Money is different from all other commodities: other things being equal, more shoes, or more discoveries of oil or copper benefit society, since they help alleviate natural scarcity. But once a commodity is established as a money on the market, no more money at all is needed. Since the only use of money is for exchange and reckoning, more dollars or pounds or marks in circulation cannot confer a social benefit: they will simply dilute the exchange value of every existing dollar or pound or mark.

If a financial institution has business operations in the United States, hires people in the United States, if they are clogged with illiquid assets, they have the same impact on the American people as any other institution.

A single currency entails a fixed interest rate, which means countries can't manage their own currency to suit their own needs. You need a variety of institutions to help nations for which the policies aren't well suited. Europe introduced the euro without providing those structures.

There's no reason to think that_x000D_ markets always drive people to_x000D_ what's good for them.

The great danger to the consumer is the monopoly -whether private or governmental. His most effective protection is free competition at home and free trade throughout the world. The consumer is protected from being exploited by one seller by the existence of another seller from whom he can buy and who is eager to sell to him. Alternative sources of supply protect the consumer far more effectively than all the Ralph Naders of the world.

Constructive trade, the two-way exchange of goods and services, is the most efficient and logical way for each nation . . . to build a stable prosperity, a prosperity based not on aid, but on mutually beneficial economic contacts.