Magazine article The Spectator

Thanks, Uncle Gordon, but No, Thank You - You're Spending the Wrong Kind of Money

Magazine article The Spectator

Thanks, Uncle Gordon, but No, Thank You - You're Spending the Wrong Kind of Money

Article excerpt

Now sit down and write to Uncle Gordon and thank him nicely for your present. What do you mean, you don't like it? That's no way to talk. Your uncle's very busy, he's got £460 billion to spend, he can't please everybody. Some children would be jolly glad to get an aircraft carrier. Well, a kit, anyway. You'd rather have had a postal order? You could save it up, or spend it on something you wanted? Do you think your uncle's made of money? Whose money would you expect him to be made of, anyway? Ours? Yes, I suppose you're right. As this grumpy uncle stalks the land, running up debts that will be here when he's gone, generous only at our expense, it is high time to introduce him to a little bald gnome of an uncle whose present to us is a winning idea. This is Uncle Milton Friedman, the economist, and what he likes to tell us is that there are four kinds of money. …

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