Inflation is blamed on many things. But it has only one cause: It is a monetary phenomenon. Inflation occurs when the quantity of money increases faster than the quantity of goods. Why does the money supply increase? Very often, it does so to enable the government to pay its bills without raising taxes. There’s only one real cure for inflation. It is a cure that’s easy to describe but difficult to apply: The government must reduce spending and print less money. The alternatives are both recession and double-digit inflation. Recorded at University of San Diego & San Diego Chamber of Commerce ©1978 / 1:26:03.
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HOW TO: Hedge Against Inflation
REVEALED: Best Investment During Inflation
HOW TO INVEST IN GOLD: Gold IRA Investing
HOW TO INVEST IN SILVER: Silver IRA Investing
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Why am I watching this today?
Please someone tell me…
Money is gold and silver. He refers too fiat currency.
I can't understand why there is no inflation now.
I wonder what he would say today???
The comments on Milton's marketing BS for selling crony capitalism to lemmings are historic gems. Just as common sense would tell you, unrestricted greed-based Capitalism results in corruption and monopoly because its is cheaper than competition. # buckle up dumb-shits, bail-outs until the revolution.
What he's basically saying is that all human life should revolve around money. It doesn't work too well in a time of crisis, and it's going to continue to work less in the future — that is if you are not part of the corporate elite. Improving the quality of life for all citizens should be more important than money. And it's because we have a world revolving around money, greed, power, wealth, and domination that leaves many people with less of a life to live. All of you people that love this guy have been duped by a modern day snake oil salesman. I ask that you please continue your education and start listening to scholars who are not representatives of the corporate elite. I recommend highly intellgent and humane individuals like Noam Chomsky, or Howard Zinn, or David Graeber.
1979 everyone in the audience is wearing suites and ties. Today, it's dirty jeans and t-shirt.
Brilliant. But how did the FED print only in 2020 a third of all us dollars ever created and not caused inflation so far?
1:06:00: of the video: I was 10 years old when this video came out and we never received and "economic education" in school then or now.
Friedman is sharp but he was always dancing on eggshells carefully avoiding putting the blame where it fully belongs because he knew and feared to do it for his life and career. He came close a few times in his career. An hour long talk on inflation and not one mention of the crime of fractional reserve banking? It is the mechanism by which money is multiplied! Wow…just wow…
Anyone else notice that illuminati symbol in the beginning?
To all skeptics, this guy predicted the recession in 1980,its so subtle and yet so amazing
He's part-right. Yes Inflation is a monetary phenomenon. Where he's wrong is the vast bulk of new money is't created by central banks but private ones, who lend money that doesn't exist into existence… money which can then be used as a base from which to create more money. This only comes to an end when there's no one willing to borrow or lend. When that happens, we realise there is actually more debt than money to pay it. I think Central Banks (for once) aren't the bad guy here. They are needed to print the difference because without it, we would try to pay off $1trillion worth of debt with $1billion worth of money.
If I lend you $100 that doesn't already exist and you owe me $110 due to the interest, I've created $100 of new money and $110 of debt. If you realise that 90% of our "money" comes from this source, you have to realise it is impossible to pay our debts. So new money is necessary. This is why we haven't seen anything like the Inflation of the 70s or 80s in recent years, in spite of record money printing by the FED and every other central bank.
So… The ultimate cure is for money to be separated from government.
Milton's economic genius is timeless but his jokes didn't age well at all.
Class " War Criminal ".
https://youtu.be/B_nGEj8wIP0
))) Money vs crisis
Inflation is a government phenomenon
Still holds true today, I understood it twenty years ago, but most of the population has learned nothing.
Speaking of demoaralization… A nihilism of life in Communist Yugoslavia. Only 2 min long: https://www.youtube.com/watch?v=uiwrwSh_J3k