Nobel prize winning economist Milton Friedman would’ve turned 101-years-old today.
And there are plenty of people who would’ve loved to have him around today to witness how the Federal Reserve is running monetary policy.
Friedman, who is famous for his ideas on monetarism, was against the idea of a Federal Reserve. However, he did support the expansion of money supply.
Last year, we featured this 1979 interview with a young Phil Donahue, and we bring it to you again.
Donahue challenged Friedman on the principles of capitalism, and he specifically went after the concept of greed.
But Friedman’s eloquent response has gone down as one of the finest defenses of capitalism of all time.
“But it seems to reward not virtue as much as it does the ability to manipulate the system,” said Donahue.
“And what does reward virtue?” asked Friedman rhetorically. “Does a communist commissary reward virtue? You think a Hitler rewards virtue?”
“The record of history is absolutely crystal clear,” he said.
Watch the whole clip here.