“Though circumstances and times change, the basic principles of economic progress and sound market order do not. There is no mystery about them. They involve sound money, low taxes, property rights, making it easy for businesses to be set up, and, once they are, not harassing them with excessive regulation and bureaucratic interference. And, of course, free trade. They sound very simple, but, unfortunately, when you see the policies—or lack of them—that we seem to be pursuing, even these simple principles seem to go by the boards.
The thing a country needs first is real, sound money. You cannot have a truly functioning economy without real money. But that fact seems to be lost on many Western policymakers. Having no money is like having a body without blood. It ain’t gonna function.” Read more.
“Sound Money and a Liberal Market Order”
Malcom S. Forbes, Jr.
Cato Journal, Vol. 12, No. 3 (Winter, 1993).