Good writing, and this is especially important in a subject such as economics, must also involve the reader in the matter at hand. It is not enough to explain. The images that are in the mind of the writer must be made to reappear in the mind of the reader, and it is the absence of this ability that causes much economic writing to be condemned, quite properly, as abstract.

Foreign policy is conducted for the convenience and enjoyment of people in Washington.

The stock market is but a mirror which provides an image of the underlying or fundamental economic situation. Cause and effect run from the economy to the stock market, never the reverse. In 1929 the economy was headed for trouble. Eventually that trouble was violently reflected in Wall Street.

It's much easier to point out the problem than it is to say just how it should be solved.

All crises have involved debt that, in one fashion or another, has become dangerously out of scale in relation to the underlying means of payment.

Getting on the cover of TIME guarantees the existence of opposition in the future.

It was not hard to persuade people that the market was sound; as always in such times they asked only that the dispiriting voices of doubt be muted and that there should be tolerably frequent expressions of confidence.