. >> host: milton friedman? >> he is brilliant and a logical mind and nobel laureate economist, but this book minutest is a short book called the 21st -- is called "the 21st century case for gold" and it tries to refute milton friedman -- milton friedman's monetarism with a new information theory of money" like paul krugman who is "the new york times" nobel laureate columnist and conservative magazines have adopted and prevailed in the world economy and as a result in a currency market that has 5. $4 trillion worth of transactions every 24 hours to read that is one-third every 24 hours, 100 times all electronic transactions with all the stock markets in the world put together it is 25 times from goods and services put together but every country fails because as a measuring stick the currency values are more volatile io and change more rapidly than the economic activity there supposed to measure. so this currency trading of 5.$4 trillion per day is an utter failure and it is based on the milton friedman belief cu

speaking of that, ben bernanke was governor at the time in november of 2002, milton friedman at 90th birth day, gave an address directed at milton friedman, let me end my talk by abusing my status as an official representative of the federal reserve. unlike to say regarding the great depression you are right, we did it, we are very sorry but thanks to you we won't do it again. do you think that is something he is proud of, that statement? >> he was accurate in saying that. >> because the fed is not caused another great depression, merely a great recession? >> the great recession was a lot shallower than it would have been absent the knapsack and. what one can debate about how the fed got isn't that crisis, my view of the housing crisis, sub prime lending problem and the collapse, financial collapse, everyone in this country was guilty. [laughter] >> one final question for you. one of the previous witnesses eluded to the dictum that in a time of crisis -- >> i didn't even know him. all right, go ahead. >> same character. financial crisis, if you're going to have a central bank what it

. >> with all due respect, albert einstein, if you are injected with the blood of milton friedman, couldot prove that lower taxes mean higher government revenue or a bigger, better economy. no one has ever been able to make that connection. >> what happened under ronald reagan, ben? >> it's an interesting thing -- wait a minute. wait a minute. you are confusing an event with the cause of the event. yes, we had considerable prosperity. there were many reasons for that. we were recovering from a recession. we got a serious moderation of inflation. >> it could have been a reason. >> i got you agreeing. >> they have not led to -- >> i will say this. ben is right on this part. a lot of -- money was coming in fast and furious to washington. both sides were spending that money and then some. the issue i think these candidates are raising -- i give the tip of the hat to rand paul -- he doesn't care if the tax cuts are revenue neutral. he wants to choke tax money coming into washington. >> are you going to say tax increases aren't then bad for the economy? would anybody say, hey, the economy is b

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the studies of economics have been going through adam smith, milton friedman, and through freedom to choose. hyatt, friedman, and john maynard keynes with all different philosophies. you have studied this all your life. now seems to me that after all this time, there has to be some finite rules that you could write down maybe 10 things or maybe five things that if you were to say, these things happen we would have good tax policy and if they do not happen , he would have that text policy. i have another question. short onare time. --believe that that leave it at that. when you search a tax code, you to look at how it affects people's behavior. higher marginal tax rates influences people's willingness invest in work. in order to reduce the incentives that you create that may be negative in the economy, it is best to think about creating a tax system that is broad-based and has low marginal rates and raises a sufficient amount of revenue for what the government needs for the spending priorities it has. finally, h robert woodson, a conception tax hurts the poor and benefits the rich. gue

milton friedman. >> 125 years he has been a senator. probably worth a small fortune. when he was in school, i wonder if they went to him, you know what, bernie? all the as you got we'll knock them down to bs because we need to raise people that got cs and ds. he would have felt pretty lousy. trish: history proven -- socialism doesn't work. look at latin america and malaise in europe. it really doesn't work. do we, chuck, want to turn into denmark? >> you want to turn into country that represent its people. people feel like everybody at the top are getting breaks and working stiffs, going along every day really/did. trish: there are not paying all taxes. this drives me nut. people talk about hard-working american families and how they need a tax break, guess what? the top 20% of our population pay 80% of the taxes? you know what else, half of our population pays absolutely not one penny in taxes at all. i look and question, exactly how much more can you give them? they're not paying any way? >> we don't mind them being rich, buying our democracy. small business like me

the studies of economics have been going through adam smith, milton friedman, and through freedom to hoose. hyatt, friedman, and john maynard keynes with all different philosophies. you have studied this all your life. now seems to me that after all this time, there has to be some finite rules that you could write down maybe 10 things or maybe five things that if you were to say, these things happen we would have good tax policy and if they do not happen , he would have that text policy. i have another question. short onare time. --believe that that leave it at that. when you search a tax code, you to look at how it affects people's behavior. higher marginal tax rates influences people's willingness invest in work. in order to reduce the incentives that you create that may be negative in the economy, it is best to think about creating a tax system that is broad-based and has low marginal rates and raises a sufficient amount of revenue for what the government needs for the spending priorities it has. finally, h robert woodson, a conception tax hurts the poor and benefits the rich. gues

. >> whenever you get involved in the pricing issue, milton friedman said inflation and will forevermonetary phenomenon. but i don't think he expected some of the policies we've seen globally. so let's stop looking at gold as a fundamental indicator. why do you think investors especially last several months are so are ethat hnamored with ? i understand the dollar is weak, but that doesn't explain it all. >> i've always thought gold has a couple components. you have to have devaluation of the dollar. too many dollars chasing too few -- >> what about the angry crowd? >> yeah. that's one factor. the other factor i think is this global turmoil. geopolitical pressures. unrest in the middle east, iran launching launching a ballistic missile. what would gold be worth? so you always have to put a little bit of -- >> what about the fed, brian. is there a component in there that as markets lose confidence that central plans will have a happy ending, sddoes that make e allure of gold better? >> absolutely. gold is the last thing you take out of your house after you run for the hills. if we lose