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.veconnect.com - licensed to ETH Zueric12.Data from BEA, BLS (bureau of labour statistics), NBER, and Friedman andSchwartz (1963).palgra13.Norberg (2009), pp.3, 12.14.The Economist, October 18, 2007, quoted by Norberg (2009), p.15.om www15.“Market Meltdown, Tone on Campaign Trail Top the Week’s News,” OnlineNews Hour, October 10, 2008, at http://www.pbs.org/newshour/bb/politics/july-dec08/speconomy_10–10.html (accessed April 17, 2010).16.“The London Summit: Multiple Perspectives on the G20,” Chatham House,yright material frApril 1, 2009, at http://www.chathamhouse.org.uk/files/13782_010409g20.pdfCop(accessed February 26, 2010).17.Krugman (2009), p.106.18.See, for example, Suzy Jagger and Christine Seib, “Barack Obama Lays into SECfor Its Lack of ‘Adult Supervision,’ ” Times, December 19, 2008, at http://business.timesonline.co.uk/tol/business/industry_sectors/ banking_and_finance/article5367764.ece (accessed December 22, 2009); and “Was ‘Adult Supervision’Needed on Wall Street?” National Public Radio, September 17, 2008, at http://www.npr.org/templates/story/story.php?storyId=94686428 (accessed December 22, 2009).10.1057/9780230118478 - Somebody in Charge, Pierre LemieuxFebruary 7, 201121:4MAC-US/CHARGEPage-1659780230112698_11_not01166●Notes19.Nye (2009).20.The French Academy has much less control on the French language than manyforeigners think.I give one example in my “In Defense of the French,” NationalPost, June 9, 2005, at http://www.pierrelemieux.org/artfrench.html.Updating the example makes it even more telling: as of June 19, 2010, Google gives10,600 web pages where portemonnaie is written the way suggested by the FrenchAcademy, and 5,930,000 where it is written the traditional way ( porte-monnaie).21.Andrew Osborn, “Hands off our women, Russian nationalist MP tells foreign-ers,” Independent, June 12, 2005, at http://www.independent.co.uk/news/world/europe / hands-off-our-women-russian-nationalist-mp-tells-foreigners-493879.html (accessed April 17, 2010).22.SEC (2006), p.2.23.Obama (2010).veConnect - 2011-04-01Chapter 1algrah - P1.Smith (1759), Part 6, Vol.2.2.BEA (2009).3.See the BEA’s input-output tables, at http://www.bea.gov/industry/iotables/table_list.cfm?anon=111691&CFID=1655339&CFTOKEN=891cfc241a759683-29C5E6E8-0F9A-E9A0-1062F1CB458750E4&jsessionid=a03029d405837bab5dc074427462975748a7 (accessed November 24, 2009).4.Read (1958).5.Hayek (1945), pp.85–86.6.Fed (2009a).7.Thanks to Professor Jeff Hummel of San Jose State University for providinga very convenient summary table of “The Country’s Balance Sheet,” compiledveconnect.com - licensed to ETH Zuericfrom the Flows of Funds Accounts at http://www.federalreserve.gov/releases/z1/.palgradefault.htm (accessed June 20, 2010).8.Fed (2009a), p.8.9.Leibenluft (2008).om www10.Fed (2009b), p.8.11.Jon Hilsenrath, “Bernanke Fights for Second Term,” Wall Street Journal,December 4, 2009.12.Barth et al.(2009), p.248.yright material fr13.Barth et al.(2009), pp.232–233.Cop14.Kroszner (1997), p.41.15.World Bank (2001), p.37.See also Norberg (2009), p.131.16.Brenner (2001).17.See de Jouvenel (1945), de Jasay (1985), and Wintrobe (1998).18.See McGuire and Olson (1996) and Olson (1993).19.Grossman (1967), pp.69–72 and passim.20.See Hayek (1935) and Hayek (1948a).21.Caplan (2004).10.1057/9780230118478 - Somebody in Charge, Pierre LemieuxFebruary 7, 201121:4MAC-US/CHARGEPage-1669780230112698_11_not01Notes●16722.Quoted in Hayek (1944), p.91.23.Kling (2009), p.37.24.Barth et al.(2009), p.219.25.Sowell (2009), p.80.26.“A 40-Year Wish List,” Wall Street Journal, January 28, 2009.27.Sowell (2009), p.88.28.Barth et al.(2009), p.219.29.Barth et al.(2009), p.275.30.Hummel (2009a).31.Landefeld, Seskin and Frauneni (2008), p.213.32.Friedman and Schwartz (1963a), p.15.33.Walter (2005).34.Calomiris (2000), pp.4, 7.35.Lahart (2009).veConnect - 2011-04-0136.CBO data retrieved on December 15, 2009.The fiscal year now runs fromOctober 1 of the preceding year to September 30 of the identified year; untilalgra1976, it started on July 1.Technically, federal expenditures as measured in theh - Pfederal budget are called “outlays,” but we don’t need to be concerned with thisdistinction in this book.For background, see CBO (2009b).37.Quoted in Rothbard (1963), p.169.38.Sowell (2009), pp.130 ff.39.Friedman and Schwartz (1963a, 1963b).40.The Economist (2008).41.Rustici (2010).42.See Shlaes (2008).43.Shlaes (2008), p.148.44.Sowell (2009), pp.130ff.veconnect.com - licensed to ETH Zueric45.Sowell (2009), p.139.46.Excerpts at http://www.bobsuniverse.com/BWAH/33-Truman/19460220a.pdf.palgra(accessed April 20, 2010).47.Quoted in Snowdon and Vane (2005), p.146.om www48.Norberg (2009), pp.86–87; Bhidé (2009), p.236.49.The Economist (2008c); Bhidé (2009), p.236.50.Louise Turnbull, “The Dangers of Health-and-Safety Hysteria,” Spiked,March 16, 2010, at http://www.spiked-online.com/index.php/site/printable/8311/ (accessed April 20, 2010).yright material fr51.The Economist (2010h).Cop52.Scott McCartney, “Miles for Nothing: How the Government Helped FrequentFliers Make a Mint,” Wall Street Journal, December 7, 2009.53.See Smith (1759).54.Smith (1776), Book 4, Chapter 2, Paragraph 9.55.Gifford (2009).56.The Economist (2010b); see also Jenny Strasburg and Scott Patterson, “A Hedge-Fund King Comes Under Siege,” Wall Street Journal, November 19, 2009.10.1057/9780230118478 - Somebody in Charge, Pierre LemieuxFebruary 7, 201121:4MAC-US/CHARGEPage-1679780230112698_11_not01168●Notes57.Greenlaw et al.(2008), p.35.58.See “The SEC vs.Goldman,” Wall Street Journal, April 19, 2010; and CarrickMollenkamp et al., “SEC Probes Other Soured Deals,” Wall Street Journal, April19, 2010.59.Barth et al.(2009), pp.163, 466.60.Boudreaux (2008).61.Keynes (1936), p.374.62.Keynes (1936), p.317.63.The Economist (2010h).64.Keynes (1936), pp.161–162.65.Sargent (2008).66.Akerlof and Shiller (2009), p.42.67.Akerlof and Shiller (2009), p.3.68.Akerlof and Shiller (2009), p.59 and passim.veConnect - 2011-04-0169.Akerlof and Shiller (2009), p.111.As an anonymous reviewer noted, mycriticism of Joseph A
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