Milton Friedman Part I: Economics 101

Part I: Economics 101

Bloomberg Money recently printed an article extolling the “helicopter money” theory from a man many consider to be the greatest economist in the 20th century — Milton Friedman. Friedman was a brilliant defender of the free market — or capitalism.

Milton Friedman was the son of poor, immigrant parents. His father died when he was 15, forcing him to creatively supplement a scholarship to Rutgers University. Capitalizing on the tradition that all freshmen must wear green ties, he and a friend went door to door, selling them in the dormitory. There he learned early the benefits of a free market — offering products at a lower, competitive price while making a profit.

After graduating from Rutgers, Friedman earned his Master’s Degree from the University of Chicago and later his Ph.D. from Columbia University. He married his college sweetheart and went on to teach at Columbia, Cambridge, the University of Chicago and the Hoover Institution.

Before Friedman rose to prominence, the preeminent economist of the 20th century was Englishman John Maynard Keynes, who advocated for more government intervention in the economy. Friedman however, was a rare breed and didn’t think inside the box. He was thrilled in 1947 to receive an invitation from the Nobel Prize winner Friedrich von Hayek to meet in Sweden with some of the brightest minds in the world. Decades later, in 1976, Friedman himself was awarded the Nobel Prize in economic sciences.

Friedman was unafraid and unashamed in the goodness and rightness of capitalism. He often engaged detractors on college campuses, stating that “a society that aims for equality before liberty will end up with neither equality nor liberty.” In 1979, he sat down for an epic interview with Phil Donahue, addressing the talk show host’s concerns about capitalism.

Today, Friedman would no doubt be labeled an uncaring, hateful racist for his straightforward thinking. For example, when asked at a college forum what role the government plays in helping the poor, he spoke decisively on the matter:

“First of all, the government doesn’t have any responsibility. People have responsibility. This building doesn’t have responsibility. You and I have responsibility. People have responsibility,” Friedman said. “How can we as people exercise our responsibility to our fellow man most effectively? That’s the problem. So far as poverty is concerned, there has never in history been a more effective machine for eliminating poverty than the free enterprise system and the free market.”

Friedman’s ideas would eventually become hugely influential in the thinking of Chairman of the Federal Reserve Alan Greenspan, President Ronald Reagan, British Prime Minister Margaret Thatcher, and later, Ron and Rand Paul.

Milton Friedman died in 2006, at the age of 94, silencing a voice that strongly defended the virtues of capitalism and a free market system that has richly blessed as the United States.

On Monday's episode of "The Glenn Beck Radio Program," Glenn opened up about the tragic death of his brother-in-law, Vincent Colonna Jr., who passed away unexpectedly on April 5. He also shared some of the important thoughts and insights he's learned through the grieving process.

"Last Monday, I was sitting in this chair ... the two-minute warning comes and Stu said to me, 'You ready for the show?'' ... And that's when my wife [Tania] came to the door of the studio here at our house and said, 'I...' and she held the phone up. And then she collapsed on the floor in tears," Glenn began. "Tania's brother had passed. To say this was a shock, is an understatement."

Glenn described his brother-in-law as having "a servant's spirit."

"He was always the guy who lit up the room. He was always the guy helping others. He would never stop, because he was always helping others," Glenn said of Vincent. "He was on the school board. He was a little league coach. He was the soccer coach. He helped build the church. He took care of the lawn of the church. He was constantly doing things, raising money for charity, working over here, helping to organize this. But he was never the guy in the spotlight. He was just the guy doing it, and you had no idea how much he had done because he never talked about it.

"We also didn't know how much mental anguish he was in because he never talked about it. And last Monday morning, after spending Easter with the family ... he killed himself. This is now the third family member of mine that has gone through this. And I keep seeing it play out over and over and over again, in exactly the same way."

Glenn described his thoughts as he, Tania, and her family struggled to come to grips with the devastating loss.

"I learned some really important things as I was watching this wake. I'm seeing these people from all walks of life ... the people that were there, were there because [Vince] made a difference in their life. He was a true servant. As I'm watching this, all that kept going through my mind was, 'by their fruits, ye shall know them.' The fruits of his labor were on display. He was a servant all the time. All the time ... he found a way to love everybody.

"There are two great commandments: Love God with all your heart and mind and soul. And love your neighbor. So those two great commandments boil down to: Love truth. Because that's what God is," Glenn said.

"Love thy neighbor. That's where joy comes from. The opposite of joy is despair, and that is the complete absence of hope ... and how do you find joy? You find joy by rooting yourself in the truth. Even if that's a truth you don't want to accept. Accept the truth," he added. "But we have to stop saying that there's nothing we can do. What are we going to do? Well, here's the first thing: stop living a lie."

Watch the video clip below to hear more from Glenn:


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After imprisoning a pastor for refusing to follow COVID-19 restrictions, Canadian officials barricaded his church. And when some church members retaliated by tearing down part of the fence, Canadian Mounties arrived in riot gear.

Rebel News Founder Ezra Levant joined Glenn Beck on the radio program to give his insight on the crazy situation. He described the new, armed police presence surrounding GraceLife Church in Edmonton, Alberta, and how it not only encouraged hundreds of protesters to stand with the church in support but forced congregation members underground to worship as well.

What's happening is eerily similar to what occurs everyday in China, Levant says, and it must stop. Who would have thought this type of tyranny would be so close to home?

Watch the video below to hear Ezra describe the religious persecution taking place in Canada.


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To enjoy more of Glenn's masterful storytelling, thought-provoking analysis and uncanny ability to make sense of the chaos, subscribe to BlazeTV — the largest multi-platform network of voices who love America, defend the Constitution and live the American dream.

Enough prayers? Why is supposed Catholic Joe Biden suggesting that Congress ought to stop praying for after someone commits acts of gun violence?

On Friday, Stu Burguiere and Pat Gray filled in for Glenn and discussed President Joe Biden's remarks during his speech on gun control. "Enough prayers. Time for some action," Biden said. Stu and Pat were surprised how dismissive Biden appeared to be on the idea of prayer.

Watch the clip to hear more. Can't watch? Download the podcast here.

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To enjoy more of Glenn's masterful storytelling, thought-provoking analysis and uncanny ability to make sense of the chaos, subscribe to BlazeTV — the largest multi-platform network of voices who love America, defend the Constitution and live the American dream.

Just days after Canadian pastor James Coates was released from prison for refusing to bow to COVID-19 lockdown restrictions, several police officers showed up at another church to ensure restrictions were being followed. But Polish pastor Artur Pawlowski of the Cave of Adullam Church in Alberta, Canada, knew his rights, telling the cops not to come back until they had a warrant in hand.

Filling in for Glenn Beck on the radio program this week, Pat Gray and Stu Burguiere played a video of the interaction.

"Please get out. Please get out of this property immediately. Get out!" Pawlowski can be heard yelling at the six officers who entered his church.

"Out! Out! Out! Get out of this property immediately until you come back with a warrant," he continued. "Go out and don't come back. I don't want to talk to you. You Nazis, Gestapo is not allowed here! ... Nazis are not welcome here! Do not come back you Nazi psychopaths. Unbelievable sick, evil people. Intimidating people in a church during the Passover! You Gestapo, Nazi, communist fascists! Don't you dare come back here!"

Watch this clip to see the heated exchange:

Want more from Glenn Beck?

To enjoy more of Glenn's masterful storytelling, thought-provoking analysis and uncanny ability to make sense of the chaos, subscribe to BlazeTV — the largest multi-platform network of voices who love America, defend the Constitution and live the American dream.