Inflation Is A Monetary Phenomenon. It Is

Italy May Well Be The Main Problem. It Has Benefited Most From The Euro By Having Been Able To Get The Euro Interest Rate Instead Of What Otherwise Would Have Been Its Own. That Would Be Much Higher Because Italy Has Been Accumulating So Much Debt. In The Past, Italy Has Inflated Away Its Debt. The Virtue Of The Euro Is That Italy Can't Do It Alone. A Tight Ecb Policy Wouldn't Permit That To Happen Again.

When A Man Spends His Own Money To Buy Something For Himself, He Is Very Careful About How Much He Spends And How He Spends It. When A Man Spends His Own Money To Buy Something For Someone Else, He Is Still Very Careful About How Much He Spends, But Somewhat Less What He Spends It On. When A Man Spends Someone Else's Money To Buy Something For Himself, He Is Very Careful About What He Buys, But Doesn't Care At All How Much He Spends. And When A Man Spends Someone Else's Money On Someone Else, He Does't Care How Much He Spends Or What He Spends It On. And That's Government For You.

It's A Moral Problem That The Government Is Making Into Criminals People, Who May Be Doing Something You And I Don't Approve Of, But Who Are Doing Something That Hurts Nobody Else.

Adam Smith's Key Insight Was That Both Parties To An Exchange Can Benefit And That, So Long As Cooperation Is Strictly Voluntary, No Exchange Can Take Place Unless Both Parties Do Benefit.

One Role Of Prohibition Is In Making The Drug Market More Lucrative.