Milton Friedman's Money Rule Failed | Capitalism and Freedom Ch. 3-4

Will we ever stop talking about money? No!! Don't be ridiculous! We're talking all about Milton Friedman's k percent rule (we'll go through Keynesian, MMT, and anarchist criticisms), free floating exchange rates, and so-called free trade.

Spotify: https://open.spotify.com/episode/4GpzgS9KHnk1FgiW0VaUQ9
YouTube:https://www.youtube.com/watch?v=TIVq8wuzo30
Patreon: https://www.patreon.com/posts/152809209?collection=2024791

One thing! The episode glossed over some of the issues in the Keynesian section with the Volcker rate hikes specifically. It's not JUST that targeting the monetary base is difficult and a bit of a moving target (it is!) it's also that the tightening cycle actively exacerbated the massive contraction that followed.

So! If you're interested in a full breakdown, Bill Dupor at the St Louis Fed has a piece that Justin found interesting, available as a pdf at the bottom of the Patreon post. It's a little long and heavy on the economics but if you want more info, that's a great starting point.