Quote

I know of no severe depression, in any country or any time, that was not accompanied by a sharp decline in the stock of money, and equally of no sharp decline in the stock of money that was not accompanied by a severe depression.

Milton Friedman

Change background

T
T
T

Change font

TAGS & TOPICS

Milton Friedman
Age: 94 †
Born: 1912
Born: July 31
Died: 2006
Died: November 16
Economist
Essayist
Statistician
University Teacher
Writer
Brooklyn
New York
Milton Fridman
Decline
Stock
Equally
Depression
Money
Country
Accompanied
Time
Sharp
Severe

More quotes by Milton Friedman

Image
I am in favor of cutting taxes under any circumstances and for any excuse, for any reason, whenever it's possible. ... because I believe the big problem is not taxes, the big problem is spending.
Milton Friedman
Image
Germany's problem, in part, is that it went into the euro at the wrong exchange rate that overvalued the deutsche mark.
Milton Friedman
Image
Anybody who was easily converted was not worth converting.
Milton Friedman
Image
The facts never speak for themselves. They have to be interpreted in terms of some understanding of where they come from and what the relation between them is.
Milton Friedman
Image
Only government can take perfectly good paper, cover it with perfectly good ink and make the combination worthless.
Milton Friedman
Image
My interest in political philosophy was rather casual until I met Hayek.
Milton Friedman
Image
China's productive system draws upon the other East Asian countries to a great extent. The volume of trade is much larger than the net amount being exported from China. China needs substantial reserves to finance all that.
Milton Friedman
Image
The euro is going to be a big source of problems, not a source of help.
Milton Friedman
Image
Only a crisis, actual or perceived, produces real change.
Milton Friedman
Image
A society based on the freedom to choose is better than a society based on the principles of socialism, communism and coercion.
Milton Friedman
Image
They think that the cure to big government is to have bigger government... the only effective cure is to reduce the scope of government - get government out of the business.
Milton Friedman
Image
What works for Sweden wouldn't work for France or Germany or Italy. In a small state, you can reach outside for many of your activities. In a homogeneous culture, they are willing to pay higher taxes in order to achieve commonly held goals. But common goals are much harder to come by in larger, more heterogeneous populations.
Milton Friedman
Image
Not all schooling is education nor all education, schooling.
Milton Friedman
Image
The world runs on individuals pursuing their self interests. The great achievements of civilization have not come from government bureaus. Einstein didn't construct his theory under order from a bureaucrat. Henry Ford didn't revolutionize the automobile industry that way.
Milton Friedman
Image
Cutting government spending and government intrusion in the economy will almost surely involve immediate gain for the many, short-term pain for the few, and long-term gain for all.
Milton Friedman
Image
How did we make the transition from using wood to using coal, from using coal to using oil, from using oil to using natural gas? How in God's name did we make that transition without a Federal Energy Agency?
Milton Friedman
Image
The real tragedy of minimum wage laws is that they are supported by well-meaning groups who want to reduce poverty. But the people who are hurt most by higher minimums are the most poverty stricken.
Milton Friedman
Image
Now that I'm 60, every morning I look in the mirror and say, I don't know who you are, stranger, but I'm gonna shave you anyway.
Milton Friedman
Image
How can thinking people believe that a government that cannot deliver the mail can deliver gas better than Exxon, Mobil, Texaco, Gulf, and the rest?
Milton Friedman
Image
The great virtue of a free market is that it enables people who hate each other, or who are from vastly different religious or ethnic backgrounds, to cooperate economically. Government intervention can't do that.
Milton Friedman