An excellent book on economics. It is very simply written and I would recommend this for anyone. If economics has always bored you to tears, or you really don't understand complicated macroeconomics, this is definitely the book for you!
Starts off with three men stranded on an island. All they do is fish by hand, at first, and things grow from there. So simple, but a good way to learn about the big picture!
"The best thing about private capitalism is that it forces those who may only be motivated by personal gain to raise the living standards of others."
"basic economic principles do not change with the size of the economy."
" Over the past 100 years, the dollar has lost more than 95 percent of its value.... The Fed (Federal Reserve Board) now exists for the sole purpose of providing the inflation necessary to allow the government to spend more than it collects in taxes." "This has prevented the government from ever having to make hard choices about spending that will eventually destroy the remaining value of the dollar."
"for the past 40 years, no country issues real money." That is, money backed by gold reserves. "This is the biggest monetary experiment ever conducted. No one knows how or when it will end. But rest assured, it will."
"Inflation is simply a means to transfer wealth from anyone who has savings.... to anyone who has debt in the same currency. With hyperinflation, the value of savings gets completely wiped out and the burden of debt is removed."