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Steve Hanke Quotes

American - Economist | December 29, 1942 -

Since the end of the 1970s, free-market capitalism has been in, and socialism has been out.

Socialism Capitalism End Out Been

It turns out that the rich are much better placed to feed at the public trough. The poor get crumbs.

Rich Better Poor Out Feed Get

During the Greenspan-Bernanke era, the Fed has embraced the view that stability in the economy and stability in prices are mutually consistent. As long as inflation remains at or below its target level, the Fed's modus operandi is to panic at the sight of real or perceived economic trouble and provide emergency relief.

View Long Target Trouble Sight Real

With interest rates artificially low, consumers reduce savings in favor of consumption, and entrepreneurs increase their rates of investment spending.

Investment Savings Low Interest

Trade balances are determined by national savings propensities, not exchange rates.

Savings Determined Trade Exchange

Until the Fed dumps inflation targeting and the U.S. abandons its weak-dollar policy, inflation will rule the day.

Day Will Policy Inflation Rule Fed

Government buffer-stock schemes are rife with politics, and instead of generating profits from buying low and selling high, they tend to generate losses.

Politics Government Selling High Low

Why is it so hard for the IMF and the U.S. government to understand that putting out the fire comes before fireproofing the building?

Fire Government Building Understand

Mercantilism was an insidious economic theory that held Europe in its thrall in the 16th, 17th and 18th centuries.

Europe Theory Economic Centuries

During the last two centuries, there have been many deflations throughout the world. Almost all of them have been good ones precipitated by technological innovation, rising productivity, global capital flows, and sustained economic growth. If farm mechanization cuts the price of wheat, you get a rising living standard. This is good.

Good Growth Innovation World You

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