“While local economies may experience significant price imbalances, a national severe price distortion seems most unlikely in the United States, given its size and diversity.”

There is no safe store of value. Deficit spending is simply a scheme for the hidden confiscation of wealth.

At the risk of some oversimplification, if the skill composition of our work force meshed fully with the needs of our increasingly complex capital-stock, wage-skill differentials would be stable.

And she always has so much fun doing it. We make a good team.

I’ve been in and out of Wall Street since 1949, and I’ve never seen the type of animosity between government and Wall Street. And I’m not sure where it comes from, but I suspect it’s got to do with a general schism in this society which is really becoming ever more destructive.

As long as we issue fiat currency, I see no alternative to a legal tender law.

The current financial crisis in the US is likely to be judged in retrospect as the most wrenching since the end of the Second World War.

Those of us who have looked to the self-interest of lending institutions to protect shareholders’ equity are in a state of shocked disbelief.

The probability of ten consecutive heads is 0.1 percent; thus, when you have millions of coin tossers, or investors, in the end there will be thousands of very successful practitioners of coin tossing, or stock picking.

Gold stands in the way of this insidious process. It stands as a protector of property rights.

I have long argued that paying down the national debt is beneficial for the economy.

Productivity is notoriously difficult to predict.

The economy is turning, and credit comes in with a lag, .. To the extent that a number of small firms are finding it difficult to get the credit they need at a price they can afford, that’s likely to change for the better.

Without calling the overall national issue a bubble, it’s pretty clear that it’s an unsustainable underlying pattern.

If we allow terrorism to undermine our freedom of action, we could reverse at least part of the palpable gains achieved by postwar globalization. It is incumbent upon us not to allow that to happen.

Crony capitalism is essentially a condition in which… public officials are giving favours to people in the private sector in payment of political favours.

There is no evidence that the business cycle has been repealed.