You Never Can Cure Poverty. Poverty Is

All Of The Progress That The Us Has Made Over The Last Couple Of Centuries Has Come From Unemployment. It Has Come From Figuring Out How To Produce More Goods With Fewer Workers, Thereby Releasing Labor To Be More Productive In Other Areas. It Has Never Come About Through Permanent Unemployment, But Temporary Unemployment, In The Process Of Shifting People From One Area To Another.

No Major Institution In The Us Has So Poor A Record Of Performance Over So Long A Period As The Federal Reserve, Yet So High A Public Reputation.

I Have Long Been A Critic Of Social Security, Basically Because I Believe That It Is Not The Business Of Government To Tell People What Fraction Of Their Incomes They Should Devote To Providing For Their Own Or Someone Else's Old Age.

I Am Myself Persuaded, On The Basis Of Extensive Study Of The Historical Evidence, That... The Severity Of Each Of The Contractions - 1920-21, 1929-33, And 1937-38 - Is Directly Attributable To Acts Of Commission And Omission By The Reserve Authorities And Would Not Have Occurred Under Earlier Monetary And Banking Arrangements.

The Stock Market Crashed In October 1929. But That Was Not The Cause Of What Caused The Great Depression. It Was, In My Opinion, A Very Minor Element Of It. What Happened Was That From 1929 To 1933 You Had A Major Contraction Which, In My Opinion, Was Caused Primarily By The Failure Of The Federal Reserve System, To Follow The Course Of Action For Which It Was Set Up. It Was Set Up To Prevent Exactly What Happened From 1929 To 1933. But Instead Of Preventing It, They Facilitated It.