Milton Friedman Speaks: Money and Inflation (B1230) - Full Video

Everyone wasting their time watching the left and the right duke it out on CNN and Fox news. People need to educate themselves watching videos like this. Old Uncle Mitlon is a beast of a lecturer. This is real education here. 🔥🔥🔥

I live in Argentina who took road of free lunch, public spent and socialism long time ago. Our inflation rate is 3000% over the past 10 years. We facing a major economy breakdown every decade too. Our poverty is +50% and rising. Im 45 and already experienced 3 hiperinflations and two social uprisings (the 3rd is coming soon). Never, never take the free lunch socialist road. It has hell at the end.

This is a time jewel that must be preserved to protect future generations from government mismanagement

The one thing I love most about Friedman is that unshakable cheeky look on his face - it’s like he’s doing econ-stand up

Get ready for high inflation again in the US

I can watch Uncle Milty whole day and still can't get enough of him.

Ah the days where "Unfunded Liabilities" was only 3 trillion.

This man’s wisdom is more relevant today than ever! He wouldn’t know whether to laugh or cry if he saw where we are today. Must see TV are the episodes of Phil Donahue with Milton. His protégé has become quite the force of nature as well, Thomas Sowell.

It's insane how resonant this is today, considering this video is dated 1978

0:56 Begins 17:08 3 reasons why we have inflation and why it's a threat: #1 to pay for government expenses 18:03 Real tax is what the government spends 18:35 Inflation is a tax 19:51 Bills are receipts on taxes you've paid. Bills are tax receipts. 20:53 When you "deposit" in a bank, they loan your money 21:20 Think of it as printing money 21:46 Inflation raises other taxes without people having to vote 21:58 You might think if prices go up by 10% and your pay goes up 10% you're even, but you might pay more if you reach higher tax bracket 23:15 Government repudiates its debt. Debt gets smaller as % of national income. Their deficits are financed by inflation. 26:04 Creation of money to finance government expenditures 26:30 When unemployment creeped up, government spent and printed more 27:39 From 1929 to 1933 the quantity of money decreased by 1/3rd (Great Depression) 28:38 Trade unions aren't responsible for inflation. Higher wages are a result of inflation, not a cause of it 29:44 Before 1971 inflation could be exported/imported 32:25 Productivity is important to raising standard of living, but lowers inflation 33:25 The determinant of inflation is the quantity of money 37:30 During past 30 years, inflation paid off mortgages and government debt 37:58 Inflation causes great prosperity and great distress 39:40 Unemployment is not a cure for inflation, but it's a side effect of the cure 40:41 Slow growth and high unemployment to slow inflation 41:49 When demand goes up everywhere, although you may be selling/profiting more (if you own a business), you'll also have to pay more everywhere else, (so you aren't really better off in terms of purchasing power) 42:22 More money takes about 5 to 6 months for people to save and spend, then another 12 to 18 months for inflation results 46:44 Government indexes its own salaries but not the taxes imposed on citizens 47:44 High inflation will lead to high unemployment. Wage and price control (fixation) is supposed to inflate, not fix (though it's promoted as a fix) 50:38 Since 1960, up and down with inflation, but keeps getting higher progressively 53:50 Increased money supply increases inflation 54:30 We've paid the price of stopping inflation but haven't gotten the benefits, because government continues printing once inflation starts to slow 55:08 We don't have good options anymore (either get a recession or have super high inflation) 57:28 Inflation is a disease 58:27 Questions begin

Brilliant, as always from Friedman. He made Economics cool, so much intellectual swagger this man had.

This man was a genius.

To all skeptics, this guy predicted the recession in 1980,its so subtle and yet so amazing

Who else is here to find out what is about to happen to the US dollar?

1:03:47 - The suit and swag on this absolute legend

Capitalism and Freedom, on my Kindle I carry it everywhere. I can't get enough of the genius of Milton Friedman.

It's a great time to watch this video.

Oh the irony, I've got a Paul Krugman class advert in front of Milton Friedman talk :)

On virus pandemic - Covid 19. Uncle Milton's videos are great time investment.

The real explanation for money printer go brrrr