Hard-core structural poverty has a counterpart at the apex: hard-core structural affluence.

There is no future for those who cannot or will not think.

Our present predicament comes from the fact that running the economy on blood is no longer fashionable. We can't end this depression with another war.

Equality of economic opportunity, in the context of private property, means equality of opportunity for the millions of capital-less households of today to buy, pay for, and employ in their lives the non-human factor of production, capital.

While no inference is intended here, it is worth noting, in connection with Milton Friedman's comment that "Kelso just turned Marx upside down," that it is not necessarily amiss to turn a fellow upside down if that in fact straightens out his thinking.

The idea that full employment without property ownership will solve the world's problems is utter nonsense. The Keynesian concept that the function of capital is merely to amplify labor, not independently produce wealth is simply blindness.

But would the young do any better under the same circumstances? Will they do any better when their turns come? The answer is that youth would not and cannot, given the financial and economic framework within which the elders are operating. While the moral convictions of individuals are important in the long run, it is institutions that determine the immediate course of events - particularly the institutions of finance.