This progressive deterioration in the value of money through history is not an accident, and has had behind it two great driving forces - the impecuniosity of Governments and the superior political influence of the debtor class.
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The long run is a misleading guide to current affairs. In the long run we are all dead. Economists set themselves too easy, too useless a task if in tempestuous seasons they can only tell us that when the storm is past the ocean is flat again.
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The duty of "saving" became nine-tenths of virtue and the growth of the cake the object of true religion.
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Never in history was there a method devised of such efficacy for setting each country's advantage at variance with its neighbours as the international gold (or, formerly, silver) standard.
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in Quotes & Aphorisms (Wisdom)
The idea behind stamped money is sound.
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It is generally agreed that casinos should, in the public interest, be inaccessible and expensive. And perhaps the same is true of stock exchanges.
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The forces of the nineteenth century have run their course and are exhausted.
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For my part I think that capitalism, wisely managed, can probably be made more efficient for attaining economic ends than any alternative system yet in sight, but that in itself it is in many ways extremely objectionable.
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The future life of Europe was not their concern; its means of livelihood was not their anxiety. Their preoccupations, good and bad alike, related to frontiers and nationalities, to the balance of power, to imperial aggrandizements, to the future enfeeblement of a strong and dangerous enemy, to revenge, and to the shifting by the victors of their unbearable financial burdens on to the shoulders of the defeated.
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I find myself more and more relying for a solution of our problems on the invisible hand which I tried to eject from economic thinking twenty years ago.
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