S6:E23 Milton Friedman vs. John Maynard Keynes

S6:E23 Milton Friedman vs. John Maynard Keynes

Give to help Chris make Truce

Is Laissez-faire really fair?

Milton Friedman may be the most famous American economist. His research and theories have profoundly shaped the modern American economy. But few of us can clearly articulate what he taught and what it means for our times. Friedman’s career was defined by the aftermath of the Great Depression. He worked in the government administering the New Deal, but never really agreed with it. He joined the faculty at the University of Chicago and built a department around him that taught a version of free-market economics known as monetarism. Essentially, monetarism is the idea that inflation is a product of how much money is in circulation. Friedman did not like the Federal Reserve or the gold standard, instead, advocating for a standard 4% increase in the money supply every year that would not be shifted. By setting a rule, he hoped to do away with an entire governmental department.

Milton Friedman: The Last Conservative

Friedman and his co-authors ventured into areas that other economists thought, perhaps, unwise. They used economics to explain things like marriage and school choice. He was also a proponent of school vouchers.

Stanford professor Jennifer Burns joins Chris today to explore the many facets of Milton Friedman. This is the first of two parts.

Sources:

Discussion Questions:

  • Had you heard of Friedman before this episode?
  • If so, what did you know about him?
  • What does “laissez-faire” mean in economic terms?
  • Does it line up with the Bible in any direct way?
  • Why do you think so many conservative Christians lean toward laissez-faire?
  • How bad was the Great Depression?
  • If you had worked for the government during the Depression, what would you have advocated?
  • Why are some people against the New Deal?
  • What did the New Deal mean to starving people during the Depression?
  • How does a fear of communism play into anti-New Deal sentiment?
S5:E36 The Only Thing We Have To Fear

S5:E36 The Only Thing We Have To Fear

Give to support the Truce Podcast

What did FDR mean by “the only thing we have to fear is fear itself?”

On March 4, 1933, FDR delivered his inaugural address. In it, he used the phrase “the only thing we have to fear is fear itself”. I did a little searching and this phrase is used a LOT in Christian books. So often. But it almost always refers to the fear one person has in their heart. In reality, it is a comment on collective fear. The Great Depression started in 1929 and was exacerbated by a bank run in which Americans lost faith in the value of our currency and the banking systems.

Do we believe in God’s economy?

That is an important distinction. FDR’s speech is about collective fear. As I’ve contemplated the modernist/fundamentalist debate this season, I keep returning to the idea of fear, not in the US economy but in God’s economy. He commands us to love the Lord, keep His commands, love our neighbors, turn the other cheek, and give to those who ask of us. Why do we forget to do this important work? Could it be because we’ve lost faith in God’s economy?

This episode features a clip from my discussion with Jacob Goldstein, former host of NPR’s Planet Money podcast and the current host of Pushkin’s What’s Your Problem? podcast. His book is Money: The True Story of a Made-up Thing.

Select Sources

Discussion Questions:

  • Why does it matter that FDR’s quote “…the only thing we have to fear is fear itself” is a collective statement and not one about individual fear?
  • What are some identifying features of God’s economy?
  • Do you trust in the way that God tells us to do things?
  • When was the last time you prayed for someone who you don’t like?
  • Do you believe in turning the other cheek?
S2:E34 Leverage: How Wealthy Christians Use Money to Change the Church

S2:E34 Leverage: How Wealthy Christians Use Money to Change the Church

John D. Rockefeller was a shrewd businessman. Even to the point of breaking the law to get what he wanted. His Standard Oil company was eventually broken up using the Sherman Antitrust act. But his money kept influencing society. On this episode of the Truce Podcast, we take a field trip to the National Elk Refuge and Grand Teton National Park to see how one wealthy family strong-armed Congress into declaring federal land. And we see how this kind of leverage is used in the modern Christian church.

The Bible verse used in this episode was excerpted from the Streetlights Audio Bible. https://www.streetlightsbible.com/

Helpful links:
National Park Stats
Washington Post Article – Founding of Grand Teton
Jackson Hole Historical Society and Museum
National Elk Refuge
Grand Teton National Park