Capitalism is the extraordinary belief that the nastiest of men, for the nastiest of reasons, will somehow work for the benefit of us all.
The difficulty lies, not in the new ideas, but in escaping from the old ones.
It is better to be roughly right than precisely wrong.
Markets can remain irrational longer than you can remain solvent.
Long run is a misleading guide to current affairs. In the long run we are all dead.
The political problem of mankind is to combine three things: economic efficiency, social justice and individual liberty.
When the facts change, I change my mind.
By a continuing process of inflation, government can confiscate, secretly and unobserved, an important part of the wealth of their citizens.
Practical men who believe themselves to be quite exempt from any intellectual influence, are usually the slaves of some defunct economist. Madmen in authority, who hear voices in the air, are distilling their frenzy from some academic scribbler of a few years back
The markets are moved by animal spirits, and not by reason.
The biggest problem is not to let people accept new ideas, but to let them forget the old ones.
The expected never happens; it is the unexpected always.
Successful investing is anticipating the anticipations of others.
If you owe your bank manager a thousand pounds, you are at his mercy. If you owe him a million pounds, he is at your mercy.
The master-economist must possess a rare combination of gifts. He must reach a high standard in several different directions and must combine talents not often found together. He must be mathematician, historian, statesman, philosopher - in some degree. He must understand symbols and speak in words. He must contemplate the particular in terms of the general, and touch abstract and concrete in the same flight of thought. He must study the present in the light ofthe past for the purposes of the future
I'd rather be vaguely right than precisely wrong.
There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency.
Education: the inculcation of the incomprehensible into the indifferent by the incompetent.
Words ought to be a little wild, for they are the assault of thoughts on the unthinking.
Lenin is said to have declared that the best way to destroy the Capitalist System was to debauch the currency. By a continuing process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens. By this method they not only confiscate, but they confiscate arbitrarily; and, while the process impoverishes many, it actually enriches some. The sight of this arbitrary rearrangement of riches strikes not only at security, but at confidence in the equity of the existing distribution of wealth.
The outstanding faults of the economic society in which we live are its failure to provide for full employment and its arbitrary and inequitable distribution of wealth and incomes.
... a speculator is one who runs risks of which he is aware and an investor is one who runs risks of which he is unaware.
Lenin is said to have declared that the best way to destroy the Capitalistic System was to debauch the currency. . . Lenin was certainly right. There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction, and does it in a manner which not one man in a million can diagnose.
If the Treasury were to fill old bottles with bank-notes, bury them at suitable depths in disused coal-mines which are then filled up to the surface with town rubbish, and leave it to private enterprise on well-tried principles of laissez-faire to dig the notes up again (the right to do so being obtained, of course, by tendering for leases of the note-bearing territory), there need be no more unemployment and, with the help of repercussions, the real income of the community, and its capital wealth, would probably become a good deal greater than it actually is.
Experience shows that what happens is always the thing against which one has not made provision in advance.
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