The Great Depression in the United States was caused - I won't say caused, was enormously intensified and made far worse than it would have been by bad monetary policy.
Milton FriedmanIf you cannot state a proposition clearly and unambiguously, you do not understand it.
Milton FriedmanEverywhere, and at all times, economic progress has meant far more to the poor than to the rich.
Milton FriedmanThe lesson for Asia is; if you have a central bank, have a floating exchange rate; if you want to have a fixed exchange rate, abolish your central bank and adopt a currency board instead. Either extreme; a fixed exchange rate through a currency board, but no central bank, or a central bank plus truly floating exchange rates; either of those is a tenable arrangement. But a pegged exchange rate with a central bank is a recipe for trouble.
Milton FriedmanWhat works for Sweden wouldn't work for France or Germany or Italy. In a small state, you can reach outside for many of your activities. In a homogeneous culture, they are willing to pay higher taxes in order to achieve commonly held goals. But "common goals" are much harder to come by in larger, more heterogeneous populations.
Milton Friedman