Milton Friedman Explains the Cause of the Great Depression

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Something very similar happened from late ’08-to-present, though the Fed during this period was far more stimulative than the Depression-era Fed. The contemp…
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25 Responses to “Milton Friedman Explains the Cause of the Great Depression”

  1. Dennis Davis

    Get rid of the F.R.B thats what Lincoln andrew jackson and kennedy?

  2. Andrew Zimmerman

    Arguing in youtube comments is fun.?

  3. AntiSchiff

    Anyone who knows anything about economics can plainly see what an idiot you
    are, and now you’re banned.

  4. Willzyx Garrett

    From what you’ve written here it is obvious that you have not had any
    courses in economics (or critical thinking for that matter). Schiff should
    send you a thank you note for making him look like a genius in comparison
    with you.

  5. AntiSchiff

    Actually, you’re absolutely stupid and wrong. Googling a term doesn’t mean
    you find a useful definition. I actually took economics courses, idiot. Go
    take a course so you don’t act like such a retard. Anyone who knows
    anything about monetary policy knows the monetary base is irrelevant.
    Inflation is a rise in the general price level due to expected future
    looser money. That’s it. There’s no “monetary inflation” that includes
    anything going on with a physical money supply.

  6. Willzyx Garrett

    Instead of making a fool of yourself you could have taken 30 seconds to
    google the term “monetary inflation” before claiming it doesn’t exist.
    Monetary inflation is an increase in the money supply. Price inflation is
    an increase in the price level. From 1921 to 1929 the money supply
    increased every year. This data can be found in Friedman and Schwartz on p.
    243 & p. 273. I don’t know why you’re being such a jackass. None of this is
    controversial.

  7. AntiSchiff

    No idiot, there is no such definition of monetary inflation in economics.
    lmao moron. And you’re not even right about that. I don’t even know what
    you’re referring to as “monetary” in this case(and you don’t either), but
    you’re flat wrong by any relevant measure.

  8. Willzyx Garrett

    Read my comment again: The 20s had high MONETARY INFLATION, not PRICE
    INFLATION, dumbass.

  9. AntiSchiff

    No stupid, Friedman said there was deflation in the 20s. You obviously
    haven’t read him and you’re just a liar and fool.

  10. Willzyx Garrett

    You and Mark are talking past each other. Mark said there was a significant
    increase in the money supply during the 20s. Friedman and Schwartz (A
    Monetary History) back this up. Monetary inflation was very high. Their
    data also show that the rate of price inflation was very low, which is
    presumably what you are talking about. The Austrian theory of recessions
    (which, fwiw, I agree with you is weak) relies on monetary inflation alone,
    and does not require positive price inflation.

  11. eds d

    Also wouldn’t you agree that Friedman was fundamentally a libertarian?
    Albeit he belonged to a more utilitarian branch of the movement.

  12. eds d

    Well to be fair, I’d say that there are some individuals in the more
    fundamentalist branch of the libertarian movement that would have had the
    FED do nothing when the economy contracted. It is however my impression
    that many libertarians are less uncompromising on these issues and would in
    fact agree that the FED should have expanded the money supply, thus
    preventing the economy from slipping further into depression.

  13. AussieTux

    Gold standard causes boom and busts. Just look how the price of gold
    bounces around, you want to base a economy on that?

  14. Matthew Coppola

    Hold physical silver and gold.

  15. mrzack888

    Idiotic libertarians will watch this and fail to comprehend what
    Friedbrains was talking about. He wasn’t talking about Fed causing the
    initial stock crash or govt intervention making creating and making great
    depression worse. NO no no, this Friedbrain was talking about how the Fed
    DIDN’T DO ENOUGH. The FED did NOT do what it was intended to do. It failed
    to ACT/Respond. It’s like Firefighters failed to respond. So we end the
    Firestation?? Idiot libertarians don’t know how to listen.

  16. Drew99GT

    I agree. Interest rates peaked in the early 80s along with real wages and
    GDP growth. All 3 have been downhill ever since. But how do you really fix
    wages? The mention of it immediately gets you branded as a socialist
    leftist communist bla bla bla. It’s difficult to fix because of the massive
    influx of labor worldwide and the fact that technology is displacing so may
    jobs. A real fix will only happen when people are so screwed that it takes
    a political leader and movement.

  17. AntiSchiff

    Banks running their own currencies is pro-cyclical. That’s a big reason
    they don’t.

  18. ekklesiast

    I don’t think you understand. You can say the same about every case of
    centralized management fail. “They did the wrong things, they just
    should’ve done the right things, and problem solved”. But the point is that
    mistakes are inevitable in case of any central planning, government
    centralization, like FED.

  19. mrzack888

    i do understand. and there’s nothing wrong with central banking. america’s
    central fed banking currently is the MOST responsible form of banking in
    all the world. and frankly it doesn’t have enough power and oversight,
    otherwise the 2008 crisis could’ve been averted if the fed had more power
    such as the SEC.

  20. ekklesiast

    “needed to do a better job next time, which they did do in 2008, 2009.”
    Wow, government managed to (almost) fix the problem caused by the
    government, that’s so sweet.

  21. mrzack888

    elisabeth warren talks about the big 3: rent/mortgage, health care costs,
    and education as taking huge chunks out of pple’s savings. Make those 3
    less expensive, and the american wage earning will breath a great relief.

  22. Minethis1

    Did you enjoy it?

  23. ekklesiast

    Besides, government intervention was the cause of the money supply
    reduction. So you’re saying FED didn’t respond properly to its own failure,
    wich means it failed twice. See the other Friedman video:
    watch?v=UOSlIqMvPpk “Great Depression was caused by some wise man sitting
    in Washington decided to follow policies which reduced the quantity of
    money”.

  24. Minethis1

    You are an even Bigger MORON!

  25. Minethis1

    Exactly! people are rooting for their own demise and don’t even know it or
    care to know it.