The 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.

Theories can be based on any assumptions, however bizarre.

I'd like to promote lots of things. I'd like to promote elimination of drug prohibition. I'd like to promote parental choice in education through vouchers. Those are two things I think are very urgent and important. They're both more important than the harm which Social Security will do.

Now that I'm 60, every morning I look in the mirror and say, "I don't know who you are, stranger, but I'm gonna shave you anyway".

Never try to walk across a river just because it has an average depth of four feet.

The great achievements of civilization have not come from government bureaus.

The problem of social organization is how to set up an arrangement under which greed will do the least harm, capitalism is that kind of a system.