Milton Friedman explains role of gold in Great Depression.
Milton Friedman explains what happened during the great depression and what the role of the federal reserve is during economic ups and downs. This is from a 10 hour documentary series which can be viewed online at: www.ideachannel.tv
Tags: gold, Friedman, Depression, Milton, explains, Great, role
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Section 1 Article 10 US Constitution: fiat currency is illegal
We are going to see inflation out of this world
What exactly can I do with gold? If I’m cold it doesn’t warm me. If I’m hungry I can’t eat it. If I’m in pain? I don’t want to be surrounded with a bunch of gold statues around me when I die, it won’t help me any. Diamonds help me even less. I know there are uses. The luster and *BLING* of jewelery doesn’t do it for me. We can blow up the whole world but we can’t fix a single cavity. If we all had an equal piece of gold in the cellar would that make us all happy yet?
Capitalism Corporate or State dictated is a hostile,competative,dehumanising, politically manipulated,tyrannical Market System of artificial scarcity to perpetuate the conditions of servitude and exploitatioin for the Ruling/Owning class.A system of abstract accumulation and concentration of Capital. Once the enormous creative potentials of mankind, science and technology are liberated from minority control for minority private gain, we can have a sane society of harmony in plenty.
@BruceKap440Most of us don’t work for the government!You fear deflation because you assume people don’t have adequate saved capital to get them by for six months until they can get a another job.People need to have at least six months of living expenses saved.You should google the AUSTRIAN BUSINESS CYCLE you will be amazed how elegant and simple it is at solving recessions and depressions because their aren’t any.The great depression happened because of theFEDERAL RESERVE.Freeedom not dependency
@BruceKap440 but you DO realize there is no free lunch, right? higher deficits now means higher taxation later. economic turmoil cannot be washed away with a river of paper currency.
Milton got it the wrong way around.
Check out this site “The Gold Standard Institute”. They explain it very well.
I am with Keynes, not Friedman. Right now, deflation is much more of a danger than inflation, and if the government cuts spending, most of us are back in the bread line. I know its counter intuitive, but there is nothing inherently wrong with deficit spending by the government during times of recession or depression.
@DarkSkyRain
Really? Who gets the profit?
No, the phone book doesn’t prove a thing.
@jimmyrtle The Federal Reserve is a privately run, FOR-profit corporation.
Created by the Glass-Owens bill. The congress passed the bill 298-60 on the
evening of Dec. 22, 1913. The Senate passed the bill 43-25 at 2:30pm.
the next day. If it is listed as a government entity in your phone book, it is
a mistake. In my phone book, it is listed in the white pages…if that qualification
has any value at all
Capitalism is the historic evolution of private property relationship of alienation,exploitation and suffering of humanity in a modality of production for profit in a world market of ARTIFICIAL SCARCITY and manipulation to perpetuate the conditions of exploitation in the interest of the Owning/Ruling elite. Capitalism is the monetary web of deception and suppresssion of humanity for the abstract process of capital accumulation and concentration . A system of dehumanisation and devaluation
@leone20012
They also claim the Fed determines what our car payment and house payment will be and whether we have a job or not.
@leone20012
One of the first claims is we can’t pay off the govt debt without extinguishing the money supply. They claim the Federal Reserve is not federal and has no reserves.
Then the same old claims that it’s owned by private banks and run for their profit.
Then they claim the FRA was somehow sneakily passed over Christmas, when it would have still passed easily if the entire Senate were in session. And the “proof” of the phone book listing always makes me laugh.
Lindbergh is a clown.
@jimmyrtle i haven’t seen it yet but what were some of the errors?
@derfowvayer
Money Masters? That error filled joke of a video? Always makes me laugh.
@derfowvayer
“So long as the overall money supply stayed constant (ie bank reserve requirements raised equalled money printed) there would be now havoc on the economy”
Wow. Just wow. So a bank had $1,000,000 in deposits and could make $900,000 in loans, with reserve req. at 10%. Now you raise the req. to 75%. They need $650,000 more reserves. Or $2.6 mil more deposits, that’s not havoc?
People are whining that banks aren’t lending, shrink loans by 2/3rds, see them whine then. LOL!
@derfowvayer
“Notice, under $10 million, no reserve requirements are officially required”
And above that, they are required. I’m glad you’ll stop repeating that silly claim.
@derfowvayer
Since banks don’t print money out of thin air, I don’t know what you’re talking about.
@jimmyrtle
And I don’t mean a vague redeemability; I mean an “unconditional redeemability into 1 gram of .999 fine gold” kind of redeemability. That threat of redeemability will keep the government on a short leash. Only when America returns to sound money will the word “Liberty” actually mean what the forefathers had intended. Now, liberty is just a word on American money. If anything, it is ironic.
Watch the “Money Masters, how to abolish to Federal Reserve” or “The goldsmith’s tale”.
@jimmyrtle
“What would 75% to 100% requirements do for the economy?”
So long as the overall money supply stayed constant (ie bank reserve requirements raised equalled money printed) there would be now havoc on the economy. But the American public would be saved vast sums of money on interest from money printed from nothing. The national debt could be paid down and the currency could be saved. Then a true redeemable for gold or silver currency could be issued.
@jimmyrtle
“Where did you get the idea that? the reserve requirements are 0%?”
Google bank reserve requirements.
Notice, under $10 million, no reserve requirements are officially required. Realistically, banks always hold some reserves.
@Harpenboper
Watch Ron Paul on You Tube for a start. He is a very sincere man who understands and wants to follow the Constitution to a T.
@jimmyrtle
I sincerely believe that banks do not have a right to print currency of thin air. Which is
what the banks and the Fed do. Money should be store of value. A record of one’s hard earned labour. This is why gold and silver have traditionally been money - they require real human labour and resources to mine. They exist in a finite amount and cannot be printed on a whim. With our current fiat currency system we have forgotten what money is supposed to be.
@jimmyrtle Very true, very true. If only the 99% of bums understood what is going on…