Milton Friedman vs Bill Clinton (1999) Debunking Climate Policy, The FDA & More!

SdĂ­let
VloĆŸit
  • čas pƙidĂĄn 27. 05. 2012
  • EARN 💰 SHOW SUPPORT WITH THESE LINKS:
    Support Basic Economics w/ Coffee! ☕☕☕
    www.buymeacoffee.com/basiceco...
    Suggested Reading List 📚:
    www.amazon.com/shop/basicecon...
    AMEX Cash Magnet Card
    💰 $200 credit w/ charge $1000
    refer.amex.us/MICHAmzd8l?XLINK...
    Amazon Prime AMEX
    💰 $125 Credit Instant
    refer.amex.us/MICHAms8Fc?XLINK...
    💰 2 Free Audiobooks w/ Audible
    amzn.to/3AxOMcJ
    Gemini Crypto Exchange
    💰 $10 Bitcoin Reward & Free Withdrawals
    www.gemini.com/share/akyywxnud
    Coinbase Crypto Exchange
    💰 $10 Free Bitcoin
    www.coinbase.com/join/menich_sg
    Webull Broker Account
    💰 2 Free Stocks
    act.webull.com/nv/roABXEauBzG...
    This video has been posted with the express permission of the Hoover Institution at Stanford University: subject to the condition of use agreement executed on 9/14/2012.
    Milton Friedman discusses policies that would vastly improve the conditions of humanity: FDA, medical care, healthcare, economics, jobs, unemployment, public policy, environment, energy, trade, taxes, money, federal reserve, gold standard, inflation, taxes.
    #money #thefed #fda #gold #inflation #taxes

Komentáƙe • 2,4K

  • @BasicEconomics
    @BasicEconomics  Pƙed 3 lety +46

    This video has been posted with the express permission of the Hoover Institution at Stanford University: subject to condition of use agreement executed on 9/14/2012.

  • @eddyecko94
    @eddyecko94 Pƙed 3 lety +488

    “It is always so attractive to do good at someone else’s expense” -Milton Friedman

    • @failtolawl
      @failtolawl Pƙed 3 lety +31

      another one he says - "Judge public policies by their results, not their intentions"

    • @nanouekonzo5581
      @nanouekonzo5581 Pƙed 3 lety +2

      Hi from DR Congo

    • @whitneywade4202
      @whitneywade4202 Pƙed 2 lety

      Swore he said he got it from someone else who said it more than two centuries ago. So you know long before he said it. But whatevs đŸ€·đŸŸ

    • @donaldkeith139
      @donaldkeith139 Pƙed rokem

      That's less relevant than the information itself

    • @ianmarsden8568
      @ianmarsden8568 Pƙed rokem

      @@whitneywade4202 From the text in the video, it comes up as Bastiat. After some looking around it sounds like Claude-Frédéric Bastiat. But he was born in 1801 - so the 200 years sounds a bit out. He was a French economist and journalist.

  • @thomasgelke6586
    @thomasgelke6586 Pƙed 7 lety +1855

    he's like an economic yoda

    • @romzen
      @romzen Pƙed 7 lety +54

      add philosophy, politics and history.

    • @kairos106
      @kairos106 Pƙed 7 lety +4

      :DD

    • @mrmtn37
      @mrmtn37 Pƙed 7 lety +36

      Really wish all humanity would use historical data, as Friedman does, for the guide it is and not a drudgery of school homework and test regurgatent most think. Pretty sure we need to start a museum of "Common Sense" its all but extinct. Frankly the majority and the word think pretty sure oxymoron would fit better.

    • @abhimanyukarnawat7441
      @abhimanyukarnawat7441 Pƙed 7 lety +1

      hahaha

    • @tylerceremello8554
      @tylerceremello8554 Pƙed 7 lety +12

      economic yoda...haha I'm stealing that

  • @sofiapastorpavia333
    @sofiapastorpavia333 Pƙed 3 lety +222

    folks, we should be showing a little more recognition to the Hoover Institution, they are responsible for gifting us some of the best interviews ever to Sowell and Friedman

  • @chrisparker2118
    @chrisparker2118 Pƙed 8 lety +1338

    Every video with Professor Friedman needs to be archived and stored in a vault for protection. I can see in the future, these videos suddenly disappearing for good.

    • @gusg343
      @gusg343 Pƙed 8 lety +13

      +Chris Parker The hoover int, has a lot of it.
      www.hoover.org/library-archives/collections/economics

    • @riokriok2863
      @riokriok2863 Pƙed 8 lety +1

      +Chris Parker you are right my friend ///sick minds ///those video should be in garbage///they don't like government because they never had country ///and that's effects their way of thinking ///

    • @riokriok2863
      @riokriok2863 Pƙed 8 lety

      ignorance??

    • @Bleh67420
      @Bleh67420 Pƙed 8 lety +8

      As seen as "to protect the people from themselves"

    • @noooreally
      @noooreally Pƙed 7 lety +2

      Yes it's great that we can see how wrong he was about Alan Greenspan we need to remember how much of an idiot Friedman was.

  • @TonyVega123
    @TonyVega123 Pƙed 8 lety +614

    Even at the age of 87, Milton Friedman still had the sharpest mind. It's almost like he stopped aging once he turned 70.

    • @bobjenkins4925
      @bobjenkins4925 Pƙed 7 lety +51

      He reached the level cap.

    • @banjomoevies
      @banjomoevies Pƙed 7 lety

      is he still alive?

    • @TonyVega123
      @TonyVega123 Pƙed 7 lety +24

      El CapitĂ n No, he passed in 2006.

    • @riccardotrombetti6663
      @riccardotrombetti6663 Pƙed 4 lety

      So true :)

    • @alvaroanton636
      @alvaroanton636 Pƙed 4 lety +3

      Loek de Kerpel I’m here to tell you, three years late and redundantly since someone already answered this question three years ago, that Milton Friedman died in 2006.
      Boy do I love to make myself useful.

  • @woopsme
    @woopsme Pƙed 9 lety +791

    I wish Milton was around to give an honest perspective on Obama's policies. It would be so epic.

    • @woopsme
      @woopsme Pƙed 9 lety

      mtman2 Haha, exactly.

    • @fudgedogbannana
      @fudgedogbannana Pƙed 9 lety +97

      Dixie They'd just call him a racist.

    • @jakkuhl6223
      @jakkuhl6223 Pƙed 9 lety +114

      Dixie His student Thomas Sowell is still around...

    • @iwannasomathis
      @iwannasomathis Pƙed 9 lety +16

      ***** normalizing relations with Cuba is probably the single thing Milton would support with Obama.

    • @GeorgeK1410
      @GeorgeK1410 Pƙed 9 lety +44

      Jak Kuhl Thomas Sowell is a badass

  • @MTread545
    @MTread545 Pƙed 8 lety +417

    I love his line about how there is a Democrat president and a republican congress which makes it hard for any laws to get passed, and that's always a great thing.

    • @myskullisred
      @myskullisred Pƙed 8 lety +40

      Yep, that's the only credit he was willing to give Clinton, the fact that he happened to be a Democrat with a Republican congress so no laws could get passed. lol

    • @MondoBeno
      @MondoBeno Pƙed 7 lety +9

      They did find some common ground, like welfare reform. Another thing is that Clinton's predecessor, George H.W. Bush, closed some overseas army/navy bases, and that reduced some of the deficit.

    • @user-mv2dg8oo2z
      @user-mv2dg8oo2z Pƙed 3 lety +3

      But It Does Damage Still. Like Obama With His 🖊 and đŸ“± Executive Orders

    • @SovereignStatesman
      @SovereignStatesman Pƙed 3 lety

      Matthew Treadway: That's bullshit. It's totalitarian democracy that's the problem.

    • @reginaldnaughton3994
      @reginaldnaughton3994 Pƙed 3 lety

      @@MondoBeno didn't really help did it

  • @arnoncardosofilho
    @arnoncardosofilho Pƙed 2 lety +61

    I've seen so many interviews with this presenter and I have to say, he has great questions. He makes excellent points and is a good listener. A true believer in knowledge and understanding.

    • @BasicEconomics
      @BasicEconomics  Pƙed 2 lety +4

      We agree!

    • @VioletJoy
      @VioletJoy Pƙed rokem

      He's outstanding as he is knowledgeable about the subject matter, asks intelligent questions, and allows for the guest to fully answer them. Sorry to say, but that's not all too common.

  • @joyceclemons3916
    @joyceclemons3916 Pƙed 8 lety +87

    He was 87 years young here. I could only dream of being this sharp at this age.

    • @marcocorreia4794
      @marcocorreia4794 Pƙed 3 lety +4

      I would be content with being half as sharp at 31.

    • @user-mv2dg8oo2z
      @user-mv2dg8oo2z Pƙed 3 lety +4

      Whit FAR MORE ENERGY THAN Joe Biden, and he’s 75. But America Loves CORRUPT LeftWing Politicians. News Networks Don’t Talk Bad About Them.

  • @Pipiopy
    @Pipiopy Pƙed 7 lety +331

    the interviewer made a good interview and kept it smooth all the time.

    • @calebtimes453
      @calebtimes453 Pƙed 7 lety +61

      A rarity these days

    • @davidsalinas9
      @davidsalinas9 Pƙed 7 lety +2

      Sergio Milho sadly

    • @j.d.salinger3709
      @j.d.salinger3709 Pƙed 6 lety +15

      Peter Robinson is a great interviewer.

    • @nateo200
      @nateo200 Pƙed 5 lety +8

      Well Peter Robinson is somewhat of a legend in his own right serving as the speech writer for Reagan's "Tear down this wall speech" and being very intelligent on a number of subjects making him a great interviewer. Uncommon Knowledge is a great series and Mr. Robinson presents very well

    • @pokemike2004
      @pokemike2004 Pƙed 3 lety +2

      I wish we would have got a specific answer against the teachers unions because I'm arguing this right now with regards to the LA teachers union

  • @FesliyanStudios
    @FesliyanStudios Pƙed 8 lety +283

    "Can you name programs that have been eliminated because they've failed?" - aka, govt programs never get eliminated. once they are there they suck life

    • @user-mv2dg8oo2z
      @user-mv2dg8oo2z Pƙed 3 lety +1

      So Many, and It Grows More on the LeftWing Side. But This Republican President Wanted to Appeal to Some Demographic so They Spending Is Like Any Democrat Government.

    • @SovereignStatesman
      @SovereignStatesman Pƙed 3 lety +2

      That's because the government rules the people rather than vice-versa.

    • @user-mv2dg8oo2z
      @user-mv2dg8oo2z Pƙed 3 lety +2

      @@SovereignStatesman .. it shouldn’t be either or, there should be a transparency in the government with the citizens involved so THE CORRUPT ONES DON’T STAY IN POWER for SOOOOO LONG + And IT’S LIKE A REGIMEN in THEM such as NY, California, Chicago, and Others Most Likely Blue Ones.

    • @SovereignStatesman
      @SovereignStatesman Pƙed 3 lety +2

      @@user-mv2dg8oo2z They'll just be replaced by other corrupt ones. Anyone else will be unelected due to lack of funding. Elections are just investments for Crony Capitalists, under Totalitarian Democracy.

    • @theQuestion626
      @theQuestion626 Pƙed rokem

      Surprise Milton Friedman with all his imaginary intellect didn’t really comment on how government subsidizes private industry.

  • @cwr8618
    @cwr8618 Pƙed 3 lety +39

    people gloss over the host's contribution to this. he's pretty fantastic as well

    • @katyakaterina0
      @katyakaterina0 Pƙed 3 lety +3

      Agreed!

    • @antovfukov9005
      @antovfukov9005 Pƙed 3 lety +3

      This host is the best with Friedman...asks question then listens without hardly any interruptions, and asks clarifying questions. Well done.

  • @roadfatigue
    @roadfatigue Pƙed 5 lety +159

    "I am in favor of reducing taxes under any circumstances, for any excuse, for any reason whatsoever."
    I love it!

    • @taurtue
      @taurtue Pƙed 3 lety +9

      yeah, who needs roads, hospitals and police right?

    • @jaywogan168
      @jaywogan168 Pƙed 3 lety +4

      @@taurtue Exactly, why have a state at all? Get rid of the state, and then people can just be free to produce things and trade using.. bitcoin? The army can be disbanded and employed by private companies. If the land where US used to be is invaded we just have to hope they can agree to defend it together. And who needs courts anyway right?

    • @taurtue
      @taurtue Pƙed 3 lety +2

      @@jaywogan168 If you work hard you're rich and you can pay to be protected by private army, so only lazy people will not be protected, 2 problems solved at once.
      Damn actually life is so much simpler when you're anti-government

    • @jaywogan168
      @jaywogan168 Pƙed 3 lety +1

      ​@@taurtue Why do you think private companies will pay you your fair share when they can keep you as a slave when there is no state and there are no laws?

    • @taurtue
      @taurtue Pƙed 3 lety

      ​@@jaywogan168 I was being ironic, I tried to make it obvious cause I know it's hard to get when written... I thought you were being ironic too.
      I do believe in a balance between private and public forces, and I believe government as it is right now is not strong enough.

  • @DaveSkylark111
    @DaveSkylark111 Pƙed 10 lety +58

    Peter Robinson puts his foot in his mouth at 15:10, and it's hilarious to watch Milton correct him "What do you mean "give back"? you mean not take!"

    • @BrotherCreamy
      @BrotherCreamy Pƙed 3 lety +8

      "I take back my words but go ahead and ram them down my throat" 😂 Robinson knew Friedman too well

  • @JD-hp8qn
    @JD-hp8qn Pƙed 2 lety +36

    This man is so impressive. I wish he was still here now, providing a commentary on what we're are experiencing today.

    • @DiodeMom
      @DiodeMom Pƙed 10 měsĂ­ci +2

      He’s turning in his grave in 2023. He’d be sooo disappointed.

  • @chrish1297
    @chrish1297 Pƙed 8 lety +23

    holy shit, Milton was on point. I've never heard stuff like this. God Bless you Milton.

  • @idriwzrd
    @idriwzrd Pƙed 7 lety +159

    25:05 "The internet is going to make it harder to collect taxes." ...unless Uncle Sam regulates (controls) the internet.

    • @user-lz2mt5nc9e
      @user-lz2mt5nc9e Pƙed 6 lety +23

      And now, thanks to blockchain, they don't have that option.

    • @mrniceguy7168
      @mrniceguy7168 Pƙed 3 lety +7

      Friedman was correct until a few years ago. I loved online shopping since I didn’t pay taxes.

    • @HT-vd4in
      @HT-vd4in Pƙed 3 lety +2

      *ᎄ* You think. Blockchain is not anonymous at all. It is quite the opposite of anonymous since every transaction is stored in the blockchain forever...

    • @sofuckingannoying
      @sofuckingannoying Pƙed 3 lety +2

      @@HT-vd4in Sidechains, people. Second layer. Lightning network. Install the Phoenix wallet now, it's amazing.

    • @taurtue
      @taurtue Pƙed 3 lety

      Uncle Sam controls the internet? How?

  • @joshuahenderson
    @joshuahenderson Pƙed 3 lety +24

    “Its hard to get any laws passed.” If only more people understand this concept.

  • @StevenSouligne
    @StevenSouligne Pƙed 8 lety +26

    I love the way he just destroys all the arguments of Social Liberalism.

    • @s0515033
      @s0515033 Pƙed 8 lety +3

      +Steven Souligne He is not addressing any social liberal concepts. This video is about economic liberalism as opposed to neo-liberal economics.

    • @bernlin2000
      @bernlin2000 Pƙed 7 lety +1

      It's classic liberalism (libertarianism) vs social liberalism (which is what neo-liberalism is). Just different terms, but they're synonymous. Neo-liberals recognize the power of a capitalistic system for improving the economy, but also enjoy the governmental largesse that is found in democratic socialist countries (i.e. most of Europe today), so they try to combine them together. It's "the third way", practically invented by the Clintons. The point is that its the kind of government that has its fingers in all the pies: economics, politics, social aspects...and it needs a very big budget to get involved in all those areas.

  • @cr1t1cal
    @cr1t1cal Pƙed 8 lety +120

    One thing Milton got wrong, the US government has only gotten bigger...

    • @NsMs96
      @NsMs96 Pƙed 8 lety +16

      +Friedbard Von Mises Well he was right in the sense that tax revenue as a percentage of GDP is lower today. The problem is that the government is still as big as ever, but the debt has increased significantly.

    • @cr1t1cal
      @cr1t1cal Pƙed 8 lety +1

      Niklas Jonsson Good point.

    • @DH1986
      @DH1986 Pƙed 8 lety +2

      +Niklas Jonsson The National debt was $5 trillion when Clinton left office and $18.7 trillion in 2015. We haven't had a balanced budget since 1998 and we ritualistically have annual deficits that are larger than the GDP of Canada.

    • @cr1t1cal
      @cr1t1cal Pƙed 8 lety +3

      DH1986 One thing though, in 1998 our debt was still increasing, and was significant then, we haven't had a balanced budget in close to a century.

    • @DH1986
      @DH1986 Pƙed 8 lety

      ***** We had balanced budgets under Clinton, but we still had a national debt.

  • @jzr210
    @jzr210 Pƙed 6 lety +15

    15:10 “What do you mean give back?! Not take!”
    Best part of the interview by far

  • @qwertyuiop-ke7fs
    @qwertyuiop-ke7fs Pƙed 6 lety +29

    "What do you mean give back?" cranky friedman is best friedman

  • @TrentJordan7
    @TrentJordan7 Pƙed 7 lety +15

    Can we just take a second to acknowledge the fact that Milton Friedman is wearing a calculator watch? The man lives on the edge.

  • @thomaspraill
    @thomaspraill Pƙed 7 lety +7

    "The internet will make it easier to evade taxes."
    Very true. What he didn't anticipate was the federal governments propensity for infinite borrowing.

  • @yankchef4067
    @yankchef4067 Pƙed 3 lety +13

    I think I just learned more about economics in 30 minutes than most college students do in their freshman year

  • @tylerheffer
    @tylerheffer Pƙed 2 lety +19

    I enjoy finding old Friedman clips and applying them to a conversation I am having with one of my silly liberal friends. Always a mic drop lol.

    • @newmoneymarcus
      @newmoneymarcus Pƙed 2 lety +1

      Just had one two days ago the liberals get so mad

  • @Barthaneous34
    @Barthaneous34 Pƙed 7 lety +28

    If I could just touch Friedman's head and was able to have all his economic understanding I would run for president and crush the crap out of every one. What a shame it is that no president during his reign never had him on their staff. So foolish

    • @ericacato8043
      @ericacato8043 Pƙed 7 lety +4

      Actually he was an advisor to president Reagan. Probably why he gave the government surplus of the 90's credit to Reagan and not Clinton LOL. I happen to agree with Mr Friedman but would also add that the tax increases that got Bush Sr. in trouble also contributed the the surplus.

    • @PwntsRocksU
      @PwntsRocksU Pƙed 7 lety +3

      Nixon tried to have Friedman as an advisor, but when Nixon panicked and implemented price controls for food, Friedman was outraged and essentially stopped advising him because Nixon wasn't listening.
      Friedman's greatest lesson to politics was that freedom should be preserved.
      That is a recurring issue in history.

    • @dropm8927
      @dropm8927 Pƙed 7 lety +1

      It's not that hard. I do not want to put words in this great man's mouth but from my understanding his general philosophy in 2 words is fuck off. Most other things like his negative income tax and school voucher ideas are simply means to an end of getting all (feasible) coercion, more specifically, gov coercion out economically and politically. The rest will take care of itself and be far better economically, politically, and access to opportunity compared relative to the alternative (what we have today and the direction we seem to be going).

    • @Notrocketscience101
      @Notrocketscience101 Pƙed 7 lety

      Nixon, aka the war on drugs nazi, was a evil brainless fool.

  • @rokyericksonroks
    @rokyericksonroks Pƙed 7 lety +48

    LMAO! (@22:55) "What grade do you give that proposal?"
    Friedman : "I give it an F"

  • @MrHav1k
    @MrHav1k Pƙed 8 lety +28

    Well... He nailed the part on the Cayman Islands!

    • @kennethdowdy4548
      @kennethdowdy4548 Pƙed 8 lety +12

      Except he forgot to mention the government would continue to borrow as much as it wants.

    • @matthewcastleton2263
      @matthewcastleton2263 Pƙed 6 lety

      That's because spending STILL hasn't been dramatically decreased nor have been taxes. Has anybody ever thought that the way to force the government to dramatically lower its spending is to strip it of its ability to spend? If it had NO INCOME COMING IN THE FORM OF TAXATION they would HAVE to stop spending money, otherwise, they'd go bankrupt. Another way to do this would be to abolish the federal reserve.

  • @tylerceremello8554
    @tylerceremello8554 Pƙed 7 lety +18

    he has been the most consistent human being within the influential spectum of economics and politics lol. we have turned into a crap show. we need him back :(

  • @danziv94
    @danziv94 Pƙed 7 lety +36

    Oh god without him what are we left with? economics is now a bunch of Keynesian and socialists. We are fucked aren't we? even when he was a live no one listened to him. well no one in America Chile listened to him and saved their country.

    • @ugurozturk5459
      @ugurozturk5459 Pƙed 7 lety +1

      Saved their country with a bloody coup against democratically elected Allende? "Miracle of Chile". What a bunch of crap. Economics has been a bunch of neoliberals, deregulation and privatization for the last 40 fucking years, not Keynesian. That`s why there is a huge wealth gap in the U.S. Middle class is shrinking and people work 50 fucking hours a week to be able to make the ends meet. Educate yourself

    • @ryananderson3760
      @ryananderson3760 Pƙed 3 lety

      Economist Antony Davies has interesting things to say.

  • @P0RKINS2
    @P0RKINS2 Pƙed 7 lety +38

    Milton never could've anticipated the rise of Obama

    • @frasefra5297
      @frasefra5297 Pƙed 7 lety +16

      William Clogston I don't think anyone could...the tribalism of 95% of black people and 85% of Hispanic people voting for him (regardless of what his views were and experience level was) baffles and disappoints me to this day.
      I would have loved to hear Mr. Friedman eviscerate every policy Pres. Obama has promoted....and he would viciously and completely.

    • @P0RKINS2
      @P0RKINS2 Pƙed 7 lety +7

      Shawn Steuer​
      Well he was advocating the type of Socialist policies that are already popular in Germany and have been for awhile. So that's unsurprising.

    • @waterdropsfall
      @waterdropsfall Pƙed 7 lety +1

      Of course, he made America a socialism country like Germany.

    • @waterdropsfall
      @waterdropsfall Pƙed 7 lety +1

      And I think trump is going to make America like Germany too(the Hitler's one).

    • @P0RKINS2
      @P0RKINS2 Pƙed 7 lety +7

      Trump is Hitler again? No, just no

  • @michaelt4403
    @michaelt4403 Pƙed 3 lety +10

    this interview should have been uncut and aired in its entirety. Friedman's genius should never be cut or edited. Damn shame we didnt get to hear it all.

  • @hfontanez98
    @hfontanez98 Pƙed 7 lety +18

    This is the first time I've seen this and I reached basically the same conclusions back then. I never bought the idea that Clinton was responsible for the surplus. If Mickey Mouse was President, he would've achieved the same with regards to the economy.

  • @derrellprice9721
    @derrellprice9721 Pƙed 3 lety +6

    Mr. Friedman was a small man with a huge logical and rational brain wrapped with honesty and commitment to make knowledge available to anyone seeking it.

    • @theQuestion626
      @theQuestion626 Pƙed rokem

      He was a fanatical ideologue and tried to hide behind the flimsy pretense of intellectualism.

  • @autodidactusplaysjrpgs7614
    @autodidactusplaysjrpgs7614 Pƙed 8 lety +21

    So classic. I wish politics were like this now.

  • @PeterCombs
    @PeterCombs Pƙed 10 lety +40

    This guy was so Brilliant..

  • @calebdavis1605
    @calebdavis1605 Pƙed 3 lety +12

    That last one about the internet and evading taxes said over 20 years before it became a widespread issue got me. There won't likely be another Milton Friedman or if there will be they will be just as ignored as Milton was

    • @jackdelane
      @jackdelane Pƙed rokem +1

      Thomas sowell, a student of his, is remarkable in his own right and another good man to listen too

    • @jackdelane
      @jackdelane Pƙed rokem +1

      You may be right about the ignored part, but his name is become more mainstream, too bad Sowell is in his 90s thou.... world needs more men like him and Friedman.... becoming more and more rare I'm afraid

  • @bendirval3612
    @bendirval3612 Pƙed rokem +2

    Unfortunately, the internet did not end up squashing the government's ability to raise taxes.

  • @theflattruth543
    @theflattruth543 Pƙed 7 lety +17

    He was amazing! True genius! Capitalism without political corruption is unbeatable.

    • @rob_6292
      @rob_6292 Pƙed 7 lety +4

      not capitalism, more free enterprise and free market. yes they share and overlap ideas, they are still different

    • @theflattruth543
      @theflattruth543 Pƙed 7 lety +3

      I agree

    • @theQuestion626
      @theQuestion626 Pƙed rokem

      I noticed that defendants of Milton Friedman are nott exactly the best minds when it comes to historical analysis because if they were they would recognize that capitalism left unchecked to actually leads to political corruption and vice versa. Friedman of course doesn’t seem to factor this in his little cultish ideology but we should not forget that he was also much like Hayek but off by corporate interests.

    • @LeonardGMN
      @LeonardGMN Pƙed rokem

      @@theQuestion626 Nobody wants capitalism to be completely unchecked. Everyone knows that there needs to be a minimum of interference, its just a question of where this minimum is.

    • @theQuestion626
      @theQuestion626 Pƙed rokem

      @@LeonardGMN “Nobody wants...”
      Then why is it that conservative politicians not just in the United States but also in France as well as Great Britain constantly seem to push for unchecked capitalism? Quite frankly I think we know where the minimum is. We achieved it from 1945 all the way to the day we decided to follow the failed theories of Milton Friedman. Anyone with a high school level understanding of history knows this.
      Historically speaking, wage growth as well as standards of living were far better during Keynesian economics than they ever were during the Friedman doctrine years.
      It’s ironic really. When we followed Keynes, wages actually kept up with cost-of-living. Once we started following Friedman wages flatlined.

  • @spanaker
    @spanaker Pƙed 9 lety +89

    i wish dr friedman was still with us :)

    • @yiyangli2749
      @yiyangli2749 Pƙed 9 lety +5

      General Grievous Definitely. My greatest regret is that I became interested in economics only after his death

    • @jimmartin181
      @jimmartin181 Pƙed 9 lety +2

      BiL Zenovic -- so you like the results of liberalism in the State of Illinois?

    • @jamesgarvey8402
      @jamesgarvey8402 Pƙed 8 lety

      BiL, you're a living breathing punchline. It's actually sad to read your comments. The jealousy, contempt, and downright envy you have for those who have the drive and intelligence (of which you couldn't even dream of) to create a wealth building machine is blatantly obvious. I actually feel bad for you. Your life almost certainly will never be exceptional.

    • @jamesgarvey8402
      @jamesgarvey8402 Pƙed 8 lety +2

      Ugh. Just ignore him guys. Ignorance is bliss.

    • @m4rs12
      @m4rs12 Pƙed 8 lety

      +hotpocketpoison indeed, but UNCONTROLLED greed is always bad. This is where the gov't should step in and put regulations on monopoly & punish those who break the law (eg. greedy bankers who manipulate & crash the economy)

  • @jerryamoore111
    @jerryamoore111 Pƙed 8 lety +65

    He thought the government would shrink by 2009. Oh how wrong you were Dr. Friedman. In those 10 years spending DOUBLED.

    • @sheldondunnjr
      @sheldondunnjr Pƙed 8 lety +4

      Jerry Moore It has increased, but as a when looked at as a percentage of GDP, it's not as big an increase. In 2000, it was about 19% (the lowest in almost 30 years), and now it's about 24%. Most of that increase came in just 2008/2009 during the stimulus years. But yes, still too high.

    • @shurikozerov3164
      @shurikozerov3164 Pƙed 8 lety +1

      +Jerry Moore I suppose he was being too optimistic, haha.

    • @jerryamoore111
      @jerryamoore111 Pƙed 8 lety +10

      +Shurik Ozerov just goes to show you can never overestimate the public's stupidity.

    • @shurikozerov3164
      @shurikozerov3164 Pƙed 8 lety +4

      Jerry Moore
      Yeah. I mean I don't blame him for thinking the internet would allow for people to realize how bad things were in Washington, afterall we now have a plethora of sources to learn all about economic patterns and government effects, yet we find ourselves making the same mistake; sharing what initial information adheres to our beliefs and instantly denouncing that which contends with our world view, and never bothering to try and objectively interpret the data ourselves.

    • @mattb3397
      @mattb3397 Pƙed 8 lety +1

      +ThePatrioteer I believe spending is actually around 35% of GDP
      US GDP=$16.77 Trillion
      Federal Government spending as of 2013= 3.454 trillion (20 ish percent of GDP like what you got)
      AVERAGE State and local combined spending=20.3048% of GDP
      Fourty percent total is the answer. You most likely only checked the federal government.
      www.whitehouse.gov/sites/default/files/omb/budget/fy2015/assets/budget.pdf
      www.usgovernmentspending.com/compare_state_spending_F0p
      Check the results, offer any feedback if you will. We're living in socialism.

  • @MarioDConti
    @MarioDConti Pƙed 7 lety +4

    Thank you for uploading Prof. Freeman interviews. What a mind, what a giant! He even predicted that the internet would make it hard to collect taxes! He also acknowledged the merit of Reagan's economic policy that eventually produced a budget surplus during Clinton's presidency. These are real, undeniable facts.

  • @jaykraft9523
    @jaykraft9523 Pƙed 7 lety +7

    Wish Friedman could have lived to 200, we need him more today than ever before.

  • @codycross7063
    @codycross7063 Pƙed 9 lety +32

    i wish he was right about the government and the internet

    • @tvlangsam
      @tvlangsam Pƙed 9 lety +1

      Each party doubled down on government instead.

    • @fudgedogbannana
      @fudgedogbannana Pƙed 9 lety +1

      The government is also using the internet to its own advantage.

  • @ComradeChristov
    @ComradeChristov Pƙed 10 lety +29

    what i wouldn't give for Milt's brain

  • @fdpirigyi
    @fdpirigyi Pƙed 9 lety +6

    A 1 term limit? I have never realized how effective that would really be until now. There would no longer be any politician pandering or any laws passed with any thought to coming elections. Every congress would be a fresh section of the country. Maybe it would take a little longer to buy them off if new ones were constantly coming in.

  • @WhallonJesse
    @WhallonJesse Pƙed 3 lety +11

    2:15 $290 Billion defect. Milton Freedman is rolling in his grave at our defect of over 1 Trillion and climbing. One day we will have to pay the piper.

  • @reach2prasanna
    @reach2prasanna Pƙed 9 lety +9

    Wow, the prediction he gave at the end is spot on and we are actually watching it happen right before our eyes.

  • @FukPosers
    @FukPosers Pƙed 9 lety +67

    The currency system he describes sounds alot like Bitcoin...

    • @codycross7063
      @codycross7063 Pƙed 9 lety +6

      IKR!

    • @vojtasks
      @vojtasks Pƙed 3 lety

      He would love bitcoin... Just read his Capitalism and freedom. He writes there that he thinks that gold standard is outdated and is hard to handle volumes of gold needed so better solution would be releasing fixed amount of money at weekly/monthly basis. Very similar to bicoin's concept.

  • @gregchristopfel8106
    @gregchristopfel8106 Pƙed 3 lety +3

    Imagine what he would say today about our current situation. Things are exponentially worse!

  • @JorgeGonzalez-mm3jf
    @JorgeGonzalez-mm3jf Pƙed 8 lety +2

    Dr. Friedman's closing comments on the internet are so true. The internet is the last bastion of free speech and free market capitalism. Which is precisely why the government has such great interest in regulating it. R.I.P. Dr. Friedman.

  • @moonstruck336
    @moonstruck336 Pƙed 2 lety +3

    Peters face when Milton answers a question, oh man. Milton is so brilliant that he literally enlightens you when he talks.

  • @ThorneStockton
    @ThorneStockton Pƙed 11 lety +2

    It's so refreshing to see an interviewer who doesn't constantly interject.

  • @macaronimick
    @macaronimick Pƙed 8 lety +3

    I'd love to hear Milton's views on the current state of the EU.

    • @ACPlayer123
      @ACPlayer123 Pƙed 8 lety +1

      +macaronimick I would also love to hear it!!
      Greetings from Germany ;)

  • @hhsoccer97
    @hhsoccer97 Pƙed 10 lety +13

    Milton Friedman was amazing

    • @DoubleBob
      @DoubleBob Pƙed 10 lety +2

      If people would listen to him fully, yes, but most people only cherry pick e.g. "Less government! Less welfare! Cause Friedman said it." and forget his solution to inequality (negative income tax).

  • @oldfox
    @oldfox Pƙed 8 lety +3

    Government schools--90% of students. It's a monopoly. Like every monopoly, it provides a low quality product at the highest cost. It benefits a small group in the NEA and the AFT and dis-serves the vast majority of people--the students and parents.

  • @ikesteroma
    @ikesteroma Pƙed 10 lety +2

    I am surprised at how relevant this discussion is for today's world. My only minor quibble with Friedman in this context is that history will judge Clinton as a moderate-conservative. Maybe, just maybe, more conservative than even Bush Jr.

  • @wonderfreeman8245
    @wonderfreeman8245 Pƙed 6 lety +2

    Dr. Friedman gave me my initial understanding of economics. I have since discovered Yaron Brook who has an upbeat message about capitalism and freedom and especially reason and deep thinking as values for problem solving in economics and other intellectual fields such as psychology, education and the creation of new and un-imagined products such as those created by Steve Jobs or Elon Musk. Yaron has his own following here on youtube. His spin on foreign policy is unique. Thanks for posting this video.

    • @wonderfreeman8245
      @wonderfreeman8245 Pƙed 6 lety

      Thanks for responding. Would you mind helping me understand why you hold this opinion.

  • @jamx97
    @jamx97 Pƙed 7 lety +3

    I'm amazed at how sharp his mind works at such an old age.

  • @jasongoodfriend6479
    @jasongoodfriend6479 Pƙed 9 lety +3

    "I 'take back' my words, but go ahead and ram them down my throat." "Well gee, you're the Nobel prize winning economist, I thought you would know..." lol. Absolutely hilarious stuff!

  • @dontcare563
    @dontcare563 Pƙed rokem +2

    Can you even imagine what Milton Friedman would say about Joe Biden if he were alive today?

  • @MaxxTheMerciless
    @MaxxTheMerciless Pƙed 11 lety +4

    I miss Milton Friedman. More than ever.

  • @johncarter5940
    @johncarter5940 Pƙed 8 lety +9

    Milton was a genius! Republicans are stupid not to follow him as democrats follow Keynes! Nobel prize winner!

    • @johncarter5940
      @johncarter5940 Pƙed 8 lety +1

      +john carter Milton was right tha Gov't will be smaller in 2009- We had no Gov't in 2009 , everything was going down the drain!

    • @bernlin2000
      @bernlin2000 Pƙed 7 lety

      Lol....
      www.usdebtclock.org/
      Read that website and weep...government is bigger and more in debt than ever!

    • @chica476
      @chica476 Pƙed 7 lety +2

      Why do you sport the flag of the failed Yugoslavian Socialist State?

  • @GBValode
    @GBValode Pƙed 7 lety +57

    Can you name any people who are similar to his intelectual capacity ? I am baffled i didn't know about him before. Machine of logic :o

    • @GBValode
      @GBValode Pƙed 7 lety +18

      ***** You are kidding , right ? :D I was asking for real , not joking :)

    • @GBValode
      @GBValode Pƙed 7 lety +9

      ***** I haven't read any noam , but i watched enoigh of his videos :) Noam is smart in some ways , but totally lost on others. And i just have personal issue with him. He constantly debates idiots and even seems to agree with them. I got a person though : Ayn Rand

    • @GBValode
      @GBValode Pƙed 7 lety +4

      ***** The other half being socialism ? :) Well , to each his own. They might be a bit outdated , but still , objectivism so far , seems like the best way to go. unless a person is religious , or believes in astrology , or some other faith based "thing" , then objectivism might seem scary

    • @GBValode
      @GBValode Pƙed 7 lety +4

      ***** you do realize that ayn milton and more so ayn , died before much of that. On the other hand , i think they realized that too , because in most videos i see them saying that corporatism + goverment = monopolies. Which is basically the same as country for corporations not individuals. And they rreject bail outs, and i don't see any of your points valid now. Especially when you actually think that Noam is good for anything :) Really , i respect some of his opinions , but i dislike the guy too much based on his other opinions. He might have some knowledge , but i won't apreaciate him. You might be right , i might be wrong. So just let's leave it at that :)

    • @chasefedina4885
      @chasefedina4885 Pƙed 7 lety +5

      Tom Sowell, Henry Hazlitt, Larry Elder, Frederick Hayek, Ludwig von Mises, Stephan Molenuex, Tom Woods, Peter Schiff

  • @wagnar
    @wagnar Pƙed 5 lety +1

    As a chilean I only have words of gratitude for Milton Friedman to be a key figure fixing the economy of my country. We became the most succesful latin american country thanks to him and his disciples "The Chicago Boys". Of course I don't support Pinochet as I don't support any dictatorship regardless of its political colour, but Friedman was wise enough to understand that making Chile a free market economy would lead inevitably to political freedom... and that's exactly what happened in 1989.
    In other words contrary to popular belief Friedman helped to end Pinochet's regime because private sector and general population realized they didn't needed him anymore to save the country from communism now free market was widely accepted.

  • @IknowImNotCrazyYoumightbe
    @IknowImNotCrazyYoumightbe Pƙed 11 lety +2

    Milton would be disgusted and shocked at our financial condition today. He might be even more alarmed at the lack of interest by the general public about our pending financial calamity

  • @bearjuden9226
    @bearjuden9226 Pƙed 7 lety +2

    I wish there was a Milton for Mellennials. Every time I watch, I'm left in awe.

  • @skipsassy1
    @skipsassy1 Pƙed 8 lety +3

    Note that was 1999 the top of the market bubble. 2001 was 2 years away: Tech crash.

  • @adamvanasse6410
    @adamvanasse6410 Pƙed 3 lety +2

    Imagine...a 5’2 man that could deliver such a devastating knockout

  • @JM-pm3ob
    @JM-pm3ob Pƙed 7 lety +1

    Everyone is rightly celebrating the brilliant Friedman, but I do adore Peter. He's a great, likable interviewer and Uncommon Knowledge is a spectacular series.

  • @departfromevil2000
    @departfromevil2000 Pƙed 7 lety +3

    This guy is Brilliant and this was Thomas sowell mentor thats why is he is just as Brilliant as he

  • @ebowden1168
    @ebowden1168 Pƙed 3 lety +3

    He was 87 at the time of this interview by the way, thats pretty amazing

    • @immaculatesquid
      @immaculatesquid Pƙed 3 lety +1

      Tom Sowell 90 years and still going, Milton 93 years old, Ludwig Von Mises 92 years old, F.A. Hayek 92 years old
      Walter Williams just recently passed at age 84. I think there's something about free market philosophy that makes these people live longer. I haven't discovered it yet, maybe it's just that they took care of themselves.

  • @guiemmiro5201
    @guiemmiro5201 Pƙed 4 lety +1

    I would have never thought I would miss someone I never met! What a man!!

  • @TheTexasmick
    @TheTexasmick Pƙed 11 měsĂ­ci +1

    People feel important, very important, when they give other peoples' money away.

  • @fredpearson5204
    @fredpearson5204 Pƙed 8 lety +8

    Love, love, love Milton Friedman. If only ALL politicians and our idiot president were even half as smart.

    • @Mindrex327
      @Mindrex327 Pƙed 8 lety

      I hope did Not vote for obama in 08.

  • @morehn
    @morehn Pƙed 3 lety +6

    I love his calculator watch

  • @adrianfisher3349
    @adrianfisher3349 Pƙed 11 lety +1

    I love the way he answered people. He was always makes sense and was never (as far as I've seen) nasty with anyone.

  • @louisianalidar
    @louisianalidar Pƙed rokem +1

    i wish this guy was still alive. he could talk some sense into people and hes not very aggressive or intimidating so people would listen. you can't help but respect the man he really is a class act. hes the grandpa everyone wishes they had

  • @Lucas-yy3dh
    @Lucas-yy3dh Pƙed 3 lety +4

    Man if only the world enacted smart people's ideas.

  • @QueChingar
    @QueChingar Pƙed 3 lety +2

    "Why is it appropriate for government to tell me what fraction of my income I should save for my old age?"
    I wish José Piñera would have watched his hero here say this.

  • @kg376
    @kg376 Pƙed 6 lety +1

    Man Friedman tore him a new one when he said "give back".
    Friedman was a genius....we need him back. Triple OG Friedman. Always keeping it real

  • @ThePelicans44
    @ThePelicans44 Pƙed 11 lety +1

    Just after the 13 minute mark, he says that he supports a sort of program to provide for people below a certain low income mark. The guy was named Milton Friedman and he was very smart.

  • @Midironica
    @Midironica Pƙed 7 lety +8

    25:00 Friedman indirectly predicts the rise of 4chan and meme magic.

  • @rociojuarez5489
    @rociojuarez5489 Pƙed 7 lety +9

    I remember Amazon was tax free! Then the government happened.

    • @taurtue
      @taurtue Pƙed 3 lety

      Yeah let Jeff Bezos get even richer by not taxing him.

    • @k3th.b.w122
      @k3th.b.w122 Pƙed 3 lety +1

      @@taurtue I found a commie

    • @taurtue
      @taurtue Pƙed 3 lety

      @@k3th.b.w122 Wanting to tax a multibillionaire = being a commie?

    • @immaculatesquid
      @immaculatesquid Pƙed 3 lety

      @@taurtue they just pass the tax bill onto you. haha take that bezos, i now pay 6% more !

    • @taurtue
      @taurtue Pƙed 3 lety

      @@immaculatesquid More like "take that Bezos, I won't buy your stuff anymore since it costs 6% more"

  • @GrowingWardFamily
    @GrowingWardFamily Pƙed rokem +1

    I wish I would have seen this video and understood it back in high school, wow it simplifies everything that needs to happen with goverment taxation and spending.

    • @VioletJoy
      @VioletJoy Pƙed rokem +1

      I wish these logical ideas were taught in schools. I was never a fan of government or economics classes in high school, but would have loved this. Between Friedman and Sowell, students would be much further ahead in their understanding than a lifetime of learning what is currently being taught.

  • @80sruler
    @80sruler Pƙed 7 lety +2

    Certainly appreciate his views over Keynesian Mumbo Jumbo

  • @Mochyeassc2
    @Mochyeassc2 Pƙed 6 lety +7

    He was such a great man. We need more of him

    • @luimollossi661
      @luimollossi661 Pƙed 3 lety

      oito anos depois, Hillary diz que o planejamento do Estado Ă© superior. Fridmann, sofre no inferno

  • @pereralonso
    @pereralonso Pƙed 10 lety +7

    18:17
    "eeeeeeeeeeeeeeeeeeehhh" xD

  • @yagami0186
    @yagami0186 Pƙed 6 lety +2

    oh my god there is so much respect for this man

  • @jacobwheeler5943
    @jacobwheeler5943 Pƙed 7 lety +5

    Milton is the motherf#ckin man! he refuses to be bamboosaled with all this flim flam.

  • @tiamoore2861
    @tiamoore2861 Pƙed 7 lety +30

    until obama started regulating the internet...

    • @emocomebackfromhell
      @emocomebackfromhell Pƙed 7 lety +1

      They're really not doing that much. They try, but it's a wild place that is still new to many and for those growing up in it a home that they love and will fight for.

    • @frasefra5297
      @frasefra5297 Pƙed 7 lety +5

      Tia Moore Obama wants to regulate everything.

    • @waterdropsfall
      @waterdropsfall Pƙed 7 lety +2

      Until Obama health care finally turns America into socialism country.

  • @UKtoUSABrit
    @UKtoUSABrit Pƙed 6 lety +1

    Term Limits. Yes, we need them.

  • @hcodrum156
    @hcodrum156 Pƙed měsĂ­cem +1

    I think Milton Friedman is my spirit animal

  • @deathtotruthers1
    @deathtotruthers1 Pƙed 6 lety +7

    God I love Milton Friedman. The man just exuded intelligence. But his real genius was to explain very complicated economic concepts in ways that can be understood by anyone.

  • @Keefed
    @Keefed Pƙed 8 lety +4

    I wish I could have talked to him in person.

  • @ef3371
    @ef3371 Pƙed 2 měsĂ­ci

    His worst prediction is smaller government because of the internet. The opposite has happened. Absolutely spot on on school (lack of) competition.

  • @elgirl19
    @elgirl19 Pƙed 3 lety +2

    He was right about the internet! But of coarse couldn’t predict the war on terror.

  • @Rankus5150
    @Rankus5150 Pƙed 8 lety +7

    18:17 lol