Monday, July 25, 2011

Fiction of central bank

From The Economist on Milton Friedman (His centenary birthday is on coming Saturday 31st July):

"…central banking is an essentially illegitimate criminal enterprise freer rein. When a significant portion of a political movement's activists believe that the whole point of central banking is "systematic robbery", and that inflation is the means by which this robbery takes place, widespread, reflexive opposition to inflation is not surprising." 

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