Partly, the Russian system succeeds because, in contrast to the Western industrial economies, it makes full use of its manpower.

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.

The process by which banks create money is so simple that the mind is repelled.

Money is a singular thing. It ranks with love as man's greatest source of joy. And with death as his greatest source of anxiety. Over all history it has oppressed nearly all people in one of two ways: either it has been abundant and very unreliable, or reliable and very scarce.

Nostalgia combines regularly with manifest respectability to give credence to old error as opposed to new truth.

When you see reference to a new paradigm you should always, under all circumstances, take cover.

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