Milton Friedman on JFK's 'Ask not what your country can do for you—ask what you can do for your country.'

Economist Milton Friedman in “Capitalism and Freedom” (1962):

“The free man will ask neither what his country can do for him nor what he can do for his country. He will ask rather “What can I and my compatriots do through government” to help us discharge our individual responsibilities, to achieve our several goals and purposes, and above all, to protect our freedom? And he will accompany this question with another: How can we keep the government we create from becoming a Frankenstein that will destroy the very freedom we establish it to protect?

Freedom is a rare and delicate plant. Our minds tell us, and history confirms, that the great threat to freedom is the concentration of power. Government is necessary to preserve our freedom, it is an instrument through which we can exercise our freedom; yet by concentrating power in political hands, it is also a threat to freedom. Even though the men who wield this power initially be of good will and even though they be not corrupted by the power they exercise, the power will both attract and form men of a different stamp.”

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Milton Friedman on JFK’s ‘Ask not what your country can do for you—ask what you can do for your country.’

Economist Milton Friedman in “Capitalism and Freedom” (1962):

“The free man will ask neither what his country can do for him nor what he can do for his country. He will ask rather “What can I and my compatriots do through government” to help us discharge our individual responsibilities, to achieve our several goals and purposes, and above all, to protect our freedom? And he will accompany this question with another: How can we keep the government we create from becoming a Frankenstein that will destroy the very freedom we establish it to protect?

Freedom is a rare and delicate plant. Our minds tell us, and history confirms, that the great threat to freedom is the concentration of power. Government is necessary to preserve our freedom, it is an instrument through which we can exercise our freedom; yet by concentrating power in political hands, it is also a threat to freedom. Even though the men who wield this power initially be of good will and even though they be not corrupted by the power they exercise, the power will both attract and form men of a different stamp.”

Foreign holdings of US debt hit $5.46 trillion

See today’s Houston Chronicle article entitled Foreign holdings of US debt hit $5.46 trillion”. Putting this number into perspective, this represents an increase over the past two years of roughly $1.26 trillion.   As I document in my November 5, 2010 blog posting entitled “Political economy and the (inflationary) future“, foreign holdings of US debt two years ago stood at around $4.2 trillion.

For my friends out there who are data geeks, the US Treasury Department regularly updates information concerning foreign holdings of treasury securities (by country) at http://www.treasury.gov/resource-center/data-chart-center/tic/Documents/mfh.txt.

The Terrifying Line in Obama's (DNC) Speech That Everyone Missed

the above referenced article (available at http://news.investors.com/ibd-editorials/090712-625080-terrifying-promise-obama-made-.htm), “Instead of stirring rhetoric filled with hope and promise, Obama pledged that under his leadership, “our path is harder” and “our road is longer.”  Seriously? After four years of the worst economic recovery since the Depression, falling incomes, lower-paying jobs, increased hopelessness and exploding debt, all Obama has to offer is that he’ll make this nightmare last even longer?”  ]]>

The Terrifying Line in Obama’s (DNC) Speech That Everyone Missed

Quoting from the above referenced article (available at http://news.investors.com/ibd-editorials/090712-625080-terrifying-promise-obama-made-.htm), “Instead of stirring rhetoric filled with hope and promise, Obama pledged that under his leadership, “our path is harder” and “our road is longer.”  Seriously? After four years of the worst economic recovery since the Depression, falling incomes, lower-paying jobs, increased hopelessness and exploding debt, all Obama has to offer is that he’ll make this nightmare last even longer?”