Milton Friedman’s misfortune is that his economic policies have been tried.

Economic stimulation that works through the increased outlays to the affluent has, inevitably, an aspect of soundness and sanity that is lacking in expenditure on behalf of the undeserving poor.

And there was a deeper, less visible effect of the Truman loyalty program. Seeing its consequences for certain individuals and fearing its intrusion on their own lives, many in the government sought protection by strongly asserting their anti-Communism. In the public action that ensued, policy was based not on reality but, instinctively or deliberately, on personal caution...Those who urged a militant and sometimes military anti-Communism were considered sound, trustworthy and personally safe; those who questioned such a course were politically unsafe, possible even slightly disloyal.

People are the common denominator of progress; no improvement is possible with unimproved people.

The inborn instability of capitalism has been part of the history of the system for several hundred years, including recurrent speculative episodes. There should be no doubt in anyone's mind that we're now having another one of those speculative episodes.

All crises have involved debt that, in one fashion or another, has become dangerously out of scale in relation to the underlying means of payment.

I've been a faithful reader of the great classical documents of economics, or tried to be.