Milton Friedman

[trey4sports]

what is your feeling on friedman?

personally, i think his greatest attribute was his libertarian views. He was a small L libertarian and matches my beliefs quite well.

However, im not quite sold on his claim to fame.....supply side economics. He was much more moderate than Keynes though. he believed in very very small inflation just enough to keep the money supply from contracting.

[Truth Warrior]

I like his son David MUCH better.

[FrankRep]

PBS TV Series "Free to Choose" by Economist Milton Friedman
http://miltonfriedman.blogspot.com/

[Kotin]

Von Mises was the definitive on Economics as far I am concerned... but Friedman was awesome..

I enjoyed him more than Murray Rothbard, I will admit.

[trey4sports]

isnt it funny how bush, reagan and all other conservatives talk so much about their admiration for Friedman yet they are so authoritarian....

[Kotin]

isnt it funny how bush, reagan and all other conservatives talk so much about their admiration for Friedman yet they are so authoritarian....

just like they talk of being Goldwater Conservatives, even though they cursed his name til the day he died..

[trey4sports]

just like they talk of being Goldwater Conservatives, even though they cursed his name til the day he died..

QFT!!!
i have a bunch of neocons in my PLS class and they namedrop Goldwater hardcore......dont worry, i call them on it

[Kotin]

QFT!!!
i have a bunch of neocons in my PLS class and they namedrop Goldwater hardcore......dont worry, i call them on it

its the proper thing to do..


Goldwater would..

[theoakman]

Ronald Reagan gives Milton Friedman a bad name. Friedman advocated honest fiat money because he thought that the gold standard was always undermined by banks who counterfeit their bills.

[Conza88]

Scum imo.

How the fck can you call Chicago School of Economics - in ANYWAY Capitalistic?

5th plank of the Communist Manifesto was his homeboy.

The Chicago school is a barrier to people finding the REAL FREE MARKET SCHOOL.

The world would be in a lot better shape if Chicago school didn't exist. Then the ass clowns wouldn't use it in Uni Courses and if they actually wanted to appear SANE they'd show the alternative, the Austrian School. Which is pretty much beyond reproach.

Ronald Reagan gives Milton Friedman a bad name. Friedman advocated honest fiat money because he thought that the gold standard was always undermined by banks who counterfeit their bills.

No such thing as HONEST fiat money.

I suggest you read Ron Paul's Gold, Peace & Prosperity.

[Kotin]

Scum imo.

How the fck can you call Chicago School of Economics - in ANYWAY Capitalistic?

5th plank of the Communist Manifesto was his homeboy.

The Chicago school is a barrier to people finding the REAL FREE MARKET SCHOOL.

The world would be in a lot better shape if Chicago school didn't exist. Then the ass clowns wouldn't use it in Uni Courses and if they actually wanted to appear SANE they'd show the alternative, the Austrian School. Which is pretty much beyond reproach.



No such thing as HONEST fiat money.

I suggest you read Ron Paul's Gold, Peace & Prosperity.

I cannot argue with this.. he was confused about a couple things to say the least....I think, however, he was headed in the right direction.

[axiomata]

He was a bulwark for freedom, and though I don't agree with him on everything, you can be sure if he was still alive we would not be heading where we are today. (I voted for him as one of the three people I wish were alive for liberty's sake in that one thread.)

Interesting paper here: Is Milton a Keynesian?

[danberkeley]

Milton Friedman did a lot to turn people towards free markets.

[Paulitician]

Don't care for him much.

[emazur]

5th plank of the Communist Manifesto was his homeboy.

Although he didn't exactly rally against the Fed he didn't really support it either:

The difference between me and people like Murray Rothbard is that, though I want to know what my ideal is, I think I also have to be willing to discuss changes that are less than ideal so long as they point me in that direction. So while I'd like to abolish the Fed, I've written many pages on how the Fed, if it does exist, should be run. -Milton Friedman

Even better would be to abolish the Fed and mandate the Treasury to keep highpowered money at a constant numerical level. -Milton Friedman

[Conza88]

Although he didn't exactly rally against the Fed he didn't really support it either:

The difference between me and people like Murray Rothbard is that, though I want to know what my ideal is, I think I also have to be willing to discuss changes that are less than ideal so long as they point me in that direction. So while I'd like to abolish the Fed, I've written many pages on how the Fed, if it does exist, should be run. -Milton Friedman

Even better would be to abolish the Fed and mandate the Treasury to keep highpowered money at a constant numerical level. -Milton Friedman

If you can't see that not abolishing the Fed won't solve anything, you aren't worth your weight in salt.

3-5% inflation per annum = 3-5% THEFT of the VALUE of YOUR MONEY.

Makes you still a criminal in my book... only difference is you say you only want to take 5% and leave me alone... we all know that's bs though. You'll take what you can. Thats part of the institution.

[Sandra]

PBS TV Series "Free to Choose" by Economist Milton Friedman
http://miltonfriedman.blogspot.com/

I never missed that show!

[theoakman]

If you can't see that not abolishing the Fed won't solve anything, you aren't worth your weight in salt.

3-5% inflation per annum = 3-5% THEFT of the VALUE of YOUR MONEY.

Makes you still a criminal in my book... only difference is you say you only want to take 5% and leave me alone... we all know that's bs though. You'll take what you can. Thats part of the institution.

It's a tax, and if you keep the tax small and consistent, it doesn't create malinvestment, doesn't send the market false signals, and doesn't distort prices. We have plenty of examples of successful economies where inflation was purposely kept low. It's not about gold. It's about honest money. If you are steadily inflating at a low level, it is honest. Besides, the argument of inflating at 3% a year against the gold standard doesn't even hold much water. The supply of gold increases at about 2% a year.

[Conza88]

It's a tax, and if you keep the tax small and consistent, it doesn't create malinvestment, doesn't send the market false signals, and doesn't distort prices. We have plenty of examples of successful economies where inflation was purposely kept low. It's not about gold. It's about honest money. If you are steadily inflating at a low level, it is honest. Besides, the argument of inflating at 3% a year against the gold standard doesn't even hold much water. The supply of gold increases at about 2% a year.

Get $#@!ed it's "honest."

Fiat money can only exists through LIES and DECEPTION.

You CANNOT build a fiat currency on its own. It has ALWAYS had to be backed by something, and then over time it was devalued and then backed by nothing.

Fiat money within the Fed System will never remain at those levels. As Ron Paul demonstrates in his Gold, Peace, Prosperity - the urge to print is too great.

Btw, do you realise where you are?

You're indirectly defending the FED, on a Ron Paul forum... lol

[gls]

I read that Milton Friedman was responsible for introducing the concept of payroll tax withholding to the criminals in DC. That doesn't really appear to be something someone who especially valued freedom would do. If the people actually knew how much they were being directly taxed, things never would've never got to this point.

[krazy kaju]

I'm not militant against Milton Friedman and monetarism like some, let alone the entire Chicago school (monetarism + new classical macro/rational expectations). Monetarists okay, as a group. Some are quite exceptional (e.g. Anna J. Schwartz) and others I would consider to be not that great (e.g. Greenspan), which is quite an understatement. The rational expectations school is excellent for mainstream economics, their way of thinking is light years ahead of Keynes, the school is basically a mathematical revival of post-marginal classical economics. All mainstream schools still view capital as an aggregate, which is obviously ridiculous and all schools use too much mathematics instead straight logic, which also is quite absurd.

[theoakman]

Get $#@!ed it's "honest."

Fiat money can only exists through LIES and DECEPTION.

You CANNOT build a fiat currency on its own. It has ALWAYS had to be backed by something, and then over time it was devalued and then backed by nothing.

Fiat money within the Fed System will never remain at those levels. As Ron Paul demonstrates in his Gold, Peace, Prosperity - the urge to print is too great.

Btw, do you realise where you are?

You're indirectly defending the FED, on a Ron Paul forum... lol

you don't understand what Friedman advocated. He wanted a computer to control the money supply. That's out of human hands. It's backed by the faith. Milton Friedman was not an advocate of running the printing presses. If you've ever read my posts, I'm a 100% advocate of the gold standard. But I'm not going to act like adopting Friedman's policies wouldn't provide a solid foundation for a strong healthy economy that would outperform every other country in the world.

[LibertyIn08]

you don't understand what Friedman advocated. He wanted a computer to control the money supply. That's out of human hands. It's backed by the faith. Milton Friedman was not an advocate of running the printing presses. If you've ever read my posts, I'm a 100% advocate of the gold standard. But I'm not going to act like adopting Friedman's policies wouldn't provide a solid foundation for a strong healthy economy that would outperform every other country in the world.

Some people just won't get it. Your points were valid and well-received by those who can think objectively.

[theoakman]

some people are way too militant about the gold standard. Forcing people to adhere to a gold standard and nothing else is still imposing on freedom. Why can't you have both?

[axiomata]

some people are way too militant about the gold standard. Forcing people to adhere to a gold standard and nothing else is still imposing on freedom. Why can't you have both?

Might as well ban IOUs as well. Don't want to allow to free people to make a voluntary exchange based solely on the the trust in the integrity of one of the parties.

This is my problem with some of the "militant" 'gold is the only allowable money' and 'fractional reserve banking should be completely outlawed'. This is still government coercion! Don't get me wrong, I understand and agree with all the arguments against fiat money and fractional reserve banking, but the moral issue is the government mandates and threats backing them up, not the systems themselves. If people are free to choose to use gold as money (or take IOUs from people they trust), and fully understand the the risks involved, then so be it.

[The_Orlonater]

Scum imo.

How the fck can you call Chicago School of Economics - in ANYWAY Capitalistic?

5th plank of the Communist Manifesto was his homeboy.

The Chicago school is a barrier to people finding the REAL FREE MARKET SCHOOL.

The world would be in a lot better shape if Chicago school didn't exist. Then the ass clowns wouldn't use it in Uni Courses and if they actually wanted to appear SANE they'd show the alternative, the Austrian School. Which is pretty much beyond reproach.



No such thing as HONEST fiat money.

I suggest you read Ron Paul's Gold, Peace & Prosperity.

Chill the hell down, he was better than most. Every time you post it's like you had a really bad day.

[surf]

Friedman on the Fed

"We don't need a Fed. I have, for many years, been in favor of replacing the Fed with a computer." Each year, it "would print out a specified number of paper dollars" to augment the money supply. "Same number, month after month, week after week, year after year."

A good man, please don't disparage him further

[Conza88]

you don't understand what Friedman advocated. He wanted a computer to control the money supply. That's out of human hands. It's backed by the faith. Milton Friedman was not an advocate of running the printing presses. If you've ever read my posts, I'm a 100% advocate of the gold standard. But I'm not going to act like adopting Friedman's policies wouldn't provide a solid foundation for a strong healthy economy that would outperform every other country in the world.

I do get it. What you don't get is, the proposal is like something out of Zeitgeist Addendum's technocracy.

It's either Private control of the means of production, or public control. Either one.

Who enters the statistics, who writes the code, formula, inputs data? All this bull$#@!. You think that would stop the International Bankers? It'd probably help them out... lol.

Why would you trust the government with your money? Sorry, but I go better than a gold standard = free market in money, the way it's been for most of history. I dunno I guess my standards are just too high with everything; but more accurately I VALUE JUSTICE and the TRUTH too much.

[MrNick]

I asked my economics professor today if he was a Keynesian and he said he followed the Chicago School of Economics.

[Conza88]

Chill the hell down, he was better than most. Every time you post it's like you had a really bad day.

I usually have awesome days.

Not the last few days though... severe fever does that too ya. So I've probably been more fiercy and less tolerant than usual. lol...

I should ease up on milton I guess... he's like Ayn Rand. They're good for bringing people to the overall basic level of Liberty... but the person is screwed in the long run if all they do is stay there and don't learn about the Austrian School.