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Old Dogs, New Tricks

July 23, 2006

The July 2006 issue of Imprimis, a widely circulated monthly publication of Hillsdale College, contains an interview with Milton Friedman that took place on May 22, 2006, in connection with a seminar celebrating the 25th anniversary of Milton and Rose Friedman's book Free to Choose. In responding to a question about whether "our government has learned its lesson about how to manage the money supply," Friedman said, in part: "The fundamental problem is that you shouldn't have an institution such as the Federal Reserve, which depends for its success on the abilities of its chairman. My first preference would be to abolish the Federal Reserve, but that's not going to happen."

So, even though Friedman continues to accept, as he has always accepted, seeming political realities, he now regards the Fed's abolition as his "first preference." So far, so good.

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