The lesson for Asia is; if you have a central bank, have a floating exchange rate; if you want to have a fixed exchange rate, abolish your central bank and adopt a currency board instead. Either extreme; a fixed exchange rate through a currency board, but no central bank, or a central bank plus truly floating exchange rates; either of those is a tenable arrangement. But a pegged exchange rate with a central bank is a recipe for trouble.
Milton FriedmanRapid increases in the quantity of money produce inflation. Sharp decreases produce depression.
Milton FriedmanI say thank God for government waste. If government is doing bad things, it's only the waste that prevents the harm from being greater.
Milton FriedmanI think it's a scandal what has been happening in the school system so far as lower income classes. The dropout rates, the illiteracy rate, you know literacy in the United States was a lot higher in 1890 than it is now.
Milton Friedman