Last week I testified before a Congressional subcommittee on the Fed’s role in rising gasoline prices. All of the economists on the panel agreed that oil prices were rising (partly) because of the dollar’s fall against other currencies.

It appears upon sober reflection that the whole idea is as fanciful as the unicorn. No one in his right mind, save perhaps an incurable masochist, would voluntarily consent to be treated as governments actually treat their subjects.

The abolitionist would blister his thumb pushing a button that would abolish the state immediately.

If you give government a job to do, even one that seems justified in the abstract, it will use its power to make a terrible mess in practice.