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.

To the best of my knowledge, there has never been a monetary union, putting out a fiat currency, composed of independent states.

The great virtue of a free market is that it enables people who hate each other, or who are from vastly different religious or ethnic backgrounds, to cooperate economically. Government intervention can't do that.

I think there is universal agreement within the economics profession that the decline - the sharp decline in the quantity of money played a very major role in producing the Great Depression.

Rapid increases in the quantity of money produce inflation. Sharp decreases produce depression.

The price works so well, so efficiently, that we are not aware of it most of the time.

Why is it that private insurance companies are not in trouble because people are getting older? Aren't they subject to the same demographics? The difference is that they've accumulated a fund, not a pay-in, pay-out system.