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Discussions about inflation remind me of a drink I bought in a Shanghai bar in 1948. I kept tossing rubber-banded stacks of paper money, Chinese National Currency (CNC), onto the bar. Finally, the bartender shrugged and said, “That’s enough.” I once told that story to Dr. Norbert Einstein, an economist in Seattle and a distant cousin to Albert. Standing about 5‘4“ he looked up at me and said, “Doktor, doktor, I once bought a pack of cigarettes for one trillion Deutsch Marks.” Of his life in Germany, he has said, “I was born on the right side of the tracks but the wrong side of the border.”
Commentators often mention rising costs nowadays paid first by retailers for their products and services, then by consumers. Apparently, they think that that is inflation. No, they’ve got the cart before the horse.
About 25 years ago, Nobel Laureate Milton Friedman hosted a weekly series on TV titled Free to Choose. In one segment ...
Dear Friend of FFF:
Sometimes people say that the situation in America is so far gone that there is no way that we can turn things around and restore individual liberty, free markets, and a constitutional republic to our land. It is time to close up shop, they suggest, and just resign ourselves to omnipotent federal control over our lives and fortunes. The best we can hope for, they say, is to reform the system and, therefore, make the tyranny more palatable.
There is a good one-word response to all that: Nonsense!
No direction is inevitable, and especially not a bad one. Circumstances can change unexpectedly, as we saw when hundreds, then thousands, of people suddenly began overrunning the Berlin Wall and then dismantling it.
And thats not the only time when there was unexpected change in a positive direction. Remember how Richard Cobden and John Bright, supported by ordinary people who had educated themselves on the virtues and benefits of free trade, ...
My very first exposure to libertarianism was provided by Ayn Rand, whose 100th birthday is being celebrated today.
One afternoon in the fall of 1974, I was sitting around watching television. At the time, I was temporarily working as a waiter in Dallas, having just completed three months of infantry school in Georgia to fulfill my Army Reserves active-duty commitment, before returning to finish law school in Austin the following semester. An afternoon movie quickly engrossed me, becoming my first exposure to libertarianism — The Fountainhead, starring Gary Cooper and Patricia Neal. The credits stated that the movie was based on Ayn Rand’s novel by that name and so I ran out at once, bought it, and read it. Howard Roark and Dominique Francon quickly became my heroes!
A few years later, I was ...
