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

What central banks can control is a base and one way they can control the base is via manipulating a particular interest rate, such as a Federal Funds rate, the overnight rate at which banks lend to one another. But they use that control to control what happens to the quantity of money. There is no disagreement.

The economic miracle that has been the United States was not produced by socialized enterprises, by government-unon-industry cartels or by centralized economic planning. It was produced by private enterprises in a profit-and-loss system. And losses were at least as important in weeding out failures, as profits in fostering successes. Let government succor failures, and we shall be headed for stagnation and decline.

Legalizing drugs would simultaneously reduce the amount of crime and raise the quality of law enforcement. Can you conceive of any other measure that would accomplish so much to promote law and order?

There is no person, no theorist so reckless as he who says that the facts speak for themselves.

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".

Nobody spends somebody else's money as carefully as he spends his own.