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.

It is a far, far better thing to have a firm anchor in nonsense than to put out on the troubled seas of thought.

But now, as throughout history, financial capacity and political perspicacity are inversely correlated.

Almost every aspect of its (Federal Reserve) history should be approached with a discriminating disregard for what is commonly taught or believed.

Genius is a rising stock market.

In all life one should comfort the afflicted, but verily, also, one should afflict the comfortable, and especially when they are comfortably, contentedly, even happily wrong.

The shortcomings of economics are not original error but uncorrected obsolescence. The obsolescence has occurred because what is convenient has become sacrosanct. Anyone who attacks such ideas must seem to be a trifle self-confident and even aggressive. The man who makes his entry by leaning against an infirm door gets an unjustified reputation for violence. Something is to be attributed to the poor state of the door.