VIDEO: Milton Friedman's Attempt to Educate the Public About Inflation 40 Years Ago in Under 2 Minutes. Too Few Listened.

I understand his point, and it's spot on however commercial banks currently have zero reserve requirements for their loans.

Meaning there's absolutely nothing backing their loans, they can create as much new money as people are willing to borrow into existence.

That also increases the monetary base, which induces inflation.

oh look! a gullible buu-mur worshipping a failure that helped design the "withholding" system of taxation

checks out!!!!!

It's been many years since I read the book.

I believe this is related

Confessions of an Economic Hit Man
by John Perkins

From the author of the phenomenal New York Times bestseller, Confessions of an Economic Hit Man, comes an exposé of international corruption, and an inspired plan to turn the tide for future generations

[link to www.goodreads.com (secure)]

I think Shock Doctrine could be summed up with "don't let a good crisis go to waste."



[link to www.youtube.com (secure)]

Rahm Emanual was also one of Friedman's students.

Rim emanual can suck a big black one, if he already hasn't!!

This is true.
Poor Russians, first they made them commies, then they tried to steal entire Russian wealth of nation.

No wonder Russians love tyranny now. This is all they have known that is good!
They know the tyrant Pewtin is a good guy to have stopped destruction of their country.
However, he should not have had this excuse in first place.

And now Russia is way over the limit. Their victim act could been considered valid 10 years ago, but now Russia is clearly the villain. And we must put them down to instill some reason into these lost people.

Interesting thread. Thanks OP.
When I took Econ 101 (to this day nothing has taught me more than that class, especially regarding human behavior) in 1977, although I thought myself to be a classic, open minded, 20 year old learner, in retrospect 1977 me was both a genius and a moran.

1. Our prof actually said, "Deficit spending is a good thing. Shh, I have a secret for you, the Government has a printing press, they can print all the money they need." Idiot me bought it, he never mentioned inflation and I was too young to consider it.

2. Now genius college student arises. The banking loan system. I always (ignorantly) believed that I put my money in a bank with thousands of other people in savings accounts earning 2% (made up number for illustration purposes) then the bank loaned that SAME money to people for businesses or mortgage loans at 4%. Bank makes money, I get interest, others expand the economy. WIN WIN WIN!

Then comes RESERVE LOANS. I never understood and still don't understand how the bank can have 1M on deposit, loan out 10M. What happens when people default on those loans?

Thanks for allowing my rant.