What Happens When Price Controls Don't Work?

Freedman: What happens every time a price controls, black markets develop. In the case of germany after world war one, they were able to enforce price control much more effectively than domestic government could have enforced. You had barter tin tre and it's funny, they used cigarettes as money. They used er liquor as money. Everything was money, except actual money. Because money lost its value. And when exchange is manipulated by the government, that says money doesn't have value. Rationing. What happens next? Black markets. Every single time. How many times we got to go through this? Man? The beatings will continue until moral improves. I do.