“It is with considerable reluctance that I criticize the monetarists, because, though I consider their proposed monetary policy unfeasible, they are after all much more nearly right in their assumptions and prescriptions than the majority of present academic economists. The simplistic form of the quantity theory of money that they hold is not tenable; but they are overwhelmingly right in insisting on how much "money matters," and they are right in insisting that in most circumstances, and over the long run, it is the quantity of money that is most influential in determining the purchasing power of the monetary unit. Other things being equal, the more dollars that are issued, the smaller becomes the value of each individual dollar. So at the moment the monetarists are more effective opponents of further inflation than the great bulk of politicians and even putative economists who still fail to recognize this basic truth.”

— Henry Hazlitt

Where the Monetarists Go Wrong (1976)

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Henry Hazlitt 16

American journalist 1894–1993

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“But this brings us to what I consider the fatal flaw in the monetarist prescriptions. If the leader of the school cannot make up his own mind regarding what the most desirable rate of monetary increase should be, what does he expect to happen when the decision is put in the hands of the politicians? … The fatal flaw in the monetarist prescription, in brief, is that it postulates that money should consist of irredeemable paper notes and that the final power of determining how many of these are issued should be placed in the hands of the government—that is, in the hands of the politicians in office. The assumption that these politicians could be trusted to act responsibly, particularly for any prolonged period, seems incredibly naive. The real problem today is the opposite of what the monetarists suggest. It is how to get the arbitrary power over the stock of money out of the hands of the government, out of the hands of the politicians.”

Henry Hazlitt (1894–1993) American journalist

Where the Monetarists Go Wrong (1976)

“I love money! Just because it's free doesn't mean I don't like money. And actually I've made more money this way than any distributor said I could possibly make, which isn't much because independent distributors are notoriously without money. So the most money any distributor told me I could possibly hope to make on this film, total, maximum, in my wildest dreams was $50,000, and they said much more realistic would be $10,000 or $25,000 and the biggest advance I was offered, I think, was $20,000 and that's for locking up all the rights.”

Nina Paley (1968) US animator, cartoonist and free culture activist

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“Your friend, rather perversely I think, refers to the "disastrous results" that followed the monetary tightening of Volcker and other more monetarist-minded central bankers without even hinting at the facts that that the tightening was aimed at bringing down inflation rates, and that it succeeded remarkably well in doing precisely that. In other words, the tightening did precisely what monetarism said it would do, and what monetarists' critics at the time, wedded to the view that monetary policy was ineffective, and that inflation was entirely caused by OPEC (or by unions, or by anything except monetary policy) insisted it could not do. And yet your friend imagines that the experience proved the monetarists wrong!”

George Selgin (1957) economist

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“I don't like criticizing Milton Friedman not only because he is an old friend but because, outside of monetary theory, we are in complete agreement. Our general views on what is desired and what is not are almost identical until we get on to money. But if I told him what I said before, that I very much doubt whether monetary policy has ever done anything good, he would disagree. He personally is convinced that a good monetary policy is a foundation for everything.”

Friedrich Hayek (1899–1992) Austrian and British economist and Nobel Prize for Economics laureate

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Sherilyn Fenn (1965) American actress

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“The party which is humorously called the Douglas Democracy no more recognizes the rights declared by the Declaration of Independence to be inalienable than does the party of the administration. Its leader repudiates the theory that the Constitution establishes slavery, but he does not perceive in it, or in the circumstances of its adoption, or in the expressed sentiments and actions of its framers, any reason to suppose that it favors liberty more than slavery. He leaves all human rights at the mercy of a majority, and insists that the Constitution does the same.”

George William Curtis (1824–1892) American writer

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“It is nobler to declare oneself wrong than to insist on being right --especially when one is right.”

Friedrich Nietzsche (1844–1900) German philosopher, poet, composer, cultural critic, and classical philologist

“Third, consider the insistency of an idea. The insistency of a past idea with reference to the present is a quantity which is less, the further back that past idea is, and rises to infinity as the past idea is brought up into coincidence with the present.”

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“We have the right as individuals, to give away as much of our own money as we please in charity; but as members of Congress we have no right to appropriate a dollar of the public money.”

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“I do not insist that I am right: I merely think so.”

William H. McNeill (1917–2016) Canadian historian

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Henry Hazlitt 16

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