I bought my first house in 1993 for $60,000 in a nice neighborhood in a small town, 30 miles outside a large city. I earned minimum wage when I got the mortgage with my wife, she also earned the same minimum wage ($5.25 per hour). Today, Zillow shows that $60,000 house is worth $170,000 a 183% increase. Minimum wage is now $7.25 per hour, a 38% increase. Today it would be impossible to buy that same house with minimum wage.
*Have you heard about "Trickle down" economics?* The right wing scam people like Milton and co was pushing? Well, the reason your example is true today is because a practical "Trickle down 2.0" is in effect, but it is in context of assets. People with the most assets, also lose the least during recessions and gain the most on upwards. Leading to a massive wealth discrepancy over time. Instead of "Lets have massive tax cuts for the rich, because they create jobs" (aka Trickle down 1,0, which is not true btw. Demand, creates jobs. Your mom shopping creates jobs etc), they switched it to "Those with the most assets, gain the most as well" (Trickle 2,0). Now think of that in context of your house. 183% increase, but its not just your house. It is billions worth of assets. Completed with shattered Unions and real wages not keeping up with inflation. Prices still going up and employers pocketing the difference themselves instead. You get trickle down 2,0 and massive unfair wealth share that is dwindling the middle class. Which ironically is the fuel for capitalism, aka macro demand. Without them, there is no capitalism. Yet these so called "pro capitalist" "experts" (Milton proclaimed wage would increase naturally with produktive, therefor no need for Unions for example, cant get more wrong than that in context of 3 decades of empirical evidence after the claim). Continue to push what I call "Siphon Economics" (benefits individual companies short term, at the cost of the nation and citizens in it) to this day, while not giving a rats A about new evidence, but keep posting this as if it has not been debunked.
@@Roadtripmik I remember 1997 very well, that year jobs were booming. I got my first break as fas as jobs go, $16 per hour as a mig welder in training, 64 hour weeks, double time pay after 45 hours. I had 3 paychecks in my wallet most days because I couldn't get to the bank before 5 pm. Great money, tired all the time. That job was a 10 minute drive from home. Good deal on your dads house, I see Philly tax is very low for such a huge city, 0.98% tax rate.
What jobs were you both doing for minimum wage? In my entire lifetime of 38 years, I think buying a home with two minimum wage jobs would have been damn near impossible. I'm not sure how anyone would have approved you both. note: minimum wage in 1993 was $4.25, which I guess just more proves your point.
@@colinjames9562 We both worked fast food jobs, no debt, $5k cash. Keep in mind, small town, early 1990s. Her aunt was a real estate agent, we was approved pretty easy. They made us put tax and insurance in escroweach month that the bank held until it was due each year. The bank was always late paying the money each year.
@@Dzvakangark Then you have cheaper money buy up way to many resources so prices go up and if you're just printing off money and making it cheap why would inflation stop? just take more money from the money tree. Then money loses all it's value unless you put interest rates way up. We need the gold standard and hopefully we will go back to it sooner rather than later.
Inflation is far more harmful to individuals than a collapsing stock or property market because it directly affects people's cost of living, which they immediately feel. It is not surprising that the current market sentiment is extremely pessimistic. In today's economy, assistance is critical if we are to survive.
I'm not kidding when I say that the market crash and high inflation have me really stressed. I've been in the red for a while now and although people say these crisis has it perks, I'm losing my mind but I get it Investing is a long-term game, so focus on the long run.
I do agree and in my opinion, considering the world today, the implications of rising or declining rates, inflation, has minimal effects when it comes to trading the markets. It’s about knowing when to get in and get out which requires experience and basic knowledge of market structure. The markets is psychological, it’ll be suicidal to ignorantly get it. Better still, seek the help of a portfolio manager to passively earn and learn the markets at your pace.
@@joecaruso06 RIGHT! Markets are oceans not lakes. The prominence of basic or institutional financial managers cannot be overstated. Take myself, having faced my share of bad trades, Fortunately with the help of my Pm, I came to understand the essence of timing, capital, entry, exit, goal and how they each affect every asset. Currently hold a $415k portfolio averaging a 14% monthly roi in less than 7 quarters. - -so I do know the importance of basic knowledge and delegation.
My wifes Great Grand-Uncle made a good living out on the gold fields. He saved everything and then used that money to set up a little Grocery store that he then built into a supermarket. Many of the people who would have worked those fields and mines would have saved their money and used it for family reasons. There would have been a considerable number who did not save their money and would have wasted it and what they did was all about the nomatic work lifestyle.
Teringventje - True, and wealth redistribution was an idiotic idea then, as it is now. The free market punishes the vast majority of the "get rich quick" crowd. Some make it, the rest perish. Profit is just a result of steady growth and sustainability. It's like the parable of the "tortoise and the hare". Simple truths are timeless.
Of course it's not a fair match to put the most clever central bankers against the american middle and lower classes and see who ends up winning -- the bankers / fed and their cronies of course ;) by inflating the money and taxes, milking the cows, enslaving the sheeple. Theyll never give a sucker an even break;)
Not really true there is 0 evidence of that extra money in the pockets does not create inflation this is false 0 PROVE companies themselves decided to increase the cost of their goods in their own no due to the increase on the money supply Reply
this is exactly what he is being criticized for nowadays. Economics is not simple, it is extremely complicated and we have moved way past these models that Friedman produced in the 80s. Truth be told, his claims hold very little empirical evidence and some of them are outright contradictory to each other. I'm saying this as an econ major who has studying financial crisis extensively
@@ClaytonYatescarenthusiast Really, so how come the recessions/financial collapses always happen under Republicans? (Bush Sr., Bush Jr. and tRump) and sustainable recoveries always happen under Dems? (Clinton, Obama, Biden)
@@izraelite2908 Don't play that game. Both red and blue work together. Yes Democrats print like crazy and Repubs take their fall WILLINGLY and then don't do anything BY DESIGN. It's a team effort to fuck you financially. There is no right or wrong partisan side.
This is a Classic. I have a great idea. Someone should redo this series similar to how Fox redid Cosmos. I believe it would be popular. Anyone else think this idea has merit?
Understanding personal finances and investing will most likely lead to greater financial independence. By being knowledgeable about money and investing, individuals can make informed decisions about how to save, spend, and invest their money. A trader made over $350k in this recession influenced market
Stocks are pretty unstable at the moment, but if you do the right math, you should be just fine. Bloomberg and other finance media have been recording cases of folks gaining over 250k just in a matter of weeks/couple months, so I think there are alot of wealth transfer in this downtime if you know where to look.
The best course of action if you lack market knowledge is to ask a consultant or investing coach for guidance or assistance. Speaking with a consultant helped me stay afloat in the market and grow my portfolio to about 65% since January, even though I know it sounds obvious or generic. I believe that is the most effective way to enter the business at the moment.
@@kenanporubsky2122 My advisor is Catherine Morrison Evansshe’s highly qualified and experienced in the financial market. She has extensive knowledge of portfolio diversity and is considered an expert in the field. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market
@@lipglosskitten2610 I am going to look her up, I have about $81k i want to start with, might be small but it's better than nothing though. Since the 08 crash is playing out again.
Okay this is good, but With inflation running at a four-decade high, a Recession is now the ‘most likely outcome for the economy. How can I grow my portfolio to outpace inflation and maintain a successful long-term strategy? I have been reading of investors making about $250k profit in this current crashing market, and I need ideas on how to achieve similar profits
You’re right! The current market might give opportunities to maximize profi.t, but in order to execute such effective transactions, you must be a skilled practitioner
On the contrary, even if you’re not skilled, it is still possible to hire one. I am a project manager and my personal port-folio of approximately $750k took a big hit in April due to the crash. I quickly got in touch with a financial-planner that devised a defensive strategy to protect and profit from my port-folio this red season. I’ve made over $150k since then
There are a lot of independent advisors you might look into. But i work with Julie Anne Hoover and I have been working together for nearly four years, and she is excellent. You could proceed with her if she satisfies your discretion. I endorse her.
@@georgebarret Thanks for sharing, I just looked her up on the web and I would say she really has an impressive background in investing. I will write her an e-mail shortly.
My favorite Friedman quote was something along the lines of "if the U.S government were in charge of the Sahara desert it would be out of sand in 2 years "
J T Harvey ruclips.net/video/1DE0sBGH73A/видео.html #11: Printing money does not cause inflation! . ruclips.net/video/2WFJTvaFaz4/видео.html #12: What actually causes inflation part one . ruclips.net/video/Giu518_9rO4/видео.html #13: What actually causes inflation part two . ruclips.net/video/FLi2wdSA66A/видео.html Minsky at Westminster 1991
This is a tangent, but notice how healthy and lean everybody is in this video. Pretty shocking. Everybody has a normal BMI in this video, from the mom and dad to the union veterans to Milton himself.
Fatness inflation. It would be good to see the records for average BMI of that time and the number of fast food joints as well, to then see the correlation between fast food outlets and average BMI growth. I am sure there are other variables but that is the first that came to mind.
Mom is actually cooking a home meal and the kids are actually outside playing and people not sitting around on a computer! No Uber eats , rampant fast food every where with supersize meals and every snack know to mankind!
Here's a research project for you. Find pictures of what the inside of grocery stores (their products) looked like pre-1976. And, compare with what is offered for sale today. To really do it right, go right down to the product ingredients, for the comparison. I remember when people ate eggs for breakfast, but then the government told us that more than three-eggs per week were a certain heart-attack. Meanwhile, breakfast cereal sales exploded up. I wonder who motivated the government to weigh in on the topic of eggs?
This video should be shown to everyone when they're in high school, so they know how money works when they graduate. Because the amount of grown adults today, whom are economically illiterate is quite staggering.
I genuinely think it's too late and voters are far, far too easily fooled. Blockchain is the answer now. Crypto is just better than fiat money and even the governments themselves are showing themselves to be iltimately unable to resist switching to it since they will need it to trade with other governments who aren't subject to their proclamations.
There are too many rich people (decision makers) who want to keep the masses economically illiterate so they can keep a vast majority of wealth for themselves and keep as many people at minimum wage as they can.
This is a complete mischaracterisatoon of how new money is added to the economy. It's added via commercial banks in the form of loans and mortgages, and not by the govetbment. The gov adds some money, covid and the 2009 crash being two examples, but in normal times, government don't add much money. But if you're against the government in principal, then this narrative suits your agenda.
@@mdaniels6311 Fractional reserve banking is enabled by government deposit insurance. The government and the Fed also issued the multi-trillion dollar stimulus that is on the verge of destroying our economy.
It surprises me why everybody gets really worked up about recession and inflation data. Inflation has always existed, and people have been using investments to beat the inflation. The stock market return, for example, always beats inflation. I heard of someone who invested $121k last October, and has grown the portfolio by more than $400k. I need recommendations that can give me similar return.
The professionals presently control the market since they not only have the essential business strategy but also have access to inside information that the general public is not aware of.
True. I first came across investing in the market in 2019. Already stashed about $480k in savings then, and the free money from the Government was pouring in, increasing inflation rate. I just got an advisor and kept the money there, just because I didn't want to keep the value of the money depreciating in the bank. Tbh, it's the best investment decision I've made since then.
I think this is something I should do, but I've been stalling for a long time now. Mind if I ask you to recommend this particular coach you using their service?
"Rebecca Nassar Dunne" is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
Like Zimbabwe tried to cover up productivity collapses with money printing, much of the world tried to cover up the induced covid recession with money printing
I'm not trying to get all political but it was hilarious. I clicked on the link titled "Understanding Inflation". The first thing that popped up was an ad with Kamala Harris talking about why we should vote for her!
J T Harvey ruclips.net/video/1DE0sBGH73A/видео.html #11: Printing money does not cause inflation! . ruclips.net/video/2WFJTvaFaz4/видео.html #12: What actually causes inflation part one . ruclips.net/video/Giu518_9rO4/видео.html #13: What actually causes inflation part two . ruclips.net/video/FLi2wdSA66A/видео.html Minsky at Westminster 1991
5:51 - "The fact is that most people enjoy the early stages of the inflationary process." So, if I were a politician, I could just print 'stimulus' money to buy votes.
Yes...also the fallacy of the "wealth effect" where people have deluded themselves ( once again) that their primary residence really is worth 3x what they paid for it 5 years ago.
@@truemamrdi4all because higher wages that are the result of employee/ employer negotiations are a consentual contract approved by both parties. And in general the employer has the disposable funds to cover the extra pay without having to increases prices on the customers. Government mandated minimum wages take the consent and the negotiations out of the picture. Now the employee is forced to work for a minimum wage and the employer is forced to pay it, whether they can afford it or not, meaning the employer must raise prices on the customer. Higher prices on the same goods and services means your dollar is worth less that it was the day before, which is inflation. Have you really never noticed how much more expensive everything gets after a minimum wage increase happens?
@@KurNorock Actually no. I come from a country with miserable wages, where the minimum wage afflicts only thousands od workers. The only trouble is that indirectly the minimum wage Is able to shift the whole income landscape. Because of the inflation, even today the government is reluctant to move the minimum wage, as there is low unemployment and everyone believes that low unemployment and supply shock causes inflation :D
@@truemamrdi4all note imagine if there was NO minimum wage laws in your country. Your government wasn't telling employers what the lowest wage they could pay is. Now that means each employer has to compete for employees with other employers. You get to negotiate your wage instead of being forced to accept a standardized minimum. Imagine how much better off you would be.
I have the book Free To Choose I bought in 1977 . I love Mr. Friedman , Thomas Sowell and Walter Williams. I spent my life making decisions I learned from these men. School did little for me. I am not rich but I have enough, God has blessed me and keeps me to this day. Run form the foolish, work hard and stay true to your heart. Look out for your neighbor.
J T Harvey ruclips.net/video/1DE0sBGH73A/видео.html #11: Printing money does not cause inflation! . ruclips.net/video/2WFJTvaFaz4/видео.html #12: What actually causes inflation part one . ruclips.net/video/Giu518_9rO4/видео.html #13: What actually causes inflation part two . ruclips.net/video/FLi2wdSA66A/видео.html Minsky at Westminster 1991
J T Harvey ruclips.net/video/1DE0sBGH73A/видео.html #11: Printing money does not cause inflation! . ruclips.net/video/2WFJTvaFaz4/видео.html #12: What actually causes inflation part one . ruclips.net/video/Giu518_9rO4/видео.html #13: What actually causes inflation part two . ruclips.net/video/FLi2wdSA66A/видео.html Minsky at Westminster 1991
This is what's happening in Venezuela. The government is printing more money so they can pay their state employees. Their State Industries are not producing enough. But the government keeps printing more and more money.
The conspiracy theorists generally get a factual point then add up many kinds of artifacts and distortions. Yes, it is true the that US, along with the richest European nations, interfere considerably in every other "third world" country. But these "countries" came to be because of European colonization. There would be no industries, no machinery, no cars, no industrialized food or medication, no electricity, etc. in Africa or Latin America if not for the "first world" colonization. Now, I'm not saying this is good or bad, right or wrong, but just a matter of fact that what most people believe is a normal or decent style of living would be non-existent if not for US and European direct or indirect influence. The problem is that without foreign capital and influence, countries like Venezuela, Colombia, Brazil, would have serious drops in technological and industrialized goods. Left-wing politicians in Latin America are like rich rebellious teenage kids who see their parents as just an annoyance but fail to see that it's their parent's work that funds their bratty rich kids lifestyle (when that is the case, obviously). It is common for left-wing/nationalist partisans in Latin America to complain about European or North-American "imperialism" while at the same time making intense use of Facebook, iPhones, medication developed by American and European companies, refrigerators, ovens, tennis shoes, trains, busses, cars, smartphone apps, and several other things that people are completely CLUELESS that come directly from "the imperialists". Now, I have nothing, NOTHING, against people who actually live a more natural life, in the fields, or forests, or whatever, and who are "against the imperialists", but all these naive hypocrites, who are totally dependent on all sorts of machines, chemical substances, urban facilities, banks, etc. to believe that they can continue with this lifestyle without the influence and support from "their daddies"... these people are lame. It is true what the first commenter said, authoritarian governments try to increase power by augmenting their structure, hiring more government workers, increasing their salaries to make them more dependent, facilitating credit to poor segments of society, overall increasing the supply of money, which then increases the buying power of the population to higher rates than the development of the productive structure. These policies also end up transferring money outside the country, because so much of the products bought by the easy credit are provided by multinationals (cars, computers, phones; medication and even food). Many times these big corporations have tax exemptions, government subsidies, that indirectly makes it tougher for national industry development (and that is one factor that nationalists got right, even though it's something that's irreversible in the short term). The end matter is that, for these countries to be "strong nations", independent, they would need to go back in time and develop their technologies and industries and infrastructure independently. But that's somewhat of a paradox, because like I said, decades or even centuries ago, the people who developed technologies and infrastructure in these countries were either foreigners or connected to foreigners (Americans and Europeans). The natives in these countries have more tribal and simpler community cultures. The upper classes in these countries are mostly descendants of Europeans (although there are people from other ethnicity, like arabic or asian, who have risen to wealth due to all kinds of businesses possible by the capitalist structure, all kinds of commerce, services, trickery, etc.). It is a problem that capitalism favors certain types who are mostly viewed as "criminals" (liars, tricksters, defrauders, thieves, traffickers, etc.) but still, creative and industrious types of people, who actually create and develop societies, are mostly NOT natives of Africa and Latin America.
@@user-xx5-5885 That's a big clam The USA Biden ,/Bush .. The good guys He lived through the depression Now So much government global warming con ,, Europe Problems are the Worlds problems
@@midway27272727 No phones, no laptops, old furniture, living on mostly canned food, life expectancy then was far lower, asbestos in the walls. You can live like they did in the 60s with their quality of life. Just remember though, its the 60s.
@@edwardheaney3641It was taking place in the mid 70s. The old furniture to us now was new back then to them? I grew up during that time, seldom eat canned food, family cooked a lot of home meals, close neighborhoods, BBQs had a great time back then. Times were a lot easier for us. Don't judge an entire decade on one families interview. Same as now, some people having a tough time, others planned accordingly and it's really easy times.
You accepting his arguments shows your own smarts - for only a fool would hold on to his ideological beliefs after they have been laid out and disproven.
12:20 I can imagine everybody in the mill rolling their eyes saying "Milton, I get you want to set a point, but you can't just do that without warning."
Milton Friedman didn't even understand how the banking system operated. That's why there's half a dozen versions of monetarism all of which failed to match empirical testing. The main fault was the ridiculous notion of targeting the money supply when money was endogenously determined. This video was out of date when it was made - today it's little more than a parody. Most of this video assumes exogenously determined money supply and and endogenously determined cash rate. It simply has no relevance today.
J T Harvey ruclips.net/video/1DE0sBGH73A/видео.html #11: Printing money does not cause inflation! . ruclips.net/video/2WFJTvaFaz4/видео.html #12: What actually causes inflation part one . ruclips.net/video/Giu518_9rO4/видео.html #13: What actually causes inflation part two
J T Harvey ruclips.net/video/1DE0sBGH73A/видео.html #11: Printing money does not cause inflation! . ruclips.net/video/2WFJTvaFaz4/видео.html #12: What actually causes inflation part one . ruclips.net/video/Giu518_9rO4/видео.html #13: What actually causes inflation part two . ruclips.net/video/FLi2wdSA66A/видео.html Minsky at Westminster 1991
Milton was awarded the Nobel Prize because of his work. He and I share the same Birth Date - 7/31 and although he has passed, his "Free to Chose" will live on as a marker for economics.
J T Harvey ruclips.net/video/1DE0sBGH73A/видео.html #11: Printing money does not cause inflation! . ruclips.net/video/2WFJTvaFaz4/видео.html #12: What actually causes inflation part one . ruclips.net/video/Giu518_9rO4/видео.html #13: What actually causes inflation part two . ruclips.net/video/FLi2wdSA66A/видео.html Minsky at Westminster 1991
Nevertheless, when he assigns inflation to washington alone, his faulty economic assumptions begin to lead him astray. I am willing to discuss why Milton Friedman is wrong with any serious person who is willing to do high-school math.
Man you have to miss someone like Milton Friedman. Amazing the quality of work he did in an era most people born after 2000 will never understand. Actually having to go into a library or travel to see and get information.
@@patrickglennon6834 Inflation is a monetary phenomenon. In a barter economy inflation does not and cannot exist. But it's not all roses either as you don't see economic growth or technological advancement increasing at anywhere near the rate you do in a monetised economy. Distribution of income is a far greater concern than inflation. The reason inflation gets all the press is that it impacts lenders more than borrowers - and the lenders have the loudest voices in our society.
"If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around them will deprive the people of all property until their children wake up homeless on the continent their Fathers conquered." Thomas Jefferson, our 3rd President
Well that happened with the FED in 1913. It was a vote during the Christmas holiday where only a few congressmen were there to vote. It wasn't American Banks. It's how fractional banking began.
@@freegeorgia4808 yes,..Pres Woodrow Wilson was bought!.. he sold out on the American people.. signing off to privatise the Federal Reserve..BIGGEST MISTAKE. The word Federal, appearing on your notes is illusionary.. it’s a ruse.
It is very political. It is called Political Economy. Friedman himself went out to suport chilean dictatorship because it applied his economical politics.
@@mpfilgueiras I didn’t catch that in this doc. What’s the time stamp? I’ll have to rewatch. I was solely talking about the direct nature of the info provided here. I am aware Milton Friedman had political leanings in his history but did not get that from this presentation.
@@mpfilgueiras This is simply untrue. He in no way supported the Chilean dictatorship and the assertion that he did is a dishonest attempt at character assassination. Cant refute his points so attempt to discredit him. Pathetic.
He's not necessarily against the printing of money. Just the irresponsible printing of it. He had a great respect for the fed, but wouldn't hesitate to point out its flaws.
We need to get this video trending on youtube's front page. Everyone that sees this needs to hit like, comment, and share. When you watch the news today they act like this is all new, but it isn't. It's taxation without representation.
Well here in June 2022, this aged well. Once again, DC is spending beyond their means, requiring mass printing of money, driving down the value of the dollars in circulation. This affects only the lower and middle classes because the rich have other forms of investments that are not pegged to the dollar.
Incorrect. The rich in the US have inflation-neutral investments. Mostly because they have so much money that what they're living on is a drop in the bucket of their wealth. Not talking about Bezos. Talking about the millions of people in the top 5 or 10 percent
@@DAG_42 Incorrect, I hold investments that have more than overcome the effects of inflation and the slope of this trend has become even steeper since inflation started accelerating. For example, more people are fleeing blue states and moving to red states to reduce their exposure to inflation. This has caused my Florida and Texas real estate holdings to appreciate even faster than they otherwise would.
@@AaronHollander314 Good thing I offloaded half of it already in the past 6 months. Moved to gold and survival goods. Will offset any losses that could possibly occur.
We can again J T Harvey ruclips.net/video/1DE0sBGH73A/видео.html #11: Printing money does not cause inflation! . ruclips.net/video/2WFJTvaFaz4/видео.html #12: What actually causes inflation part one . ruclips.net/video/Giu518_9rO4/видео.html #13: What actually causes inflation part two . Minsky at Westminster 1991 ruclips.net/video/FLi2wdSA66A/видео.html .
The money supply is endogenous. it cannot be targeted as you seem to be implying. That's why after several failed experiments the monetarists put their heads between their tails and started targeting the cash rate instead [an exogenous variable]. If you add the types of near monies [derivatives] that exist today it's pretty much impossible to even measure the money supply. Making Milton Friedman's work pretty much irrelevant today.
But how can that be? If an important commodity, such as oil, is removed from the economy, then certainly all prices will go up, money supply being the same. Furthermore, if an alternative and more thrustworthy payment option enters the economy (say US dollar in Vietnam) then the local currency may loose value (become more expensive), supply being the same. Of course, you could argue that these factors affect the supply it self, but this only demonstrates that the money supply is endogenous as pointed out by tdunster2011.
This guy is basically talking about monetary inflation. There are also other types of inflation: salary driven inflation and raw material cost driven inflation, as we are experiencing in Europe nowadays due to the war in Ukraine
Inflation is just another form of taxation. When the government keeps printing money out of thin air the money you got its worth less.. If you want to build wealth your money has to grow faster than inflation. Which is even harder if almost half of what I earn goes to taxes.
the good thing about inflation is it reduces the burden of debt. borrow $100 today and pay it back as 100 less worth dollars tomorrow, what would equal, for arguments sake, $90. also, it spreads the tax burden among everyone in much the same way as a flat tax would. inflation isn't a problem so much as lack of productivity is.
The best part was how Bob managed to take care of a wife, a house, a cat, and three kids for 12000$ a year. He probably wouldn't be thrilled to see that the inflation that affected him back then didn't get better since, to say the least.
+Ranee MacIntosh It did get better. Inflation in the late 70s (when this was filmed) was very bad, 10% a year. Today, for the last decade, it has been under 2%
***** if you know basic macroeconomics then you should know what an mp curve looks like. inflation is under 2% because the interest rates are under 2%. But the int rates being so low causes other problems is what i'm saying, such as inflation, increase in the cost of homes, etc. basically, the fed doesn't do its job properly
@@nonmagicmike723yah well In 2022 the Median income in America is $37,585 This shows that while prices have gone up 4x or more, the increase in average wages has barely doubled for the average individual
Thank you for your economic comments,wish i had a teacher like you in uni,someone who explains in lay students terms and encourages one to seek more knowldge,hamba kahle sir like our own William smith,cheers from a sunny yet windy ethekweni south east coast of Africa where hard economic lessons are being learnt daily though one may not immedaitely know,one maybe tread and retread by our ancestors and brethren before us.a deep mind gone too soon.
If you weren't around in 1980, you have no idea how influential this PBS series and the best selling book were. It was like a free commercial for Ronald Reagan's election.
@@david2498 Yes. Yes he did. And the gap between rich and poor which had been shrinking in this country for forty years began growing and continues to grow..
@@raggedybritches5798 It's on the verge of being worse. Carter was a big spending stubborn humanitarian (using our money). He was in the wrong job. Biden is (let's face it) senile and he has some vile people running things in the background who want to turn the US into Venezuela.
@@stevelangstroth5833 I was born in 81 so didnt experience Carter as a sentient human but I agree that what's different this time is the brazen arrogance of those in the administration who want to fundamentally reshape our society and government. I guess I've now lived long enough to witness that freedom isn't free.
@@raggedybritches5798 After his Presidency, Carter worked for 'Habitat for Humanity'. That's a great organization and Carter did a wonderful job there. THAT was his calling in life. Being President was a side trip that he should have never made. He was a weak President and the Iranians took advantage of that. I watched that disaster unfold when I was a freshman at the University of Arizona. Carter's intentions were good, so the results were predictably bad. He will always be known for 'Stagflation'. Biden (and his puppet masters) have ill intent for the United States. They don't even hide that fact.
Love Milton Friedman, he can explain complex subjects in a easy to understand manner and not be condescending. I watch his Free To Choose videos all the time to refresh my understanding.
This was in the making long before WWII. This is capitalism and consolidation. About "the wrong enemy", Hitler Germany used the system descibed in the video to the extreme to build the army and infrastructure.
Tungst Nazi germany used a national bank to create money which created inflation but was paid back because the money that was printed was used to create jobs and infrastructure. The debt created had no interest on it, compared to capitalism where governments take loans at high or even compounding interest rates. As an example if the government creates 100 dollars and creates a lemonade stand it gets the 100 dollars back after say 50 sales. The real value of the lemonade is created with 50 people drinking lemonade and the stand can continue to exist and make money even after the debt is paid back. Islamic banking is also similar to this.
The part on using tobacco and gold as money and how getting too much of it caused inflation is fascinating. It proves that the type of currency doesn’t matter!
I would gladly trade my life today, for Bob Crawford's $12,000 a year in 1972. A machine-tool maker, he only needs a few years to keep good credit, sock away some savings, and take out a loan on a CNC machine when it becomes available. Then his business booms, and doesn't even suffer from international competition. Of course, living through Nixon/Ford/Carter, stagflation for 9 years, could make it hard to see a bright future in the machine shop.
he did not explainvery well about the money supply is just simple said that more money in the market cause inlfation with no explanation for example in Venezuela right now the reason that it is a high inflation of 200% or more is due to the decrease on value of the currency and the increase on the money supply and the buying power of the Bolivar Venezulean currency it's value has decrease but the dollars right now is stronger than it was in 2001 and the dollar is even stronger after the pandemic
Go back a bit further, and people paid "cash" (well, check, but they paid without debt) for cars and even homes. In 2022, real wages are so low that people are taking out microloans to finance a freaking pizza.
J T Harvey ruclips.net/video/1DE0sBGH73A/видео.html #11: Printing money does not cause inflation! . ruclips.net/video/2WFJTvaFaz4/видео.html #12: What actually causes inflation part one . ruclips.net/video/Giu518_9rO4/видео.html #13: What actually causes inflation part two . ruclips.net/video/FLi2wdSA66A/видео.html Minsky at Westminster 1991
@@Rosseboi "Thomas Sewell doesn't get 1/10th the recognition he deserves. The guy is like a modern day Socrates. He should be an American icon" I had never heard of Sowell until RUclips, and now I can't think of any person who even comes close to his knowledge and wisdom. A true living legend that deserves a LOT more recognition than he gets.
In post WWII Germany, cigarettes were used as money for common transactions. The allies supplied their troops with cigarette regularly but not for the purpose of money. What would happen during that period to local prices if a truck carrying 1 million cigarettes overturned on a road outside a small German town. If only a few of the locals were aware of the spill, intuitively local merchants would raise prices when customers showed up with more cigarettes than usual. Same effect if entrants of an auction were all handed an extra thousand dollars at the door. Prices rise with the increase in available money UNLESS more supply or suitable substitutes are available to compete for the extra money.
Lol....Inflation is here on Biden's watch, but any real economist or educated person in finance would tell you that this inflation is caused by the ridiculously large money print/manifestation thar Trump into action when Covid hit. The Covid relief acts caused us to print 25% of all the money we've ever printed since the nation's birth in just one year. The effects of that in 2020 are the cause. It takes a year or two for the money to circulate fully into the system but here we are. I'm not saying it's Trumps fault either but it certainly isnt Biden's fault. I do however blame Trump for his dismissal of Covid until it was too late and it sunk in heavily.
For years I was of the understanding that wage growth always follows two factors, 1.low unemployment, 2.hyper Inflation or in some cases just three quarters of growth over the govts accepted indexation on services. Now I'm hearing from respected economists that interest rates rises will exacerbate short to medium term inflation and possibly send nations into a depression.
J T Harvey ruclips.net/video/1DE0sBGH73A/видео.html #11: Printing money does not cause inflation! . ruclips.net/video/2WFJTvaFaz4/видео.html #12: What actually causes inflation part one . ruclips.net/video/Giu518_9rO4/видео.html #13: What actually causes inflation part two
Interest rates rises will NOT increase inflation in short and medium term lmfao. They're liars and they are fudging the data. Just like the caught climate scientists fudging their numbers so they can continue to get funding and grants.
Look up the old PBS series he did called, "Free to Choose." At the time, this series had a decent audience as there was no cable TV. And was on PBS! Every administration since LBJ wanted him in theirs. He only worked as an adjunct for the Reagan admin. Point is: His theories were known and he was well known. But politicians and activist who followed the Keynesian economic theories, Socialists or were simply too naive to understand Friedman fought and fought against his theories because that is where they established their base and power. And it still goes on today.
Fascinating montage courtesy of a brilliant economist. And heed his point- you get s tax cut but inflation eats it. We’ve gone 30yrs without inflation in the USA but that’s about to change. 19 trillion in money printing has to result in inflation soon.
J T Harvey ruclips.net/video/1DE0sBGH73A/видео.html #11: Printing money does not cause inflation! . ruclips.net/video/2WFJTvaFaz4/видео.html #12: What actually causes inflation part one . ruclips.net/video/Giu518_9rO4/видео.html #13: What actually causes inflation part two . ruclips.net/video/FLi2wdSA66A/видео.html Minsky at Westminster 1991
I can't believe they let him in there! "Hey you! These mfs are stealing your value using tricky math and institutionalized poor economic education! Watch this!" Smacks E-stop, Friedman alarm goes off. 🤣
@@mdaniels6311 Do you understand what a tongue-in-cheek comment is? I was just having a little fun chap. I could tell you a thing or two about inflation if I were really that bothered.
When I was in College we had a brief spate of Runaway Inflation (5 years, 1973-78). It took $1.46 in 1978 to buy what $1.00 bought in 1973! A spate like that today would be horrific and shock those of us too young to remember what it was like. By World Standards our "1970's Inflation" was minor, but in our current economy it would be devastating to many people.
True and that's why it has become almost impossible to make it without 2 or 3 jobs in single family household. But, early on those who did this made out until the economy realized the existence of this second earner and prices started rising to that level. I remember my dad complaining about a $140 mortgage. We today cannot even conceive of mortgage like that.
When I was 7yo in 1973, my dad wanted to buy the old house next door to stop another neighbour buying, knocking down and building 2 new houses there. He had the asking price of $11,700 but it sold for $13,000. Now 45 years later the value has risen to $1.1M. That's an annual average of 11% inflation. And this is normal city outer-suburbia not a beachfront mecca. This is the result of debt and credit becoming the new currency.
Cassette Walkman, also, here's a thought. Who does inflation really hurt, the person borrowing the money to buy an inflating thing or the person lending the money that is losing it's value?
Tax brackets need to be clarified: personal tax brackets are a myth, we have what's called a Marginal Tax Rate. Essentially your money is in a tax bracket, but you as a person never are. If you go from making 89k to 89.5k - all of your income does not all the sudden tip over into the 24% bracket, only the money within that bracket is taxed at the new higher rate. Single earner: Income earned from 0-10k: 10% Income earned from 10-42k: 12% Income earned from 42k-89k: 22% Income earned from 89k-170k: 24% Income earned from 170-215k: 32%. This means that if you earn 60k your first 10k is taxed at 10%, your money from 10-42 is taxed at 12%, and your last $18 thousand is taxed at 22%. It's a very important concept that 51% of Americans misunderstand. Similarly, bonuses or pay periods of higher pay are never bad, the government just temporarily assumes you will be earning more the entire year, but then the end of year taxes are all that matters and it all washes out appropriately. Friedman knows this and is essentially endorsing this myth when he lets the misinformed tool and die man explain his situation even though he is incorrect about tax brackets and income increases.
In this case it is a simplification in order not to have to take a detour explaining marginal tax rates. The issue at hand is that the additional income he got because of inflation means he is paying more in taxes overall, even though that additional income pays for less than it did before. In the film the tool and die man says he pays $6000 in taxes and has $12000 left, which corresponds to his earnings a few years before. And on paper a good deal, because that was supposedly the total before-tax income he had a few years ago. BUT, as the film points out in the next scene, that $12000 now buys LESS than whatever his after-tax income was several years prior. The additional taxes he pays on those parts of his income that are now taxed at a higher rate are what makes the difference. Without inflation, his income would be taxed less and at the same time buy more.
Now days I hear it being called bracket creep. The fact that the tax brackets don't change, so inflation pushes people into ever higher tax brackets and higher effective tax rates.
This man MUST be taught in EVERY AMERICAN SCHOOL!
fhhfgj isn’t he? We read about him here in Sweden when I studied economy at university.
although he did ruin the world as the US presdietns followed his advice even Obama & Trump did.
You know he was loathed by the left during his time. His version of free market economics was thought of like what many today think of scientology.
He is. That's half the problem
😄
@stevovondivo2326 wrong, it's Keynes. That's why all business majors are dumb.
I got an undergraduate degree in International Business. But I've learnt more on youtube in 6 months than in did during my 3 years there.
@Mdmchannel says who? How do you think I padded my resume with experience 🤣😎 #youtubewatcher
Mdmchannel but you should be able to
Same here
😭
Same as. Buy bitcoin cash.
I bought my first house in 1993 for $60,000 in a nice neighborhood in a small town, 30 miles outside a large city. I earned minimum wage when I got the mortgage with my wife, she also earned the same minimum wage ($5.25 per hour). Today, Zillow shows that $60,000 house is worth $170,000 a 183% increase. Minimum wage is now $7.25 per hour, a 38% increase. Today it would be impossible to buy that same house with minimum wage.
*Have you heard about "Trickle down" economics?*
The right wing scam people like Milton and co was pushing? Well, the reason your example is true today is because a practical "Trickle down 2.0" is in effect, but it is in context of assets. People with the most assets, also lose the least during recessions and gain the most on upwards. Leading to a massive wealth discrepancy over time. Instead of "Lets have massive tax cuts for the rich, because they create jobs" (aka Trickle down 1,0, which is not true btw. Demand, creates jobs. Your mom shopping creates jobs etc), they switched it to "Those with the most assets, gain the most as well" (Trickle 2,0).
Now think of that in context of your house. 183% increase, but its not just your house. It is billions worth of assets.
Completed with shattered Unions and real wages not keeping up with inflation. Prices still going up and employers pocketing the difference themselves instead. You get trickle down 2,0 and massive unfair wealth share that is dwindling the middle class. Which ironically is the fuel for capitalism, aka macro demand. Without them, there is no capitalism. Yet these so called "pro capitalist" "experts" (Milton proclaimed wage would increase naturally with produktive, therefor no need for Unions for example, cant get more wrong than that in context of 3 decades of empirical evidence after the claim). Continue to push what I call "Siphon Economics" (benefits individual companies short term, at the cost of the nation and citizens in it) to this day, while not giving a rats A about new evidence, but keep posting this as if it has not been debunked.
My dad bought a house in Philadelphia in 1997 for $85k and now its worth $600k because of gentrification
@@Roadtripmik I remember 1997 very well, that year jobs were booming. I got my first break as fas as jobs go, $16 per hour as a mig welder in training, 64 hour weeks, double time pay after 45 hours. I had 3 paychecks in my wallet most days because I couldn't get to the bank before 5 pm. Great money, tired all the time. That job was a 10 minute drive from home. Good deal on your dads house, I see Philly tax is very low for such a huge city, 0.98% tax rate.
What jobs were you both doing for minimum wage? In my entire lifetime of 38 years, I think buying a home with two minimum wage jobs would have been damn near impossible. I'm not sure how anyone would have approved you both.
note: minimum wage in 1993 was $4.25, which I guess just more proves your point.
@@colinjames9562 We both worked fast food jobs, no debt, $5k cash. Keep in mind, small town, early 1990s. Her aunt was a real estate agent, we was approved pretty easy. They made us put tax and insurance in escroweach month that the bank held until it was due each year. The bank was always late paying the money each year.
it's not explicitly stated in there but inflation is also an indirect tax on savings.
That's too obvious to state
Can be viewed that way yes, but it’s also a forced incentive to re-invest those savings thus further stimulating the economy.
@john k Not only that, that you saved it in the currency that is being inflated. You can save in a different one and voila!
@john k or in a bank account with a lower than inflation interest rate...
@@Dzvakangark
Then you have cheaper money buy up way to many resources so prices go up and if you're just printing off money and making it cheap why would inflation stop? just take more money from the money tree.
Then money loses all it's value unless you put interest rates way up.
We need the gold standard and hopefully we will go back to it sooner rather than later.
Inflation is far more harmful to individuals than a collapsing stock or property market because it directly affects people's cost of living, which they immediately feel. It is not surprising that the current market sentiment is extremely pessimistic. In today's economy, assistance is critical if we are to survive.
I'm not kidding when I say that the market crash and high inflation have me really stressed. I've been in the red for a while now and although people say these crisis has it perks, I'm losing my mind but I get it Investing is a long-term game, so focus on the long run.
I do agree and in my opinion, considering the world today, the implications of rising or declining rates, inflation, has minimal effects when it comes to trading the markets. It’s about knowing when to get in and get out which requires experience and basic knowledge of market structure. The markets is psychological, it’ll be suicidal to ignorantly get it. Better still, seek the help of a portfolio manager to passively earn and learn the markets at your pace.
@@joecaruso06 RIGHT! Markets are oceans not lakes. The prominence of basic or institutional financial managers cannot be overstated. Take myself, having faced my share of bad trades, Fortunately with the help of my Pm, I came to understand the essence of timing, capital, entry, exit, goal and how they each affect every asset. Currently hold a $415k portfolio averaging a 14% monthly roi in less than 7 quarters. - -so I do know the importance of basic knowledge and delegation.
@@maryalchester How to get in touch?
@@maryalchester Hold on, the portfolio manager with Morgan stanley? Was recently on a finup with Tate?
Everybody was looking to strike it rich, but the guy who made out well was selling shovels and equipment.
AND jeans... Levi strauss.
Or the builders who made the towns.
everyone in those towns were mining miners
My wifes Great Grand-Uncle made a good living out on the gold fields. He saved everything and then used that money to set up a little Grocery store that he then built into a supermarket.
Many of the people who would have worked those fields and mines would have saved their money and used it for family reasons.
There would have been a considerable number who did not save their money and would have wasted it and what they did was all about the nomatic work lifestyle.
Teringventje - True, and wealth redistribution was an idiotic idea then, as it is now. The free market punishes the vast majority of the "get rich quick" crowd. Some make it, the rest perish. Profit is just a result of steady growth and sustainability. It's like the parable of the "tortoise and the hare". Simple truths are timeless.
>watches milton friedman for 15 minutes
>knowledge is power
amen to that
A little surprised the bait hasn't been taken in the years since you commented
Of course it's not a fair match to put the most clever central bankers against the american middle and lower classes and see who ends up winning -- the bankers / fed and their cronies of course ;) by inflating the money and taxes, milking the cows, enslaving the sheeple. Theyll never give a sucker an even break;)
Jeffrey Stevens he defends the Rockefellers. Dont forget that. The Federal Reserve and the Corporations are Very Powerful
David A im 27 years old and i figured out their Scam almost 2 years ago. I wish i had parents that taught me about it.
I love how Milton made everything in economics simple
Not really true there is 0 evidence of that extra money in the pockets does not create inflation this is false 0 PROVE companies themselves decided to increase the cost of their goods in their own no due to the increase on the money supply
Reply
The sign of brilliance
this is exactly what he is being criticized for nowadays. Economics is not simple, it is extremely complicated and we have moved way past these models that Friedman produced in the 80s. Truth be told, his claims hold very little empirical evidence and some of them are outright contradictory to each other. I'm saying this as an econ major who has studying financial crisis extensively
@@WonderTulip Neeeerd
@@antonlilja7198 LMFAO
You know hard times are coming when you get this video on your recommendations 😬
Dems are back baby. Had your wallets
Fuck yeah
@@ClaytonYatescarenthusiast Really, so how come the recessions/financial collapses always happen under Republicans? (Bush Sr., Bush Jr. and tRump) and sustainable recoveries always happen under Dems? (Clinton, Obama, Biden)
@@izraelite2908 Don't play that game. Both red and blue work together. Yes Democrats print like crazy and Repubs take their fall WILLINGLY and then don't do anything BY DESIGN. It's a team effort to fuck you financially. There is no right or wrong partisan side.
@@izraelite2908 Sustainable recovery under Biden ?
I think you just disproved your own argument.
This is a Classic. I have a great idea. Someone should redo this series similar to how Fox redid Cosmos. I believe it would be popular. Anyone else think this idea has merit?
2krisko
Peter Schiff?
Check out "Free or equal" by Johan Norberg! He revisits Miltons series "Free to chose". It's a nice modern take on it.
I wouldn't mind seeing Mark Blyth try it.
perhaps Thomas Sowell could fill that role, although he is as of today over 87 years old and probably uninterested in becoming a public figure.
John Stossel is another good choice!
Understanding personal finances and investing will most likely lead to greater financial independence. By being knowledgeable about money and investing, individuals can make informed decisions about how to save, spend, and invest their money. A trader made over $350k in this recession influenced market
Stocks are pretty unstable at the moment, but if you do the right math, you should be just fine. Bloomberg and other finance media have been recording cases of folks gaining over 250k just in a matter of weeks/couple months, so I think there are alot of wealth transfer in this downtime if you know where to look.
The best course of action if you lack market knowledge is to ask a consultant or investing coach for guidance or assistance. Speaking with a consultant helped me stay afloat in the market and grow my portfolio to about 65% since January, even though I know it sounds obvious or generic. I believe that is the most effective way to enter the business at the moment.
@@lipglosskitten2610 Please who is the consultant that assist you with your investment and if you don't mind, how do I get in touch with this person
@@kenanporubsky2122 My advisor is Catherine Morrison Evansshe’s highly qualified and experienced in the financial market. She has extensive knowledge of portfolio diversity and is considered an expert in the field. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market
@@lipglosskitten2610 I am going to look her up, I have about $81k i want to start with, might be small but it's better than nothing though. Since the 08 crash is playing out again.
Okay this is good, but With inflation running at a four-decade high, a Recession is now the ‘most likely outcome for the economy. How can I grow my portfolio to outpace inflation and maintain a successful long-term strategy? I have been reading of investors making about $250k profit in this current crashing market, and I need ideas on how to achieve similar profits
You’re right! The current market might give opportunities to maximize profi.t, but in order to execute such effective transactions, you must be a skilled practitioner
On the contrary, even if you’re not skilled, it is still possible to hire one. I am a project manager and my personal port-folio of approximately $750k took a big hit in April due to the crash. I quickly got in touch with a financial-planner that devised a defensive strategy to protect and profit from my port-folio this red season. I’ve made over $150k since then
@@georgebarret Impressive! who is this individual guiding you? I lost over $40k just last week, so I’m in dire need of a financial-planner.
There are a lot of independent advisors you might look into. But i work with Julie Anne Hoover and I have been working together for nearly four years, and she is excellent. You could proceed with her if she satisfies your discretion. I endorse her.
@@georgebarret Thanks for sharing, I just looked her up on the web and I would say she really has an impressive background in investing. I will write her an e-mail shortly.
My favorite Friedman quote was something along the lines of "if the U.S government were in charge of the Sahara desert it would be out of sand in 2 years "
😂
Eeewwwww. That's rich. No pun intended. Good quote.
“If you put the federal government in charge of the Sahara Desert, in five years there’d be a shortage of sand.”
J T Harvey
ruclips.net/video/1DE0sBGH73A/видео.html #11: Printing money does not cause inflation!
.
ruclips.net/video/2WFJTvaFaz4/видео.html #12: What actually causes inflation part one
.
ruclips.net/video/Giu518_9rO4/видео.html #13: What actually causes inflation part two
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ruclips.net/video/FLi2wdSA66A/видео.html Minsky at Westminster 1991
I'd say it's true for most western nations, people in charge doesn't see further than their noses.
This is a tangent, but notice how healthy and lean everybody is in this video. Pretty shocking. Everybody has a normal BMI in this video, from the mom and dad to the union veterans to Milton himself.
Fatness inflation. It would be good to see the records for average BMI of that time and the number of fast food joints as well, to then see the correlation between fast food outlets and average BMI growth. I am sure there are other variables but that is the first that came to mind.
Mom is actually cooking a home meal and the kids are actually outside playing and people not sitting around on a computer! No Uber eats , rampant fast food every where with supersize meals and every snack know to mankind!
Here's a research project for you. Find pictures of what the inside of grocery stores (their products) looked like pre-1976. And, compare with what is offered for sale today. To really do it right, go right down to the product ingredients, for the comparison.
I remember when people ate eggs for breakfast, but then the government told us that more than three-eggs per week were a certain heart-attack. Meanwhile, breakfast cereal sales exploded up. I wonder who motivated the government to weigh in on the topic of eggs?
@@JoaquinCorreaDrums This is truly a time of "inflation". (pun intended)
They were eating full fat everything, but far less processed sugar and preservatives.
I want crocodile money.
Buy a handbag with it.
The govt has it and so they cry crocodile tears over your problems 😀
This video should be shown to everyone when they're in high school, so they know how money works when they graduate.
Because the amount of grown adults today, whom are economically illiterate is quite staggering.
I genuinely think it's too late and voters are far, far too easily fooled. Blockchain is the answer now. Crypto is just better than fiat money and even the governments themselves are showing themselves to be iltimately unable to resist switching to it since they will need it to trade with other governments who aren't subject to their proclamations.
There are too many rich people (decision makers) who want to keep the masses economically illiterate so they can keep a vast majority of wealth for themselves and keep as many people at minimum wage as they can.
@@buicklincoln you wouldn't be thinking like so have you had money yourself.
This is a complete mischaracterisatoon of how new money is added to the economy. It's added via commercial banks in the form of loans and mortgages, and not by the govetbment. The gov adds some money, covid and the 2009 crash being two examples, but in normal times, government don't add much money.
But if you're against the government in principal, then this narrative suits your agenda.
@@mdaniels6311 Fractional reserve banking is enabled by government deposit insurance. The government and the Fed also issued the multi-trillion dollar stimulus that is on the verge of destroying our economy.
Venezuela didn't watch this video.
The hundred capitalist countries dying on their arse did.
...and neither did Argentina!
+Cockoff Gewgle
You're an absolute fucking moron.
@@juanme555 Straight up
@@cockoffgewgle4993 You mean those countries that have relatively stable currencies and economic growth? Yeah sounds terrible.
It surprises me why everybody gets really worked up about recession and inflation data. Inflation has always existed, and people have been using investments to beat the inflation. The stock market return, for example, always beats inflation. I heard of someone who invested $121k last October, and has grown the portfolio by more than $400k. I need recommendations that can give me similar return.
The professionals presently control the market since they not only have the essential business strategy but also have access to inside information that the general public is not aware of.
True. I first came across investing in the market in 2019. Already stashed about $480k in savings then, and the free money from the Government was pouring in, increasing inflation rate. I just got an advisor and kept the money there, just because I didn't want to keep the value of the money depreciating in the bank. Tbh, it's the best investment decision I've made since then.
I think this is something I should do, but I've been stalling for a long time now. Mind if I ask you to recommend this particular coach you using their service?
"Rebecca Nassar Dunne" is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
Thank you for the lead. I searched her up, and I have sent her an email. I hope she gets back to me soon.
Milton Friedman, the only man to ever be filmed decreasing the rate of inflation - Legend.
I think that today, they would never let him use the mint to produce such a message. Theyd call it misinformation and a threat to our democracy.
BS. Paul Volcker decreased inflation. Friedman never did anything of the kind.
@@wiscgaloot Archie Bunker would be singing "We could use a man like Paul Volcker again!"
what are you talking about? friedman's pupils CAUSED most of the crisis of this century
@@larrote6467 Bingo. Spot on.
2022 is like "here, 1970's inflation hold my beer!"
Like Zimbabwe tried to cover up productivity collapses with money printing, much of the world tried to cover up the induced covid recession with money printing
I'm not trying to get all political but it was hilarious. I clicked on the link titled "Understanding Inflation". The first thing that popped up was an ad with Kamala Harris talking about why we should vote for her!
Friedman, you are the Carl Sagan of the money universe
what I was gonna say
>both Jews
Really makes you think...
Sung Joo Um couldn't have said it better myself.
Except that the "billions and billions" refer to dollars, not stars. :-)
Holy shit #metoo. An organic meme.
"The goal is to CRUSH the middle class between the millstones of taxes and inflation" V. Lenin
I officially now know more about inflation then all of Congress combined.
J T Harvey
ruclips.net/video/1DE0sBGH73A/видео.html #11: Printing money does not cause inflation!
.
ruclips.net/video/2WFJTvaFaz4/видео.html #12: What actually causes inflation part one
.
ruclips.net/video/Giu518_9rO4/видео.html #13: What actually causes inflation part two
.
ruclips.net/video/FLi2wdSA66A/видео.html Minsky at Westminster 1991
Inflation is caused by Vladimir Putin not paying his fair share!
5:51 - "The fact is that most people enjoy the early stages of the inflationary process." So, if I were a politician, I could just print 'stimulus' money to buy votes.
Sounds like the early stages of covid when everyone was being given free money.
Which they did
Yes...also the fallacy of the "wealth effect" where people have deluded themselves ( once again) that their primary residence really is worth 3x what they paid for it 5 years ago.
@@weirdshibainu It's not a delusion at all
@@Jmith-su3ze It is completely
10:50 “And he’s right, higher wages are mostly a result of inflation rather than a cause of it.”
Unless you are talking about government mandated minimum wages.
@@KurNorock which Is different how?
@@truemamrdi4all because higher wages that are the result of employee/ employer negotiations are a consentual contract approved by both parties. And in general the employer has the disposable funds to cover the extra pay without having to increases prices on the customers.
Government mandated minimum wages take the consent and the negotiations out of the picture. Now the employee is forced to work for a minimum wage and the employer is forced to pay it, whether they can afford it or not, meaning the employer must raise prices on the customer. Higher prices on the same goods and services means your dollar is worth less that it was the day before, which is inflation.
Have you really never noticed how much more expensive everything gets after a minimum wage increase happens?
@@KurNorock Actually no. I come from a country with miserable wages, where the minimum wage afflicts only thousands od workers. The only trouble is that indirectly the minimum wage Is able to shift the whole income landscape. Because of the inflation, even today the government is reluctant to move the minimum wage, as there is low unemployment and everyone believes that low unemployment and supply shock causes inflation :D
@@truemamrdi4all note imagine if there was NO minimum wage laws in your country. Your government wasn't telling employers what the lowest wage they could pay is. Now that means each employer has to compete for employees with other employers. You get to negotiate your wage instead of being forced to accept a standardized minimum. Imagine how much better off you would be.
Milton Friedman was a “macro”fiscal genius.
Let’s just remove the word “fiscal”.
Nothing you said was incorrect. He is simply a genius.
@@rickspringfield9394 Let’s insert “macro”.
Milton Friedman his favourite country was very poor Chile! Chile tried this free economy and now Chile is only 58th richest country!!
I have the book Free To Choose I bought in 1977 . I love Mr. Friedman , Thomas Sowell and Walter Williams. I spent my life making decisions I learned from these men. School did little for me. I am not rich but I have enough, God has blessed me and keeps me to this day. Run form the foolish, work hard and stay true to your heart. Look out for your neighbor.
Milton looked so happy to hit the stop button. What a guy :)
I miss him.. Except for Thomas Sowell, there is no one like him today
You should check out John Stossel. He's no replacement but still really good.
J T Harvey
ruclips.net/video/1DE0sBGH73A/видео.html #11: Printing money does not cause inflation!
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ruclips.net/video/2WFJTvaFaz4/видео.html #12: What actually causes inflation part one
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ruclips.net/video/Giu518_9rO4/видео.html #13: What actually causes inflation part two
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ruclips.net/video/FLi2wdSA66A/видео.html Minsky at Westminster 1991
Thomas is also in a way his pupil
Watch: "The Hidden Secrets of Money" series on RUclips.
Sad this was obvious in 1980 and we're revisiting it in 2022. Politicians are wonderful.
It’s intentional, no doubt.
We need to get Thomas Sowell onto Joe Rogan. They ignored Milton Friedman we shouldn't make the same mistake again.
J T Harvey
ruclips.net/video/1DE0sBGH73A/видео.html #11: Printing money does not cause inflation!
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ruclips.net/video/2WFJTvaFaz4/видео.html #12: What actually causes inflation part one
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ruclips.net/video/Giu518_9rO4/видео.html #13: What actually causes inflation part two
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ruclips.net/video/FLi2wdSA66A/видео.html Minsky at Westminster 1991
This is what's happening in Venezuela. The government is printing more money so they can pay their state employees. Their State Industries are not producing enough. But the government keeps printing more and more money.
@Orange Hitler troll de maduro
its happening everywhere, all the time
its not a con, its how the economy works, you cant remove inflation
Orange Hitler Venezuelan inflation was already rising rapidly prior to us sanctions
The conspiracy theorists generally get a factual point then add up many kinds of artifacts and distortions. Yes, it is true the that US, along with the richest European nations, interfere considerably in every other "third world" country. But these "countries" came to be because of European colonization. There would be no industries, no machinery, no cars, no industrialized food or medication, no electricity, etc. in Africa or Latin America if not for the "first world" colonization. Now, I'm not saying this is good or bad, right or wrong, but just a matter of fact that what most people believe is a normal or decent style of living would be non-existent if not for US and European direct or indirect influence. The problem is that without foreign capital and influence, countries like Venezuela, Colombia, Brazil, would have serious drops in technological and industrialized goods. Left-wing politicians in Latin America are like rich rebellious teenage kids who see their parents as just an annoyance but fail to see that it's their parent's work that funds their bratty rich kids lifestyle (when that is the case, obviously). It is common for left-wing/nationalist partisans in Latin America to complain about European or North-American "imperialism" while at the same time making intense use of Facebook, iPhones, medication developed by American and European companies, refrigerators, ovens, tennis shoes, trains, busses, cars, smartphone apps, and several other things that people are completely CLUELESS that come directly from "the imperialists". Now, I have nothing, NOTHING, against people who actually live a more natural life, in the fields, or forests, or whatever, and who are "against the imperialists", but all these naive hypocrites, who are totally dependent on all sorts of machines, chemical substances, urban facilities, banks, etc. to believe that they can continue with this lifestyle without the influence and support from "their daddies"... these people are lame. It is true what the first commenter said, authoritarian governments try to increase power by augmenting their structure, hiring more government workers, increasing their salaries to make them more dependent, facilitating credit to poor segments of society, overall increasing the supply of money, which then increases the buying power of the population to higher rates than the development of the productive structure. These policies also end up transferring money outside the country, because so much of the products bought by the easy credit are provided by multinationals (cars, computers, phones; medication and even food). Many times these big corporations have tax exemptions, government subsidies, that indirectly makes it tougher for national industry development (and that is one factor that nationalists got right, even though it's something that's irreversible in the short term). The end matter is that, for these countries to be "strong nations", independent, they would need to go back in time and develop their technologies and industries and infrastructure independently. But that's somewhat of a paradox, because like I said, decades or even centuries ago, the people who developed technologies and infrastructure in these countries were either foreigners or connected to foreigners (Americans and Europeans). The natives in these countries have more tribal and simpler community cultures. The upper classes in these countries are mostly descendants of Europeans (although there are people from other ethnicity, like arabic or asian, who have risen to wealth due to all kinds of businesses possible by the capitalist structure, all kinds of commerce, services, trickery, etc.). It is a problem that capitalism favors certain types who are mostly viewed as "criminals" (liars, tricksters, defrauders, thieves, traffickers, etc.) but still, creative and industrious types of people, who actually create and develop societies, are mostly NOT natives of Africa and Latin America.
idiots! lolololol
Milton, apart from being well educated and well-read... was such a great, natural teacher.
And debater
Milton was in Playboy magazine He was Bourn Smart and such a likable Guy and Great Teacher ,,,
And yet he invented shareholder's capitalism which brought us to misery. This guy is one of the biggest bullshitters of 20th century.
@@user-xx5-5885 That's a big clam The USA Biden ,/Bush .. The good guys He lived through the depression Now So much government global warming con ,, Europe Problems are the Worlds problems
of Junk Economics. US emperialism at work.
How can I forward this video to President Biden,thanks
Besides Biden…….forward this to a few dozen others in DC…….don’t forget Kamala
Bob makes $18K and able to raise family, good times.
Wanna have their quality of life?
Why do our schools not just play these old videos of Milton? The fundamentals are still the same in 2020.
@@edwardheaney3641 What was shown to question their quality of life ?
@@midway27272727 No phones, no laptops, old furniture, living on mostly canned food, life expectancy then was far lower, asbestos in the walls.
You can live like they did in the 60s with their quality of life. Just remember though, its the 60s.
@@edwardheaney3641It was taking place in the mid 70s. The old furniture to us now was new back then to them? I grew up during that time, seldom eat canned food, family cooked a lot of home meals, close neighborhoods, BBQs had a great time back then. Times were a lot easier for us. Don't judge an entire decade on one families interview. Same as now, some people having a tough time, others planned accordingly and it's really easy times.
This guy is a little too smart he keeps crushing my ideologies with fact.
Everyone loves arguing with Milton especially when he is not around!
You accepting his arguments shows your own smarts - for only a fool would hold on to his ideological beliefs after they have been laid out and disproven.
@@icmull I gave up after he and Sowell beat me down with facts and observable evidence.
Facts are a stubborn thing.
jjajaja; you mean that you traded one ideology for another?
I don't know about you all, but when he pressed the button to stop the printing presses, I felt calmer for like a minute.
12:20
I can imagine everybody in the mill rolling their eyes saying "Milton, I get you want to set a point, but you can't just do that without warning."
the mint*
This is powerful. Every media and social outlets need to play the video three times a month until everyone understands what’s inflation is all about.
Milton Friedman didn't even understand how the banking system operated. That's why there's half a dozen versions of monetarism all of which failed to match empirical testing. The main fault was the ridiculous notion of targeting the money supply when money was endogenously determined. This video was out of date when it was made - today it's little more than a parody. Most of this video assumes exogenously determined money supply and and endogenously determined cash rate. It simply has no relevance today.
People don't want the truth, they want everything that they want.
@@tdunster2011 So what's your solution then?
Totally agree. But they won't.
J T Harvey
ruclips.net/video/1DE0sBGH73A/видео.html #11: Printing money does not cause inflation!
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ruclips.net/video/2WFJTvaFaz4/видео.html #12: What actually causes inflation part one
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ruclips.net/video/Giu518_9rO4/видео.html #13: What actually causes inflation part two
40+ years later we're still dealing with these shenanigans with these career politicians.
Some of them who were in office then, are STILL on office now. Nancy Pelosi. 🙄
@@1mc568 Mitch McConnell. The problem is on BOTH sides. "It's a big club, and you ain't in it. " - George Carlin
@@JM-er2yl Exactly. It turned from public service to a career of self serving criminals. Term limits are the only way forward.
They are career politicians because they are adept in listening to their constituents. In the final analysis, the responsibility falls on us.
@@joeg6242 Nope. This makes politicians answerable only to lobbyists. Voters get to turn out the rascals if we are doing our job properly.
This should be the first thing every high-school student should be taught.
God bless Milton Friedman for this astute and articulate explanation.
J T Harvey
ruclips.net/video/1DE0sBGH73A/видео.html #11: Printing money does not cause inflation!
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ruclips.net/video/2WFJTvaFaz4/видео.html #12: What actually causes inflation part one
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ruclips.net/video/Giu518_9rO4/видео.html #13: What actually causes inflation part two
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ruclips.net/video/FLi2wdSA66A/видео.html Minsky at Westminster 1991
12:31 - He can hardly contain his pleasure with just having stopped the printing press :)
The mans face when he looks up lol
Milton was awarded the Nobel Prize because of his work. He and I share the same Birth Date - 7/31 and although he has passed, his "Free to Chose" will live on as a marker for economics.
J T Harvey
ruclips.net/video/1DE0sBGH73A/видео.html #11: Printing money does not cause inflation!
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ruclips.net/video/2WFJTvaFaz4/видео.html #12: What actually causes inflation part one
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ruclips.net/video/Giu518_9rO4/видео.html #13: What actually causes inflation part two
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ruclips.net/video/FLi2wdSA66A/видео.html Minsky at Westminster 1991
Loved his work but be careful to be explicit what he won. It was a separate price in memory of Nobel and not one of the actual Nobel prizes.
Nevertheless, when he assigns inflation to washington alone, his faulty economic assumptions begin to lead him astray. I am willing to discuss why Milton Friedman is wrong with any serious person who is willing to do high-school math.
Man you have to miss someone like Milton Friedman. Amazing the quality of work he did in an era most people born after 2000 will never understand. Actually having to go into a library or travel to see and get information.
Ch ch ch ch changes
You will never understand this.
Cum
@@lpschaf8943 Where does this come from? A comercial?
@@rafaelbraganca7234 David Bowie
@@lpschaf8943 Thats it, thank you. i wasnt beeing able to place it :🤗
Watching in 2022. Im 54. Never thought Id see this type of inflation again
Funny how life repeats itself, huh?
Clearly our politicians are as stupid and corrupt now as they were in the 70's.
Inflation would disappear overnight if you get rid of the Federal Reserve and US Congress.
Yep. Printing worthless paper devalues the money already in circulation
How?
@@patrickglennon6834 Inflation is a monetary phenomenon. In a barter economy inflation does not and cannot exist. But it's not all roses either as you don't see economic growth or technological advancement increasing at anywhere near the rate you do in a monetised economy. Distribution of income is a far greater concern than inflation. The reason inflation gets all the press is that it impacts lenders more than borrowers - and the lenders have the loudest voices in our society.
"If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around them will deprive the people of all property until their children wake up homeless on the continent their Fathers conquered."
Thomas Jefferson, our 3rd President
Well that happened with the FED in 1913. It was a vote during the Christmas holiday where only a few congressmen were there to vote. It wasn't American Banks. It's how fractional banking began.
As opposed to tyrannical govt which is a way better idea, yeah?
heh, leftist.
WEF - you will own nothing and be happy.
@@freegeorgia4808 yes,..Pres Woodrow Wilson was bought!.. he sold out on the American people.. signing off to privatise the Federal Reserve..BIGGEST MISTAKE.
The word Federal, appearing on your notes is illusionary.. it’s a ruse.
@@Anita95_original said every communist ever
I like how it’s not political. It’s just the facts and uses real examples to support the data. We need more of this these days.
It is very political. It is called Political Economy. Friedman himself went out to suport chilean dictatorship because it applied his economical politics.
People today want free sh*t, not facts...
@@mpfilgueiras Your comment is pure sophistry and BS...
@@mpfilgueiras I didn’t catch that in this doc. What’s the time stamp? I’ll have to rewatch. I was solely talking about the direct nature of the info provided here. I am aware Milton Friedman had political leanings in his history but did not get that from this presentation.
@@mpfilgueiras This is simply untrue. He in no way supported the Chilean dictatorship and the assertion that he did is a dishonest attempt at character assassination. Cant refute his points so attempt to discredit him. Pathetic.
I wonder how he managed to get permission to film a doco to stop printing money inside a money printing factory..
Well, he is Milton Friedman.
You'd think the fed would have kept him away with a 10 ft. pole.
He's not necessarily against the printing of money. Just the irresponsible printing of it. He had a great respect for the fed, but wouldn't hesitate to point out its flaws.
I was wondering if this was a break for lunch or end of the day and the press needed to be stopped and he did it instead.of the worker
I recall in one video interview, at least, Friedman stated he would like to abolish the fed.
We need to get this video trending on youtube's front page. Everyone that sees this needs to hit like, comment, and share. When you watch the news today they act like this is all new, but it isn't. It's taxation without representation.
RUclips would fact check it and label it "misinformation".
Well here in June 2022, this aged well. Once again, DC is spending beyond their means, requiring mass printing of money, driving down the value of the dollars in circulation. This affects only the lower and middle classes because the rich have other forms of investments that are not pegged to the dollar.
Incorrect. The rich in the US have inflation-neutral investments. Mostly because they have so much money that what they're living on is a drop in the bucket of their wealth. Not talking about Bezos. Talking about the millions of people in the top 5 or 10 percent
@@DAG_42 Incorrect, I hold investments that have more than overcome the effects of inflation and the slope of this trend has become even steeper since inflation started accelerating. For example, more people are fleeing blue states and moving to red states to reduce their exposure to inflation. This has caused my Florida and Texas real estate holdings to appreciate even faster than they otherwise would.
you don't have clue but your listening to prime economist who caused the 2008 bank collapse , what a dumb ass you must be .
@@ChatGPT1111 please comment in one year and let us know what those real estate holdings are worth.
@@AaronHollander314 Good thing I offloaded half of it already in the past 6 months. Moved to gold and survival goods. Will offset any losses that could possibly occur.
Obviously those in the current administration would not agree with Mr. Friedman.
Remember when you could raise a family with 2 cars, 3 kids, and a 4 bedroom house on a single working mans income? Lol
Yes I remember - then Milton F came along and fucked it all up for everyone but the rich.
We can again J T Harvey
ruclips.net/video/1DE0sBGH73A/видео.html #11: Printing money does not cause inflation!
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ruclips.net/video/2WFJTvaFaz4/видео.html #12: What actually causes inflation part one
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ruclips.net/video/Giu518_9rO4/видео.html #13: What actually causes inflation part two
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Minsky at Westminster 1991 ruclips.net/video/FLi2wdSA66A/видео.html .
No. No I don't
I do. I’m doing just that at this moment. Create value for others and you will never need to worried about money again.
@@coreymetcalf2498and the unions got fat and corrupt, let the jobs leave the country.
Inflation comes from increasing the money supply. Everything else is a consequence of that fact
Quantitative easing... been out of control since then... ruclips.net/video/PTUY16CkS-k/видео.html
Not true the current inflation is because of covid and the fall in global production.
The money supply is endogenous. it cannot be targeted as you seem to be implying. That's why after several failed experiments the monetarists put their heads between their tails and started targeting the cash rate instead [an exogenous variable]. If you add the types of near monies [derivatives] that exist today it's pretty much impossible to even measure the money supply. Making Milton Friedman's work pretty much irrelevant today.
@@tdunster2011 it’s been a cycle since 1650. First it was Mercantilism, then Gold, then Money now it’s production..
But how can that be? If an important commodity, such as oil, is removed from the economy, then certainly all prices will go up, money supply being the same. Furthermore, if an alternative and more thrustworthy payment option enters the economy (say US dollar in Vietnam) then the local currency may loose value (become more expensive), supply being the same. Of course, you could argue that these factors affect the supply it self, but this only demonstrates that the money supply is endogenous as pointed out by tdunster2011.
Who’s here in 2024..?
Yup, was trying to explain inflation to gf as a finance major but haven’t studied it since I took a micro and macro economics course
🤫👍
Me too
I'm from 2025... is it the same?
Me and your mom.
This guy is basically talking about monetary inflation. There are also other types of inflation: salary driven inflation and raw material cost driven inflation, as we are experiencing in Europe nowadays due to the war in Ukraine
Inflation is just another form of taxation. When the government keeps printing money out of thin air the money you got its worth less.. If you want to build wealth your money has to grow faster than inflation. Which is even harder if almost half of what I earn goes to taxes.
Jordan Rodriguez that is predicated upon the excess money flow entering the market place. It has not. Will it? If it does, watch out
the good thing about inflation is it reduces the burden of debt. borrow $100 today and pay it back as 100 less worth dollars tomorrow, what would equal, for arguments sake, $90.
also, it spreads the tax burden among everyone in much the same way as a flat tax would. inflation isn't a problem so much as lack of productivity is.
MyLifeForAuir87 That scenario would be of course in an INTEREST FREE debt.
Not free, but interest low.
***** Much salt?
The best part was how Bob managed to take care of a wife, a house, a cat, and three kids for 12000$ a year. He probably wouldn't be thrilled to see that the inflation that affected him back then didn't get better since, to say the least.
+Ranee MacIntosh It did get better. Inflation in the late 70s (when this was filmed) was very bad, 10% a year. Today, for the last decade, it has been under 2%
+kvnd7331 cus interest rates are so low. which is another problem
mp517q What are you talking about? Low interest rates increase inflation. This is literally basic macroeconomics. That's a stupid thing to say
*****
if you know basic macroeconomics then you should know what an mp curve looks like. inflation is under 2% because the interest rates are under 2%. But the int rates being so low causes other problems is what i'm saying, such as inflation, increase in the cost of homes, etc. basically, the fed doesn't do its job properly
mp517q that's unrelated to this mostly. You implied inflation was only so low because the interest rates are so low. But that is backwards
$80/$90 for two weeks of groceries?! Man those were the times. Lol. #endthefed
We do it. Shop at ALdi.
It was also the time an $12K salary was considered "good money".
@@nonmagicmike723yah well In 2022 the Median income in America is $37,585
This shows that while prices have gone up 4x or more, the increase in average wages has barely doubled for the average individual
Thank you for your economic comments,wish i had a teacher like you in uni,someone who explains in lay students terms and encourages one to seek more knowldge,hamba kahle sir like our own William smith,cheers from a sunny yet windy ethekweni south east coast of Africa where hard economic lessons are being learnt daily though one may not immedaitely know,one maybe tread and retread by our ancestors and brethren before us.a deep mind gone too soon.
If you weren't around in 1980, you have no idea how influential this PBS series and the best selling book were. It was like a free commercial for Ronald Reagan's election.
@@david2498 Yes. Yes he did. And the gap between rich and poor which had been shrinking in this country for forty years began growing and continues to grow..
What a great man. What a great mind the world has lost.
The world has definitely lost its mind.
Vladi Vlad we still have Thomas Sowell
The next great economist is just ahead.
Sowell and Friedman are stupid full of shit clowns. They spout dumb shit which is why dumb shits like their nonsense.
Oho look at this badass over here. You are probably economics professor or something.
Such a smart man giving away some of the most important information known and 99% of people dont even know his name
I watched this in 1980 (amid the Carter Era 'Stagflation'). It greatly impressed me then. It greatly impresses me, now in 2022.
What a time warp! Does it feel worse now or then?
@@raggedybritches5798 It's on the verge of being worse. Carter was a big spending stubborn humanitarian (using our money). He was in the wrong job. Biden is (let's face it) senile and he has some vile people running things in the background who want to turn the US into Venezuela.
@@stevelangstroth5833 I was born in 81 so didnt experience Carter as a sentient human but I agree that what's different this time is the brazen arrogance of those in the administration who want to fundamentally reshape our society and government. I guess I've now lived long enough to witness that freedom isn't free.
@@raggedybritches5798 After his Presidency, Carter worked for 'Habitat for Humanity'. That's a great organization and Carter did a wonderful job there. THAT was his calling in life. Being President was a side trip that he should have never made. He was a weak President and the Iranians took advantage of that. I watched that disaster unfold when I was a freshman at the University of Arizona. Carter's intentions were good, so the results were predictably bad. He will always be known for 'Stagflation'. Biden (and his puppet masters) have ill intent for the United States. They don't even hide that fact.
$50-$60 for 2 weeks of food for a family of 5...wow, those were the days!!
@@david2498 get a load of this fat-cat, feeding his family of 5 on poverty wages!
Love Milton Friedman, he can explain complex subjects in a easy to understand manner and not be condescending. I watch his Free To Choose videos all the time to refresh my understanding.
ruclips.net/video/FATQ0Yf0Fhc/видео.html
He made 18k which would be 78k today.
Three words: Federal Reserve Bank
"WE DEFEATED THE WRONG ENEMY!" Now the enemy controls our money supply
This was in the making long before WWII. This is capitalism and consolidation.
About "the wrong enemy", Hitler Germany used the system descibed in the video to the extreme to build the army and infrastructure.
Tungst Nazi germany used a national bank to create money which created inflation but was paid back because the money that was printed was used to create jobs and infrastructure. The debt created had no interest on it, compared to capitalism where governments take loans at high or even compounding interest rates.
As an example if the government creates 100 dollars and creates a lemonade stand it gets the 100 dollars back after say 50 sales. The real value of the lemonade is created with 50 people drinking lemonade and the stand can continue to exist and make money even after the debt is paid back.
Islamic banking is also similar to this.
44 years later and nothing has changed. RIP Mr Friedman
This guy knows about history like no one else!
Nah, communists and socialists have a much better understanding of history.
@@matthewvicendese1896 If they did, they would know that communism is a failure.
ruclips.net/video/FATQ0Yf0Fhc/видео.html
The part on using tobacco and gold as money and how getting too much of it caused inflation is fascinating. It proves that the type of currency doesn’t matter!
I would gladly trade my life today, for Bob Crawford's $12,000 a year in 1972. A machine-tool maker, he only needs a few years to keep good credit, sock away some savings, and take out a loan on a CNC machine when it becomes available. Then his business booms, and doesn't even suffer from international competition. Of course, living through Nixon/Ford/Carter, stagflation for 9 years, could make it hard to see a bright future in the machine shop.
Save this video for yourself, because who knows how long youtube will let it continue to exist
haha totally agreed, and don't you dare saying anything bad about Covid and vaccines either!
Why would youtube ban this?
I am not a big fan of supply sode economics but Mr. Friedman is very good at explaining things and interesting to listen to.
he did not explainvery well about the money supply is just simple said that more money in the market cause inlfation with no explanation for example in Venezuela right now the reason that it is a high inflation of 200% or more is due to the decrease on value of the currency and the increase on the money supply and the buying power of the Bolivar Venezulean currency it's value has decrease but the dollars right now is stronger than it was in 2001 and the dollar is even stronger after the pandemic
People had little debt back in the 70's and 80's. Other than a mortgage and car note, most paid cash for everything.
Go back a bit further, and people paid "cash" (well, check, but they paid without debt) for cars and even homes.
In 2022, real wages are so low that people are taking out microloans to finance a freaking pizza.
J T Harvey
ruclips.net/video/1DE0sBGH73A/видео.html #11: Printing money does not cause inflation!
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ruclips.net/video/2WFJTvaFaz4/видео.html #12: What actually causes inflation part one
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ruclips.net/video/Giu518_9rO4/видео.html #13: What actually causes inflation part two
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ruclips.net/video/FLi2wdSA66A/видео.html Minsky at Westminster 1991
Quite contrary. My parents paid 16% interest for their home in 1980
Yes, my parents used traveler's checks(remember those) to take us, kids, on vacation in 85, no credit cards were used!
*Milton Friedman-The White Thomas Sowell.*
(For the Record: Thomas Sowell was Friedman’s student, and both are legends).
Thomas Sewell doesn't get 1/10th the recognition he deserves. The guy is like a modern day Socrates. He should be an American icon.
@@Rosseboi "Thomas Sewell doesn't get 1/10th the recognition he deserves. The guy is like a modern day Socrates. He should be an American icon"
I had never heard of Sowell until RUclips, and now I can't think of any person who even comes close to his knowledge and wisdom. A true living legend that deserves a LOT more recognition than he gets.
Milton Friedman, your words were so true then as it is now. Rip😎
This is brilliant. RIP Dr. Friedman. Thank You.
I sure do miss Milton.
watching this to understand the inflation this 2021
Yup got lot worse today. Good luck buddy. Hope everything works out.
I'd love to have a guy like Milton Friedman come over to my house. I'd have so many questions. RiPFriedman 🙏
.... like "how the fck you get in here"? lol
Milton is timeless.
In post WWII Germany, cigarettes were used as money for common transactions. The allies supplied their troops with cigarette regularly but not for the purpose of money. What would happen during that period to local prices if a truck carrying 1 million cigarettes overturned on a road outside a small German town. If only a few of the locals were aware of the spill, intuitively local merchants would raise prices when customers showed up with more cigarettes than usual. Same effect if entrants of an auction were all handed an extra thousand dollars at the door. Prices rise with the increase in available money UNLESS more supply or suitable substitutes are available to compete for the extra money.
Cigarettes were used as money in Holocaust camps by Jews , Gypsies , Handicapped , Disagreeing Aryans , etc.
Milton Friedman is the OG. I feel we all wish he were still alive.
Who's here in the days of Bidenflation?
You mean the inflation trump started and biden continued?
I wonder were old Bob Crawford is today?
Lol....Inflation is here on Biden's watch, but any real economist or educated person in finance would tell you that this inflation is caused by the ridiculously large money print/manifestation thar Trump into action when Covid hit. The Covid relief acts caused us to print 25% of all the money we've ever printed since the nation's birth in just one year. The effects of that in 2020 are the cause. It takes a year or two for the money to circulate fully into the system but here we are. I'm not saying it's Trumps fault either but it certainly isnt Biden's fault. I do however blame Trump for his dismissal of Covid until it was too late and it sunk in heavily.
Priceof mint choc-chip ice cream at an all time low, though. 😂
Check out Biden's chief economic advisor. A marxist with a music degree. Quite the contrast.
For years I was of the understanding that wage growth always follows two factors, 1.low unemployment, 2.hyper Inflation or in some cases just three quarters of growth over the govts accepted indexation on services.
Now I'm hearing from respected economists that interest rates rises will exacerbate short to medium term inflation and possibly send nations into a depression.
J T Harvey
ruclips.net/video/1DE0sBGH73A/видео.html #11: Printing money does not cause inflation!
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ruclips.net/video/2WFJTvaFaz4/видео.html #12: What actually causes inflation part one
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ruclips.net/video/Giu518_9rO4/видео.html #13: What actually causes inflation part two
Ah stagflation. More money, but employment doesnt go up.
Interest rates rises will NOT increase inflation in short and medium term lmfao. They're liars and they are fudging the data. Just like the caught climate scientists fudging their numbers so they can continue to get funding and grants.
Extremely incisive and concise! Milton Is A Legend. R.I.P.
I could watch Milton Friedman for hours. I wish he would still be around to talk some sense into politicians.
Look up the old PBS series he did called, "Free to Choose." At the time, this series had a decent audience as there was no cable TV. And was on PBS! Every administration since LBJ wanted him in theirs. He only worked as an adjunct for the Reagan admin. Point is: His theories were known and he was well known. But politicians and activist who followed the Keynesian economic theories, Socialists or were simply too naive to understand Friedman fought and fought against his theories because that is where they established their base and power. And it still goes on today.
Gold and silver is money. Everything else is just credit.
Wrong. Land/real estate and live stock is the real money.
@@abewilcox4560 wrong. Bitcoin is money!
@@iulianserban10 wrong. So wrong
@@abewilcox4560 you need to read a lot my friend. you are way behind :))
@@iulianserban10 uuuummmm. No. Bitcoin is backed by absolutely nothing. It's value is solely based on supply and demand of Bitcoin itself
Fascinating montage courtesy of a brilliant economist. And heed his point- you get s tax cut but inflation eats it. We’ve gone 30yrs without inflation in the USA but that’s about to change. 19 trillion in money printing has to result in inflation soon.
J T Harvey
ruclips.net/video/1DE0sBGH73A/видео.html #11: Printing money does not cause inflation!
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ruclips.net/video/2WFJTvaFaz4/видео.html #12: What actually causes inflation part one
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ruclips.net/video/Giu518_9rO4/видео.html #13: What actually causes inflation part two
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ruclips.net/video/FLi2wdSA66A/видео.html Minsky at Westminster 1991
They looked like such good and simple times! Kids, wife cooking and bringing in tea.
life before feminism
I noticed that too, the classic nuclear family, young boomers raising gen Xers! I got to experience that myself as a gen xer!
@@ahmedtouqane5261 Somebody hates women
@@ahmedtouqane5261 Yup
boring
I love that Milton actually stopped inflation whilst talking about it!
I can't believe they let him in there!
"Hey you! These mfs are stealing your value using tricky math and institutionalized poor economic education! Watch this!"
Smacks E-stop, Friedman alarm goes off. 🤣
That's not how inflation works.
@@mdaniels6311 Do you understand what a tongue-in-cheek comment is? I was just having a little fun chap. I could tell you a thing or two about inflation if I were really that bothered.
An absolute amazing video..and he we are today living what was just taught in the clip!
Why humanity doesn’t learn from its past is just boggling
When I was in College we had a brief spate of Runaway Inflation (5 years, 1973-78). It took $1.46 in 1978 to buy what $1.00 bought in 1973! A spate like that today would be horrific and shock those of us too young to remember what it was like. By World Standards our "1970's Inflation" was minor, but in our current economy it would be devastating to many people.
True and that's why it has become almost impossible to make it without 2 or 3 jobs in single family household. But, early on those who did this made out until the economy realized the existence of this second earner and prices started rising to that level. I remember my dad complaining about a $140 mortgage. We today cannot even conceive of mortgage like that.
When I was 7yo in 1973, my dad wanted to buy the old house next door to stop another neighbour buying, knocking down and building 2 new houses there. He had the asking price of $11,700 but it sold for $13,000. Now 45 years later the value has risen to $1.1M. That's an annual average of 11% inflation. And this is normal city outer-suburbia not a beachfront mecca. This is the result of debt and credit becoming the new currency.
Cassette Walkman, also, here's a thought. Who does inflation really hurt, the person borrowing the money to buy an inflating thing or the person lending the money that is losing it's value?
St Gray The lender loses due to inflation
If other countries stop buying USD, USD would already be in hyperinflation.
Lol, I got hooked on Liberty Pen’s Milton Friedman videos during the GreatRecession and QE1, and now I’m back. We will never learn.
Tax brackets need to be clarified: personal tax brackets are a myth, we have what's called a Marginal Tax Rate. Essentially your money is in a tax bracket, but you as a person never are. If you go from making 89k to 89.5k - all of your income does not all the sudden tip over into the 24% bracket, only the money within that bracket is taxed at the new higher rate. Single earner:
Income earned from 0-10k: 10%
Income earned from 10-42k: 12%
Income earned from 42k-89k: 22%
Income earned from 89k-170k: 24%
Income earned from 170-215k: 32%.
This means that if you earn 60k your first 10k is taxed at 10%, your money from 10-42 is taxed at 12%, and your last $18 thousand is taxed at 22%. It's a very important concept that 51% of Americans misunderstand. Similarly, bonuses or pay periods of higher pay are never bad, the government just temporarily assumes you will be earning more the entire year, but then the end of year taxes are all that matters and it all washes out appropriately.
Friedman knows this and is essentially endorsing this myth when he lets the misinformed tool and die man explain his situation even though he is incorrect about tax brackets and income increases.
In this case it is a simplification in order not to have to take a detour explaining marginal tax rates.
The issue at hand is that the additional income he got because of inflation means he is paying more in taxes overall, even though that additional income pays for less than it did before. In the film the tool and die man says he pays $6000 in taxes and has $12000 left, which corresponds to his earnings a few years before. And on paper a good deal, because that was supposedly the total before-tax income he had a few years ago. BUT, as the film points out in the next scene, that $12000 now buys LESS than whatever his after-tax income was several years prior.
The additional taxes he pays on those parts of his income that are now taxed at a higher rate are what makes the difference. Without inflation, his income would be taxed less and at the same time buy more.
Now days I hear it being called bracket creep. The fact that the tax brackets don't change, so inflation pushes people into ever higher tax brackets and higher effective tax rates.
The tax brackets most definitely changed