. >> host: where does milton friedman fall in all this? >> guest: milton friedman was a classical liberalism 1.0 type person. i was a colleague of his for 12 years at the university of chicago where i taught. milton inspires a lot of brotherly libertarians, but on the other hand, he was in most ways a nice guy, and concerned with poor people. but you know, my friends on the left think that a libertarian, and liberal like me hates the poor, if it only you're a democrat or a socialist, as i once was, do you care for the poor. for some reason it's kind of an implausible psychological premise, but they think people within the classified on the right, which would include libertarians, although i would argue with this, they say you people don't love the poor. you just love the rich people. why anyone would love the rich people i don't know, but anyway that's what they say. but that's not really the case of a classical liberals like milton. he believed, as i do, but the best way to help support you to have a prosperous economy, a dynamic, growing

>> host: we were talking about milton friedman. he said he thought that paul would've beewould have been more milton friedman camp than perhaps a libertarian. >> we had him here to debate steve moore and he's kind of an interesting person because his background is in classical economics and john's wort mills is his favorite economist and he's written a biography of high afghan friedman so you would think he would be in that camp, but he's drifted in a lot of ways. i think he's been affected by the purple kool-aid a little bit there wa but it was a rather progressive tax and o of course molten friedman and hayek and so on they were skeptical as mia and the idea of transferring wealth from the private sector to the public sector i can't see how that would be beneficial so i kind of question. >> host: you mentioned the term sound money. >> you need a system that imposes a discipline on the central planners because how much does it cost to help pay for money, 20-dollar bill with andrew jackson but it costs $3 to make that. >> it costs

john: milton friedman? how many of you woke up because of a college course? very few. it from ron paul? [ cheers and applause ] . john: quite a lot. and finally how many of you got it because when you were in high school, one of your teachers played one of my stossel in the classroom tv shows, and you had a discussion about it. [ cheers and applause ] . john: all right! we have these videos, and people do learn some of these ideas in high school. earlier i asked some of you about this individually. what got you interested in liberty? >> i had a professor who taught paul krugman and milton friedman and i liked friedman better. >> watching ron paul got me interested. >> i came across ron paul. >> ron paul. >> youtube videos on friedman. john: where did you find them? >> i typed it in the search box, and milton friedman came up and i've been hooked. >> i heard about libertarian from you, on fox news. >> my economics and government teacher in high school played your public choice video. these are not the kind of ideas showing up in textbooks that are written nowadays. >> i

milton friedman. i arrived in italy in november two thousand eleventh shooting documentary the nation was at risk of default and under pressure of the european institutions the berlusconi government had just resigned in favor of mario monti a technician who would have afforded the forthcoming catastrophe it was the first time in a decade that i came back to the land where i was on a brilliant mind. to advance a moral vision. a vision of a society where men and women are free. free to choose italy had been downgraded by the radio agencies and had lost credibility in the eyes of international markets there was everywhere a climate of fear and uncertainty about the future. when government attempts to substitute its own judgments. for the judgments of free people. the results are usually disastrous. the italian case with its debt out of control could have even caused a domino effect on the whole european economy not only dose of the pigs. what was going on in europe in contrast to the free markets invisib

. -- right, on chicago -- and he said that he thought paul krugman would be more of a milton friedman then perhaps a libertarian. >> well, we have -- here to did debate steve moore. lanny is an interesting person because his background is in classical economics and john stuart mill is his favorite economists. he has written a biography of hayek and friedman. you think he would be in that camp. he lives in santa monica or santa barbara. he teaches there and i think he's been affected by the purple kool-aid their little bit. she was in favor of a progressive tax a rather high progressive tax a milton friedman and hayek were very skeptical of a progressive tax, as a my. and the idea of transferring wealth from the private sector to the public sector and i cannot see how that would be beneficial. i question his prism of how he is seeing things the stay. >> host: you mention the term found money, what does that mean? >> guest: sound money is that you need some type of monetary system that imposes a discipline on the central planners. because how much does it cost, we have paper money, a lo

keynes argued the need for public intervention in the economy of the nation on the opposite side milton friedman yes that treatment of freedom and economic consumption of the bloodthirsty dictator pinochet theories remain the source of current economic policies of the west and anything we can do to keep government spending is a good thing we should restrict it to those activities like defense which we really need to do. because it's a political decision is why in the past i've called it a crime against humanity because it's an act of decision a kind of walk they have run out of money the central bank this credit accounts is no limit to the amount they credit so let's see how money is created in the united states. can be taken into the afterlife that's a lot of people from the future are now arriving in the present. is able to pay for is very into the president using but he doesn't talk about it much because he's already considered to be quite a strange man but you know that's the truth. saloon the dubrovnik in venice are all fixed travel destinations so it must be nice to live there or is it. cr

keynes argued the need for public intervention in the economy of the nation on the opposite side milton friedman yes that treatment of freedom and economic consumption of the bloodthirsty dictator pinochet just theories remain the source of current economic policies of the past and anything we can do to keep down government spending is a good thing we should restrict it to those activities like defense which we really need to do thank you because it's a political decision that's why in the past i've called it a crime against humanity because it's an act of decision a kind of walk they have run out of money the central bank discredits the cost there's no limit to the amount they credit accounts so let's see how money is created in the united states. seemed wrong but all just don't call. me. yet to stamp out just to become educated and gain from it equals betrayal. when so many find themselves worlds apart. just to look for common ground. thank you for new to the game this is how it works now the economy is built around corporations corporations run washington washington controls the media the med

beginning of a new neoliberal fat's right economics that would destroy the post-war consensus his milton friedman of the infamous chicago school who inspired reagan and thatcher talking about what pinochet's military dictatorship in chile meant to him and it's not so much the death squads torture and cia training chile was a case in which a military regime headed by putin. was willing to switch the organization of the economy from atop their own to a bottom up formants and in that process a group of people who had been trained at the university of chicago in the department of economics who came to be called the chicago boys played a major role in designing and implementing the economic reforms in fact powerful elites would use this military dictatorship as a touchstone for privatizing everything in civics.

beginning of a new neoliberal fat's right economics that would destroy the post-war consensus his milton friedman of the infamous chicago school who inspired reagan and thatcher talking about what pinochet's military dictatorship in chile meant to him and its not so much the death squads torture and cia training surely was a case in which a military regime headed by putin. was willing to switch the organization of the economy from atop their own to a bottom up performance and in their process a group of people who had been trained at the university of chicago in the department of economics.

milton friedman. ed i arrived in italy in november two thousand and eleven to shoot a documentary the nation was at risk of default and under pressure of the european institutions the berlusconi government had just resigned in favor of mario monti a technician who would have avoided the forthcoming catastrophe it was the first time in a decade that i came back to the land where i was born here used a brilliant mind. to advance a moral vision. a vision of a society. where men and women are free. free to choose italy had been downgraded by the rating agencies and they'd lost credibility in the eyes of international markets there was everywhere a climate of fear and uncertainty about the future. and three minutes shown is that when government attempts to substitute its own judgments. for the judgments of free people. the results are usually disastrous. the italian case with its debt out of control could have even caused a domino effect on the whole european economy not only dose of the pigs. what was goi

beginning of a new neoliberal fat's right economics that would destroy the post-war consensus his milton friedman of the infamous chicago school who inspired reagan meant that you're talking about what pinochet's military dictatorship in chile meant to him and it's not so much the death squads torture and cia to.

beginning of a new neoliberal fat's right economics that would destroy the post-war consensus his milton friedman of the infamous chicago school who inspired reagan and thatcher talking about what pinochet's military dictatorship in chile meant to him and its not so much the death squads torture and cia training chile was a case in which military regime headed by putin. was willing to switch the organization of the economy from a top down to a bottom up performance and in that process a group of people who had been trained at the university of chicago in the department of economics who came to be called the chicago boys played a major role in designing and implementing economic reforms in fact powerful elites would use this military dictatorship as a touchstone for privatizing everything in civic society and they took the credit for a boom even though chile's copper mines the big source for revenue in fascist chile whenever privatized it all these elites would go on to support islam is to movements in their quest for ever more territory and resources the u.s. and u.k. would fund the groups linked

. >> you quote milton friedman in your book job creation, one of the great mistakes is to judge government policies andprograms by their intentions rather than their results . >> that's such a good quote. that's the way every government program should be judged. look at the war on poverty. the intention was to reduce poverty, it hasn't.if we were losing a real war, we would change our tactics to win the war. we're still going, not only did we go with the same tactics that failed but we put more money into them. this is not a good plan. we have a president willing to change that. if we can getpolitical commitment and energy going, particularly in the senate, we can solve a lot of these problems and make a lot of improvements but we need the senate to get on board . >> what would have been your first action as labor secretary? >> number one i wanted to implement policies that would create jobs in the inner cities. the policies implemented over the past eight years have her job growth in the inner cities. i want to see those entry-level jobs, i want to see people get prepared for the jobs tha

it almost plays whole mosh to milton free -- homage to milton friedman.ie: it does not feel like a risk of the fed a less patient body especially as -- tom: that is a good point. choices. safe tom: we do have the patience in particular with the chair yellen who serves much in common with the vice-chairman. dan moss: it has been a very cohesive board and a long time -- a veryhave seen a long time. asis probably fair to say remarkable of a career as stan fischer has had, it has not been entirely flawless. i was a bureau chief in asia for bloomberg in the late 1990's. the prescriptions the iff made toro company goals -- to accompany did attract some criticisms for the austerity indonesia, a in company bind a number of bank foreclosures that were not forcing. yes, great career. a mind for the ages. but in a career of this size, you are going to have a few bald spots. is -- willwith us among us would is without flaws? thankene and dan moss, you for helping us interpreted this news. this is bloomberg. we will be right back. ♪ is the "european close." stocks fin

replacing it all by giving people money is better, that was milton friedman's argument who made the caseme ago. that's part of my reason. the other is one is that i think working to see a revolution in the job market in the next 20 or 30 years that will require us to define what the job is. , minority on the have a lot of friends who say this plan is not different so forth. the second is that we have to revise american civil society. i mean community solving their own problems in dealing with each other and all the things that made america a special place for decades and decades which is disappearing and oddly enough it universal basic income can give a big boost to revitalizing the. >> explain that. people might say it's doing the opposite. that it's big government gone mad. >> love we give everybody $50000 a year, yes. you have a problem. in my plan, give $10000 per year of disposable income. okay, on $10000 a year, you can't make much of a decent living. if you get a job you could be above the poverty line, but guess what? if you're couple that's $20000 less whatever you can get from

now, milton friedman, not by favorite person or economist but in some ways what they were doing is a bit different. different. buchanan always smart because he didn't think he could get adequate recognition. but they were all part of this which was promoting these ideas for the world fighting chicago maintained somewhat of a different feel. although i don't know, maybe it's because i haven't gone deeply into the archives. maybe there will be somebody else here writing the book about that. >> the question was this fox news part of this network. i would say that archival information was mainly from buchanan. it was part of this libertarian network and they had a letter they were talking about and they were a convert to the clause. they talked about when they were launching the program about making use from the cognitive psychology and biology so the effort to keep right-wing people in a kind of constant faith to a state of fear because someone hates their religion i think a lot of that is consciously exploited and i am on the direct mailing list is a member of the groups invite him to

milton friedman developed the idea of choice in his 1955 essay, the role of government in education. policy, including our special s here tonight, developed these programs in the 1980's and 1990's. why did 1900 people signed the facebook page to protest tonight? the controversy surrounding this forum reflects a large and profound division in american politics and society today. this country is more divided now than it has been in many decades. many people on all sides feel fearful and deeply threatened. for educators, this is an especially sad moment. it has made many people stop listening to each other. in this time, what we need most is to listen and understand one another, instead of circling the wagons. the kennedy school is all about understanding differences and building bridges. creating an inclusive space now is especially difficult. many people from all sides would rather shut each other down, rather than hear what one another are saying. i am sure many people have followed the controversy over colin kaepernick and other nfl players. what are they saying? from the farms of v

and they had milton friedman on the right and paul samuelson, the liberal, and henry wallick who was a professor at yale and you actually discontinued the column in the 1970's as a sort of middle of the roader. i guess he was tired of writing it. and it was passed to his colleague at m.i.t.. but when newsweek named me to replace them, having decided a journalist might be a breath of fresh air, samuelson sent me a nice letter. i think it was one sentence. i think it was as follows. somebody named samuelson cannot be all that bad. [laughter] may have learned to regret that. i want to talk for about 20 minutes. hans will stop me if i go too long. and the main thesis is simple, it is that the rise and fall of double-digit inflation was the most important economic event of the last 50 years. and that he really cannot understand the economic history of the last half century unless you understand both the consequences of rising inflation and falling inflation, this is not to say that other economic events were not terribly significant. globalization, the decision of the chinese to in their

economics going back to milton friedman and going forward. >> all right. thank you so much. we are talking about the bank of england. robert says perhaps you may not see the this in 20 years from now. we will discuss the future of europe next. this is bloomberg. ♪ quite heading down different paths. emmanuel macron seeks deeper european integration but his partner germany's angela merkel has seen her as we can after the elections. a member of u.k.'s -- an american professor of clinical economy at the university of warwick. thank you for joining us in staying with us. do we see a move toward a more fractured europe with the lead the recent election just after the european economy seems to be hitting at every cylinder? >> there will be more fractured. the idea the of greater integran is a bit of a pipe dream. it has always been, but now there are so many groups opposed to it that it will be hard to bring about. without bringing in about, the whole project is in danger. treasury, itntral needs a central bank that can act as last resort, and all of that is opposed by the nationa

milton friedman said it is the most anti-black law on the statute book, a black teenager was slightly detroit, teen unemployment is over 50%, thank you, jane fonda, thank you, lily tomlin, love to have you coming down there making things worse. stuart: you just want her to get out of southern california where you live. i know you, larry. the important issue of the day is president trump hosting a bipartisan tax dinner tonight at the white house. he's got three moderate republicans, three moderate democrats, going after the democrats, he's moving to the center, he's looking for bipartisan approach on tax cuts. i'm for it, are you? >> absolutely, and why not? we have a tradition of bipartisan tax cuts in this country. the kennedy tax cuts that were so successful that went into effect after he died, bipartisan. reagan's tax cuts, bipartisan. george w. bush got a couple of democrats on board for the second round of tax cuts. there's no reason. obama said our corporate tax rate is too high. the high nest world, when you have obama saying that, it seems there is common ground there, somewhe

coming into an existence of a predefined way in fact monetary, like taylor, not far from here milton friedman comes into existence federal reserve should create it fixed rate not try to find the economy managing it what you have in bitcoin a form of money into existence at a fixed rate governed by mathematical principles. >> not really bit coin the -- the underlining technology as you said is block chain. >> right. >> and you were speaking block chain summit in china. >> correct. and what people are realizing is that with block chain you can take out 90% of the back office cost of all kinds of -- mechanisms and banks stock markets and such, that is why overstock has been pioneering application of block chain to wall street not only pick up the cost you can create a version of wrote a where no won with an cheat all kinds of mischief that goes on on wall street can't be done, in a version of wall street that is recreated on the block chain, and what we have seen this is what i think scares wall street so much what we've seen in the last 10 years, has seen that the banks have found ways to buy t