Personal freedom has grown greatly within China, and that will provoke ever more points of conflict between the individual and state.

If the US government spends 40 percent of the nation's income, as it does through either borrowing or taxes, that income is not available for people to spend. The deficit is an indirect method of taxation. Of course, politicians prefer to borrow instead of tax because then someone down the road has to deal with the consequences.

I say thank God for government waste. If government is doing bad things, it's only the waste that prevents the harm from being greater.

Indeed, a major source of objection to a free economy is precisely that it... gives people what they want instead of what a particular group thinks they ought to want. Underlying most arguments against the free market is a lack of belief in freedom itself.

. . I think the Adam Smith role was played in this cycle i.e. the late twentieth century collapse of socialism in which the idea of free-markets succeeded first, and then special events catalyzed a complete change of socio-political policy in countries around the world by Friedrich Hayek's The Road to Serfdom.

I believe that the monetary stability is an absolutely critical element in the satisfactory operation of a system.

One man's opportunism is another man's statesmanship.