Milton Friedman says that the Federal Reserve has severely messed up monetary policy, but a gold standard wasn’t that much better. How can we both benefit from the promise of government in monetary policy and avoid the harm it can cause to individual freedom?
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Destroy Depression
What is the law called?
read it. the back end of it was so difficult to keep up with. Still im happy I read it and I have a greater understanding of capitalism and freedom.
Bitcoin
Milton proposal is great he nailed it there where we can leave both gold and the FED'S. This guy is so great that he predicted that Bitcoin is coming…..
That's a tenth reason why Powell's politics about the dereserve atoxicity of subtitute monetary by the reserve next pro-Nexon, pro-RBS or pro-Goldman stocks had to apression next -2,9% oil & pallad crude responsing in 12.500 leftside target.
what happened to most of the banks that failed? oh right, didnt the FED buy them….? hence why they LET them fail. Absolute power corrupts absolutely.
Great video, great job…perhaps even mention when which book came out at the start… due to our fast changing time. And at the end, one can even say that the sound gold/currency money and concept are still applicable today and even more so, 2017, 45 years later. Lastly, MF's solution is similar to world gold production rate. Even bitcoin is modeled on it. I won't be surprised if Satoshi Nakamoto has read this book. :). Cheers
Now talk about the view against Milton's from the Austrian economists: https://www.youtube.com/watch?v=V1rVXbAxLsE
Gold works great as money. But when dragons come along nothing works. Let us focus on how to fight the dragons and economy will take care of itself. Now I would suggest we need some heroes.
How about using only gold and silver as money ? not using gold standard, but using gold itself as money.
Respect for Milton Friedman, but by increasing stock of money every year (or certain time period) will only end up the same as the system we have now. Whether its the goverment or the federal reserve who printed the money, the result will still the same.
As we know that, each time money is printed, money that people have in society is decreased in value.
Money that I have 5 years ago that can buy a goat, let's say that I saved the money and didn't use it., but now today the same money can only buy a chicken. I could say that raising stock of money is just same as stealing people's money. And whether its 3%-5% every year. It still decreased value of money.
I dont want the system where I can't store my money safely and keep stealing the value of my sweat and hardwork over certain period of time.
https://fee.org/resources/great-myths-of-the-great-depression-pdf-and-audio/
Came here from Mike Maloney. Great Review!