One can relish the varied idiocy of human action during a panic to the full, for, while it is a time of great tragedy, nothing is being lost but money.

The conspicuously wealthy turn up urging the character building values of the privation of the poor.

In the usual (though certainly not in every) public decision on economic policy, the choice is between courses that are almost equally good or equally bad. It is the narrowest decisions that are most ardently debated.

There are two kinds of forecasters: those who don’t know, and those who don’t know they don’t know.

In the old days, land was important as the giver of all things. That period is gone now. Technology and brainpower are all that matters and yet conflicts over land, specially one like on the India-China border, that yields nothing, continue. This is a burden of ancient history that we continue to carry. If tomorrow there is settlement on planet Mars, we will begin to worry if others are interested.

Change comes not from men and women changing their minds, but from the change from one generation to the next.

There can be few fields of human endeavor in which history counts for so little as in the world of finance.Past experience, to the extent that it is part of memory at all, is dismissed as the primitive refuge of the those who do not have insight to appreciate the incredible wonders of the present.