Watch Dr. Friedman use the first 4 minutes to completely destroy the peak oil theory. As you may have guessed by now, if you have studied economics at all in your life, is that the free market price system is what Dr. Friedman suggested would be the best solution to the energy crisis that gripped out nation during the entirety of the 1970's. Ronald Reagan was elected President in 1980, and when he led our nation back into the direction of a free market economy, shockingly, the energy crisis abated. Yet, here we are, some 32 years later, and we are once again instituting a system of governmentally directed, "market signals," which have placed us on the precipice of another energy crisis. Once again, we have a group of top down Socialist clowns who are telling us that the cure for problems created by big government interventions is even bigger governmental intervention.
Right off the bat in the Q and A session, Dr. Friedman was hit with a question in which the subject of politics as it relates to economics came up. As usual, Friedman immediately separated the two subjects. Politicians are expert at convincing people that their economic theories are sound and carry the gravitas of approval from the world of economists when in fact this is rarely the case. Presidents, Senators, Representatives, Governors, Mayors, and Dog Catchers mostly get elected by promising a free lunch, even though economists have been telling us forever that there is no such thing as a free lunch. Even though we all realize this on an intellectual level, their tacit agreement is invoked regularly, as if the American People are unable to read.