Friedman, shows why he is unsurpassed in modern times in defending liberty. He cheerfully decapitates the ideas of a government-controlled economy, over a wide range of examples. His layman's explanation as to how government intervention and the Federal Reserve control of the money supply helped cause the Great Depression is simply outstanding. Herbert Hoover had stated that he "learnt to his sorrow that the Federal Reserve was a 'weak-read' for a nation in time of trouble". So here we have Milton blaming the government oversight and interaction in markets as what lead to to the 1929 societal breakdown. Watch as economist Milton Freidman smacks down Donahue’s equating of capitalism with greed. If only Friedman were alive today to take Obama to school. What a debate that would be. Obama would not know what hit him, he would be left in a stuttering, stammering pile of um’s and uh’s. If only....
Note that around the 6 minute mark in Part 1 Phil D. mentions that serious problems facing society during this time, a problem in which Ralph Nader saved the population by enabling bendable hood ornaments on cars so that women and children would stop being impaled when cars hit them.....how far we have come in protecting life.
Key Quotes:
- “Most economic fallacies derive – from the tendency to assume that there is a fixed pie, that one party can gain only at the expense of another.”
- “The society that puts equality before freedom will end up with neither. The society that puts freedom before equality will end up with a great measure of both.”
- “What kind of society isn’t structured on greed? The problem of social organization is how to set up an arrangement under which greed will do the least harm; capitalism is that kind of a system”
Part 1
Part 2
Part 3
Part 4
Part 5
