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Milton Friedman On Money

Russ Roberts talks with Milton Friedman about his research and views on inflation, the Federal Reserve, Alan Greenspan and Ben Bernanke, and what the future holds.

Updated on June 20
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Key Smash Notes In This Episode

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Inflation is caused by rapid growth in money supply.

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According to Milton Freedman, the Central Bank uses short-term interest to control the value of money by controlling how much trading of securities and bonds can happen on the open market.

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It started in New Zealand in 1980s, when going through a rough economic period, they did an extremely successful experiment and managed to control country's inflation to ~3%

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Governments want to spend money without taxing it, and the only way to do it, according to Milton Friedman, is by printing money, which causes inflation.

Sooner or later the government will want more money, and in a world where people don't except a major inflation, is exactly the place where you can successfully have one.

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