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Central bankers always try to avoid their last big mistake. So every time there's the threat of a contraction in the economy, they'll over stimulate the economy, by printing too much money. The result will be a rising roller coaster of inflation, with each high and low being higher than the preceding one.

Milton Friedman

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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
Economics
Roller
Every
Economy
Avoid
Stimulate
Always
High
Lows
Printing
Time
Lasts
Threat
Bankers
Contraction
Last
Result
Inflation
Contractions
Bigs
Central
Preceding
Money
Higher
Investing
Coaster
Trying
Mistake
Rising
Coasters
Much
Results

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A society that puts equality — in the sense of equality of outcome — ahead of freedom will end up with neither equality nor freedom. The use of force to achieve equality will destroy freedom, and the force, introduced for good purposes, will end up in the hands of people who use it to promote their own interests.
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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.
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I can spend somebody else's money on somebody else. And if I spend somebody else's money on somebody else, I'm not concerned about how much it is, and I'm not concerned about what I get. And that's government.
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Whenever you try to do good with someone else's money, you are committed to using force. How can you do good with somebody else's money, unless you first take it away from them? The only way you can take it away from them is the threat of force: you have a policeman, tax collector, who comes and takes it from them.
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As a nation, we have been responsible for the murder of literally hundreds of thousands of people at home and abroad by fighting a war that should never have been started and can be won, if at all, only by converting the United States into a police state.
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Economic freedom is ... an indispensable means toward the achievement of political freedom.
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Governments never learn. Only people learn.
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A society that puts equality before freedom will get neither. A society that puts freedom before equality will get a high degree of both.
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The heart of the liberal philosophy is a belief in the dignity of the individual, in his freedom to make the most of his capacities and opportunities according to his own lights.
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George Stigler was a delightful correspondent. In a letter from London in 1948, after remarking on the inconvertibility of the pound and the inedible, still-rationed food, he concluded, So here I am losing weight and gaining pounds.
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Concentrated power is not rendered harmless by the good intentions of those who create it.
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My interest in political philosophy was rather casual until I met Hayek.
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To the free man, the country is the collection of individuals who compose it, not something over and above them... He recognizes no national goal except as it is the consensus of the goals that the citizens severally serve. He recognizes no national purpose except as it is the consensus of the purposes for which the citizens severally strive.
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The most important ways in which I think the Internet will affect the big issue is that it will make it more difficult for government to collect taxes.
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