6-29-26 Milton Friedman Was Mostly Right

Was Milton Friedman right about inflation? Yes—but only if you quote the entire sentence. For decades, investors, economists, and financial media have repeated Friedman's famous statement that "inflation is always and everywhere a monetary phenomenon." Unfortunately, most stop at the comma, missing the critical qualification that changes the entire meaning. Lance Roberts reveals what Friedman actually meant, why money supply alone does not guarantee inflation, and how velocity, productive capacity, and credit creation determine whether higher prices become a lasting inflation problem or simply a temporary price adjustment. 0:00 INTRO 0:56 - Short Trading Week + EOQ Dynamics 4:16 - Google Joins the DJA 5:33 - Markets Break 50-DMA: What Comes Next? 12:07 - Milton Friedman Was Right (but mostly misquoted) 17:37 - Why is Debt Important? 20:57 - CPI in the '60's & '70's 22:47 - How to Grow Money Supply 26:15 - Money Has to Grow for the Economy to Grow 27:16 - The Importance of Monetary Velocity 34:54 - Quality of Credit Matters more than Quantity 38:22 - Where's All the Money Coming From? 40:50 - Household Cash as % of Total Household Assets 42:32 - The K is Improving 44:15 - Retail MM Fund Balances, Equity Ownership Growth 49:56 - Two America's Behind One Average 51:49 - What to Do? Hosted by RIA Advisors Chief Investment Strategist, Lance Roberts, CIO Produced by Brent Clanton, Executive Producer ------- Do you enjoy our content? Rate us on Google: https://bit.ly/4b9JtEo ------- Watch Today's Full Video on our YouTube Channel: https://youtube.com/live/qDTBlhH8YGY ------- Watch today's "Before the Bell" premarket commentary, "50-DMA Breakdown: Bounce or Bigger Warning?" https://youtu.be/dzfHi5OoSXw ------- Watch our previous show, "Don't Sweat Social Security," https://youtube.com/live/V4m6knHOW2o?feature=share ------- Get more info & commentary: https://realinvestmentadvice.com/insights/real-investment-daily/ ------- * REGISTER for our next Candid Coffee, "Narrative Busters: Market Stories Investors Should Approach With Caution," Saturday, July 18, 2026: https://streamyard.com/watch/RfJtCj2byfDr --- Visit our Site: https://www.realinvestmentadvice.com Contact Us: 1-855-RIA-PLAN --- Subscribe to SimpleVisor : https://www.simplevisor.com/register-new --- Connect with us on social: https://twitter.com/RealInvAdvice https://twitter.com/LanceRoberts https://www.facebook.com/RealInvestmentAdvice/ https://www.linkedin.com/in/realinvestmentadvice/ #StockMarket #Semiconductors #Micron #Investing #MarketOutlook #Inflation #MiltonFriedman #FederalReserve #Economics #Investing