The Fed

"As long as our central government has the ability to dole out these favors, there will be special interests lining up to receive them."

I feel confident in claiming that the housing boom would not have occurred if money and banking had been left in the hands of the private sector, as opposed to the state-organized cartel that we currently "enjoy."

We should not be afraid of deflation. We should love it as much as our liberties.

Recorded at Jekyll Island, Georgia; May 1992.

Recorded at Jekyll Island, Georgia; May 1992.

Recorded at Jekyll Island, Georgia; May 1992.

Recorded at Jekyll Island, Georgia; May 1992. 

What is amazing about America circa 2008 is not the citizens' money illusion — history has seen that aplenty — but the utter lack of resistance to it.

If we are really sincere about not wanting to repeat the 1930s, the political classes should do nothing but cut taxes and free the labor market — but otherwise do nothing to "help" the problem.

We have a unique opportunity to provide future stability for our banking system. Sadly, it is an opportunity that will almost assuredly pass us by.