Whatever You Tax You Get Less Of.

Clearly, Sustained Low Inflation Implies Less Uncertainty About The Future, And Lower Risk Premiums Imply Higher Prices Of Stocks And Other Earning Assets. We Can See That In The Inverse Relationship Exhibited By Price/earnings Ratios And The Rate Of Inflation In The Past. But How Do We Know When Irrational Exuberance Has Unduly Escalated Asset Values, Which Then Become Subject To Unexpected And Prolonged Contractions As They Have In Japan Over The Past Decade?

Well, You Probably Will Always Believe There Should Be Laws Against Fraud, And I Don't Think There Is Any Need For A Law Against Fraud.

I'm Not Denying That Monopolies Are Terrible Things, But I Am Denying That It Is Readily Easy To Resolve Them Through Legislation Of That Nature.

The Gut-feel Of The 55-year Old Trader Is More Important Than The Mathematical Elegance Of The 25-year Old Genius.

In The Absence Of The Gold Standard, There Is No Way To Protect Savings From Confiscation Through Inflation. There Is No Safe Store Of Value.