Doing good with other people's money has two basic flaws. In the first place, you never spend anybody else's money as carefully as you spend your own. So a large fraction of that money is inevitably wasted. In the second place, and equally important, you cannot do good with other people's money unless you first get the money away from them. So that force - sending a policeman to take the money from somebody's pocket - is fundamentally at the basis of the philosophy of the welfare state.

You could not possibly maintain the current level of government taxation without the taxes being hidden, and they are hidden in two very different ways. They are hidden through withholding, but they are also hidden by being imposed on business, supposedly on business, when really, of course, business can't pay taxes, only people can pay taxes.

The current oil crisis has not been produced by the oil companies. It is a result of governmental mismanagement exacerbated by the Mideast war.

The true test of any scholar's work is not what his contemporaries say, but what happens to his work in the next 25 or 50 years.

When something goes wrong, the natural tendency is to say, "By God, we need to pass a law and do something."

Anybody who was easily converted was not worth converting.

What happened was that for every $100 of money, by which I mean the cash that people keep in their pockets, and the deposits they have in the bank, for every $100 of money that there was in 1929, by 1933 there was only $67. The Federal Reserve allowed the quantity of money to decline by a third. While, at all times, it had the possibilities and the power of preventing that from happening.