The Soviet experience was much worse than experts in the West had thought. That discovery had a tremendous impact both on the intellectual community and on the public at large.

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

There have been unions based on gold or silver, but not on fiat money - money tempted to inflate - put out by politically independent entities.

If you have free immigration, in the way we had it before 1914, everybody benefited. The people who were here benefited. The people who came benefited. Because nobody would come unless he, or his family, thought he would do better here than he would elsewhere. And, the new immigrants provided additional resources, provided additional possibilities for the people already here. So everybody can mutually benefit.

Undoubtedly Internet has reduced the possibilities of taxation. Why should I buy something here if I can buy it from a company in Japan or England or Brazil with a lower tax?

Nobody spends somebody else's money as carefully as he spends his own. Nobody uses somebody else's resources as carefully as he uses his own. So if you want efficiency and effectiveness, if you want knowledge to be properly utilized, you have to do it through the means of private property.

I believe that the monetary stability is an absolutely critical element in the satisfactory operation of a system.