A Quote by Milton Friedman
The Great Depression, like most other periods of severe unemployment, was produced by government mismanagement rather than by any inherent instability of the private economy.
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The Great Depression in the United States, far from being a sign of the inherent instability of the private enterprise system, is a testament to how much harm can be done by mistakes on the part of a few men when they wield vast power over the monetary system of the country.
I know many of you are hurting and angry about the economy, and I don't blame you. It's the worst economy since the Great Depression. When consumers can't buy and businesses won't expand for lack of customers, the government has to be the purchaser and employer of last resort. We learned that in the Great Depression, but Republicans obviously didn't - and they've blocked every jobs program I've offered.
Until the Great Depression, most economists clung to a vision of capitalism as a perfect or nearly perfect system. That vision wasn’t sustainable in the face of mass unemployment, but as memories of the Depression faded, economists fell back in love with the old, idealized vision of an economy in which rational individuals interact in perfect markets.
Any money the government spends must be taxed, borrowed or conjured out of thin air by the Federal Reserve, and that will reduce sound private investment. Obama has no real wealth to inject into the economy. He can only move around existing money while inflation robs us of purchasing power. Meanwhile, private investors who might have produced a better engine, battery, computer, cancer treatment or other wealth-creating and life-enhancing innovations hold back for fear that big government will undermine productive efforts.
The downturn following the collapse of Japan's so-called bubble economy of the 1980s was not as severe as the Great Depression.
I suffer from depression. Severe cases of it. Not one case of depression, not a severe case, but severe cases of depression. Music is my only outlet, it's therapeutic to me. It's a release. It's how I vent emotionally.
The recurrence of periods of depression and mass unemployment has discredited capitalism in the opinion of injudicious people. Yet these events are not the outcome of the operation of the free market. They are on the contrary the result of well-intentioned but ill-advised government interference with the market.
As discomfiting as it is to both market optimists and policy activists, a certain amount of instability is inherent to the economy.
I'm one of those people who believes that part of the greatness of the United States is our private sector. It's what we do as private citizens for ourselves and our companies. And our economy is essentially the wonder of the world because, in fact, it's produced so much for us over the years. That's not government that does that.
I've been through periods of stress, turbulence in the market for over the course of my career, various times, and never in any of those other periods have we had the advantage of a strong economy underpinning the markets.
Deficit financing proper is rather the process whereby a Government spends more money that it withdraws from the economy by taxation, borrowing, running down reserves, etc.; thereby causing in most circumstances, and very acutely in ours, monetary inflation and severe pressure on the balance of payments.
The periods of unemployment accompanying depression in the business cycle . . . present a challenge to all our claims to progress, humanity, and civilization.
If a debt crisis results from government profligacy and mismanagement, rather than from a market failure, it is true that the central bank should not intervene.
I think most people believe success in government is how many fewer people are in government, not because you kick them off of benefits like unemployment but they've been able to control their own destiny because private sector employers have created more jobs.
Because tax cuts create an incentive to increase output, employment, and production, they also help balance the budget by reducing means-tested government expenditures. A faster-growing economy means lower unemployment and higher incomes, resulting in reduced unemployment benefits and other social welfare programs.
Clean water is a necessity that we can no longer take for granted. Each year more people die of water related diseases than any other cause of death on this planet. With a higher rate of suffering and mortality than diabetes, cancer, high cholesterol, or war; or any two combined for that matter! An entire economy is growing around water. Those without money are suffering the most and risk severe illness from contaminated sources
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