Free Markets

The Federal Reserve System and those in charge of it at during the real estate bubble bear responsibility for major harm to tens of millions of Americans.

Income is a category of action; it is the outcome of careful economizing of scarce factors.

"The beauty of an auction is that it's a very clear and simple example of what goes on every day in a free market — buyers and sellers meeting to negotiate a price."

And if we must have government, let it remain small and insignificant, spending its time cutting ribbons and bickering over nonsense like the color of street signs. Let the rest of us enjoy the freedom to pursue our own happiness.

The entrepreneur takes calculated risks, and typically "builds" using the carpenter's rule: measure twice, cut once. If it does not make financial sense to build, the entrepreneur will not do so. In addition, the entrepreneur would later know — through the profit-and-loss mechanism — whether such a decision was prudent or foolish.

Another way of saying this is that any government with the power to take an atheist's money and give it to my church is also a government with the power to take my money and give it to Planned Parenthood. When we use force to restrict others' liberty, we endanger our own.

Think once more and above all of Germany, where time is running out fast — the time, I mean, during which repressed inflation can still be removed before the price-wage spiral gets going, notwithstanding all the controls of the occupation authorities.

The downturn might eventually end, but with ever more regulations imposed on the system, we might find ourselves never again living in a vibrant and prosperous society.

The problem is not really economic but political. And as long as "the leadership of the Party" and "Marxism, Leninism, Mao Ze-dong thought" remain enshrined in the preamble to the Chinese constitution, the solution is likely to remain as elusive as ever.

Market prices turn incomprehensibly complex relationships into very simple ones.