Milton Friedman on the American Economy (1 of 6)

Milton Friedman on the American Economy (1 of 6)


ÐÏ à¡± á>þÿ L N þÿÿÿ K ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿì¥Á
b ð ¿ “& jbjb{x{x $N “ ÿÿ ÿÿ ÿÿ ˆ . . . . . . . ² ú ú ú ú ² ‘ î ž
            , R g ¸ Ì . Ì ž . . á ž ž ž . . . ž ž B D † , . . .
. ž ž ž . . ž ^æcÇ ú L R ž ž ÷ 0 ‘ ž ž ž ž . ² ² $ Ö $ ² ² Ö I’m
Richard Heffner, your host on The Open Mind. My guest today is perhaps this country’s
foremost economist, Milton Friedman of the University of Chicago, of Newsweek magazine,
and of wherever it is that persons of brilliance and concern gather to discuss the fate of
individual liberty in the midst of ever-expanding governmental responsibilities. Well, that’s
the way I introduced Professor Friedman on The Open Mind two years ago. Since then he
has been as brilliant, has delighted still more discerning citizens of the world, has
become a Nobel laureate, and is here today to pick up where we left off. Professor Friedman,
we were saying two years ago, literally, we left off on the road to serfdom. I was looking
back at the transcript of our program together, and we did leave off on the road to serfdom,
the road to an overabundance of interference in the lives of most individuals. And you
said, “I really do think the chance is a good deal less than 50 percent that we’ll
be able to avoid it.” And by avoiding it you were referring to this road to serfdom.
Now, two years later, have you changed your mind? Is it still 50 percent? Is it 40 percent,
60 percent, or what? FRIEDMAN: I am sorry to say that I haven’t changed my mind. I
wish I could say I had a favorable direction. I think the odds at the moment are still less
than 50 percent. In the past two years there have been some favorable developments from
this point of view and some unfavorable ones. If you start with the unfavorable ones first,
the developments in Great Britain have been very unfavorable from this point of view.
Britain has been in an increasing crisis economically. And that is threatening the political stability
of Great Britain. Great Britain, after all, is a fount for most of our ideas on political
freedom and liberty. And if Britain were to go, that would not be a good thing from the
point of view of the world as a whole or the US in particular. On the continent of Europe,
Italy and France seem to be on the verge of moving toward governments in which the communist
party will either be dominant or will play a large role. They may yet escape that fate.
But certainly the possibility of that development today is larger than it was two years ago.
At home in the United States, on the unfavorable side, the energy program development is from
a fundamental point of view the most threatening at the moment to the preservation of a free
society. HEFFNER: Why do you say that? FRIEDMAN: Because the plans that are being made and
the programs that are being offered with respect to it are programs fundamentally for nationalizing
or the equivalent of nationalizing the production, distribution, consumption of energy. If you
look at the program that has been proposed by various groups, not necessarily only those
by the Carter administration, they are programs for turning over control over the production
and distribution of energy to governmental bureaucracies. That’s a move in the direction
of a corporate state. It’s a move of replacing private initiative and voluntary action by
compulsory governmental action. Those are the unfavorable developments. On the favorable
side, if I may start with what I think has been the most favorable development of the
past two years and one that many people will not find favorable, it’s been what’s happened
New York City. Now, that’s very unfavorable for the citizen of New York. HEFFNER: Tell
me about that. I am a citizen of New York. FRIEDMAN: But for the country as a whole it’s
been the most dramatic element that has shaken the confidence of the public at large in the
virtues of big government, of paternalistic government, of social welfare measures. Here
is New York City. The most welfare state oriented electorate in the country. The city which
has the largest government spending per person. A city which has the greatest problems of
any city in the country, in which government spending far from solving problems has created
or exacerbated them. Now, from the point of view of the public at large, the experience
of Britain should have been just as great a cautionary tale. But Britain is a long way
off; it’s a different country. New York is close to home; everybody knows about New
York and is aware of New York. And therefore the problems of New York City have had, I
think, a very healthy effect on the attitudes of the public at large toward the role that
government should play in their lives. Similarly, on a number of a wide range of other issues
there has been increasing disillusionment with what government can accomplish. We all
know from all the polls that governmental agencies, whether it be the Congress or the
White House or the bureaucracy, rank very low in public esteem. There has been a gathering
tax revolt, a gathering reaction against big spending by government. It is this reaction
against big spending, this decline in confidence that the way to solve a problem is to throw
money at it which has been the major political force behind what commentators have been describing
as Mr. Carter’s fiscal conservatism. Now, that’s a good trend. Much more fundamental
and much more important potentially from the long run is what’s been happening in the
world of ideas. The ideas of socialism, of collectivism, of central planning, of the
welfare state, which were for so long the dominant ideology of the intellectual community,
have become increasingly discredited. That line of thinking is dead. It has nothing to
offer to a young, hopeful man who is trying to look for something to believe in and to
have faith in. The ideas and individualism of freedom, of each person doing his own thing,
the idea that maybe you have a better society if people tend to their own knitting rather
than everybody trying to tend to everybody else’s. Those ancient and honorable ideas
are having a resurgence. They have a much better hearing today on campuses, among the
intellectual community in general than they did even as short a time ago as two years.
That intellectual development, I think, is all to the good. But whether it will be able
to stop the road to serfdom, stop us from going all the way down to the road serfdom
is a real question, because once you get an avalanche going, if that’s the right image,
once you get a big car going down the road it has an enormous amount of inertia. And
it takes something really to stop it and turn it around. And the real problem is whether
the changing climate of ideas can take effect soon enough before it is overwhelmed by the
onrushing behemoth of the state. HEFFNER: Professor Friedman, I’m interested in what
you say as what you see as a shift in ideas away from the welfare state, away from socialism,
away from stateism. Yet I had the occasion recently to look at a series of reports that
indicated what citizens in this fair city, New York, were thinking about, what they were
concerned about. And I was fascinated to note – now, this isn’t two years ago, this
is very recently – to note that they are still concerned about the services that they
want, additional services. They want more, they want more, they want more. And perhaps
on the campuses, perhaps you and your friends are terribly much aware of what the “gimmes”
have done to us. But what indication is there that really at the depth of this society,
at the basic level of this society, people are moving away from an insistence upon more
and more social services? FRIEDMAN: Well, maybe there isn’t, and maybe you’re right.
In which case that pessimistic evaluation that we started out with is supported. But
I think one must distinguish between common opinion at a moment and the underlying movement
of intellectual ideas which only determines common opinion after a very long lag. Now,
of course, most people most times would like to get something for nothing. They…always
have the gimmes, in your very evocative term. But yet – and New York, of course, is exceptional,
as I said before, New York is the most welfare-oriented electorate in the country – and yet even
the people in New York, I suspect, are more aware than they were before about the price,
the cost, the consequences of trying to get things by that device of getting it through
government. And undoubtedly the majority of the people have not been moved. General public
ideas are much ’& “& øô hÏ ø hÏ ø OJ QJ “& ý
“& þ ” :pÏ ø °Ð/ °à=!° “° #   $   %° ¥R”NskZZÖJRR”R” ÿc ZÖsœR” ÿZÖR”ZÖZÖc kZ^÷ ÿR” ÿkZR”kZNsZÖc
R”R”F1ZÖR”ZÖR”ZÖc sœR”c w½c kZg9c R”ZÖg9kZsœNsR”ZÖc JRZÖ ÿR”kZc
ZÖNsí ÿ ¡ ÿ A ô ÿ w½sœø ÿ o{ ÿo{w½ú ÿ o{ ÿo{sœú ÿ w½ô ÿ sœþ ÿ o{ ÿ
ÿw½å ÿ ô ÿ@c R”sœ^÷NskZR”sœNs ÿR”kZ ÿc VµsœZÖJRR”R”w½R”kZ
ÿc F1VµkZR”VµkZNsNs^÷ ÿZÖB ÿR”JRZÖVµNsw½ ÿJRZÖR” ÿR” ÿkZVµkZZÖNskZNs^÷NskZsœc
sœR”ï ÿ A ó ÿ w½õ ÿ o{w½ ÿ ÿw½ú ÿ sœô ÿ w½ü ÿ sœú ÿ w½ ÿ ÿo{ü
ÿ o{î ÿ ô ÿ?c ZÖJRc ÿR”NskZR”R”ZÖR”R” ÿkZR”kZsœg9JRZÖZÖNs ÿJRZÖR” ÿZÖR”ZÖZÖNskZ
ÿZÖ ÿR”JRc ZÖNskZc R” ÿR”sœR”ZÖZÖR”R” ÿNsNs ÿkZJRc Ns ÿR”kZî ÿ ? ó ÿ sœþ
ÿ sœ ÿ ÿw½ ÿw½w½ú ÿ w½ü ÿ sœý ÿ o{÷ ÿ sœð ÿ w½ê ÿ … ô ÿ;VµR”
ÿVµsœR”ZÖJRo{ ÿo{NsNskZc ^÷sœZÖ ÿNsNs ÿZÖc sœR”R”c R” ÿkZNs^÷NskZsœNsZÖR”JRZÖR”
ÿVµR” ÿ ÿR”R”^÷NskZZÖZÖc NsZÖc JRo{ê ÿ ¡ ÿ W ì ÿ w½ ÿw½ü ÿ kZsœw½w½
ÿ ÿw½ ÿ ÿw½ ÿw½ú ÿ kZü ÿ sœþ ÿ sœ ÿkZ ÿ ÿo{û ÿ kZ ÿ ÿsœë ÿ
‹ ô ÿ kZNsþR”.ZÖR”sœR”sœo{VµNsR”w½ ÿ^÷c JRkZ ÿc ZÖJRc ÿR”NsNs ÿVµkZJR^÷
ÿc ÿsœNskZR”R”ZÖZÖNsR” ÿ^÷kZR”kZNsþR” kZ ÿg9kZJRR”ZÖc JRZÖï ÿ S ñ ÿ g9w½
ÿ ÿo{w½ý ÿ o{o{ ÿsœñ ÿ kZw½ü ÿ w½þ ÿ w½ ÿ ÿw½þ ÿ w½ú ÿ w½ ÿ
ÿw½w½î ÿ “ ô ÿBR”ZÖ ÿkZZÖNs ÿc JRNsZÖ ÿ ÿc c ZÖR” ÿc VµkZR”^÷NsJRkZR”
ÿJRR”R”w½ ÿ^÷o{ZÖZÖNs ÿc ZÖNsZÖ ÿZÖNs ÿZÖJRR” ÿR”NsNsZÖ ÿJRR”
ÿR”kZsœo{o{VµB w½ñ ÿ M ô ÿ w½þ ÿ sœ ÿw½ ÿw½ ÿ ÿsœý ÿ w½û ÿ
sœï ÿ o{ ÿ ÿw½ü ÿ o{ ÿ ÿw½þ ÿ w½é ÿ “ ô ÿBZÖJRR” ÿR”Nso{sœF1c
NsR” ÿR”c sœo{ZÖc R”kZNs ÿR”sœR”ZÖNskZZÖVµR” ÿZÖsœc VµNsZÖR” ÿR”kZ ÿc ZÖNs
ÿVµkZR”F1w½ ÿZÖJRR” ÿR”NsZÖR”ZÖc Ns ÿJRñ ÿ ¡ ÿ K ô ÿ o{sœw½ ÿ ÿw½w½÷
ÿ sœþ ÿ w½û ÿ sœø ÿ w½û ÿ w½û ÿ w½ ÿo{ ÿ ÿo{o{é ÿ … ô ÿ;c JRR”Ns
ÿo{F1ZÖkZNsJRc Nsw½ ÿJRZÖR” ÿsœR”ZÖNskZNs ÿc R”R”JR^÷ ÿc R” ÿR”sœZÖ^÷ZÖR”
ÿ ÿVµkZZÖNskZNsVµkZNso{NskZc R”kZkZw½ê ÿ ¡ ÿ ¡ ÿ ; ô ÿ kZ ÿ ÿo{û ÿ kZ
ÿ ÿsœÝ ÿ w½ý ÿ w½û ÿ w½o{þ ÿ o{ò ÿ “ ô ÿ ^÷kZR”kZNsþR”;kZ ÿg9c
NsR”ZÖc JRZÖw½ ÿVµkZNsVµkZNskZNsR”JR^÷sœZÖR” ÿc VµkZR”^÷NsJRkZR” ÿJRR”R”w½
ÿo{ZÖNskZJRo{^÷w½VµkZNs ÿJRkZc ÿR”kZò ÿ ¡ ÿ G ð ÿ w½ü ÿ sœû ÿ o{sœý
ÿ kZü ÿ w½ ÿ ÿw½ý ÿ w½ ÿ ÿw½ý ÿ w½ô ÿ o{ê ÿ ‹ ô ÿ>R”ZÖ ÿc
ZÖNs ÿkZR”JRR” ÿc R”R”NskZkZR”R”ZÖc w½c ÿVµkZJRR”o{R”R”^÷sœZÖR”
ÿR”JRZÖ^÷ ÿJRc c ZÖNs ÿc kZJRZÖR”ZÖkZNsc ÿR”kZR”ZÖkZí ÿ C æ ÿ w½û ÿ sœý
ÿ sœsœ ÿw½û ÿ o{o{ý ÿ w½ü ÿ sœû ÿ o{sœü ÿ w½í ÿ ô ÿ?R”kZR”R”kZJRZÖc
ÿc R”R”Nsc ZÖNskZw½ ÿJRZÖR” ÿVµF1 ÿR”Ns ÿo{NsJR^÷Ns ÿR”kZkZR”ZÖ ÿc
ZÖNs ÿkZR”JRR” ÿc R”R”NskZkZR”R”ZÖc w½ ÿNsNsî ÿ 9 ñ ÿ sœõ ÿ w½ ÿ ÿsœú
ÿ o{ü ÿ o{ø ÿ w½ ÿ ÿw½û ÿ o{ä ÿ ƒ ô ÿ:kZR”JRR” ÿc R” ÿJRZÖ
ÿR”^÷NskZJRR”ZÖZÖR”JRZÖ ÿZÖNs ÿR”kZsœZÖc NskZkZNskZNsZÖB ÿsœZÖ
ÿNs ÿNso{VµNs ÿR” ÿR”kZZÖc R”R”c é ÿ ¡ ÿ i ó ÿ sœþ ÿ sœ ÿ ÿw½
ÿ ÿo{ ÿ ÿsœú ÿ sœ ÿ ÿo{kZþ ÿ w½w½ ÿsœþ ÿ w½ ÿ ÿw½ ÿ ÿw½þ ÿ w½õ
ÿ sœ ÿsœþ ÿ w½ñ ÿ ô ÿ8VµR” ÿVµsœR”ZÖJRo{R”w½^÷Vµ ÿR” ÿ^÷R”ZÖ ÿR”JRNsw½ ÿ ÿc kZNsJRo{Vµ
ÿR”R” ÿc ZÖsœZÖ^÷ ÿc ZÖNs ÿZÖZÖJRZÖZÖNs ÿsœR”JR ÿýR” ÿR”NsJR ÿo{ñ ÿ
O ô ÿ w½ý ÿ w½þ ÿ kZo{÷ ÿ w½û ÿþw½þ ÿ w½w½ù ÿ sœ ÿ ÿo{ ÿo{
ÿsœ ÿw½û ÿ sœë ÿ “ ô ÿBJRR”R” ÿc ZÖJRZÖ ÿ^÷Vµ ÿR”NskZZÖNsZÖ ÿc
c ZÖJRc ÿVµkZNso{o{R”Ns ÿJRR”o{Nsc R” ÿJR^÷R”sœR”sœc w½ ÿ^÷VµR”
ÿR” ÿ^÷ ÿJR^÷R”NssœZÖR” ÿsœc ñ ÿ 7 é ÿ o{÷ ÿ w½ü ÿ sœû ÿ o{sœü
ÿ o{sœô ÿ w½ü ÿ w½î ÿ “ ô ÿB^÷R”ZÖ ÿVµkZNskZNs ÿF1kZNskZkZVµR” ÿc R”
ÿc ZÖNs ÿkZR”JRR” ÿc R”R”NskZkZR”R”ZÖc w½ ÿc JRVµkZw½c VµkZR”^÷NsJRkZR”
ÿo{JRc NskZw½ZÖJR^÷Nsñ ÿ ¡ ÿ C ï ÿ w½ý ÿ sœ÷ ÿ sœo{ ÿkZû ÿ w½g9o{ø
ÿ o{kZý ÿ o{o{÷ ÿ o{o{í ÿ ‰ ô ÿ ^÷R”ZÖ ÿZÖZÖJRZÖR”NsR” ÿ ÿ^÷R”ZÖkZ
ÿþZÖ)R”g9 ÿc R” ÿsœc R”ZÖo{VµVµ ÿ ÿR”NskZZÖNsZÖc g9c R” ÿZÖ ÿZÖVµ
ÿR”NskZZÖNsZÖc w½ ÿR”Vµí ÿ æ ÿ w½ ÿ ÿo{À ÿ 1 ô ÿ R”NskZZÖNsZÖc
w½ ÿR”kZ ÿVµkZZÖJRc g9À ÿ ¡ ÿ ¡ ÿ ¡ ÿ U ô ÿûkZþo{ sœ ÿ ÿkZð
ÿ w½þ ÿ kZ ÿw½þ ÿ w½ ÿ ÿw½ü ÿ sœù ÿ sœ ÿ ÿkZþ ÿ w½ ÿ ÿkZó ÿ
• ô ÿ g9þ^÷@c ZÖkZ^÷ZÖc ÿ ÿc JRZÖc ÿR”R”kZkZ^÷c R” ÿR”JR^÷ ÿc ZÖJRc
ÿc ÿZÖB NsZÖ ÿc ZÖZÖ ÿJRZÖR”NsR” ÿZÖc ^÷ ÿZÖc VµR” ÿw½c ÿVµJRZÖ
ÿ ÿc ó ÿ S ñ ÿ w½sœü ÿ kZw½ ÿsœþ ÿ o{ü ÿ w½w½ ÿsœø ÿ kZ ÿw½ ÿ ÿw½
ÿ ÿw½þ ÿ sœsœû ÿ w½ç ÿ ô ÿ.ZÖR”ZÖo{R” ÿR”JR^÷ ÿc ZÖJRR” ÿJR ÿkZJR^÷R”kZJRR”o{NsR”
ÿc NsZÖc NsZÖw½ ÿc ÿNs ÿVµ^÷ ÿc ZÖNs ÿýR” ÿJRc ÿc ZÖNs ÿZÖc F1c
NsZÖ ÿc ñ ÿ ? î ÿ w½ ÿw½ý ÿ w½þ ÿ kZo{ø ÿ kZþ ÿ w½ð ÿ w½ý ÿ w½ü
ÿ w½ì ÿ ô ÿ@JRkZNs ÿR”ZÖo{ ÿJRR”R” ÿc ZÖJRZÖ ÿ^÷Vµ ÿR”NskZZÖNsZÖc
w½c ZÖ ÿc ZÖNs ÿR”JRR”c ÿc VµkZR”^÷NsJRkZR” ÿNsNskZNs ÿZÖ ÿJR^÷Ns ÿR”NsNsZÖï
ÿ ¡ ÿ 9 î ÿ o{ü ÿ w½w½ ÿsœý ÿ w½ø ÿ o{û ÿ w½ú ÿ o{ù ÿ sœå ÿ
‡ ô ÿZÖZÖkZJR^÷R”kZJRR”o{Ns ÿR”ZÖNsR”w½ ÿVµ ÿ^÷R”ZÖ ÿR”c JRkZc VµkZZÖZÖ
ÿNs ÿNsZÖ ÿZÖkZJR^÷R”kZJRR”o{NsR”ZÖNs ÿR” ÿkZc R”c w½Ns ÿNsí ÿ I ô ÿ
sœþ ÿ w½ö ÿ o{w½ý ÿ g9û ÿ w½ý ÿ w½õ ÿ o{ü ÿ w½w½ ÿ ÿo{ý ÿ w½í
ÿ ô ÿ@R”Ns^÷Nso{R”R”ZÖc NsZÖc R” ÿVµ ÿ^÷^÷Ns ÿJRc ZÖc sœc JRVµ
ÿZÖJR^÷Ns ÿR” ÿNsNsZÖ ÿ^÷NskZ^÷ ÿZÖZÖkZJR^÷R”kZJRR”o{Ns ÿkZkZR”ZÖc
Ns ÿNsï ÿ ¡ ÿ ) î ÿ o{ú ÿ g9û ÿ w½ ÿ ÿw½Ý ÿ w½w½í ÿ ô ÿ?R”R”sœZÖc
R”kZ ÿ^÷JRVµkZw½ ÿZÖc ZÖJRsœZÖ ÿZÖJRR”R” ÿNsNsZÖ ÿsœZÖJRZÖ ÿsœZÖZÖkZNsJRR”VµR”
ÿ ÿZÖc R”sœR”NsZÖR”ZÖR”ZÖc sœZÖJRo{Vµw½î ÿ U ô ÿ o{ ÿsœ ÿ
ÿw½û ÿ w½÷ ÿ w½ü ÿ w½þ ÿ w½þ ÿ w½ ÿw½þ ÿ o{ ÿo{w½ý ÿ g9ú ÿ
o{w½ë ÿ ô ÿ?^÷VµR” ÿc ZÖJRc ÿNs ÿc ZÖkZNsJRc NsZÖVµR” ÿ ÿNs ÿNsR”R”
ÿg9ZÖZÖJRo{R”c JRR”sœo{sœNsR”kZ ÿ^÷^÷NsJRc ÿZÖc sœB sœZÖw½ ÿ^÷^÷NsJRc
î ÿ K ô ÿ g9ù ÿ o{ý ÿ w½w½ý ÿ o{ü ÿ o{ø ÿ o{ý ÿ sœ÷ ÿ w½þ ÿ
w½ ÿo{þ ÿ sœí ÿ ô ÿ ZÖc ZÖJRsœZÖw½JR ÿVµNskZ ÿJRþo{0R”JR
ÿkZR”ZÖZÖc ÿkZR”kZZÖc R”R”c ÿR”kZR”ZÖkZ ÿNsNsJRR” ÿR” ÿZÖ ÿR”R”o{ZÖVµJRo{
ÿkZkZNsNsR”R”ZÖc ð ÿ ¡ ÿ G ò ÿ sœ ÿw½w½ü ÿ o{ ÿsœ ÿ ÿo{ ÿg9ï
ÿ w½ú ÿ o{ü ÿ w½ú ÿ sœ ÿ ÿw½í ÿ ‰ ô ÿ JRZÖR” ÿo{NsNskZc ^÷w½^÷VµR”
ÿ ÿc ÿZÖc ZÖJRsœZÖ ÿVµkZNskZNsc þR” w½ ÿc ZÖJRc ÿVµkZR”ZÖNs ÿZÖR”c
ÿR”Ns ÿJR ÿýR” ÿc ZÖVµR”ï ÿ K ô ÿ o{û ÿ w½ù ÿ o{û ÿ o{ ÿw½ü
ÿ w½sœù ÿ w½w½ü ÿ w½ ÿ ÿw½c w½ø ÿ w½î ÿ “ ô ÿBkZkZR”ZÖc ÿc B ÿR”R”sœZÖc
ÿR”kZ ÿB VµkZ ÿR”kZc ZÖNs ÿVµkZR”^÷R” ÿJRR” ÿJR ÿVµkZZÖNsNs ÿR”kZc ZÖNs
ÿc Vµw½sœZÖ ÿR”JRkZc VµZÖo{JRkZw½ñ ÿ A ô ÿ o{w½ ÿ ÿw½ô ÿ o{kZú ÿ kZ
ÿ ÿw½þ ÿ sœ ÿkZò ÿ w½û ÿ w½ê ÿ “ ô ÿBc R” ÿc ZÖNs ÿZÖR”ZÖc
sœZÖNsZÖc ÿR”kZ^÷ZÖkZR”R”Nsw½ ÿc c JRVµ ÿJRZÖR” ÿg9kZJRZÖZÖNs ÿR”NsNs
ÿZÖc c R” ÿR”Ns ÿR”ZÖ ÿc ZÖNs ÿ^÷NskZR”Nsñ ÿ ¡ ÿ + ó ÿ o{ó ÿ
sœï ÿ w½ ÿ ÿw½ ÿw½ì ÿ w½í ÿ ‰ ô ÿ R”kZ ÿZÖc R”VµZÖR” ÿc
R”VµkZJRkZþR”+^÷NskZZÖ ÿZÖc NsZÖc R”sœZÖ ÿVµkZZÖsœZÖZÖc ZÖNs ÿZÖR”ZÖc
ZÖc ZÖZÖsœR”c R”JRkZc ^÷ ÿVµc o{í ÿ ? ò ÿ w½þ ÿ w½ ÿ ÿsœó ÿ w½
ÿw½ü ÿ w½û ÿ w½ ÿ ÿg9w½í ÿ w½ï ÿ “ ô ÿBNsZÖZÖNskZ ÿR”Ns ÿR”R”ZÖc
sœZÖJRZÖc ÿR”kZVµkZsœo{R”o{JR^÷ ÿJR ÿF1kZR”Ns ÿkZR”JRw½ ÿkZZÖNs
ÿ^÷ZÖc JR^÷ ÿ^÷Nsc ÿNsR”ZÖJRR”Ns ÿc ZÖJRc ñ ÿ O ô ÿ o{ü ÿ g9ù ÿ w½
ÿ ÿw½ú ÿ w½ ÿw½ý ÿ o{ ÿ ÿw½ ÿ ÿsœþ ÿ w½÷ ÿ sœü ÿ w½ë ÿ ‹
ô ÿ kZJRc Nsw½ ÿZÖZÖ ÿZÖNskZc JRVµo{^÷ ÿNsNs ÿýR”’ ÿNssœg9c ^÷ ÿR”kZ ÿc
ZÖB ÿR”Ns^÷Nso{R”R”ZÖc NsZÖc ÿc R”R”JR^÷ ÿNs ÿF1kZR”NskZï ÿ ¡
ÿ ; ó ÿ w½é ÿ o{ ÿ ÿw½ù ÿ w½ ÿ ÿw½sœþ ÿ sœ ÿkZw½ø ÿ w½ê ÿ
‡ ô ÿc ZÖkZ^÷ZÖc
ÿZÖJRZÖ ÿJRZÖR”Ns ÿc ZÖNs ÿR”o{JRZÖR” ÿc ZÖJRc JRkZNs ÿR”NssœZÖR” ÿZÖc
JRR”Ns ÿJRZÖR” ÿc ZÖNs ÿR”kZR”R”kZJRZÖc R”ñ ÿ ¡ ÿ=ó ÿ w½û ÿ w½û ÿ
o{o{þ ÿ sœþ ÿ w½æ ÿ o{ ÿ ÿsœú ÿ w½w½ï ÿ ô ÿ@c ZÖJRc ÿJRF1 ÿR”NssœZÖR”
ÿR”kZkZNskZNsR” ÿVµc Ns ÿkZNsR”R”NsZÖc ÿc R”sœc JRkZNs ÿR”kZR”R”kZJRZÖc
R” ÿkZZÖZÖR”JRZÖc NsZÖc JRo{Vµï ÿ ¡ ÿ ¡ ÿ ¡ ÿ ¡ ÿ ¡ ÿ ¡ ÿ ¡
ÿ ¡ ÿ ¡ ÿ ¡ ÿ ¡ ÿ ¡ ÿ ¡ ÿ Ÿ ÿ³0 þÿ
ÕÍÕœ. “— +,ù®0 ` h p x € ˆ ˜  
¨ ä ‘ 9 ü 0 IÕm Richard Heffner, your host on The
Open Mind Title ! ” # $ % & ‘ þÿÿÿ) * + , – . / þÿÿÿ1
2 3 4 5 6 7 8 9 : ;? @ A B þÿÿÿD E F G H I J þÿÿÿýÿÿÿM þÿÿÿþÿÿÿþÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿR
o o t E n t r y ÿÿÿÿÿÿÿÿ À F €©·™ØŠÊ O € 1 T a b l e ÿÿÿÿÿÿÿÿÿÿÿÿ
( W o r d D o c u m e n t ÿÿÿÿÿÿÿÿ $N S u m m a r y I n f o r m a t i o n (
ÿÿÿÿ 0 $ D o c u m e n t S u m m a r y I n f o r m a t i o n 8 ÿÿÿÿÿÿÿÿÿÿÿÿ
C C o m p O b j ÿÿÿÿ X O b j e c t P o o l ÿÿÿÿÿÿÿÿÿÿÿÿ €©·™ØŠÊ
€©·™ØŠÊ ÿÿÿÿÿÿÿÿÿÿÿÿ þÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ
þÿ ÿÿÿÿ À F Microsoft Word Document þÿÿÿNB6W Word.Document.8

17 Comments on "Milton Friedman on the American Economy (1 of 6)"


  1. I studied economics in college and they only teach us Keynesian Economics.
    College has become a complete joke. The government controls what is taught in college. Parents have no control over what is taught to children.

    We need to remove government control from school and college. The government takes money from us via tax and then provides us with rubbish education. If we keep our money we can spend it and decide what education we want.

    Reply

  2. we all need to support RON PAUL and his son to shut down the federal reserve.

    Peter Schiff also wants to shut down the federal reserve.

    Bush, Obama, Clinton, McCain and Palin all support the federal reserve.

    Reply

  3. You know, I wonder what Dr. Friedman, my idol, would say today about the Occupy Wallstreet protesters? I mean they want nothing but government intervention and the services of their lives levied on the backs of the rich. Sounds like the socialism perspective is gaining momentum- BE AFRAID

    Reply

  4. It needs "tweaking," but if you remove control of standards they'll be teaching creationism instead of evolution in the south. Texas is already doing this by controlling textbook standards on a state level. Sad. It's a good way for this country to move backwards.

    Reply

  5. Oh yeah? And how's Greece doing these days? You lazy, stupid, dirty little beggars. I hope Germany crushes you and converts Greece into a Club Med.

    Reply

  6. I could actually explain you the whole situation but I'll just tell a couple things. Greece's last 2 governments were elected by 20% of the votes due the a couple of the most undemocratic laws that have passed int the world. These governments took series of loans to pay your bankers which make sure every couple of years we keep you war and construction industries busy by buying your weapons and fight you fuckin wars, building brigdes and stadiums we dont needjust because we have puppet…

    Reply

  7. …politicians! Do you know we are you number 3 weapon clients? YOU SAY WE ARE LAZY? THAT IS WHAT YOUR FUCKIN MEDIA SAY! CHECK THE WORLD DAILY WORKING HOURS!!! WE ARE FIRST IN ALL THEM MODERN WORLD LAZY ASS!! SOME PEOPLE HERE DO 3 JOBS TO PROVIDE FOR THEIR FAMILIES!!! You know what I could go on for an hour but I wont explain. Put your brain to some use and think, search. I wont even bother to see your answer YOU MOTHER FUCKIN AMERICAN DOUCHEBAG WITH YOUR FUCKIN BANKS NAD YOUR FUCKIN CAPITALS!!

    Reply

  8. YOU AND YOUR FUCKIN COUNTRY ARE ONE STEP AWAY FROM DESTROYING EUROPE AND SPREADING DISCORD BETWEEN EUROPEAN NATIONS JUST SO THAT YOU "ALLMIGHTY DOLLAR" CAN SURVIVE A LITTLE LONGER BEFORE IT SINKS FAR DEEPER THAN GREECE! FUCK YOU AND YOUR REDHANDED GEORGE BUSH AND YOUR MORGAN FREEMAN FREE MARKET THEORIES!!! (george carlin should be a good choise so that you people open your eyes)

    Reply

  9. Oh just remembered… were did the economic crisis start from? Where was it now, seriously… AAAAh yes it was the allmighty, morgan freeman, freem market, capitalist, bankshit, 13 TRILLION owning, all american, model, U.S. economy!!! Way to go guys, just plunge the whole world into misery and war again! I said FUCK YOU, didn't I? Well, FUCK YOU AGAIN!

    Reply

  10. Chill out, Zorba. If Carlin were alive and running for prez, I'd vote for him. Tip: Don't borrow money you can't pay back, and if you don't like a government…remove it (even though it might get ugly, like Syria). P.S., It's "Milton Friedman," not "Morgan Freeman"…and I don't agree with his theories, nor anyone's from the "Chicago School" of economics.

    Have an ouzo, and relax.

    Reply

  11. Well you obviously do not understand how effective fear is on masses(that goes for the "change the government" thing) and who is actually borrowing money from whom. I won't even comment on your belief that syria's problem is inside the country.Now about the "you can't pay back" part. May I remind you that you live in a country with the world's biggest debt: 13 fucking TRILLION! The only reason you are able not to go bankrupt is because all international trade in made in U.S. currency and this…

    Reply

  12. … means that banks will always lend you more money. You see now where this is going?Once euro became stronger and countries started using it internationaly you were in trouble and you had to do something. (2002-Sadam Hussein starts using euro, 2003-where are the biological weapons?)You borrowed from the chinese enough to get by and then somehow all of a sudden a crisis comes up in your country: the most "developed" nation in the globe, which -what a shock- brings E.U. to the edge of breakup…

    Reply

  13. …All you people do is export your debt abroad and import resources. And you want me to relax? The way you do? You only think you have democracy! You only think your vote counts. Leaving Afghanistan and Irak, closing Guantanamo? I do not recall any of it happening. They are lying to you and you even do them the favor of saying no to healthcare I won't say anything more because I already know that you think me to be a conspiracy theorist. Oh and we do not drink alcohol and especially ouzo to…

    Reply

  14. …relax but to think. We give it to tourists to relax. By the way sorry for the "Morgan Freeman" part, you 're right. And since you like Carlin try thinking a bit more on what he said.

    Reply

Leave a Reply

Your email address will not be published. Required fields are marked *