Video: Mliton Friedman on the Redistribution of Wealth

[Mojo2]

Video: Mliton Friedman on the Redistribution of Wealth

The best ideas are timeless.

What an enjoyable teacher he was.

[ame=http://www.youtube.com/watch?v=MRpEV2tmYz4&list=PL658A06660848E2D8]Milton Friedman - Redistribution of Wealth - YouTube[/ame]

Friedman explains that the only effective way to redistribute wealth is to destroy the incentive to have wealth. He also answers the question about taxing inheritance at 100 percent by making the point that wealth creators tend to be motivated by the prospect of leaving wealth to their children. If you impose a 100 percent inheritance tax, you encourage wealth creators to consume all their wealth, which would in turn reduce savings and investments, with negative consequences for economic growth.

This idea of leaving a better world for our children is an appealing one, and it makes me wonder how most people feel about the fact that, without reforms, we are likely to leave our children a world of debt.

http://www.nationalreview.com/corner/284929/milton-friedman-wealth-redistribution-veronique-de-rugy

 

[jwoodie]

Good video, although it ignores the tax loophole of inheriting property at a stepped up basis, which allows complete avoidance of capital gains taxes.

 

[Avorysuds]

He's the man!


It's like evolution, it's a science... And those that believe in Keynesian economics believe in a religion... a faith based, always changing failed system of corruption and destruction of human life.

 

[Bombur]

So no 100% estate tax!

/gavel

 

[Avorysuds]

A 100% Inheritance tax would only push people to sell everything to their family for a dollar or less... Sell you their house, sell you their cars, any belongings.

Then the children would sell their dying parents a paper clip for whatever money they have in the bank. It would be stupid.

 

[Mr Natural]

Isn't he the quack who argues for no licensure of physicians?

 

[oldfart]

Isn't he the quack who argues for no licensure of physicians?

Or brain surgeons, or airline pilots, or civil engineers. But unlike Rothbard it did not occur to him to suggest competing private enterprises for the administration of justice and provision of public safety and police protection.

 

[oldfart]

He's the man!


It's like evolution, it's a science... And those that believe in Keynesian economics believe in a religion... a faith based, always changing failed system of corruption and destruction of human life.

Then you agree with Friedman's devastating critique of the Austrian School? And of Friedman's position as founder of the monetarist school of Keynesian macroeconomics?
Oh, you didn't know Friedman was a Keynesian who was at odds with the Austrians?

 

[regent]

He's the man!


It's like evolution, it's a science... And those that believe in Keynesian economics believe in a religion... a faith based, always changing failed system of corruption and destruction of human life.

Except, the only thing America has now for recessions/depressions is Keynes, and both parties use Keynes. The problem with Keynes is the borrowed money is to be paid back in periods of properity, not gonna happen with our political system.

 

[MikeK]

He's the man!


It's like evolution, it's a science... And those that believe in Keynesian economics believe in a religion... a faith based, always changing failed system of corruption and destruction of human life.

Milton Friedman is the sonofabitch whose devious strategies have ingratiated him with despots like Augusto Pinochet of Chile and inspired the Reaganomics "trickle down" scam which in reality has facilitated the most aggressive trickle up effect in U.S. economic history.

John Maynard Keynes' principles, on the other hand, prevailed over the phenomenal economic success of the mid-century U.S. economy, which eventually was sabotaged by Reaganomics. The foundation of the Keynsian principle is prevention of hoarding of excessive wealth via effective taxation and redistribution of the confiscated excess via productive federal programs such as essential construction projects (e.g., Eisenhower's highway construction program, college finance programs, etc). The objective of these policies is to keep the Nation's wealth circulating rather than stagnating in offshore accounts of greedy billionaires and multi-millionaires who use it to bribe politicians.

But regardless of facts made obvious in modern history there are a substantial number of Americans who are effectively brainwashed by such neo-Conservative propagandists as Limbaugh, Hannity, Beck, Levin, Coulter, et al., and who, in spite of glaring evidence to the contrary, will stubbornly believe that pro-billionaire Reaganomics is the way to go.

 

[MikeK]

He's the man!


It's like evolution, it's a science... And those that believe in Keynesian economics believe in a religion... a faith based, always changing failed system of corruption and destruction of human life.

Except, the only thing America has now for recessions/depressions is Keynes, and both parties use Keynes. The problem with Keynes is the borrowed money is to be paid back in periods of properity, not gonna happen with our political system.

You're right. The System must be changed. And the only presently viable approach to doing that would be the drafting of Senator Bernie Sanders as President with former Congressman Dennis Kucinich as Attorney General. We need to start locking up the bastards who have been robbing us -- and these two men will do it.

But of course this is a pipe dream of mine because a significant percentage of American voters, the ignorant and the brainwashed, are their own worst enemy.

 

[Bombur]

A 100% Inheritance tax would only push people to sell everything to their family for a dollar or less... Sell you their house, sell you their cars, any belongings.

Then the children would sell their dying parents a paper clip for whatever money they have in the bank. It would be stupid.

The only person arguing for such a tax is in that video.

Also it is clear you are not an estate tax attorney.

 

[Avorysuds]

He's the man!


It's like evolution, it's a science... And those that believe in Keynesian economics believe in a religion... a faith based, always changing failed system of corruption and destruction of human life.

Then you agree with Friedman's devastating critique of the Austrian School? And of Friedman's position as founder of the monetarist school of Keynesian macroeconomics?
Oh, you didn't know Friedman was a Keynesian who was at odds with the Austrians?

No one is perfect. There are many things I don;t agree with Friedman on. I know he was a version of Keynesian, he talks about it with the great depression. But that's about as far as it goes... The problem with Keynesian is that people have to dictate where money goes, how much and if it goes there at all... The GD proved Keynesian economics to be a waste of time as like communism the leaders will inevitably fail.

And Milton is NOTHING like the people who claim to be Keynesian fans today. Milton talks in great length about min wage being destructive, personal responsibility, low or no taxes and keeping spending by the government under control. Basically he was 98% Austrian and 2 % Keynesian.

 

[Avorysuds]

Milton Friedman advocated a fiat or paper money standard guided by a monetary rule of an annual expansion of the money supply at a fixed rate because he believed that it was less costly than a gold standard, less open to inflationary excess, and more likely to provide the monetary framework for general economic stability.

But by the mid 1980s, Friedman had second thoughts about whether government could be trusted ever to follow the necessary restraint to provide this supposedly superior paper money system. He began to regularly quote a sentence from Irving Fisher's 1911 book, The Purchasing Power of Money: "Irredeemable paper money has almost invariably proved a curse to the country employing it."

In July 1985, Milton Friedman delivered the presidential address at the Western Economic Association on the topic "Economists and Economic Policy," which was published in the January 1986 issue of Economic Inquiry. He stated that his many years in advocating a monetary "rule," under which the central monetary authority would increase the money supply at a constant annual rate regardless of changing economic conditions, had been a waste of time. The reason, he said, is that there is no basis for thinking it would ever be in the interest of those who managed the government monetary system to follow such a rule:


Milton Friedman - Austrian Economics Wiki

So you are incorrect, Milton changed his position years later, in the 80's.

 

[Bombur]

Friedman did more math himself than all Austrians combined.

 

[Avorysuds]

Friedman did more math himself than all Austrians combined.

Maybe, but in the end he agreed with Austrians, not Obama, Bush or any of you economically illiterate nutters. He realized and admitted the error of believing a small group of people could run the economy. It's almost odd to me that he ever did seeing everything else he talks about is based on the idea that giving up your liberties will ultimately destroy you. In this case he supported giving up economic liberty, and as time went on he was proven wrong, and changed his position.

 

[MikeK]

There are two things that can happen to ruin a national economy; one is exhaustion in which the nation simply runs out of money, which is the present situation in Greece. The other is destabilization, such as the U.S. presently is experiencing. Our Nation has the wealth, the problem lies in distribution. Our economy is lopsided because a very small segment of our population has accumulated and is hoarding the bulk of our national wealth.

Money is the lifeblood of a nation. When the blood in a living organism stops circulating the organism dies. Likewise, when a nation's wealth stops circulating that nation is weakened and will soon perish. So the key principle is circulation. Allowing the One Percent to continue hoarding our Nation's wealth impedes circulation and is killing it.

The problem is as simple as that. The reason most of us are not aware of it is those who control the hoards of wealth are using it to bribe our politicians to divert our attention from them and to influence media personalities to misinform us about the nature of the problem.

There is nothing wrong with wealth. There always have been wealthy Americans and during economically sound times the ordinary people have no problem with and pay no attention to them. The problem is execessive wealth, which is what we are seeing today. There is nothing wrong with striving to become and becoming a millionaire. The problem lies with the increasing number of billionaires and multi-billionaires and the greed that motivates their exploitative methods of accumulation.

Super Rich Hide $21 Trillion Offshore, Study Says - Forbes

This imbalance exists because of flaws in the System, most of which have been deliberately and methodically implanted via bribery of legislators. The situation will not improve until the American People wake up and start kicking the millionaires out of the Congress and electing ordinary Americans to represent our interests and to start prosecuting the bankers and Wall Street manipulators who have been robbing us blind.

 

[Bombur]

Friedman did more math himself than all Austrians combined.

Maybe, but in the end he agreed with Austrians, not Obama, Bush or any of you economically illiterate nutters. He realized and admitted the error of believing a small group of people could run the economy. It's almost odd to me that he ever did seeing everything else he talks about is based on the idea that giving up your liberties will ultimately destroy you. In this case he supported giving up economic liberty, and as time went on he was proven wrong, and changed his position.

No not really.

 

[Indeependent]

He's the man!


It's like evolution, it's a science... And those that believe in Keynesian economics believe in a religion... a faith based, always changing failed system of corruption and destruction of human life.

Then you agree with Friedman's devastating critique of the Austrian School? And of Friedman's position as founder of the monetarist school of Keynesian macroeconomics?
Oh, you didn't know Friedman was a Keynesian who was at odds with the Austrians?

Hell, one of his last videos blames the Great Depression on not enough Quantitative Easing.

 

[Bombur]

He's the man!


It's like evolution, it's a science... And those that believe in Keynesian economics believe in a religion... a faith based, always changing failed system of corruption and destruction of human life.

Then you agree with Friedman's devastating critique of the Austrian School? And of Friedman's position as founder of the monetarist school of Keynesian macroeconomics?
Oh, you didn't know Friedman was a Keynesian who was at odds with the Austrians?

Hell, one of his last videos blames the Great Depression on not enough Quantitative Easing.

Friedman is mostly known for his work concerning money supply. It is why he is considered a great economist and his work is practically applied by the Fed.