Milton Friedman in 2005

[AlexMerced]

http://youtube.com/watch?v=jNrMQazZHDc&feature=related

It's funny how he defends the US dollars, and said it'd only collapse in the unlikely event the Federal Reserve start printng a bunch of money.

Benanke... you got some explaining to do

[Mitt Romneys sideburns]

Printing money? Good thing Bernanke doesn't print money. He injects liquidity into the market.

[MooCowzRock]

Printing money? Good thing Bernanke doesn't print money. He injects liquidity into the market.

ftw

[AlexMerced]

what does FTW and QFT mean, this interview is fun to see in retrospect to think of everything that happened over the next two years.

Wish he was alive to say what he thinks about the current situation

[AlexMerced]

his talk about Japan and China, and about Open Borders is all pretty good stuff

it really put into perspective how bad Bernanke has been as Chairman, and how bad Bush has been with Deficit spending

[bbachtung]

I only recently learned -- reading over at the Mises Institute (mises.org) -- that there was a split between the monetarists (Fed supporters) like Milton Friedman and the sound money people (gold standard) like Rothbard. I lost quite a bit of respect for Friedman when I read that he predicted that when we went completely off of the gold standard that gold would drop from the statutory $35 per ounce to $6 per ounce because it was essentially worthless and being propped up by an artificial dollar valuation. Boy was he wrong.

[bbachtung]

FTW = For the Win

QFT = Quote(d) for Truth

[MooCowzRock]

I only recently learned -- reading over at the Mises Institute (mises.org) -- that there was a split between the monetarists (Fed supporters) like Milton Friedman and the sound money people (gold standard) like Rothbard. I lost quite a bit of respect for Friedman when I read that he predicted that when we went completely off of the gold standard that gold would drop from the statutory $35 per ounce to $6 per ounce because it was essentially worthless and being propped up by an artificial dollar valuation. Boy was he wrong.

Well god damn, you cant be right on every guess or prediction you make...

[SamLowrey]

Printing money? Good thing Bernanke doesn't print money. He injects liquidity into the market.


LOL!

[SamLowrey]

I only recently learned -- reading over at the Mises Institute (mises.org) -- that there was a split between the monetarists (Fed supporters) like Milton Friedman and the sound money people (gold standard) like Rothbard. I lost quite a bit of respect for Friedman when I read that he predicted that when we went completely off of the gold standard that gold would drop from the statutory $35 per ounce to $6 per ounce because it was essentially worthless and being propped up by an artificial dollar valuation. Boy was he wrong.

Nice. Now THAT is real history. We need more people with memories like you.

[user]

I only recently learned -- reading over at the Mises Institute (mises.org) -- that there was a split between the monetarists (Fed supporters) like Milton Friedman and the sound money people (gold standard) like Rothbard. I lost quite a bit of respect for Friedman when I read that he predicted that when we went completely off of the gold standard that gold would drop from the statutory $35 per ounce to $6 per ounce because it was essentially worthless and being propped up by an artificial dollar valuation. Boy was he wrong.

It wasn't really much of a split because the Austrian and Chicago Schools were never united. I think you know that already, but for others reading the thread I just wanted to point that out.

[bbachtung]

It wasn't really much of a split because the Austrian and Chicago Schools were never united. I think you know that already, but for others reading the thread I just wanted to point that out.

Good point; I should have said that their views diverged at the gold versus fiat money issue, but they generally agreed on limited government and low taxes.

[SeekLiberty]

I only recently learned -- reading over at the Mises Institute (mises.org) -- that there was a split between the monetarists (Fed supporters) like Milton Friedman and the sound money people (gold standard) like Rothbard. I lost quite a bit of respect for Friedman when I read that he predicted that when we went completely off of the gold standard that gold would drop from the statutory $35 per ounce to $6 per ounce because it was essentially worthless and being propped up by an artificial dollar valuation. Boy was he wrong.

www.mises.org is the place to go to for sound economic learning.

I'm not much of a fan of Milton Friedman. One of Friedman's horrible legacies is he influenced and encouraged company withholdings of our pay so the IRS could more easily steal the fruits of our private labor. :(

I'll bet lovers of Friedman didn't know that.

Murray Rothbard doesn't have much good to say about Friedman.

Milton Friedman Unraveled by Murray N. Rothbard

http://www.lewrockwell.com/rothbard/rothbard43.html

- SL

[AlexMerced]

I've been watching a lot of Rothbard and Friendman stuff, just trying to get a firm understanding on the different schools

[AlexMerced]

outside of currency, what's the other big divide between chicago/austrian?

-they both are for the free market
-both want to lower taxes

etc. trying to get a good solid idea of wat causes the strong divide, so far this is how I understand it

Monetarist - think FIAT money is good as long you don't print money exceeding demand, then countries won't refuse the US dollar cause we're so responsible with the printing of it that demand is constant (wow... that worked out didn't it, huge deficit spending prinint money, and countries refusing the dollar... geez). Bank going bakrupt is a bad thing, inflation used to prevent this. This school appeals to politicians cause it rationalizes over spending as a way to improve the economy... isn't that utopian.

Austrian School - Sound money back by gold/silver/commodity that can't deflate/inflate, prevents deficit spending and banks going bankrupt is a good thing, it promotes responsible banking and competition.

[user]

The Chicago School favors empiricism like other mainstream economists.