Milton Friedman on the true cause of the Great Depression

Milton Friedman corrects the record of the cause of the Great Depression. Dismantle the myth that is what high speculation on Wall Street. Milton Friedman was an American economist who received the Nobel Prize in Economic Sciences in 1976.

Video credits to The Republic YouTube channel

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    Milton Friedman on the true cause of the Great Depression

    Comments 21

    1. His main point is that the Fed "failed to prevent the decline [in M2]". So funnily still private business acts first.
      Anyway I feel it is impossible to separate "private business" from "government" as a cause, much less blame, for anything,
       as we do not even fully understand their connection (and now so much of both resides in the disordered mind of Trump!)

      A lot of great stuff here from a brilliant man,
      only a few things seem dated, like "private business has no press agents" (he is talking to mostly bankers, he says)

    2. This is sad, a whole mass of people all playing part in a big joke… Friedman was fortunate to not have any fact checkers reviewing his speeches when it could have made a difference.

    3. So was the Federal Reserve's tight money policy motivated by a desire to collapse the United States setting the stage for a political change?

    4. Austrians would disagree with Milton on the Depression and the money supply. Their stupid actions before 1929 caused the bust in the first place. Boom-bust cycle.

    5. The failure of the Federal Reserve system was not a failure of gvt, the Federal Reserve is a private entity that far from failing, lined their pockets with the depression they created.

    6. If the Fed is an entity of the government, why is so much debt owed to them. You cant be in debt to yourself.

    7. The Federal Reserve is a private business. It is not government, rather a bank contracted by the government. The real reason for the depression was fiat currency. Money must be backed by a governments holdings, not paper. It must be backed by gold, silver and commodity….. otherwise it's all on faith. Our economy is based on the faith in the US and our strength. If other world governments lose faith, we will go to war or the US empire is over. Look at what happens to countries who threaten our petrol dollar status. Research it, all oil is traded in Us
      US currency. Inflation was minimal until we went off the gold standard 1971. Now the Fed just prints money daily. Inflation happens with every new dollar that hits the market. No gold to back it.

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