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Germany's problem, in part, is that it went into the euro at the wrong exchange rate that overvalued the deutsche mark.

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
Part
Overvalued
Problem
Euro
Exchange
Germany
Rate
Mark
Went
Wrong
Deutsche

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A crackpot theory. Instead of saying labor's exploited, as Marx did, Kelso says capital's exploited. It's worse than Marx. It's Marx stood on its head.
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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.
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China has seen a great deal of economic progress. It's certainly rather of a miracle. The growing role of the market in the economy will force China to open up its political system over time and to move toward a more democratic society. So taken as a whole, the one real failure in this whole business has been Russia.
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You never can cure poverty. Poverty is in the eye of the beholder.
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Saying it is one thing. Doing it is very different.
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There is only one social responsibility of business
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Look, for example, at the obvious, immediate, practical example of illegal Mexican immigration. Now, that Mexican immigration, over the border, is a good thing. It's a good thing for the illegal immigrants. It's a good thing for the United States. It's a good thing for the citizens of the country. But, it's only good so long as its illegal....
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It all would have been much better if individuals saved for their own old age.
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The combination of economic and political power in the same hands is a sure recipe for tyranny.
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Inflation is always and everywhere a monetary phenomenon in the sense that it is and can be produced only by a more rapid increase in the quantity of money than in output.
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To the free man, the country is the collection of individuals who compose it, not something over and above them.
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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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With some notable exceptions, businessmen favor free enterprise in general but are opposed to it when it comes to themselves.
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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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Governments never learn. Only people learn.
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Universities exist to transmit knowledge and understanding of ideas and values to students not to provide entertainment for spectators or employment for athletes.
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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.
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In a bureaucratic system, useless work drives out useful work.
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. . I think the Adam Smith role was played in this cycle i.e. the late twentieth century collapse of socialism in which the idea of free-markets succeeded first, and then special events catalyzed a complete change of socio-political policy in countries around the world by Friedrich Hayek's The Road to Serfdom.
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If you put the federal government in charge of the Sahara Desert, in 5 years there'd be a shortage of sand.
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