How did we make the transition from using wood to using coal, from using coal to using oil, from using oil to using natural gas? How in God's name did we make that transition without a Federal Energy Agency?

A real gold standard is thoroughly consistent with [classical] liberal principles and I, for one, am entirely in favor of measures promoting its development.

Inflation is a monetary phenomenon. It is made by or stopped by the central bank.

There is likely to be a lag between the need for action and government ["an individual's" or "a team's"] recognition of the need; a further lag between recognition of the need for action and the taking of action; and a still further lag between the action and its effects

Drugs are a tragedy for addicts. But criminalizing their use converts that tragedy into a disaster for society, for users and non-users alike. Our experience with the prohibition of drugs is a replay of our experience with the prohibition of alcoholic beverages.

When you argue for free markets, you are arguing against the trend.

Hong Kong is the bellwether. If the Chinese stick to their agreement to let Hong Kong go its own path, then China will also go that way. If they don't, that is a very bad sign. I'm optimistic.