Thursday, September 3, 2009


My Former Boss Interviews My Former Idol

(Guess which is which.)

On May 22, 2006, Hillsdale College president Larry Arnn had a conversation with Milton Friedman. At the end of this clip, Friedman calls for abolishing the Federal Reserve. He also (as of 2006) thought it was foolish to predict 20 years of 2% inflation. Thanks to BlackSheep for the video.

Sounds like support for bank bailouts to me.
Friedman was against the gold standard, right? what would he have us replace the FED with? would it be like a free market in fiat currency?
Remember, Friedman was aginst the Federal Reserve, but he wanted a fixed rate growth in the money supply.
BlackSheep is kicking his behind for not having used his real name. ;)

David: interestingly, his son, David Friedman predicts on "Future Imperfect" (if I remember correctly) that international currencies could emerge to cope with the blurring of borders. He argues a gold standard might not gain people's hearts because its value is less stable than a diversification of commodities.

Anyway, to answer your question, he says many times that a computer could do the FED's job. As someone who understand the case for a free market, I'd guess he'd be sympathetic to the idea of competing monies as well, though I'm not sure if he expressed an opinion.
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