But these explanations leave me uneasy. Without the pain of excessive government debt is there ever an end to it? It seems doubtful that scarcity has been erased from economic reality. The absence of short-term firewalls has historically led to large reconciliations, and it just seems immoral to spend more that you can pay for. In 50 years gold has risen from $35 to $1517.99 an ounce (1/1/20), does anybody care? The dollar is strong, and the American economy is performing better than any other in the world, even if that only provides a low bar.
Read MoreHe avoided the accumulation of economic data, believing the cost of accumulating outweighed its value. He felt such data was used to enable economic planning which he opposed, and because it instilled a false sense of certainty about outcomes. Cowperthwaite governed from principles, not data.
Read MoreGeneral William Westmoreland, the U.S. Commander in Vietnam, strongly supported involuntary conscription, and told the [Gates] commission that he didn’t want to command an army of mercenaries. “General,” [Milton] Friedman interrupted, “would you rather command an army of slaves?” Replied
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