Milton Friedman Part IV: Unapologetic and Unafraid

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.

Glenn Beck joined Fox News' Tucker Carlson on Thursday night to discuss Visa Inc.'s "horrifying" new plans to flag firearm sales by separately categorizing purchases at gun shops, a move that Glenn aptly described as "the next step in banning guns."

In what's been hailed as a major victory for gun control activists, Visa agreed to adopt the International Organization for Standardization's (ISO) new set of standards by creating a special merchant category code for gun and ammunition sales.

In his appearance on "Tucker Carlson Tonight," Glenn shared a letter written by Robert B. Thomson III, a senior vice president at Visa, showing that the credit card company initially pushed back on the ISO's new rules.

“We believe that asking payment networks to serve as a moral authority by deciding which legal goods can or cannot be purchased sets a dangerous precedent,” Thomson wrote in the letter to pro-gun-control lawmakers, including Democratic Sen. Elizabeth Warren of Massachusetts.

Just days later, however, Visa had agreed to comply with the ISO's plan to establish a new merchant category code for gun stores. So why did Visa suddenly flip?

As Glenn explained, it all comes down to pressure from America's largest union-owned bank, the Amalgamated Bank, one of the only unionized banks in the United States and a proud proponent of ESG (Environmental, Social, and Governance) investing.

"This is the next step in banning guns," Glenn asserted.

"It's horrifying!" Tucker responded after several seconds of stunned silence.

"I'm so grateful you did the reporting on this," he told Glenn. "I'm not sure why it falls to you since we have a couple of very large daily newspapers in this country you'd think would want to report this, yet none of them did. So, Glenn Beck did."


On a recent episode of "The Glenn Beck Program," Glenn broke down the details of this latest attack on the Second Amendment and revealed how this is a step toward something even worse than federal gun registration. Watch the video clip below for more details. Can't watch? Download the podcast here.


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Glenn Beck: Here's why Stacey Abrams' fetal heartbeat remarks are hilarious but TERRIFYING

(Left) Image source: video screenshot/ (right) Photo by Marcus Ingram/Getty Images

Georgia Democratic gubernatorial candidate Stacey Abrams has a new pro-abortion conspiracy theory: "There is no such thing as a [fetal] heartbeat at six weeks ... it is a manufactured sound designed to convince people that men have a right to take control of a woman’s body."

On the radio program Thursday, Glenn Beck and producer Stu Burguiere agreed Abrams' latest "misinformation" is not just ridiculous but could be dangerous if people are actually willing to believe her.

"If you want to defend abortion, go ahead and defend it. Defend what you're actually doing. Stop denying what is reality," Stu said. "If this is such a great defensible policy, then just come out and defend it, but they never can ... you notice how they can't go to the actual thing they say is so important. They keep defending these other things that aren't true."

Glenn said the pro-choice movement was successful for a long time because most people want the decision to be up to the woman and her doctor and that abortion should be safe, legal, and rare. But when leftists began "celebrating" their abortions or calling for "abortion on demand" at any point in the pregnancy, that's when they start to lose support.

"Because they've celebrated abortion and are losing regular people, you can't put that genie back in the bottle. So, what do they have to do now? They have to take the insane step of discrediting medical machines and technology," Glenn said.

"This is after two years, by the way, of them claiming the biggest scandal in the world was people suggesting the voting machines were hacked — after they previously said that voting machines were hacked in elections they [Democrats] lost," Stu pointed out.

"Honestly, gang, think this through because this is where life gets very scary. This is where you go to authoritarian rule and you can kill millions of people because you're truly now discrediting things that everyone knows is true," Glenn warned.

"So, if you disagree ... you can say that is an evil magic box that has made up sounds in it to convince people. If they will buy that, you're at the Salem witch trials. 'If she doesn't float, she wasn't a witch.' That's what you're looking at right now — and what's frightening is, [Abrams] can say this with a straight face and no one discredits her," he continued.

"You don't think that they can convince those people that you are a terrorist because of the way you vote? [...] You don't think they can convince half the country that you should be eliminated, liquidated, put into a camp, whatever authoritarians love to do? ... We are headed towards dangerous, dangerous times. We better wake up and stand together because this is frightening — it's hilarious — but because people are taking it seriously, it is terrifying," Glenn added.

Watch the video clip below to hear more from Glenn. Can't watch? Download the podcast here.

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A big question Glenn Beck has always had about “The Amazing Do-Over” is: How do you get the most powerful and wealthy nation that has ever existed to accept, “You will own nothing … and be happy”? A foundational principle of this country from its very inception has been land ownership. We worked hard, were fiscally responsible, and stayed away from high debt, but the progressive era began to erode all of that.

The Clinton Global Initiative recently gathered the ruling class to tell the plebes how to run their finances and called anyone who dared challenge their ideas “climate change deniers.” Glenn argues we are dangerously far down the “Road to Serfdom” and exposes the progressive playbook to keep us in line. It’s a 600-year-old medieval model that’s been the plan all along.

We’re already feeling economic pain, and yet they’re playing “Game of Thrones” with our lives. Turning us into serfs is their ultimate goal. How do they finish the complete restructuring of the American financial system and our way of life?

On Wednesday night's "Glenn TV," Glenn connects it all on the chalkboard and details the solution to fighting back against the ruling elites.

Watch the full episode below:

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These days, it seems like everything is about politics, and comedy has been one of the biggest targets. Many comedians are walking on eggshells, but stand-up comedian and "Saturday Night Live" alum Jim Breuer isn't one of them.

Breuer joined Glenn on the latest episode of "The Glenn Beck Podcast" to talk about why he’d rather be funny than fearful and what inspired his hilarious comedy special, “Somebody Had to Say It," which has garnered almost 1.5 million views as of this writing.

Breuer made it clear that he does not consider himself to be political. "I'm not. I'm 100% not [political]," he told Glenn, before explaining how people started calling him political when he dared to ask questions about a certain shot that we're not allowed to mention, let alone question.

"When did medicine become political?" Breuer asked.

"What kind of price have you paid for being called political?" Glenn asked Breuer.

"To be dead honest with you, once COVID really kicked in, and ... once you realize we're not going to be here, that we're on borrowed time, and I do have God in my life ... you come to terms with reality on a deeper level. And when COVID kicked in, I said, 'You know what? All bets are off.' I already knew I wasn't in control. But now, not only am I not in control from the natural order of life, but now the puppet masters ... are in control," Breuer answered.

"It made me realize I don't have time to worry about what people think of me. I know where I'm at in life. I know where I'm at spiritually. I know where I'm at with my family," he added.

"That's tremendous power," Glenn said. "But it spooks the hell out of people."

"But it shouldn't!" Breuer exclaimed. "I'm excited that other people get this ... but they're stuck. We ain't got time for stuck. To me, this is the time of, 'You gotta rise.' For years and years and years, you allow fear to control your life. Fear of dying. Fear I might get sick ... everything's based out of fear. It's time for the fearless."

Breuer also revealed his secret for dealing with tough times, and he’s seen his share. But he also said he's seen miracles, including the incredible (and hilariously told) story of how he found faith, how God saved his marriage, and why one family friend was convinced his wife belonged to a cult.



Watch the full episode of "The Glenn Beck Podcast" below:

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