The time value of money... what an overlooked concept. Even the socialist private wealth-haters would have to agree that money now is better than money later, and if you want or need more money now than you have, you might be willing to pay a small premium to utilize someone else's money now (interest). How much interest? In a free market, that should depend on the law of supply & demand. Of course, the most fiscally strait-laced answer is not to borrow at all ("Neither borrower nor lender be" - Ben Franklin), just wait to buy something until you have the cash. However, in the case of running a business or making investments, borrowing money to make money with can make you more money than it costs you, but only if you're prudent.

Wordy and intellectual, but brilliant! I always love a good paradox...

Brilliant - I had this on my checks for years to remind me.

Prof. Williams is one of the most articulate advocates of free-markets and individual liberty, cornerstones of libertarian philosophy. We need more spokesmen like him.