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The central banks cannot control interest rates. That's a mistake. They can control a particular rate, such as the Federal Funds rate, if they want to, but they can't control interest rates.

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
Particular
Control
Funds
Mistake
Rates
Interest
Banks
Cannot
Fund
Federal
Central
Rate

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My interest in political philosophy was rather casual until I met Hayek.
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Government is a way by which every individual believes he can live at the expense of everybody else.
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A society based on the freedom to choose is better than a society based on the principles of socialism, communism and coercion.
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There is not a line in 'The Wealth of Nations' that is not still applicable to this day.
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The problem in this world is to avoid concentration of power - we must have a dispersion of power.
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Governments never learn. Only people learn.
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The excuse for the destruction of liberty is always the plea of necessary ' that there is no alternative
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You cannot simultaneously have free immigration and a welfare state.
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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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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.
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Anybody who was easily converted was not worth converting.
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The history of mankind is the history of money losing value.
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Indeed, a major source of objection to a free economy is precisely that it... gives people what they want instead of what a particular group thinks they ought to want. Underlying most arguments against the free market is a lack of belief in freedom itself.
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The only corporate social responsibility a company has is to maximize its profits.
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The state of our educational system is a disgrace to our country. We have an elementary and secondary school system in which close to half of the youngsters never graduate properly. It's a disgrace that there is more illiteracy today than there was 100 years ago.
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If China don't free up the political side, its economic growth will come to an end - while it is still at a very low level.
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When everybody owns something, nobody owns it, and nobody has a direct interest in maintaining or improving its condition. That is why buildings in the Soviet Union - like public housing in the United States - look decrepit within a year or two of their construction.
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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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The Federal Reserve the privately owned U.S. central bank definitely caused The Great Depression by contracting the amount of currency in circulation by one third from 1929 to 1933.
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The Great Depression in the United States, far from being a sign of the inherent instability of the private enterprise system, is a testament to how much harm can be done by mistakes on the part of a few men when they wield vast power over the monetary system of the country.
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