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After any disturbance (such as two world wars coinciding with a period of growing economic and monetary incomprehensibility) we find our old concepts inadequate and look for new ones. But it unfortunately happens that the troubled times which produce an appetite for new ideas are the least propitious for clear thinking.
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As quoted in The Sunday Telegraph, London (1981), and The Annual Obituary 1983 (1984) edited by Elizabeth Devine and Marion Stoker Morgan, p. 143

 

Rebecca West

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Inflation is always and everywhere a monetary phenomenon in the sense that it is and can be produced only by a more rapid increase in the quantity of money than in output. ... A steady rate of monetary growth at a moderate level can provide a framework under which a country can have little inflation and much growth. It will not produce perfect stability; it will not produce heaven on earth; but it can make an important contribution to a stable economic society.

 

Milton Friedman

 

Economic and monetary union...is incompatible with independent sovereign states with control over their own fiscal and monetary policies. It would be impossible...to have irrevocably fixed exchange rates while individual countries retained independent monetary policies...such a system could never have the credibility necessary to persuade the market that there was no risk of realignment. Thus EMU inevitably implies a single European currency, with monetary decisions...taken not by national Governments and/or central banks, but by a European Central Bank. Nor would individual countries be able to retain responsibility for fiscal policy. With a single European monetary policy there would need to be central control over the size of budget deficits and, particularly, over their financing. New European institutions would be required, to determine overall Community fiscal policy and agree the distribution of deficits between individual Member States...It is clear that Economic and Monetary Union implies nothing less than European Government...and political union: the United States of Europe. That is simply not on the agenda now, nor will it be for the forseeable future.

 

Nigel Lawson

 

You are so terribly nimble, so clever. I distrust your cleverness. You make a wonderful pattern, everything is in its place, it looks convincingly clear, too clear. And meanwhile, where are you? Not on the clear surface of your ideas, but you have already sunk deeper, into darker regions, so that one only thinks one has been given all your thoughts, one only imagines you have emptied yourself in that clarity. But there are layers and layers — you're bottomless, unfathomable. Your clearness is deceptive. You are the thinker who arouses most confusion in me, most doubt, most disturbance.

 

Anais Nin

 

Inflation is bad for growth—this has become one of the most widely accepted economic nostrums of our age. But see how you feel about it after digesting the following piece of information.
During the 1960s and the 1970s, Brazil’s average inflation rate was 42% a year. Despite this, Brazil was one of the fastest growing economies in the world for those two decades—its per capita income grew at 4.5% a year during this period. In contrast, between 1996 and 2005, during which time Brazil embraced the neo-liberal orthodoxy, especially in relation to macroeconomic policy, its inflation rate averaged a much lower 7.1% a year. But during this period, per capita income in Brazil grew at only 1.3% a year.
If you are not entirely persuaded by the Brazilian case—understandable, given that hyperinflation went side by side with low growth in the 1980s and the early 1990s—how about this? During its ‘miracle’ years, when its economy was growing at 7% a year in per capita terms, Korea had inflation rates close to 20%-17.4% in the 1960s and 19.8% in the 1970s. These were rates higher than those found in several Latin American countries ... Are you still convinced that inflation is incompatible with economic success?

 

Ha-Joon Chang

 

He had a great capacity to arouse irrational hatred obviously, and that's because his ideas were radical in the most extreme sense of the word "radical." His ideas have something to offend everybody, and he ended up becoming the only heretic in American history whose books were literally burned by the government.
Timothy Leary spent five years in prison for unorthodox scientific ideas. Ezra Pound spent 13 years in a nuthouse for unorthodox political and economic ideas. Their books were not burned.
Reich was not only thrown in prison, but they chopped up all the scientific equipment in his laboratory with axes and burned all of his books in an incinerator. Now that interests me as a civil liberties issue.
When I started studying Reich's works, I went through a period of enthusiasm, followed by a period of skepticism, followed by a period of just continued interest, but I think a lot of his ideas probably were sound. A lot probably were unsound. And, I'm not a Reichian in the sense of somebody who thinks he was the greatest scientist who ever lived and discovered the basic secrets of psychology, physics and everything else, all in one lifetime. But I think he has enough sound ideas that his unpopular ideas deserve further investigation.

 

Wilhelm Reich