This video has been posted with the express permission of the Hoover Institution at Stanford University: subject to condition of use agreement executed on 9/14/2012.
@@whitneywade4202 From the text in the video, it comes up as Bastiat. After some looking around it sounds like Claude-Frédéric Bastiat. But he was born in 1801 - so the 200 years sounds a bit out. He was a French economist and journalist.
folks, we should be showing a little more recognition to the Hoover Institution, they are responsible for gifting us some of the best interviews ever to Sowell and Friedman
Really wish all humanity would use historical data, as Friedman does, for the guide it is and not a drudgery of school homework and test regurgatent most think. Pretty sure we need to start a museum of "Common Sense" its all but extinct. Frankly the majority and the word think pretty sure oxymoron would fit better.
Every video with Professor Friedman needs to be archived and stored in a vault for protection. I can see in the future, these videos suddenly disappearing for good.
+Chris Parker you are right my friend ///sick minds ///those video should be in garbage///they don't like government because they never had country ///and that's effects their way of thinking ///
Loek de Kerpel I’m here to tell you, three years late and redundantly since someone already answered this question three years ago, that Milton Friedman died in 2006. Boy do I love to make myself useful.
I love his line about how there is a Democrat president and a republican congress which makes it hard for any laws to get passed, and that's always a great thing.
Yep, that's the only credit he was willing to give Clinton, the fact that he happened to be a Democrat with a Republican congress so no laws could get passed. lol
They did find some common ground, like welfare reform. Another thing is that Clinton's predecessor, George H.W. Bush, closed some overseas army/navy bases, and that reduced some of the deficit.
I've seen so many interviews with this presenter and I have to say, he has great questions. He makes excellent points and is a good listener. A true believer in knowledge and understanding.
He's outstanding as he is knowledgeable about the subject matter, asks intelligent questions, and allows for the guest to fully answer them. Sorry to say, but that's not all too common.
Well Peter Robinson is somewhat of a legend in his own right serving as the speech writer for Reagan's "Tear down this wall speech" and being very intelligent on a number of subjects making him a great interviewer. Uncommon Knowledge is a great series and Mr. Robinson presents very well
"Can you name programs that have been eliminated because they've failed?" - aka, govt programs never get eliminated. once they are there they suck life
So Many, and It Grows More on the LeftWing Side. But This Republican President Wanted to Appeal to Some Demographic so They Spending Is Like Any Democrat Government.
@@SovereignStatesman .. it shouldn’t be either or, there should be a transparency in the government with the citizens involved so THE CORRUPT ONES DON’T STAY IN POWER for SOOOOO LONG + And IT’S LIKE A REGIMEN in THEM such as NY, California, Chicago, and Others Most Likely Blue Ones.
@@J2016-z3x They'll just be replaced by other corrupt ones. Anyone else will be unelected due to lack of funding. Elections are just investments for Crony Capitalists, under Totalitarian Democracy.
@@taurtue Exactly, why have a state at all? Get rid of the state, and then people can just be free to produce things and trade using.. bitcoin? The army can be disbanded and employed by private companies. If the land where US used to be is invaded we just have to hope they can agree to defend it together. And who needs courts anyway right?
@@jaywogan168 If you work hard you're rich and you can pay to be protected by private army, so only lazy people will not be protected, 2 problems solved at once. Damn actually life is so much simpler when you're anti-government
@@taurtue Why do you think private companies will pay you your fair share when they can keep you as a slave when there is no state and there are no laws?
@@jaywogan168 I was being ironic, I tried to make it obvious cause I know it's hard to get when written... I thought you were being ironic too. I do believe in a balance between private and public forces, and I believe government as it is right now is not strong enough.
*ᴥ* You think. Blockchain is not anonymous at all. It is quite the opposite of anonymous since every transaction is stored in the blockchain forever...
Oh god without him what are we left with? economics is now a bunch of Keynesian and socialists. We are fucked aren't we? even when he was a live no one listened to him. well no one in America Chile listened to him and saved their country.
Saved their country with a bloody coup against democratically elected Allende? "Miracle of Chile". What a bunch of crap. Economics has been a bunch of neoliberals, deregulation and privatization for the last 40 fucking years, not Keynesian. That`s why there is a huge wealth gap in the U.S. Middle class is shrinking and people work 50 fucking hours a week to be able to make the ends meet. Educate yourself
It's classic liberalism (libertarianism) vs social liberalism (which is what neo-liberalism is). Just different terms, but they're synonymous. Neo-liberals recognize the power of a capitalistic system for improving the economy, but also enjoy the governmental largesse that is found in democratic socialist countries (i.e. most of Europe today), so they try to combine them together. It's "the third way", practically invented by the Clintons. The point is that its the kind of government that has its fingers in all the pies: economics, politics, social aspects...and it needs a very big budget to get involved in all those areas.
+Friedbard Von Mises Well he was right in the sense that tax revenue as a percentage of GDP is lower today. The problem is that the government is still as big as ever, but the debt has increased significantly.
+Niklas Jonsson The National debt was $5 trillion when Clinton left office and $18.7 trillion in 2015. We haven't had a balanced budget since 1998 and we ritualistically have annual deficits that are larger than the GDP of Canada.
he has been the most consistent human being within the influential spectum of economics and politics lol. we have turned into a crap show. we need him back :(
Thank you for uploading Prof. Freeman interviews. What a mind, what a giant! He even predicted that the internet would make it hard to collect taxes! He also acknowledged the merit of Reagan's economic policy that eventually produced a budget surplus during Clinton's presidency. These are real, undeniable facts.
Jerry Moore It has increased, but as a when looked at as a percentage of GDP, it's not as big an increase. In 2000, it was about 19% (the lowest in almost 30 years), and now it's about 24%. Most of that increase came in just 2008/2009 during the stimulus years. But yes, still too high.
Jerry Moore Yeah. I mean I don't blame him for thinking the internet would allow for people to realize how bad things were in Washington, afterall we now have a plethora of sources to learn all about economic patterns and government effects, yet we find ourselves making the same mistake; sharing what initial information adheres to our beliefs and instantly denouncing that which contends with our world view, and never bothering to try and objectively interpret the data ourselves.
+ThePatrioteer I believe spending is actually around 35% of GDP US GDP=$16.77 Trillion Federal Government spending as of 2013= 3.454 trillion (20 ish percent of GDP like what you got) AVERAGE State and local combined spending=20.3048% of GDP Fourty percent total is the answer. You most likely only checked the federal government. www.whitehouse.gov/sites/default/files/omb/budget/fy2015/assets/budget.pdf www.usgovernmentspending.com/compare_state_spending_F0p Check the results, offer any feedback if you will. We're living in socialism.
That's because spending STILL hasn't been dramatically decreased nor have been taxes. Has anybody ever thought that the way to force the government to dramatically lower its spending is to strip it of its ability to spend? If it had NO INCOME COMING IN THE FORM OF TAXATION they would HAVE to stop spending money, otherwise, they'd go bankrupt. Another way to do this would be to abolish the federal reserve.
He would love bitcoin... Just read his Capitalism and freedom. He writes there that he thinks that gold standard is outdated and is hard to handle volumes of gold needed so better solution would be releasing fixed amount of money at weekly/monthly basis. Very similar to bicoin's concept.
I just want to give a shout out to Mr. Friedman and Mr. Sowell for their "calmness and professionalism and demeanor" when they explain their views on different topics. Why is it so hard today (and back then) for "debaters" to sit/stand and calmly and rationally explain their point of view? It's sad on how the "divisionism" in America has become when we can't even talk to each other and not have an informative conversation without all the theater! The section on "Term Limits" is golden reasoning, intelligent insight and a topic that keeps coming up with today's government. WoW, this whole video/discussion is so profound, thank you Hoover Institue!
BiL, you're a living breathing punchline. It's actually sad to read your comments. The jealousy, contempt, and downright envy you have for those who have the drive and intelligence (of which you couldn't even dream of) to create a wealth building machine is blatantly obvious. I actually feel bad for you. Your life almost certainly will never be exceptional.
+hotpocketpoison indeed, but UNCONTROLLED greed is always bad. This is where the gov't should step in and put regulations on monopoly & punish those who break the law (eg. greedy bankers who manipulate & crash the economy)
This is the first time I've seen this and I reached basically the same conclusions back then. I never bought the idea that Clinton was responsible for the surplus. If Mickey Mouse was President, he would've achieved the same with regards to the economy.
I noticed that defendants of Milton Friedman are nott exactly the best minds when it comes to historical analysis because if they were they would recognize that capitalism left unchecked to actually leads to political corruption and vice versa. Friedman of course doesn’t seem to factor this in his little cultish ideology but we should not forget that he was also much like Hayek but off by corporate interests.
@@theQuestion626 Nobody wants capitalism to be completely unchecked. Everyone knows that there needs to be a minimum of interference, its just a question of where this minimum is.
@@LeonardGMN “Nobody wants...” Then why is it that conservative politicians not just in the United States but also in France as well as Great Britain constantly seem to push for unchecked capitalism? Quite frankly I think we know where the minimum is. We achieved it from 1945 all the way to the day we decided to follow the failed theories of Milton Friedman. Anyone with a high school level understanding of history knows this. Historically speaking, wage growth as well as standards of living were far better during Keynesian economics than they ever were during the Friedman doctrine years. It’s ironic really. When we followed Keynes, wages actually kept up with cost-of-living. Once we started following Friedman wages flatlined.
Dr. Friedman's closing comments on the internet are so true. The internet is the last bastion of free speech and free market capitalism. Which is precisely why the government has such great interest in regulating it. R.I.P. Dr. Friedman.
this interview should have been uncut and aired in its entirety. Friedman's genius should never be cut or edited. Damn shame we didnt get to hear it all.
If I could just touch Friedman's head and was able to have all his economic understanding I would run for president and crush the crap out of every one. What a shame it is that no president during his reign never had him on their staff. So foolish
Actually he was an advisor to president Reagan. Probably why he gave the government surplus of the 90's credit to Reagan and not Clinton LOL. I happen to agree with Mr Friedman but would also add that the tax increases that got Bush Sr. in trouble also contributed the the surplus.
Nixon tried to have Friedman as an advisor, but when Nixon panicked and implemented price controls for food, Friedman was outraged and essentially stopped advising him because Nixon wasn't listening. Friedman's greatest lesson to politics was that freedom should be preserved. That is a recurring issue in history.
It's not that hard. I do not want to put words in this great man's mouth but from my understanding his general philosophy in 2 words is fuck off. Most other things like his negative income tax and school voucher ideas are simply means to an end of getting all (feasible) coercion, more specifically, gov coercion out economically and politically. The rest will take care of itself and be far better economically, politically, and access to opportunity compared relative to the alternative (what we have today and the direction we seem to be going).
That last one about the internet and evading taxes said over 20 years before it became a widespread issue got me. There won't likely be another Milton Friedman or if there will be they will be just as ignored as Milton was
You may be right about the ignored part, but his name is become more mainstream, too bad Sowell is in his 90s thou.... world needs more men like him and Friedman.... becoming more and more rare I'm afraid
If people would listen to him fully, yes, but most people only cherry pick e.g. "Less government! Less welfare! Cause Friedman said it." and forget his solution to inequality (negative income tax).
2:15 $290 Billion defect. Milton Freedman is rolling in his grave at our defect of over 1 Trillion and climbing. One day we will have to pay the piper.
A 1 term limit? I have never realized how effective that would really be until now. There would no longer be any politician pandering or any laws passed with any thought to coming elections. Every congress would be a fresh section of the country. Maybe it would take a little longer to buy them off if new ones were constantly coming in.
William Clogston I don't think anyone could...the tribalism of 95% of black people and 85% of Hispanic people voting for him (regardless of what his views were and experience level was) baffles and disappoints me to this day. I would have loved to hear Mr. Friedman eviscerate every policy Pres. Obama has promoted....and he would viciously and completely.
Shawn Steuer Well he was advocating the type of Socialist policies that are already popular in Germany and have been for awhile. So that's unsurprising.
Milton would be disgusted and shocked at our financial condition today. He might be even more alarmed at the lack of interest by the general public about our pending financial calamity
Dr. Friedman gave me my initial understanding of economics. I have since discovered Yaron Brook who has an upbeat message about capitalism and freedom and especially reason and deep thinking as values for problem solving in economics and other intellectual fields such as psychology, education and the creation of new and un-imagined products such as those created by Steve Jobs or Elon Musk. Yaron has his own following here on youtube. His spin on foreign policy is unique. Thanks for posting this video.
Government schools--90% of students. It's a monopoly. Like every monopoly, it provides a low quality product at the highest cost. It benefits a small group in the NEA and the AFT and dis-serves the vast majority of people--the students and parents.
***** I haven't read any noam , but i watched enoigh of his videos :) Noam is smart in some ways , but totally lost on others. And i just have personal issue with him. He constantly debates idiots and even seems to agree with them. I got a person though : Ayn Rand
***** The other half being socialism ? :) Well , to each his own. They might be a bit outdated , but still , objectivism so far , seems like the best way to go. unless a person is religious , or believes in astrology , or some other faith based "thing" , then objectivism might seem scary
***** you do realize that ayn milton and more so ayn , died before much of that. On the other hand , i think they realized that too , because in most videos i see them saying that corporatism + goverment = monopolies. Which is basically the same as country for corporations not individuals. And they rreject bail outs, and i don't see any of your points valid now. Especially when you actually think that Noam is good for anything :) Really , i respect some of his opinions , but i dislike the guy too much based on his other opinions. He might have some knowledge , but i won't apreaciate him. You might be right , i might be wrong. So just let's leave it at that :)
"I 'take back' my words, but go ahead and ram them down my throat." "Well gee, you're the Nobel prize winning economist, I thought you would know..." lol. Absolutely hilarious stuff!
God I love Milton Friedman. The man just exuded intelligence. But his real genius was to explain very complicated economic concepts in ways that can be understood by anyone.
As a chilean I only have words of gratitude for Milton Friedman to be a key figure fixing the economy of my country. We became the most succesful latin american country thanks to him and his disciples "The Chicago Boys". Of course I don't support Pinochet as I don't support any dictatorship regardless of its political colour, but Friedman was wise enough to understand that making Chile a free market economy would lead inevitably to political freedom... and that's exactly what happened in 1989. In other words contrary to popular belief Friedman helped to end Pinochet's regime because private sector and general population realized they didn't needed him anymore to save the country from communism now free market was widely accepted.
I wish I would have seen this video and understood it back in high school, wow it simplifies everything that needs to happen with goverment taxation and spending.
I wish these logical ideas were taught in schools. I was never a fan of government or economics classes in high school, but would have loved this. Between Friedman and Sowell, students would be much further ahead in their understanding than a lifetime of learning what is currently being taught.
Mr. Friedman was a small man with a huge logical and rational brain wrapped with honesty and commitment to make knowledge available to anyone seeking it.
Everyone is rightly celebrating the brilliant Friedman, but I do adore Peter. He's a great, likable interviewer and Uncommon Knowledge is a spectacular series.
Tom Sowell 90 years and still going, Milton 93 years old, Ludwig Von Mises 92 years old, F.A. Hayek 92 years old Walter Williams just recently passed at age 84. I think there's something about free market philosophy that makes these people live longer. I haven't discovered it yet, maybe it's just that they took care of themselves.
They're really not doing that much. They try, but it's a wild place that is still new to many and for those growing up in it a home that they love and will fight for.
See how he differentiates between stock market growth and real economic growth. Obama's adherents love to cite stock market growth as a reason for Obama's success.
"Why is it appropriate for government to tell me what fraction of my income I should save for my old age?" I wish José Piñera would have watched his hero here say this.
When the government promotes a policy that is unsustainable and the bankers get a bonus up front then a bailout for toxic assets which they had already unloaded on other financial institutions
![Twenty One Pilots - The Line (from Arcane Season 2) [Official Audio]](http://i.ytimg.com/vi/XCz7WUotXs8/mqdefault.jpg)
This video has been posted with the express permission of the Hoover Institution at Stanford University: subject to condition of use agreement executed on 9/14/2012.
We should start calling tent cities Reaganvilles!
“It is always so attractive to do good at someone else’s expense” -Milton Friedman
another one he says - "Judge public policies by their results, not their intentions"
Hi from DR Congo
Swore he said he got it from someone else who said it more than two centuries ago. So you know long before he said it. But whatevs 🤷🏾
That's less relevant than the information itself
@@whitneywade4202 From the text in the video, it comes up as Bastiat. After some looking around it sounds like Claude-Frédéric Bastiat. But he was born in 1801 - so the 200 years sounds a bit out. He was a French economist and journalist.
folks, we should be showing a little more recognition to the Hoover Institution, they are responsible for gifting us some of the best interviews ever to Sowell and Friedman
he's like an economic yoda
add philosophy, politics and history.
:DD
Really wish all humanity would use historical data, as Friedman does, for the guide it is and not a drudgery of school homework and test regurgatent most think. Pretty sure we need to start a museum of "Common Sense" its all but extinct. Frankly the majority and the word think pretty sure oxymoron would fit better.
hahaha
economic yoda...haha I'm stealing that
Every video with Professor Friedman needs to be archived and stored in a vault for protection. I can see in the future, these videos suddenly disappearing for good.
+Chris Parker The hoover int, has a lot of it.
www.hoover.org/library-archives/collections/economics
+Chris Parker you are right my friend ///sick minds ///those video should be in garbage///they don't like government because they never had country ///and that's effects their way of thinking ///
ignorance??
As seen as "to protect the people from themselves"
Yes it's great that we can see how wrong he was about Alan Greenspan we need to remember how much of an idiot Friedman was.
Even at the age of 87, Milton Friedman still had the sharpest mind. It's almost like he stopped aging once he turned 70.
He reached the level cap.
is he still alive?
El Capitàn No, he passed in 2006.
So true :)
Loek de Kerpel I’m here to tell you, three years late and redundantly since someone already answered this question three years ago, that Milton Friedman died in 2006.
Boy do I love to make myself useful.
I love his line about how there is a Democrat president and a republican congress which makes it hard for any laws to get passed, and that's always a great thing.
Yep, that's the only credit he was willing to give Clinton, the fact that he happened to be a Democrat with a Republican congress so no laws could get passed. lol
They did find some common ground, like welfare reform. Another thing is that Clinton's predecessor, George H.W. Bush, closed some overseas army/navy bases, and that reduced some of the deficit.
But It Does Damage Still. Like Obama With His 🖊 and 📱 Executive Orders
Matthew Treadway: That's bullshit. It's totalitarian democracy that's the problem.
@@MondoBeno didn't really help did it
I wish Milton was around to give an honest perspective on Obama's policies. It would be so epic.
mtman2 Haha, exactly.
Dixie They'd just call him a racist.
Dixie His student Thomas Sowell is still around...
***** normalizing relations with Cuba is probably the single thing Milton would support with Obama.
Jak Kuhl Thomas Sowell is a badass
I've seen so many interviews with this presenter and I have to say, he has great questions. He makes excellent points and is a good listener. A true believer in knowledge and understanding.
We agree!
He's outstanding as he is knowledgeable about the subject matter, asks intelligent questions, and allows for the guest to fully answer them. Sorry to say, but that's not all too common.
He is the best interviewer ive ever seen
the interviewer made a good interview and kept it smooth all the time.
A rarity these days
Sergio Milho sadly
Peter Robinson is a great interviewer.
Well Peter Robinson is somewhat of a legend in his own right serving as the speech writer for Reagan's "Tear down this wall speech" and being very intelligent on a number of subjects making him a great interviewer. Uncommon Knowledge is a great series and Mr. Robinson presents very well
I wish we would have got a specific answer against the teachers unions because I'm arguing this right now with regards to the LA teachers union
"Can you name programs that have been eliminated because they've failed?" - aka, govt programs never get eliminated. once they are there they suck life
So Many, and It Grows More on the LeftWing Side. But This Republican President Wanted to Appeal to Some Demographic so They Spending Is Like Any Democrat Government.
That's because the government rules the people rather than vice-versa.
@@SovereignStatesman .. it shouldn’t be either or, there should be a transparency in the government with the citizens involved so THE CORRUPT ONES DON’T STAY IN POWER for SOOOOO LONG + And IT’S LIKE A REGIMEN in THEM such as NY, California, Chicago, and Others Most Likely Blue Ones.
@@J2016-z3x They'll just be replaced by other corrupt ones. Anyone else will be unelected due to lack of funding. Elections are just investments for Crony Capitalists, under Totalitarian Democracy.
Surprise Milton Friedman with all his imaginary intellect didn’t really comment on how government subsidizes private industry.
He was 87 years young here. I could only dream of being this sharp at this age.
I would be content with being half as sharp at 31.
Whit FAR MORE ENERGY THAN Joe Biden, and he’s 75. But America Loves CORRUPT LeftWing Politicians. News Networks Don’t Talk Bad About Them.
@@J2016-z3xthey fail upwards.
"I am in favor of reducing taxes under any circumstances, for any excuse, for any reason whatsoever."
I love it!
yeah, who needs roads, hospitals and police right?
@@taurtue Exactly, why have a state at all? Get rid of the state, and then people can just be free to produce things and trade using.. bitcoin? The army can be disbanded and employed by private companies. If the land where US used to be is invaded we just have to hope they can agree to defend it together. And who needs courts anyway right?
@@jaywogan168 If you work hard you're rich and you can pay to be protected by private army, so only lazy people will not be protected, 2 problems solved at once.
Damn actually life is so much simpler when you're anti-government
@@taurtue Why do you think private companies will pay you your fair share when they can keep you as a slave when there is no state and there are no laws?
@@jaywogan168 I was being ironic, I tried to make it obvious cause I know it's hard to get when written... I thought you were being ironic too.
I do believe in a balance between private and public forces, and I believe government as it is right now is not strong enough.
people gloss over the host's contribution to this. he's pretty fantastic as well
Agreed!
This host is the best with Friedman...asks question then listens without hardly any interruptions, and asks clarifying questions. Well done.
This man is so impressive. I wish he was still here now, providing a commentary on what we're are experiencing today.
He’s turning in his grave in 2023. He’d be sooo disappointed.
Peter Robinson puts his foot in his mouth at 15:10, and it's hilarious to watch Milton correct him "What do you mean "give back"? you mean not take!"
"I take back my words but go ahead and ram them down my throat" 😂 Robinson knew Friedman too well
holy shit, Milton was on point. I've never heard stuff like this. God Bless you Milton.
25:05 "The internet is going to make it harder to collect taxes." ...unless Uncle Sam regulates (controls) the internet.
And now, thanks to blockchain, they don't have that option.
Friedman was correct until a few years ago. I loved online shopping since I didn’t pay taxes.
*ᴥ* You think. Blockchain is not anonymous at all. It is quite the opposite of anonymous since every transaction is stored in the blockchain forever...
@@HT-vd4in Sidechains, people. Second layer. Lightning network. Install the Phoenix wallet now, it's amazing.
Uncle Sam controls the internet? How?
15:10 “What do you mean give back?! Not take!”
Best part of the interview by far
“Its hard to get any laws passed.” If only more people understand this concept.
"What do you mean give back?" cranky friedman is best friedman
This guy was so Brilliant..
Oh god without him what are we left with? economics is now a bunch of Keynesian and socialists. We are fucked aren't we? even when he was a live no one listened to him. well no one in America Chile listened to him and saved their country.
Saved their country with a bloody coup against democratically elected Allende? "Miracle of Chile". What a bunch of crap. Economics has been a bunch of neoliberals, deregulation and privatization for the last 40 fucking years, not Keynesian. That`s why there is a huge wealth gap in the U.S. Middle class is shrinking and people work 50 fucking hours a week to be able to make the ends meet. Educate yourself
Economist Antony Davies has interesting things to say.
I enjoy finding old Friedman clips and applying them to a conversation I am having with one of my silly liberal friends. Always a mic drop lol.
Just had one two days ago the liberals get so mad
"The internet will make it easier to evade taxes."
Very true. What he didn't anticipate was the federal governments propensity for infinite borrowing.
LMAO! (@22:55) "What grade do you give that proposal?"
Friedman : "I give it an F"
It's because he's right.
I think I just learned more about economics in 30 minutes than most college students do in their freshman year
I love the way he just destroys all the arguments of Social Liberalism.
+Steven Souligne He is not addressing any social liberal concepts. This video is about economic liberalism as opposed to neo-liberal economics.
It's classic liberalism (libertarianism) vs social liberalism (which is what neo-liberalism is). Just different terms, but they're synonymous. Neo-liberals recognize the power of a capitalistic system for improving the economy, but also enjoy the governmental largesse that is found in democratic socialist countries (i.e. most of Europe today), so they try to combine them together. It's "the third way", practically invented by the Clintons. The point is that its the kind of government that has its fingers in all the pies: economics, politics, social aspects...and it needs a very big budget to get involved in all those areas.
One thing Milton got wrong, the US government has only gotten bigger...
+Friedbard Von Mises Well he was right in the sense that tax revenue as a percentage of GDP is lower today. The problem is that the government is still as big as ever, but the debt has increased significantly.
Niklas Jonsson Good point.
+Niklas Jonsson The National debt was $5 trillion when Clinton left office and $18.7 trillion in 2015. We haven't had a balanced budget since 1998 and we ritualistically have annual deficits that are larger than the GDP of Canada.
DH1986 One thing though, in 1998 our debt was still increasing, and was significant then, we haven't had a balanced budget in close to a century.
***** We had balanced budgets under Clinton, but we still had a national debt.
he has been the most consistent human being within the influential spectum of economics and politics lol. we have turned into a crap show. we need him back :(
i wish he was right about the government and the internet
Each party doubled down on government instead.
The government is also using the internet to its own advantage.
Thank you for uploading Prof. Freeman interviews. What a mind, what a giant! He even predicted that the internet would make it hard to collect taxes! He also acknowledged the merit of Reagan's economic policy that eventually produced a budget surplus during Clinton's presidency. These are real, undeniable facts.
It's sick to know people think more welfare will get people off welfare.
Can we just take a second to acknowledge the fact that Milton Friedman is wearing a calculator watch? The man lives on the edge.
He thought the government would shrink by 2009. Oh how wrong you were Dr. Friedman. In those 10 years spending DOUBLED.
Jerry Moore It has increased, but as a when looked at as a percentage of GDP, it's not as big an increase. In 2000, it was about 19% (the lowest in almost 30 years), and now it's about 24%. Most of that increase came in just 2008/2009 during the stimulus years. But yes, still too high.
+Jerry Moore I suppose he was being too optimistic, haha.
+Shurik Ozerov just goes to show you can never overestimate the public's stupidity.
Jerry Moore
Yeah. I mean I don't blame him for thinking the internet would allow for people to realize how bad things were in Washington, afterall we now have a plethora of sources to learn all about economic patterns and government effects, yet we find ourselves making the same mistake; sharing what initial information adheres to our beliefs and instantly denouncing that which contends with our world view, and never bothering to try and objectively interpret the data ourselves.
+ThePatrioteer I believe spending is actually around 35% of GDP
US GDP=$16.77 Trillion
Federal Government spending as of 2013= 3.454 trillion (20 ish percent of GDP like what you got)
AVERAGE State and local combined spending=20.3048% of GDP
Fourty percent total is the answer. You most likely only checked the federal government.
www.whitehouse.gov/sites/default/files/omb/budget/fy2015/assets/budget.pdf
www.usgovernmentspending.com/compare_state_spending_F0p
Check the results, offer any feedback if you will. We're living in socialism.
It's so refreshing to see an interviewer who doesn't constantly interject.
Well... He nailed the part on the Cayman Islands!
Except he forgot to mention the government would continue to borrow as much as it wants.
That's because spending STILL hasn't been dramatically decreased nor have been taxes. Has anybody ever thought that the way to force the government to dramatically lower its spending is to strip it of its ability to spend? If it had NO INCOME COMING IN THE FORM OF TAXATION they would HAVE to stop spending money, otherwise, they'd go bankrupt. Another way to do this would be to abolish the federal reserve.
So classic. I wish politics were like this now.
how about now
The currency system he describes sounds alot like Bitcoin...
IKR!
He would love bitcoin... Just read his Capitalism and freedom. He writes there that he thinks that gold standard is outdated and is hard to handle volumes of gold needed so better solution would be releasing fixed amount of money at weekly/monthly basis. Very similar to bicoin's concept.
I just want to give a shout out to Mr. Friedman and Mr. Sowell for their "calmness and professionalism and demeanor" when they explain their views on different topics. Why is it so hard today (and back then) for "debaters" to sit/stand and calmly and rationally explain their point of view? It's sad on how the "divisionism" in America has become when we can't even talk to each other and not have an informative conversation without all the theater! The section on "Term Limits" is golden reasoning, intelligent insight and a topic that keeps coming up with today's government. WoW, this whole video/discussion is so profound, thank you Hoover Institue!
i wish dr friedman was still with us :)
General Grievous Definitely. My greatest regret is that I became interested in economics only after his death
BiL Zenovic -- so you like the results of liberalism in the State of Illinois?
BiL, you're a living breathing punchline. It's actually sad to read your comments. The jealousy, contempt, and downright envy you have for those who have the drive and intelligence (of which you couldn't even dream of) to create a wealth building machine is blatantly obvious. I actually feel bad for you. Your life almost certainly will never be exceptional.
Ugh. Just ignore him guys. Ignorance is bliss.
+hotpocketpoison indeed, but UNCONTROLLED greed is always bad. This is where the gov't should step in and put regulations on monopoly & punish those who break the law (eg. greedy bankers who manipulate & crash the economy)
This is the first time I've seen this and I reached basically the same conclusions back then. I never bought the idea that Clinton was responsible for the surplus. If Mickey Mouse was President, he would've achieved the same with regards to the economy.
He was amazing! True genius! Capitalism without political corruption is unbeatable.
not capitalism, more free enterprise and free market. yes they share and overlap ideas, they are still different
I agree
I noticed that defendants of Milton Friedman are nott exactly the best minds when it comes to historical analysis because if they were they would recognize that capitalism left unchecked to actually leads to political corruption and vice versa. Friedman of course doesn’t seem to factor this in his little cultish ideology but we should not forget that he was also much like Hayek but off by corporate interests.
@@theQuestion626 Nobody wants capitalism to be completely unchecked. Everyone knows that there needs to be a minimum of interference, its just a question of where this minimum is.
@@LeonardGMN “Nobody wants...”
Then why is it that conservative politicians not just in the United States but also in France as well as Great Britain constantly seem to push for unchecked capitalism? Quite frankly I think we know where the minimum is. We achieved it from 1945 all the way to the day we decided to follow the failed theories of Milton Friedman. Anyone with a high school level understanding of history knows this.
Historically speaking, wage growth as well as standards of living were far better during Keynesian economics than they ever were during the Friedman doctrine years.
It’s ironic really. When we followed Keynes, wages actually kept up with cost-of-living. Once we started following Friedman wages flatlined.
Wow, the prediction he gave at the end is spot on and we are actually watching it happen right before our eyes.
Dr. Friedman's closing comments on the internet are so true. The internet is the last bastion of free speech and free market capitalism. Which is precisely why the government has such great interest in regulating it. R.I.P. Dr. Friedman.
this interview should have been uncut and aired in its entirety. Friedman's genius should never be cut or edited. Damn shame we didnt get to hear it all.
what i wouldn't give for Milt's brain
Wish Friedman could have lived to 200, we need him more today than ever before.
Jay Kraft hayek or mises were far better
If I could just touch Friedman's head and was able to have all his economic understanding I would run for president and crush the crap out of every one. What a shame it is that no president during his reign never had him on their staff. So foolish
Actually he was an advisor to president Reagan. Probably why he gave the government surplus of the 90's credit to Reagan and not Clinton LOL. I happen to agree with Mr Friedman but would also add that the tax increases that got Bush Sr. in trouble also contributed the the surplus.
Nixon tried to have Friedman as an advisor, but when Nixon panicked and implemented price controls for food, Friedman was outraged and essentially stopped advising him because Nixon wasn't listening.
Friedman's greatest lesson to politics was that freedom should be preserved.
That is a recurring issue in history.
It's not that hard. I do not want to put words in this great man's mouth but from my understanding his general philosophy in 2 words is fuck off. Most other things like his negative income tax and school voucher ideas are simply means to an end of getting all (feasible) coercion, more specifically, gov coercion out economically and politically. The rest will take care of itself and be far better economically, politically, and access to opportunity compared relative to the alternative (what we have today and the direction we seem to be going).
Nixon, aka the war on drugs nazi, was a evil brainless fool.
That last one about the internet and evading taxes said over 20 years before it became a widespread issue got me. There won't likely be another Milton Friedman or if there will be they will be just as ignored as Milton was
Thomas sowell, a student of his, is remarkable in his own right and another good man to listen too
You may be right about the ignored part, but his name is become more mainstream, too bad Sowell is in his 90s thou.... world needs more men like him and Friedman.... becoming more and more rare I'm afraid
Peters face when Milton answers a question, oh man. Milton is so brilliant that he literally enlightens you when he talks.
Milton Friedman was amazing
If people would listen to him fully, yes, but most people only cherry pick e.g. "Less government! Less welfare! Cause Friedman said it." and forget his solution to inequality (negative income tax).
I miss Milton Friedman. More than ever.
2:15 $290 Billion defect. Milton Freedman is rolling in his grave at our defect of over 1 Trillion and climbing. One day we will have to pay the piper.
Another 3 trillion since your comment.
A 1 term limit? I have never realized how effective that would really be until now. There would no longer be any politician pandering or any laws passed with any thought to coming elections. Every congress would be a fresh section of the country. Maybe it would take a little longer to buy them off if new ones were constantly coming in.
Milton never could've anticipated the rise of Obama
William Clogston I don't think anyone could...the tribalism of 95% of black people and 85% of Hispanic people voting for him (regardless of what his views were and experience level was) baffles and disappoints me to this day.
I would have loved to hear Mr. Friedman eviscerate every policy Pres. Obama has promoted....and he would viciously and completely.
Shawn Steuer
Well he was advocating the type of Socialist policies that are already popular in Germany and have been for awhile. So that's unsurprising.
Of course, he made America a socialism country like Germany.
And I think trump is going to make America like Germany too(the Hitler's one).
Trump is Hitler again? No, just no
Milton was a genius! Republicans are stupid not to follow him as democrats follow Keynes! Nobel prize winner!
+john carter Milton was right tha Gov't will be smaller in 2009- We had no Gov't in 2009 , everything was going down the drain!
Lol....
www.usdebtclock.org/
Read that website and weep...government is bigger and more in debt than ever!
Why do you sport the flag of the failed Yugoslavian Socialist State?
Imagine what he would say today about our current situation. Things are exponentially worse!
I would have never thought I would miss someone I never met! What a man!!
I love the way he answered people. He was always makes sense and was never (as far as I've seen) nasty with anyone.
Milton would be disgusted and shocked at our financial condition today. He might be even more alarmed at the lack of interest by the general public about our pending financial calamity
I wish there was a Milton for Mellennials. Every time I watch, I'm left in awe.
I'd love to hear Milton's views on the current state of the EU.
+macaronimick I would also love to hear it!!
Greetings from Germany ;)
Unfortunately, the internet did not end up squashing the government's ability to raise taxes.
My old professor .... Loved that man.
This guy is Brilliant and this was Thomas sowell mentor thats why is he is just as Brilliant as he
I'm amazed at how sharp his mind works at such an old age.
I love his calculator watch
Dr. Friedman gave me my initial understanding of economics. I have since discovered Yaron Brook who has an upbeat message about capitalism and freedom and especially reason and deep thinking as values for problem solving in economics and other intellectual fields such as psychology, education and the creation of new and un-imagined products such as those created by Steve Jobs or Elon Musk. Yaron has his own following here on youtube. His spin on foreign policy is unique. Thanks for posting this video.
Thanks for responding. Would you mind helping me understand why you hold this opinion.
Government schools--90% of students. It's a monopoly. Like every monopoly, it provides a low quality product at the highest cost. It benefits a small group in the NEA and the AFT and dis-serves the vast majority of people--the students and parents.
Can you name any people who are similar to his intelectual capacity ? I am baffled i didn't know about him before. Machine of logic :o
***** You are kidding , right ? :D I was asking for real , not joking :)
***** I haven't read any noam , but i watched enoigh of his videos :) Noam is smart in some ways , but totally lost on others. And i just have personal issue with him. He constantly debates idiots and even seems to agree with them. I got a person though : Ayn Rand
***** The other half being socialism ? :) Well , to each his own. They might be a bit outdated , but still , objectivism so far , seems like the best way to go. unless a person is religious , or believes in astrology , or some other faith based "thing" , then objectivism might seem scary
***** you do realize that ayn milton and more so ayn , died before much of that. On the other hand , i think they realized that too , because in most videos i see them saying that corporatism + goverment = monopolies. Which is basically the same as country for corporations not individuals. And they rreject bail outs, and i don't see any of your points valid now. Especially when you actually think that Noam is good for anything :) Really , i respect some of his opinions , but i dislike the guy too much based on his other opinions. He might have some knowledge , but i won't apreaciate him. You might be right , i might be wrong. So just let's leave it at that :)
Tom Sowell, Henry Hazlitt, Larry Elder, Frederick Hayek, Ludwig von Mises, Stephan Molenuex, Tom Woods, Peter Schiff
"I 'take back' my words, but go ahead and ram them down my throat." "Well gee, you're the Nobel prize winning economist, I thought you would know..." lol. Absolutely hilarious stuff!
God I love Milton Friedman. The man just exuded intelligence. But his real genius was to explain very complicated economic concepts in ways that can be understood by anyone.
As a chilean I only have words of gratitude for Milton Friedman to be a key figure fixing the economy of my country. We became the most succesful latin american country thanks to him and his disciples "The Chicago Boys". Of course I don't support Pinochet as I don't support any dictatorship regardless of its political colour, but Friedman was wise enough to understand that making Chile a free market economy would lead inevitably to political freedom... and that's exactly what happened in 1989.
In other words contrary to popular belief Friedman helped to end Pinochet's regime because private sector and general population realized they didn't needed him anymore to save the country from communism now free market was widely accepted.
He was such a great man. We need more of him
oito anos depois, Hillary diz que o planejamento do Estado é superior. Fridmann, sofre no inferno
I wish I would have seen this video and understood it back in high school, wow it simplifies everything that needs to happen with goverment taxation and spending.
I wish these logical ideas were taught in schools. I was never a fan of government or economics classes in high school, but would have loved this. Between Friedman and Sowell, students would be much further ahead in their understanding than a lifetime of learning what is currently being taught.
Imagine...a 5’2 man that could deliver such a devastating knockout
Mr. Friedman was a small man with a huge logical and rational brain wrapped with honesty and commitment to make knowledge available to anyone seeking it.
He was a fanatical ideologue and tried to hide behind the flimsy pretense of intellectualism.
oh my god there is so much respect for this man
Everyone is rightly celebrating the brilliant Friedman, but I do adore Peter. He's a great, likable interviewer and Uncommon Knowledge is a spectacular series.
Note that was 1999 the top of the market bubble. 2001 was 2 years away: Tech crash.
Man if only the world enacted smart people's ideas.
25:00 Friedman indirectly predicts the rise of 4chan and meme magic.
I sure miss Friedman. Makes me very sad that he is gone.
I love this guy too much. His straight talk and criticisms are entertaining in a way while just simple and pretty right on.
He was 87 at the time of this interview by the way, thats pretty amazing
Tom Sowell 90 years and still going, Milton 93 years old, Ludwig Von Mises 92 years old, F.A. Hayek 92 years old
Walter Williams just recently passed at age 84. I think there's something about free market philosophy that makes these people live longer. I haven't discovered it yet, maybe it's just that they took care of themselves.
Milton is the motherf#ckin man! he refuses to be bamboosaled with all this flim flam.
until obama started regulating the internet...
They're really not doing that much. They try, but it's a wild place that is still new to many and for those growing up in it a home that they love and will fight for.
Tia Moore Obama wants to regulate everything.
Until Obama health care finally turns America into socialism country.
Friedman explains why Reagan was a true and ultimate leader. And unquestionable one of the very best president American ever had.
No gods, No masters. Fuck Mr. Interventionist, Ronald Reagan.
He didn't deregulate much and much expanded the size and scope of govt.
Reagan was great. If only we had a Republican or Democrat like him again.
Watching this again in 2024 is wild!
Love, love, love Milton Friedman. If only ALL politicians and our idiot president were even half as smart.
I hope did Not vote for obama in 08.
See how he differentiates between stock market growth and real economic growth. Obama's adherents love to cite stock market growth as a reason for Obama's success.
"Why is it appropriate for government to tell me what fraction of my income I should save for my old age?"
I wish José Piñera would have watched his hero here say this.
He is every Democrat's worst nightmare.
Man Friedman tore him a new one when he said "give back".
Friedman was a genius....we need him back. Triple OG Friedman. Always keeping it real
I wish I could have talked to him in person.
Totally
Wonder what Dr Friedman would say about Greenspan after the financial crisis
Same. I'm not sure he would explain the 2008 crisis without contradicting himself.
When the government promotes a policy that is unsustainable and the bankers get a bonus up front then a bailout for toxic assets which they had already unloaded on other financial institutions
I think he just invented Bitcoin with his "high-powered currency" solution of replacing the Fed 😅
I can't get enough of this guy's wisdom. Not everything he says is perfect, but he is right always.
A true genius. We need him right now.