Warning: You are using a browser that does not support angularJS. Some site functionality will not be available to you. Please consider updating to a newer version.
FEE.org does not currently support Internet Explorer. Please use a supported browser such as Google Chrome or Mozilla Firefox.
Richard M. Salsman
Mr. Salsman is a banker in New York City and an adjunct fellow of the American Institute for Economic Research in Great Barrington, Massachusetts. This article is adapted from a speech delivered at a conference sponsored by The Federal Reserve Bank of Dallas, May 12-13, 1992.