Steve Hanke

“Most economists use 'fixed' and 'pegged' as interchangeable or nearly interchangeable terms for exchange rates.”

“The most important lesson to take away from allowing the minimum wage and unemployment benefit data to talk is that abstract notions of what is right, good and just should be examined from a concrete, operational point of view. A dose of reality is most edifying.”

“If you squeeze and squeeze, and you don't allow the Iranians to sell any oil, then what do they have to lose by shutting the Strait of Hormuz down? And if they do that, that's 35% of all the world's oil that comes through the strait and 20% of the liquefied natural gas in the world.”

“Following Greece's defeat at the hands of Turkey in 1897, Greece's fiscal house was entrusted to a Control Commission. During the 20th century, the drachma was one of the world's worst currencies. It recorded the world's sixth highest hyperinflation. In October 1944, Greece's monthly inflation rate hit 13,800%.”

“Sanctions historically are quite counterproductive in the sense that if you impose sanctions on your enemy, it tends to strengthen your enemy.”

“In 2008, Bitcoin was mysteriously introduced to the world in an obscure, technical paper written under the pseudonym Satoshi Nakamoto. By late 2013, the financial press was filled with reportage on Bitcoin and its dramatic price increase.”

“When Ronald Reagan was elected president for his first term in 1980, he received strong support from the so-called Sagebrush Rebels. The Rebels wanted lands owned by the federal government to be transferred to state governments.”

“In January 2013, one could buy a Bitcoin for about $13. By late November, one Bitcoin would have set a buyer back over $1100.”

“A minimum wage leads to higher levels of unemployment.”

“There has never been a failure of a currency board anywhere in the world. These are tough systems, and when I say they are foolproof, that's exactly the case.”

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

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

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

“Since China embraced Deng Xiaoping's reforms on 22 December 1978, China has experimented with different exchange-rate regimes. Until 1994, the yuan was in an ever-depreciating phase against the U.S. dollar.”