The Great Depression was not a sign of the failure of monetary policy or a result of the failure of the market system as was widely interpreted. It was instead a consequence of a very serious government failure, in particular a failure in the monetary authorities to do what they'd initially been set up to do.

The future of private enterprise capitalism is also the future of a free society. There is no possibility of having a politically free society unless the major part of its economic resources are operated under a capitalistic private enterprise system.

We don't have a desperate need to grow. We have a desperate desire to grow.

Politicians will always spend every penny of tax raised and whatever else they can get away with.

Many people want the government to protect the consumer. A much more urgent problem is to protect the consumer from the government.

A private enterprise system needs some measuring rod, it needs something, it needs money to make its transactions. You can't run a big complicated system through barter, through converting one commodity into another. You need a monetary system to operate. And the instability in that monetary system is devastating to the performance of the economy.

Money is a very powerful thing, which you hardly notice when it goes right, but which can create havoc when it goes wrong.