At the risk of some oversimplification, if the skill composition of our work force meshed fully with the needs of our increasingly complex capital-stock, wage-skill differentials would be stable, and the percentage changes in wage rates would be the same for all job grades.

History has not dealt kindly with the aftermath of protracted periods of low risk premiums.

Remember what we're looking at. Gold is a currency. It is still, by all evidence, a premier currency, that no fiat currency, including the dollar, can match.

If you think you understand what I am saying you do not understand what I am saying.

I guess I should warn you, if I turn out to be particularly clear, you've probably misunderstood what I've said.

Excessive optimism sows the seeds of its own reversal.

There is nothing to guarantee the superior judgment, knowledge, and integrity of an inspector or a bureaucrat-and the deadly consequences of entrusting him with arbitrary power are obvious.