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.

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

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

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

Get ready for high inflation again in the US

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

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

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.

This man was a genius.

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

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

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

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

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

The real explanation for money printer go brrrr

It's a great time to watch this video.

Absolute gem of a talk and still relevant years after it was held

Economics is like a cheesecake, if you listen to Milton Friedman! What a legend!

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

Well spoken and executed! I'm non partisan and I don't usually agree with his philosophy, but Mr. Friedman is probably my top 5 American intellectuals to ever set foot on earth

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

“Governments don’t learn because Government never learn!” Milton Friedman and Billy Graham were two of our most influential “Philosophers” of the 20th Century! I’m glad I lived to experience both of them🙏🤔

1:06:00: of the video: I was 10 years old when this video came out and we never received and "economic education" in school then or now.

How can anyone give this man a thumbs down 🤔

It's been just half of the video and I'm already full of new good things to recall before the video ends.

So... The ultimate cure is for money to be separated from government.

He was a true financial genius.

Friedman is sharp but he was always dancing on eggshells carefully avoiding putting the blame where it fully belongs because he knew and feared to do it for his life and career. He came close a few times in his career. An hour long talk on inflation and not one mention of the crime of fractional reserve banking? It is the mechanism by which money is multiplied! Wow...just wow...

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

We've not had another Milton as of yet ! Damn we miss this guy !

Still holds true today, I understood it twenty years ago, but most of the population has learned nothing.

Why am I watching this today? Please someone tell me...

If the government doesn't stop with the current Covid 19 spending bills we will be hurting for some time.

Inflation is a government phenomenon

He throws down some good ass zingers and gets no laughs. What a shame.

1979 everyone in the audience is wearing suites and ties. Today, it's dirty jeans and t-shirt.

When he spoke everyone listens.

Notice the duplicity of the state educators in Michigan and California/corrupotifornia. Both states had balanced budget bills that were defeated because the educators opposed them. Educators are supposed to be teaching ethics and morality and setting examples and yet they sided with the "Dark Side" that opposed economic honesty.

We need more people him in our society.

Imagine Friedman in 2023 with the huge balance sheet of the FED and too much money in the system.

so many topics hit on that affect us today and is still supremely relevant.

It's a shame that there are only 53,000 views of this video four years after it was posted... I particularly enjoyed his thoughts @ 46:11

Poor guy probably is turning in his grave now.

I so wish that I could smile like he does when he reasons. I just can't.

Ladies and gentlemen, I must say that, "Never, never, ever go under the debt which you can't pay." Burak Ş. :)

13:25 would love to see these charts for today

56:57 he never counted on the dumbing down of the citizens

Brilliant words from a brilliant man.

What year was this speech made in? Oh it was 1977 based on what he said at 51:55 "1976, last year"

I wonder what he would say today???

in case of this video has been watched 1 million times, there are hope for a good economy in the world

46:52

I can't understand why there is no inflation now.

It’s funny listening to these things from the late 70s knowing Reagan would be elected a year or two from then. Friedman’s point about people finally waking up to what is going on was realized in that short period of time.

It amazes me how time transcends information democratization! I agree with many others who have pensively commented previously.

1978 the US National Debt was $778 billion. We are currently at $33 Trillion.

Marvelous video

47:17 LOL that is awesome.

Great video!

What do you all think Milton would think of the FEDs actions during this pandemic?

estas charlas son oro

Wow. This rings true today.

With gold has the foundation non of this can happen. A true gold standard.

Brilliant, now I know that in current era of crazy Bernie this material is a hard pill to swallow !!!

Quantative Easing

Thanks for ghostly message in the small town from the hereafter dealing with the environment

Employment < - Inflation - > Government Spending When it increases, it's because of spending; when it decreases, it's because of productivity.

How political correctness was born: "The way to solve things is by making politically profitable for the wrong people to do the right thing"

59:30 a most important systemic principle. Same logic that keeps bad actors within Bitcoin from being malicious. It's more profitable to contribute computational power towards the mining process than it is to engage in an attack on the consensus.

Insightful video. I just want to know best how people split their pay, how much of it goes into savings, spendings or investments. I'm 27, and earn nothing less $150k per year, but nothing to show for it yet.

I wish the publisher had mentioned when this lecture was delivered. By listening to the whole lecture I gathered it was delivered in 1979. Any discussion on inflation (or any economic trend) is meaningless if we cannot place it in time. Assuming this lecture was delivered in 1979, Prof Friedman was prophetic. In the following 4 years inflation did rise to double digits. But judging from 2019 vantage point, US had an average inflation rate of 2.14 percent over a period of 22 years. The constant story I read is that most world governments are struggling to get the rate up, rather than down. What could have the professor said about this long period of low inflation (and, continuing economic woes)?

The prophet

Only surprise matters!

It's unfortunate thousands aren't watching this now.

The voice of the questioner at 1:10:14 sounds like Obama.

Money is gold and silver. He refers too fiat currency.

Is deflation then an anti-tax?

Write your reps and senators folks. Write them.

As I understand it, the govt finances its deficit with treasury bonds. So in a sense treasury bonds are the claim on future production ,

Does anyone knows in what year this speech was made?

Why has inflation been so low the past decade or so?

I don't believe that people who invented that many things being creative and inventive so much they can't invent system which will satisfy all of us. Its just greediness and commonness of people.

That’s why our currency is becoming more digital

1:23:54

The highest earning county even after all of these years is still in in Virginia and is described as a “Suburb of Washington DC”. Although now it is Loudoun instead of Fairfax.

It's been clear that during the past 10 years or so the amount of money (and credit) per output as been raising as well as government spending, both in UE and Europe. Why is that we have enjoyed a period with such as low levels of inflation too?

Our inflation rate has been around 2% since 2004 , so isn’t that a good thing when this was produced in 1978 the inflation rate was above 8% before it ramped up then trended downwards and we’ve been around 2% for over 15 years ?

Is that Peter Schiff at the 17:48 mark?

21:26

Guess there is no such thing as incentive

Based on 38:31 it looks like a 2:50 ratio between females to male in that conference room

So someone know the Year from this speech ?

It was brilliant, but hasn't mentioned anything about the velocity of money. Only about the quantity of money. But no matter if big quantity of money, if velocity is very small, you won't get inflation. What we living now.

Unless that housewife was Maggie Thatcher 🙂

1:19

38:35 Alan Greenspan spotted!

I know I didn’t just see smoke in the air inside a building let alone a room lol

Is deflation a problem as well? It seems like it would be better. Your money would be worth more, no?

what date