Milton Friedman Part IV: Unapologetic and Unafraid

April 07, 2016

WRITER

Part IV: Unapologetic and Unafraid

Through recordings left behind, we’re able to have a conversation, if you will, with the greatest defender of capitalism in the past century: Milton Friedman. He was unapologetic for the free market because he knew and understood its amazing benefits — the ability to lift billions of people out of poverty. That confidence enabled him to be unafraid when defending wealth.

VOICE: Why is it that we have so many millionaires and everything in the United States and we still have so many impoverished people who try to get up into the world? Why is it that we have this lack of money, where people who can’t support themselves decently and get a decent job, where all these big men are up on top making oodles and oodles of money — they don’t need it. They can only eat that much. Eat, you know, sleep in the bed . . .

MILTON: And what do you suppose they do? If they don’t eat it and don’t use it, what do you suppose they do with it?

VOICE: They hoard it. They hoard it and invest it.

MILTON: What do you mean hoard it? You mean they put it under their pillows?

VOICE: No. They keep investing it.

MILTON: Investing it in what? What are they invested in?

VOICE: Well, they invest it in a lot of different things that the little people need.

MILTON: Well, do they invest it in factories?

VOICE: Yes.

MILTON: Does some of that money end up in machines?

VOICE: Yes.

MILTON: Do those factories and machines provide ordinary working people with jobs or not? Where do you suppose the improvements and productivity come from except from the investment by people of their savings? But if you look at it over time, if you get a sense of proportion, the well-being of an ordinary people has been the main thing that has been improved by economic progress and economic growth and development. And residual, most residual hard cases of poverty today are the result, again, of a failure of government.

When Friedman appeared at a conference of bankers, he set them straight on the real cause of the Great Depression — and took on the Federal Reserve.

MILTON: There is hardly any view that is more widespread than the view that somehow or another the Great Depression was produced by a failure of private business. That view is held, not only by those who are in favor of greater role of government, it is held by almost everybody. I venture to suggest you that if you go to any bankers, the people who are here today at this banking conference, and if you talk to them, I’d venture to say, nine out of ten of them, if they didn’t, hadn’t heard what I’m going to say, that nine out of ten of them would say, “Well, of course, the Great Depression was a failure of private business. It was due to an overextension. Over speculation of the 1920s. Or it was due to an excessive concentration of wealth in the hands of the wealthy at the expense of the poor in the 1920s. Or it was due to speculative investment abroad or whatever. But it was a failure of private business. And government had to step in in order to rescue private business from its own failure.” Nothing could be farther from the truth. …The Great Depression was not produced by a failure of business. On the contrary, it was produced by a failure of government and a failure of government in an area in which responsibility had been assigned to governments since the founding of this country. The Constitution of the United States, it gives Congress the power to coin money and set the value thereof. And it was in the management of this fundamental function of government that governments failed and produced the Great Depression.

When confronted by a college student who strongly believed in the redistribution of wealth, Friedman torpedoed his points calmly and rationally.

MILTON: There’s no justice in the distribution of income and wealth. I never would argue there is. Those who are wealthy don’t deserve to be wealthy anymore than those who are poor deserve to be poor. It’s pure accident. And we — but if you start to look at things that way, you’re going to go down the wrong line. Because you’re going to get back into this kind of a situation of destroying the good things, destroying what is possible, in the search of an impossible ideal. The only way in which you can redistribute effectively the wealth is by destroying the incentives to have wealth. And the question is: What is the way, what is a system which will offer those people who are so unlucky as to be born without good positions, what is a system which will offer them the greatest opportunity?

VOICE: Well, one possible way of redistributing the wealth without affecting the incentives to earn as much income as possible is simply to have a 100 percent inheritance tax. That won’t affect the incentives. It’s only after the person is dead.

MILTON: I beg your pardon. I’m afraid, I don’t know the family you come from. I don’t know. But as you grow up, you will discover that this is really a family society and not an individual society. We tend to talk about an individualist society. But it really isn’t. It’s a family society. And the greatest incentives of all, the incentives that have really driven people on have largely been the incentives of family creation, of family — of pursuing of — of establishing their families on a decent system. What is the effect of a 100 percent inheritance tax? The percent of a 100 percent inheritance tax is to encourage people to dissipate their wealth in high living.

VOICE: What’s the harm in that?

MILTON: The harm of that is, where do you get the factories? Where do you get the machines? Where do you get the capital investment? Where do you get the incentive to improve technology, if what you’re doing is to establish a society in which the incentive is for people if they have by accident accumulated some wealth, to waste it in frivolous entertainment? You know, the thing is that the thing that is amazing that people don’t really recognize is the extent to which the market system has, in fact, encouraged people and enabled people to work hard and sacrifice in what I must confess, I often regard as an irrational way, for the benefit of their children. One of the most curious things to me in observation is that almost all people value the utility which their children will get from consumption, higher than they value their own. Here are parents who have every reason to expect that their children have a higher income than they have. And they scrimp and save in order to be able to leave something for their children. I think you are sort of like a bull in a China shop, if you talk about the — the 100 percent inheritance tax having no incentive effect. It would destroy a continuing society. It would destroy a society in which there are links from one generation to the next.

Those who believe in income inequality and wealth redistribution have ample and vocal advocates today. Unfortunately, for capitalism and free market principles, it seems that since Friedman’s death in 2006, there hasn’t been anyone quite like him to defend its benefits and virtue.

'Rage against the dying of the light': Charlie Kirk lived that mandate

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Kirk’s tragic death challenges us to rise above fear and anger, to rebuild bridges where others build walls, and to fight for the America he believed in.

I’ve only felt this weight once before. It was 2001, just as my radio show was about to begin. The World Trade Center fell, and I was called to speak immediately. I spent the day and night by my bedside, praying for words that could meet the moment.

Yesterday, I found myself in the same position. September 11, 2025. The assassination of Charlie Kirk. A friend. A warrior for truth.

Out of this tragedy, the tyrant dies, but the martyr’s influence begins.

Moments like this make words feel inadequate. Yet sometimes, words from another time speak directly to our own. In 1947, Dylan Thomas, watching his father slip toward death, penned lines that now resonate far beyond his own grief:

Do not go gentle into that good night. / Rage, rage against the dying of the light.

Thomas was pleading for his father to resist the impending darkness of death. But those words have become a mandate for all of us: Do not surrender. Do not bow to shadows. Even when the battle feels unwinnable.

Charlie Kirk lived that mandate. He knew the cost of speaking unpopular truths. He knew the fury of those who sought to silence him. And yet he pressed on. In his life, he embodied a defiance rooted not in anger, but in principle.

Picking up his torch

Washington, Jefferson, Adams — our history was started by men who raged against an empire, knowing the gallows might await. Lincoln raged against slavery. Martin Luther King Jr. raged against segregation. Every generation faces a call to resist surrender.

It is our turn. Charlie’s violent death feels like a knockout punch. Yet if his life meant anything, it means this: Silence in the face of darkness is not an option.

He did not go gently. He spoke. He challenged. He stood. And now, the mantle falls to us. To me. To you. To every American.

We cannot drift into the shadows. We cannot sit quietly while freedom fades. This is our moment to rage — not with hatred, not with vengeance, but with courage. Rage against lies, against apathy, against the despair that tells us to do nothing. Because there is always something you can do.

Even small acts — defiance, faith, kindness — are light in the darkness. Reaching out to those who mourn. Speaking truth in a world drowning in deceit. These are the flames that hold back the night. Charlie carried that torch. He laid it down yesterday. It is ours to pick up.

The light may dim, but it always does before dawn. Commit today: I will not sleep as freedom fades. I will not retreat as darkness encroaches. I will not be silent as evil forces claim dominion. I have no king but Christ. And I know whom I serve, as did Charlie.

Two turning points, decades apart

On Wednesday, the world changed again. Two tragedies, separated by decades, bound by the same question: Who are we? Is this worth saving? What kind of people will we choose to be?

Imagine a world where more of us choose to be peacemakers. Not passive, not silent, but builders of bridges where others erect walls. Respect and listening transform even the bitterest of foes. Charlie Kirk embodied this principle.

He did not strike the weak; he challenged the powerful. He reached across divides of politics, culture, and faith. He changed hearts. He sparked healing. And healing is what our nation needs.

At the center of all this is one truth: Every person is a child of God, deserving of dignity. Change will not happen in Washington or on social media. It begins at home, where loneliness and isolation threaten our souls. Family is the antidote. Imperfect, yes — but still the strongest source of stability and meaning.

Mark Wilson / Staff | Getty Images

Forgiveness, fidelity, faithfulness, and honor are not dusty words. They are the foundation of civilization. Strong families produce strong citizens. And today, Charlie’s family mourns. They must become our family too. We must stand as guardians of his legacy, shining examples of the courage he lived by.

A time for courage

I knew Charlie. I know how he would want us to respond: Multiply his courage. Out of this tragedy, the tyrant dies, but the martyr’s influence begins. Out of darkness, great and glorious things will sprout — but we must be worthy of them.

Charlie Kirk lived defiantly. He stood in truth. He changed the world. And now, his torch is in our hands. Rage, not in violence, but in unwavering pursuit of truth and goodness. Rage against the dying of the light.

This article originally appeared on TheBlaze.com.

Glenn Beck resurrects the 9-12 Project to support Charlie Kirk's family

Glenn Beck is once again calling on his loyal listeners and viewers to come together and channel the same unity and purpose that defined the historic 9-12 Project. That movement, born in the wake of national challenges, brought millions together to revive core values of faith, hope, and charity.

Glenn created the original 9-12 Project in early 2009 to bring Americans back to where they were in the wake of the 9/11 attacks. In those moments, we weren't Democrats and Republicans, conservative or liberal, Red States or Blue States, we were united as one, as America. The original 9-12 Project aimed to root America back in the founding principles of this country that united us during those darkest of days.

This new initiative draws directly from that legacy, focusing on supporting the family of Charlie Kirk in these dark days following his tragic murder.

The revival of the 9-12 Project aims to secure the long-term well-being of Charlie Kirk's wife and children. All donations will go straight to meeting their immediate and future needs. If the family deems the funds surplus to their requirements, Charlie's wife has the option to redirect them toward the vital work of Turning Point USA.

This campaign is more than just financial support—it's a profound gesture of appreciation for Kirk's tireless dedication to the cause of liberty. It embodies the unbreakable bond of our community, proving that when we stand united, we can make a real difference.
Glenn Beck invites you to join this effort. Show your solidarity by donating today and honoring Charlie Kirk and his family in this meaningful way.

You can learn more about the 9-12 Project and donate HERE

The critical difference: Rights from the Creator, not the state

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When politicians claim that rights flow from the state, they pave the way for tyranny.

Sen. Tim Kaine (D-Va.) recently delivered a lecture that should alarm every American. During a Senate Foreign Relations Committee hearing, he argued that believing rights come from a Creator rather than government is the same belief held by Iran’s theocratic regime.

Kaine claimed that the principles underpinning Iran’s dictatorship — the same regime that persecutes Sunnis, Jews, Christians, and other minorities — are also the principles enshrined in our Declaration of Independence.

In America, rights belong to the individual. In Iran, rights serve the state.

That claim exposes either a profound misunderstanding or a reckless indifference to America’s founding. Rights do not come from government. They never did. They come from the Creator, as the Declaration of Independence proclaims without qualification. Jefferson didn’t hedge. Rights are unalienable — built into every human being.

This foundation stands worlds apart from Iran. Its leaders invoke God but grant rights only through clerical interpretation. Freedom of speech, property, religion, and even life itself depend on obedience to the ruling clerics. Step outside their dictates, and those so-called rights vanish.

This is not a trivial difference. It is the essence of liberty versus tyranny. In America, rights belong to the individual. The government’s role is to secure them, not define them. In Iran, rights serve the state. They empower rulers, not the people.

From Muhammad to Marx

The same confusion applies to Marxist regimes. The Soviet Union’s constitutions promised citizens rights — work, health care, education, freedom of speech — but always with fine print. If you spoke out against the party, those rights evaporated. If you practiced religion openly, you were charged with treason. Property and voting were allowed as long as they were filtered and controlled by the state — and could be revoked at any moment. Rights were conditional, granted through obedience.

Kaine seems to be advocating a similar approach — whether consciously or not. By claiming that natural rights are somehow comparable to sharia law, he ignores the critical distinction between inherent rights and conditional privileges. He dismisses the very principle that made America a beacon of freedom.

Jefferson and the founders understood this clearly. “We are endowed by our Creator with certain unalienable rights,” they wrote. No government, no cleric, no king can revoke them. They exist by virtue of humanity itself. The government exists to protect them, not ration them.

This is not a theological quibble. It is the entire basis of our government. Confuse the source of rights, and tyranny hides behind piety or ideology. The people are disempowered. Clerics, bureaucrats, or politicians become arbiters of what rights citizens may enjoy.

John Greim / Contributor | Getty Images

Gifts from God, not the state

Kaine’s statement reflects either a profound ignorance of this principle or an ideological bias that favors state power over individual liberty. Either way, Americans must recognize the danger. Understanding the origin of rights is not academic — it is the difference between freedom and submission, between the American experiment and theocratic or totalitarian rule.

Rights are not gifts from the state. They are gifts from God, secured by reason, protected by law, and defended by the people. Every American must understand this. Because when rights come from government instead of the Creator, freedom disappears.

This article originally appeared on TheBlaze.com.

POLL: Is America’s next generation trading freedom for equity?

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A recent poll conducted by Justin Haskins, a long-time friend of the show, has uncovered alarming trends among young Americans aged 18-39, revealing a generation grappling with deep frustrations over economic hardships, housing affordability, and a perceived rigged system that favors the wealthy, corporations, and older generations. While nearly half of these likely voters approve of President Trump, seeing him as an anti-establishment figure, over 70% support nationalizing major industries, such as healthcare, energy, and big tech, to promote "equity." Shockingly, 53% want a democratic socialist to win the 2028 presidential election, including a third of Trump voters and conservatives in this age group. Many cite skyrocketing housing costs, unfair taxation on the middle class, and a sense of being "stuck" or in crisis as driving forces, with 62% believing the economy is tilted against them and 55% backing laws to confiscate "excess wealth" like second homes or luxury items to help first-time buyers.

This blend of Trump support and socialist leanings suggests a volatile mix: admiration for disruptors who challenge the status quo, coupled with a desire for radical redistribution to address personal struggles. Yet, it raises profound questions about the roots of this discontent—Is it a failure of education on history's lessons about socialism's failures? Media indoctrination? Or genuine systemic barriers? And what does it portend for the nation’s trajectory—greater division, a shift toward authoritarian policies, or an opportunity for renewal through timeless values like hard work and individual responsibility?

Glenn wants to know what YOU think: Where do Gen Z's socialist sympathies come from? What does it mean for the future of America? Make your voice heard in the poll below:

Do you believe the Gen Z support for socialism comes from perceived economic frustrations like unaffordable housing and a rigged system favoring the wealthy and corporations?

Do you believe the Gen Z support for socialism, including many Trump supporters, is due to a lack of education about the historical failures of socialist systems?

Do you think that these poll results indicate a growing generational divide that could lead to more political instability and authoritarian tendencies in America's future?

Do you think that this poll implies that America's long-term stability relies on older generations teaching Gen Z and younger to prioritize self-reliance, free-market ideals, and personal accountability?

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