, integrity, and ambition to turn against capitalism. It's a strange paradox.
My family is Jewish and originally from the USSR, and unlike our American counterparts, have appreciated capitalism.
International Jews made Bolshevik Revolution and controlled USSR.
It's no mystery. They're just pulling up the ladder behind them.
It’s because once they acquire wealth they want absolute power which can only happen in a system that favors elites over the common people
@@franbatista9062 correction. Some did yet most suffered. Not all of the people who benefited in from the USSR were Jewish and would go against Jews as well as any other people that may be a threat to their system to control everyone
@@miriamlevin it seems like you can’t be too prosperous or else you may be considered a threat to others
@Laughingblades
what prevents you from opening a worker cooperative in a capitalist market? If you just get togheter with alot of people you can easily start up one.
whoever wins we lose
Yes, winners win, losers lose.
this is great fascinating commentary; referring to a broad scope of history and a refreshing point of view.
well im 23 years old i live in my parents house. i have a commercial cleaning business with which i employ 5 people, i also have an advertising business which involves myself and one employee. so "how rich am i" not very but i hope to be. and thanks to the small amount of capitalism that is still in this country i will be able to live out my dream of becoming "rich". long live capitalism.
How you doing?
The second (historical) set is huge. If I may give one episode: there was a time in Germany when Jews voted for capitalist democratic parties and joined them too. With the result that Christians left these parties and formed their own Christian Democrats ('Christian' here means 'no Jews allowed'), which soon totally overwhelmed simply democrats.
(cont.)
@TheTrueLiberal - The premise behind the Glass-Steagall Act was that riskier investment banks with fewer regulations for more wealthy individuals wouldn't be in the same boat as commercial banks for more middle/lower class individuals. In 1999 the Glass-Steagall Act was repealed and investment and commercial banks could once again merge. A decade later we nearly had another great depression.
Jews were able to lend money in the middle ages, as Christians were not allowed to lend money at interest, and Jews were excluded from other trades. As those conditions changed, so did their position in this respect
does anyone know when this interview was done?
1977
Not sure Friedman's explanation of why Monarchs intervened on behalf of Jews make sense -- why would you intervene on the behalf of someone to whom you owe money?
It truly is a paradox in a society with the greatest capitalists, we find the majority to be socialists.
The question is why is this so?
Because the incentive to loot is higher and the wealth is almost thought of as a given thing. I lived in Vietnam for 12 years. I noticed that in that place people would not think of material things or even survival as something granted.
@@germandiagogomez
Is the incentive to loot only higher for the wage earners or for everyone including the bosses too?
@@1wun1 for everyone. However, if you have competition for workers, the salaries go naturally higher by the incentives themselves: I give up part of my earnings to make sure I keep having earnings by getting the better workers and paying more.
Unlike when the same people (government) who loot you have also the police and the power to regulate. In that case they can smash you and if you complain, put you in jail or hit you, take your wealth and do anything. Something normal business just cannot do in the presence of competition, because if you are not silly, and I do not think you are, you will just give your back to a business that loots you. The natural choice is that you go somewhere else to find something similar.
Also, more competition in one area means better and cheaper services, something that intervention prevents from happening.
A big difference, if you ask me.
@@germandiagogomez
You're not wrong on that, but history shows only the red scare made western societies seriously care for their lower ranking. Bosses are anything but fools, sometimes they unite in a cartel.
Plenty of events show that the gvt would harm you on behalf of businesses, the Ludlow massacre being a good example.
What a wonderful man who spoke so clearly and brilliantly.
@kiminokami what evidence?
because of democracy in chile where they actually listened to him they had a time of huge prosperity
I said banks and government, two separate entities, didn't say they were the same.
It's true: only banks/financial institutions and governments/political power have ever issued banknotes, printed coins, controlled interest rates, or any other mechanism to control the money supply.
hey I would like to add captions in Hebrew to this video... is that OK?
Few jews in commercial banks... they prefer the investment ones
I don't get how people are calling him a Zionist he criticises Jews if anything in this video?
Very truthful points on Jewish achievements through the history and their contribution to society and capitalism.
contributions? like crashing the world economy three times?
this proves capitalism is you're friend socialism/communism is your enemy whatever you do never become a socialist
Guido Ahsam same shit, different name.
How can anyone resist a video with this title?
7:41 Based on that, I estimate that this video is from 1977.
Sure, as a "station copy" on (much cheaper) BW tape.
In the description below it says 1978.
@@avie3593 the description also mentions 1977. (They're only one year apart, and that's "close enough.)
didnt notice that. thanks for pointing it out. Begin was elected in june 77, since he said recently, youre probably right that it was in 77.
@@avie3593 I just watched the video to the very end and it says 1977. :)
Jews have contributed disproportionately to socialist ideology because, socialism and Marxism is purely created by jews, as a response to Jewish worker life in Victorian Europe. Karl Marx, a Victorian Austrian Jew, created the economic system based on his experiences as a European Jew during a time when Jews had low economic influence and strength. During his time, Jews were "oppressed" factory workers. That is where the German Jewish labor Bund, communism, and Jewish anarchism came from.
they didn't leave. but once Christians were allowed to lend money at interest, the Jews became somewhat marginalized, and thus their foot print became smaller. As well, many other jobs opened up to them which were previously out of reach, such as science, arts, law, trades.
Do economists make up the vast majority of teaching staffs? Have most of the economists I've met been Austrian?
In both cases, no. I once had a professor that was let go because he was moderate. Not conservative, moderate. It's unfortunate because he was my only professor that required that you read the textbook ahead of time so you could discuss it (instead of reading it again in class).
Most of the economists I've met (in academia) were Keynesian.
@TheTrueLiberal - You raise a valid point. Although in his defense it's more of an omission; he only talks about two industries jews weren't successful in at the time. He doesn't mention industries they were successful at apart from the ambiguous phrase about 'success in unregulated industries.' Prior to the Clinton administration the Glass-Steagall Act was in place separating investment and commercial banks while putting strict regulations on commercial banking....... (more)
How I wish that Milton could see how unbelievably rich and powerful Israel has become since the 2000s reforms when it became capitalist. This man has still not been proved wrong.
and what do you mean by "controlling the money supply"?
Only banks and governments have ever controlled the money supply. no one else
What about “the market”?
Ummm thats legit false
@JOHN WICK my response is to the “have ever controlled” that’s just not correct, America used tobacco as money which people (not banks or governments) grew to a large extent in order to use more in trade. Commodity money like gold and silver dome from privste mints, gold smiths etc. Crypto currencies currently there’s numerous examples of money. Of course now it’s a debt based system where we use national currencies as our medium of exchange. Rsther then the markets choice of money/people’s choice of money. Sea shells that washed up on shore have been money to certain groups. Read hayeks “denationalization of money”
well ,in Poland they had a free hand ;their own governing body; their own fiduciary and they had the best spot to get rich; they got tax collecting franchise .
@Darkside007 Correct me if I'm wrong, but he did not say the Muslims taking Israel was OK. It seems you made an assumption there.
One of the main tenets of Judaism is the golden rule, do onto others as you would do onto yourself
So self hating? Cause a lot of havoc is being done
That's the exact opposite of actual Jewish behaviour.
@@lutherblissett9070Says it right in the talmud :)
Who's side is he on again???
@mcshobe2008 and they entered a period of stagflation. Their economic stabilization plan included a new currency, privatization of many government owned assets, and a reduced role of the government in capital markets. If Israel's government had been less controlling in its early years, its very possible that its economy would have grown even faster.
i hear this so often from people like you who think they are socialist. people blaming the power that corporations have over a country on capitalism. 'an oppressed society" who oppresses? the people of the country, the labor force? the people that try to begin businesses of their own? or is it the government? the same government that you would under socialism give all control of the market? or would you rather give that control to the people (capitalism)?
you've got a very interesting "YT Channel!"
FEWER JEWS IN BANKING ??? 😳😳😳
In commercial banking. The real money is in and has always been in investment banking. That's where they are largely overrepresented.
@@KurtGodel432 And Commercial Property.
Actually,the fact that Californian incomes are higher than texan income logically should make balancing California's budget easier. The majority of welfare programs may be run by the feds,but that also true in Texas as well. Besides,the problem with California isn't its welfare programs--mostly,but the power of the public employee unions which along with other interest insist on inordinant spending for government whereas texas spending & taxes are low and its budget is balanced.
The 'why' is not as complicated as it seems. Corporate capitalists, CEO's, CFO's etc. are responsive to their stakeholders, the first of which is the investor. That means the quarterlies must be the priority. How many times have we seen a company fire 1000 or 5,000 or more employees and seen its stock immediately go up? Jews have generally been raised with a strong civic conscience. The commons has always been as important as the individual. This used to mean Jews being concerned with the welfare of the Jewish community, but as Jews moved from the ghetto on to the world stage, it has expanded to include humanity as a whole. Also identification with the oppressed is characteristic of the Jewish ethos. This is undeniable. This is why it's unusual for Jews to embrace laissez faire capitalism, the market economy in it's pure unmediated state, the ethos of which is, 'to the victor belongs the spoils.'
@Laughingblades
inflation is a problem i agree.
wheter you buisness can suceed depedns on how you define succes, most buisnesses suceed in such a way as they have enough money to survive and more.
Creating a big company is not high possiblity of sucess.
Jews especially wealthy Jews benefit from both systems, although they prefer a socialist or communist system.
They use capitalism as a stepping stone to get to communism
@@Huskerguy316Exactly
As a Jew, I disagree.
@@dantheman4168the grass is green.
Except Jews are as highly targeted and murdered as Christians under socialist and communist systems. Sure, they may profit under the economic application of the theories, but socialism and communism are fundamentally not economic systems but socio-national systems, which means armed force is the primary means of achieving and maintaining such systems. As a result, Jews and other conservative groups tend to die in huge numbers under such revolutionary systems. Are the socialist elements identifiable within Judaism? Sure, those same elements exist within Christianity, albeit much less pronounced. However, both are equally targeted by revolutionary movements because of the fundamentally conservative nature of Judeo-Christian values. Ergo, regardless if it's left or right revolution, conservative belief systems including Jew and Christian are targeting and often killed as an integral part of the revolutionary movement coming to, and maintaining, power.
How do you have a bad hair day with that little hair lol good video though much respect to Friedman
Agreed, joke is it isnt really even a bullet train, gonna reek havoc on all of those little desert towns since their livelyhood will be greatly reduced by the loss of those traveling through in cars
Another reason why Union membership has declined in the private sector - is because of policies like minimum wage, unfair dismissal, welfare. If these were eradicated - its my guess militant unionism in the private sector would return - out of sheer necessity. Which just proves how short-sighted free marketeers are. In that they can never see when such policies are actually good for business. E.g. could the globalization of the last 30 years have took place without social safety nets in place?
Did he just say Jews aren't in banking?
O
Actually California and Texas are ideal points of comparisons inasmuch as those two states are occupying radically different points on the compass. There are other countries whose embrace of liberty has benefited them--Singapore,Hong Kong,New Zealand,Switzerland,etc. Freedom works.
@ceejcoins no one does anymore. Usury in those days meant lending money at interest. It doesn't mean the same thing as today.
well sir let me ask you do you believe in equality?
he picked his nose on camera bout three and a half minutes in.
wow so many businesses already. Even in the depression?
Ok i'm surprised
@kiminokami well done for blindly accusing me of racism. it seems too many arguments are ended on the basis of not wanting to offend people and so too shall this one as you are clearly a bit too 'invested' in the outcome of the argument.
How so?
And the Relativity priority dispute.
Yeah that's the theory - but would Austrians do with all the people who wanted to resurrect democracy, wanted to promote positive discrimination, wanted a central bank. Political opposition will never disappear no matter the ideology. If you wanted a private utopia to flourish you'd have to resort to force and lots of it. In fact so far Friedman's, Hayek's theories have only been fully implemented in dictatorships like Chile, Egypt, Philippines etc.
I'm glad. Have a great day ;-)
Can you re-upload this in worse quality?
I don’t think it could be worse. No
I'm saddened by the number of people who are blind to the evils of socialism and communism. Fascism offered power to the capitalists and socialism offers power to the bureaucrats. The ultimate result of both is tyranny over the individual. Free markets do not create the avenue to either, but rather government and government favoritism will lead to both. Essentially, as government colludes with corporations, the government has control over the means of production, a tenant of both.
What he said black done well?
Notice that he left out the religious aspect of his belief in Judaism. The man calls it the way he sees it...
@alieu156
exactly
Despite having the populist-nationalist rhetoric. But economically-wise, was strongly capitalistic, with an emphasis on war-economy (and war-economy had to to be centrally-controlled, naturally. But the factories were still owned by big corporations, Siemens, Krupp etc)
@MetaMorphy ohh ok gotcha
What did Milton Friedman do in Chile? He urged them to adopt free market methods, reduce taxes & regulation, and give citizens freedom to choose for themselves. Friedman never endorsed Pinochet and frequently spoke against many of Pinochet's actions.
Also consider that the Communists were engaged in a great deal of violence and most (but not all) of what Pinochet did was a reaction to this violence.
Had Pinochet followed all of Friedman's advice, things would have been better for everyone.
Nothing prevent anyone from joining a union,but no business ought to be obliged to deal with it. Also,one of the greatest period of the U.S. economy and the worker occured in the late 19th century when labor unions were about 3% of the workforce. If government had stayed out of the 1929 depression then maybe the Great Depression would have been over in a year like the 1920-21 depression. Instead it lasted for 17 years. Of course Hoover & FDR weren't nearly as sensible as Hardling & Coolidge.
Brazil's been touted has an emerging economic superpower before. So have Argentina, Mexico, Malaysia, Indonesia at various times in their history. You probably aren't old enough to remember the Asian Tigers before the mid 90s crash and how they were going to be on equal terms with the West in 2010. What tends to happen - they do well for a decade or so but then suddenly come crashing back down to earth. As prosperity develops, wages get higher - then some new kid on the block undercuts them.
Union membership has been in free-fall in the private sector because of anti-union laws. An employee need only recognize a trade union if twenty percent of the workforce request it. But why can't anyone who wants to be represented by a Union do so as he sees fit. Why can't someone working in MacDonalds for instance be represented by a Union - even if the rest of the workforce isn't bothered? Surely in a free society - this is a basic right,
Hong Kong is a financial capitol that's home to tens of thousands of rich people from all over the world. Not every country can be like that. Its like saying Little Rock Arkansas can be as rich as Manhattan. There are hubs of surplus value and economic black spots - no matter how low tax rates are. Moreover you get a race to the bottom with countries undercutting each others tax rates to attract inward investment. But its self defeating in the end - because the countries who lose out stagnate
@happymyster israel's rapid development through out the 20th century till 1985 was due to central planning and capital controls...
And alot of money made overseas by the Jewish diaspora.
@mcshobe2008 Yes indeed. And Israel's "lost decade" from the mid-1970s to the mid-1980s was also due to central planning and capital controls. In a small, burgeoning country, the main demands are fairly obvious: water, electricity, roads etc. That's why Israel's central planning was so successful at first. But as Israel expanded its borders, and tried a new set of large infrastructure projects, it was a massive waste of money and resources...
@thotkrime I know right.
(1)How do you know that Friedman did not susgest that Pinochet restore the constitution & democracy? I suspect that he probably did make the susgestion,but of course Pinochet wasn't sympathetic to the notion.(2)I never said that free market reforms automatically lead to overall freedom. But,both China & Russia are more free & prosperous than they were before reform---Certainly China is better off than it was under Mao. Both countries would be better still with more freedom and less government.
And your point is...?
And you are wrong in saying that the socialists,social democrats and liberals (who were the moderates, mensheviks etc) supported the bolsheviks. They didn't.
There was a multiparty system after the overthrow of the Tsar, with different factions, but controlled by bourgois liberals and mensheviks. The bolsheviks opposed that gov't and called for the People to rise and take power (i.e. "all power to the Soviets". A soviet is a popular council, a grass-roots group of workers, in case u don't know)
Milton, please. Economics is your area. Not history. Please don't say things you don't know.
It was the local monarchs, princes, etc. who usually brought in Jews to stimulate local economy, bring prosperity and turn their towns into cities. It all happened, but then the population would get envious and eventually stage a pogrom. And where did Jews run for defense? To the local prince. Who usually (but of course not always) provided it.
(cont.)
@Laughingblades
free market or capitalism ,call it whatever you like.
If the state riggs the market against cooperatives then thaths something you can try to take care of!
No - I'm describing supply and demand. There's just not enough jobs in America now for everyone - due to immigration, downsizing, out-sourcing and technological unemployment. I mean do you really think foodstamps are stopping people from taking jobs? The fact is there are 5 people chasing one vacancy. Some people have given up - and chose a life of idleness. But in a way - its a good job they have, because if they were banging at the door demanding a job - there wouldn't be one.
What's any of that got to do with Friedman encouraging the development of freedom in an unfree society?
I don't see what the Austrian School has to do with libertarianism. Sure, they're libertarian, but most neoclassical economists are also libertarian.
If most of the economists you've met are openly Post-Keynesian, you've been severely limited in your exposure to the economics world. Where'd you go to school?
@clintcastle now despite my previous comment i do agree that the term "anti- semitism" is rather confusing because it is applied only to jew hatred and not to hatred of other semites. i personaly don't use the term anti semite, i use the term jew hater. i am jewish myself btw. AshkeNAZI? lol, nice one. ashkenaz is the name the jews gave to germany, northen france and netherlands & belgium. ashkenaz is also a son of Gomer, who was the son of Japheth- the son of Noah.
Arabs are also semetic peoples but anti-semitism always refers to prejudice against Jews.
The Jews must look outside Jewish opinions, you know
@PsychoPunk1965 I am Jewish and capitalist. So are many other Jews in Israel and everywhere else. And not all Zionists were socialists. There are distinctions to be made between Jews, rich Jews, leftist Jews, and Zionists.
What about the essence of the Jewish tradition in the Bible - Isiah, Ezekiel, Jesus. All of them gave the rich a bad time. Notice how he said for the last 2000 years. The Talmudic age rather than the old testament.
It's not Capitalism vs Socialism. It's Socialism vs Conservative fascism. Most forms of Capitalism as they are applied today are in the middle.
@PsychoPunk1965 but when the Israeli government tried to use those same large projects years later to revitalize their economy, it resulted in a massive waste of money and contributed to their economic crisis. Since their stabilization plan in the 1980s, there has been privitization and nowadays Israel's economy is held up by its private tech sector and the innovative abilities of its citizens, not socialism ...
@PsychoPunk1965 Israel is not a successful prosperous country because of socialism. Like most social democracies in europe, it is the free market aspects of that country that have brought it a high standard of living: trade, work, innovation, etc. What concerns me more is that you can't distinguish between Judaism, Zionism, and Socialism. It would be foolish to assume that one implies the others, and it is an inaccurate description of Israel and its citizens.
What you call forced to recognize unions, is in reality a basic human right - like recognizing free speech or freedom of assembly. But as for laws that supposedly enforce unionism - scrap them, but remember, at the same time anti-union laws restricting wild cat strikes, secondary action, work to rule - will also be scrapped.
Meaning wildcat general strikes are legal. Pretty soon, the trade unions would be a massive force. This is why libertarianism will never happen. Capital can't allow it.
@PsychoPunk1965 That is an inaccurate and stereotypical description of Israel and Jews. Although many of the founders of Israel were socialist, Israel was never created as a socialist utopia, but rather a politically free country. There was a lot of government involvement in industry there in its early days, and that was successful when the basic demands of its citizens -- water, electricity, etc. -- were obvious and could be provided by large infrastructure projects ...
ill admit more then any other system capitalism allows some to be rich and many to be poor but sir in capitalism people can be what they want to be the ones that become rich worked for very hard for it, nothing is handed to you in capitalism you are only given the FREEDOM to pursue your goals. and the ones that are poor only have themselves to blame capitalism has no bias towards color or sex it rewards the ones that deserve it. capitalism is not for the weak so if thats you then ya i understand
Israel wouldn't have survived without socialist Czech airplanes and rifles. But he is of course right in the general sense. Established power structures diminish the power of any minority in favour of their own group. Maybe the Jews tried to instigate their version of socialism as a way to in perpetuity create a system in which one group would not dominate all others. A novel idea I think. Perhaps there is nothing too terrible about the Jewish people being involved on both sides. As with all other peoples this is always the case.
Part of what you say is correct - Ben Gurion, Rabin, and their faction were hardcore Marxists. The State controls and manages the economy via Oligarchical Collectivism, like other Marxist-dominated countries.
A future Palestinazi state would exclude Jews from full participation, as is the norm in Islam. Their economic model wouldn't bring more liberty but more Oligarchical Collectivism with a hierarchical structure giving privileges to a few while subjugating the majority.
Jews lost their position in banking because banking became the most regulated sector in most economies. How do you survive as a minority in banking if you have to get a lisence to practice banking?
@coltrane1966 Maybe it's because Jews are not a race, they are a collective that subscribe themselves to a religion (which is just multiple ideas). There are black Jews, Anglo Jews and even Asian Jews.Under Jewish law, they are just as Jewish as anyone else. Therefore people can make broad comments as the Jewish ideas that define them are there for anyone to look at.
And by the way, by pumping liquidity into the banking system - the FED is following Friedman's advice. Check out what he had to say about the Great Depression.
You mean they are doing exactly the opposite? Not sure if your English is bad or it's an intentional and deceitful statement.
@@happy_thinking Friedman claimed the FED in the 30s should have increased the money supply, to give assistance to failing banks. A depression would still have happened, he claimed, but a milder one, without a run on the banks.
There are several vids on UA-cam wherein he clearly states these theories. But for a more in-depth account, read his A Monetary History of the United States'.
Whether Friedman would've supported a bail-out is debatable, but it's a fact that he criticized the FED's response to the crisis in regards to being the lender of last resort.
@@JAMAICADOCK If I remember correctly what he criticized was the whole fiasco that led to the shortage of money supply(tariffs, locking the dollar to gold and then hoarding gold, etc)
In his opinion, the FED was the one most responsible for making A depression into the GREAT depression.
@@happy_thinking He also criticized the FED's response to the crisis, in terms of lending to struggling banks.In other words he favored a cut in the interest rate, or the equivalent thereof. And he certainly concurred with Keynes' assertion that a speculative bubble played a key role in the panic.
The FED didn't take all the blame, Animal Spirits played their part too.
Friedman was not a free-market fundamentalist. He even stood by his early support of the New Deal, but only in regards to a war economy.
Friedman was more Neo Keynesian than Neo Classical. Which is why Mises accused him of being a socialist.
Friedman also claimed that Hayek was more a philosopher than an economist.
@@msteve2233 Either way, he recommended pumping liquidity into the banks to stop a run and a severe 30s style recession, That seemed to be the advice he was giving to central bankers, regardless of the deflation.
in the run up to the Great Depression,
Well if he was telling central bankers only to bail out banks in a deflationary spiral, he didn't make himself clear,