Statistics Do Not Speak For

Significant Changes In The Growth Rate Of Money Supply, Even Small Ones, Impact The Financial Markets First. Then, They Impact Changes In The Real Economy, Usually In Six To Nine Months, But In A Range Of Three To 18 Months. Usually In About Two Years In The Us, They Correlate With Changes In The Rate Of Inflation Or Deflation." "the Leads Are Long And Variable, Though The More Inflation A Society Has Experienced, History Shows, The Shorter The Time Lead Will Be Between A Change In Money Supply Growth And The Subsequent Change In Inflation.

If The Government Is To Try And Ban Private Consumption Of Alcohol And Tobacco, It Must Surely Ban Such Activities As Hang-gliding, Skiing, Rock-climbing And So On. Where Should It Stop? Rugby? American Football? Ice Hockey? Insofar As The Government Has Information Not Generally Available About The Merits Or Demerits Of The Items We Ingest Or The Activities We Engage In, Let It Give Us The Information. But Let It Leave Us Free To Choose What Chances We Want To Take With Our Own Lives.

The Great Virtue Of Free Enterprise Is That It Forces Existing Businesses To Meet The Test Of The Market Continuously, To Produce Products That Meet Consumer Demands At Lowest Cost, Or Else Be Driven From The Market. It Is A Profit-and-loss System. Naturally, Existing Businesses Generally Prefer To Keep Out Competitors In Other Ways. That Is Why The Business Community, Despite Its Rhetoric, Has So Often Been A Major Enemy Of Truly Free Enterprise.

I Do Not Believe That The Solution To Our Problem Is Simply To Elect The Right People. The Important Thing Is To Establish A Political Climate Of Opinion Which Will Make It Politically Profitable For The Wrong People To Do The Right Thing. Unless It Is Politically Profitable For The Wrong People To Do The Right Thing, The Right People Will Not Do The Right Thing Either, Or It They Try, They Will Shortly Be Out Of Office.

What Happened Was That For Every $100 Of Money, By Which I Mean The Cash That People Keep In Their Pockets, And The Deposits They Have In The Bank, For Every $100 Of Money That There Was In 1929, By 1933 There Was Only $67. The Federal Reserve Allowed The Quantity Of Money To Decline By A Third. While, At All Times, It Had The Possibilities And The Power Of Preventing That From Happening.