In The World Of Minor Lunacy The

In Numerous Years Following The War, The Federal Government Ran A Heavy Surplus. It Could Not (however) Pay Off Its Debt, Retire Its Securities, Because To Do So Meant There Would Be No Bonds To Back The National Bank Notes. To Pay Off The Debt Was To Destroy The Money Supply.

Milton Friedman’s Misfortune Is That His Economic Policies Have Been Tried.

According To The Experience Of All But The Most Accomplished Jugglers, It Is Easier To Keep One Ball In The Air Than Many.

Few Things Are As Immutable As The Addiction Of Political Groups To The Ideas By Whichthey Have Once Won Office.

Let’s Begin With Capitalism, A Word That Has Gone Largely Out Of Fashion. The Approved Reference Now Is To The Market System. This Shift Minimizes - Indeed, Deletes - The Role Of Wealth In The Economic And Social System. And It Sheds The Adverse Connotation Going Back To Marx. Instead Of The Owners Of Capital Or Their Attendants In Control, We Have The Admirably Impersonal Role Of Market Forces. It Would Be Hard To Think Of A Change In Terminology More In The Interest Of Those To Whom Money Accords Power. They Have Now A Functional Anonymity.