Jennifer Burns

in that its cycles of boom and bust create social instability, chaos. It needs to be tamed. It needs to be regulated. And so that becomes the kind of baseline of politics in the United States, the understanding of the New Deal, the understanding of the Democratic Party, even to some extent, the understanding of the Republican Party. And Friedman never quite Now, we're quite sure about that.

He has a hunch that there's something else going on, and he does not buy that capitalism has sort of ground to a halt, or the other idea is that capitalism has gone through some sort of phase transition. And it worked great maybe while we had a frontier. This is a very serious argument that people are making. The United States used to have a frontier, a place where Europeans hadn't fully settled.

He has a hunch that there's something else going on, and he does not buy that capitalism has sort of ground to a halt, or the other idea is that capitalism has gone through some sort of phase transition. And it worked great maybe while we had a frontier. This is a very serious argument that people are making. The United States used to have a frontier, a place where Europeans hadn't fully settled.

He has a hunch that there's something else going on, and he does not buy that capitalism has sort of ground to a halt, or the other idea is that capitalism has gone through some sort of phase transition. And it worked great maybe while we had a frontier. This is a very serious argument that people are making. The United States used to have a frontier, a place where Europeans hadn't fully settled.

Of course, they're pushing out the native tribes. That's another story. But that this frontier is the engine of economic growth. And the frontier is now over. It's closed. And we're going to stagnate. There's a theory of secular stagnation. And so to deal with secular stagnation, we're just going to have to have a more active state. So Friedman is suspicious of all these assumptions.

Of course, they're pushing out the native tribes. That's another story. But that this frontier is the engine of economic growth. And the frontier is now over. It's closed. And we're going to stagnate. There's a theory of secular stagnation. And so to deal with secular stagnation, we're just going to have to have a more active state. So Friedman is suspicious of all these assumptions.

Of course, they're pushing out the native tribes. That's another story. But that this frontier is the engine of economic growth. And the frontier is now over. It's closed. And we're going to stagnate. There's a theory of secular stagnation. And so to deal with secular stagnation, we're just going to have to have a more active state. So Friedman is suspicious of all these assumptions.

And he has this idea that it's something to do with money. Money is somehow important. And so he joins together with Anna Schwartz, who is an economist. She doesn't at this time hold a PhD. She's working for the National Bureau of Economic Research. And they come together to do this study of money in the U.S. economy. And It takes them 12 years to write the book.

And he has this idea that it's something to do with money. Money is somehow important. And so he joins together with Anna Schwartz, who is an economist. She doesn't at this time hold a PhD. She's working for the National Bureau of Economic Research. And they come together to do this study of money in the U.S. economy. And It takes them 12 years to write the book.

And he has this idea that it's something to do with money. Money is somehow important. And so he joins together with Anna Schwartz, who is an economist. She doesn't at this time hold a PhD. She's working for the National Bureau of Economic Research. And they come together to do this study of money in the U.S. economy. And It takes them 12 years to write the book.

And they're releasing their ideas and they're arguing. And Friedman is writing papers, giving talks, saying money is really important. And nobody's really believing him. He's a crank. He's at Chicago. He's out, you know, Chicago is a well-known university, but he's sort of considered a crank. And then in 63, he and Anna Schwartz publish this book. And it's, you know, 800 pages.

And they're releasing their ideas and they're arguing. And Friedman is writing papers, giving talks, saying money is really important. And nobody's really believing him. He's a crank. He's at Chicago. He's out, you know, Chicago is a well-known university, but he's sort of considered a crank. And then in 63, he and Anna Schwartz publish this book. And it's, you know, 800 pages.

And they're releasing their ideas and they're arguing. And Friedman is writing papers, giving talks, saying money is really important. And nobody's really believing him. He's a crank. He's at Chicago. He's out, you know, Chicago is a well-known university, but he's sort of considered a crank. And then in 63, he and Anna Schwartz publish this book. And it's, you know, 800 pages.

It's a reinterpretation of the history of the United States through money. Like the central character is money, whether it's specie, greenback, or the U.S. currency. And they have a whole chapter on the Great Depression. And what they've literally done, Schwartz has done most of this. They've gone, Schwartz has gone to banks and said, show me your books. And then she's added up column by column.

It's a reinterpretation of the history of the United States through money. Like the central character is money, whether it's specie, greenback, or the U.S. currency. And they have a whole chapter on the Great Depression. And what they've literally done, Schwartz has done most of this. They've gone, Schwartz has gone to banks and said, show me your books. And then she's added up column by column.

It's a reinterpretation of the history of the United States through money. Like the central character is money, whether it's specie, greenback, or the U.S. currency. And they have a whole chapter on the Great Depression. And what they've literally done, Schwartz has done most of this. They've gone, Schwartz has gone to banks and said, show me your books. And then she's added up column by column.

How much money is in your vault? How much money is on deposit? How much money is circulating? And so they literally have graphs, you can see them in the book, of how much money has been circulating in the U.S. at various different points in time. And when they get to the Great Depression, they find the quantity of money available in the economy goes down by a third.

How much money is in your vault? How much money is on deposit? How much money is circulating? And so they literally have graphs, you can see them in the book, of how much money has been circulating in the U.S. at various different points in time. And when they get to the Great Depression, they find the quantity of money available in the economy goes down by a third.

How much money is in your vault? How much money is on deposit? How much money is circulating? And so they literally have graphs, you can see them in the book, of how much money has been circulating in the U.S. at various different points in time. And when they get to the Great Depression, they find the quantity of money available in the economy goes down by a third.

And in some ways, this is completely obvious because so many banks... have failed. And we don't have any type of bank insurance at that point. So if your bank goes under, your savings are there, the money essentially vanishes. And it's fractional reserve banking, right? So you've put in, they can loan up to 90% on their deposits. And so Friedman and Schwartz present this argument