I just had the pleasure of spending two days in the company of Milton and Rose Friedman. Milton remains jovial and sharp at the age of 91; Rose spoke less but beamed throughout.
I asked Milton the following two questions, he gave me permission to quote him:
1. TC: Is inflation coming back? MF: “Eventually, but not anytime soon.”
2. TC: Have low interest rates been a bubble? MF: “No.”
Milton’s best anecdote concerned opposition to the idea of a free society. He sees businessmen and academics as the two biggest problems, albeit for opposing reasons. Businessmen want freedom for all other people, only not for themselves. Then they want various subsidies, tariffs, privileges, etc. Academics want freedom for themselves, but not for other people.