Milton Friedman on Inflation
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Hahaha, Ted i gotta tell you i enjoy your artwork a lot and i don't know what's happened to you to make you such a devoted and programmed leftist who complains about programmed conservatives.
This is why i said you'd be a lot of fun at parties.
Not only you didn't read my post by somehow you connected it to the civil war. hahah
Okay, lunch is on me today. Thank you!
This is why i said you'd be a lot of fun at parties.
Not only you didn't read my post by somehow you connected it to the civil war. hahah
Okay, lunch is on me today. Thank you!
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Those were fun days you must admit! 
I hear yah though.
I really like Friedman, he can take complex theories and make them accessible to understand for the layman.
Having said this, everything is far more complex than Milton's time with global markets, mega corporations, and we can see that inflation is not uniform so there is more than monetary policy at play.
I hear yah though.
I really like Friedman, he can take complex theories and make them accessible to understand for the layman.
Having said this, everything is far more complex than Milton's time with global markets, mega corporations, and we can see that inflation is not uniform so there is more than monetary policy at play.
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Hi @Eli1
I realize this wasn't directed to me, but...
None of that is any result of our not being on a gold standard currency. That's just greedy people living their greedy lives. And look, wake up my friend, too big to fail is over. And we found that very few corporations were really too big to fail, but we bailed many, many corporations and small businesses out in 2008. But do you know that the U.S. government made money on all of that. The taxpayer did not lose.
When the 'too big to fail' policy was in effect, the U.S. government bought warrants in the companies that they bailed out. After it was all over, the selling of those warrants of all the businesses that made it through, made the U.S. taxpayer money. That's honestly the reality of all that time of the government bailing out a failing economy because of the collapse of the mortgage market.
A lot of those warrants were for big companies. Goldman Sachs, GM, Fannie Mae and Freddy Mac. Those companies got millions of dollars to float them through the economic crises brought about by the failure of the mortgage markets. But when it was all over and those companies were back on their feet, the warrants that the federal government received to cover the loan amounts were sold at market and we made a small profit.
It's kind of like what Joseph did in Egypt. He finally ended up selling the starving people food for their land. In the end, no private person owned any land in all of Egypt. Fortunately Pres. Obama decided to use debt instruments instead of taking everyone's land. And it worked!! And it worked gloriously!! Following all that 'too big to fail' bailout, the economy has boomed straight through until Covid hit.
God bless,
Ted
I realize this wasn't directed to me, but...
None of that is any result of our not being on a gold standard currency. That's just greedy people living their greedy lives. And look, wake up my friend, too big to fail is over. And we found that very few corporations were really too big to fail, but we bailed many, many corporations and small businesses out in 2008. But do you know that the U.S. government made money on all of that. The taxpayer did not lose.
When the 'too big to fail' policy was in effect, the U.S. government bought warrants in the companies that they bailed out. After it was all over, the selling of those warrants of all the businesses that made it through, made the U.S. taxpayer money. That's honestly the reality of all that time of the government bailing out a failing economy because of the collapse of the mortgage market.
A lot of those warrants were for big companies. Goldman Sachs, GM, Fannie Mae and Freddy Mac. Those companies got millions of dollars to float them through the economic crises brought about by the failure of the mortgage markets. But when it was all over and those companies were back on their feet, the warrants that the federal government received to cover the loan amounts were sold at market and we made a small profit.
It's kind of like what Joseph did in Egypt. He finally ended up selling the starving people food for their land. In the end, no private person owned any land in all of Egypt. Fortunately Pres. Obama decided to use debt instruments instead of taking everyone's land. And it worked!! And it worked gloriously!! Following all that 'too big to fail' bailout, the economy has boomed straight through until Covid hit.
God bless,
Ted
HeIsHere said:
I do not think it is possible to go back to a gold standard unless there is a huge economic global disaster.
@Eli1 answered:
Yeah and in 2008 we applied a cheat-code for the system. "Too big to fail" was the code.
Free market?
More like Bail Markets with taxpayers money.
Hey i thought that this system was sink or swim?
Yeah, for you who has a mortgage not for me who has a yacht.
Really, that's your answer for how we get back on a gold standard? Ok. Yep, you're right. I'm much to dense to understand your form of monetary policy. LOL.
God bless,
Ted
I do not think it is possible to go back to a gold standard unless there is a huge economic global disaster.
@Eli1 answered:
Yeah and in 2008 we applied a cheat-code for the system. "Too big to fail" was the code.
Free market?
More like Bail Markets with taxpayers money.
Hey i thought that this system was sink or swim?
Yeah, for you who has a mortgage not for me who has a yacht.
Really, that's your answer for how we get back on a gold standard? Ok. Yep, you're right. I'm much to dense to understand your form of monetary policy. LOL.
God bless,
Ted
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Hi @Eli1
The quoted post above was what 'followed with that comment'. How about you just respond with the post # that has your answer to my question as to 'how' we are going to return to the gold standard.
And yeah, I can see that you are pretty easily entertained. That's likely a good thing for you. Makes you less susceptible to boredom.
God bless,
Ted
The quoted post above was what 'followed with that comment'. How about you just respond with the post # that has your answer to my question as to 'how' we are going to return to the gold standard.
And yeah, I can see that you are pretty easily entertained. That's likely a good thing for you. Makes you less susceptible to boredom.
God bless,
Ted
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Hi @Eli1
That was your answer? Yeah, I missed that as an answer. Somehow I didn't imagine something that would take a few centuries to happen as being a practical answer to the question posed. But ok. My apologies. I'm sorry for saying that you were being unresponsive to my questions.
I guess it's a good thing that I went ahead and answered yours.
God bless,
Ted
That was your answer? Yeah, I missed that as an answer. Somehow I didn't imagine something that would take a few centuries to happen as being a practical answer to the question posed. But ok. My apologies. I'm sorry for saying that you were being unresponsive to my questions.
I guess it's a good thing that I went ahead and answered yours.
God bless,
Ted
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Don't talk nonsense when you have no clue. Look around you and see what inflation has done to people's lives since Biden took over. And did you not read this in my post? "Because all currency went off the gold standard..." This was initiated by the US government of the time in order to defraud the citizens.
The only way to stop inflation is to hold the government accountable -- the legislators as well as the president. There needs to be a Special Commission on Government Spending to shut down all the wasteful spending by the US government, with the authority to block every wasteful expenses. There are only ten essential areas for which the government is responsible (see post #2). Everything else is pork barrel politics or buying votes with tax dollars while enriching themselves.
The only way to stop inflation is to hold the government accountable -- the legislators as well as the president. There needs to be a Special Commission on Government Spending to shut down all the wasteful spending by the US government, with the authority to block every wasteful expenses. There are only ten essential areas for which the government is responsible (see post #2). Everything else is pork barrel politics or buying votes with tax dollars while enriching themselves.
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What Milton Friedman Said 5 Decades Ago About Government Spending Still Holds True Today
As was his wont, Friedman compressed much potentially complex truth into short, clear, vivid words, immediately adding, “There is no such thing as an unbalanced budget.” Which is not addled but Chestertonian in its paradoxical brilliance because, Friedman went on, “You pay for it either in the form of taxes, or indirectly in the form of inflation or debt.”
What Milton Friedman Said 5 Decades Ago About Government Spending Still Holds True Today | ZeroHedge
As was his wont, Friedman compressed much potentially complex truth into short, clear, vivid words, immediately adding, “There is no such thing as an unbalanced budget.” Which is not addled but Chestertonian in its paradoxical brilliance because, Friedman went on, “You pay for it either in the form of taxes, or indirectly in the form of inflation or debt.”
What Milton Friedman Said 5 Decades Ago About Government Spending Still Holds True Today | ZeroHedge