In central banking as in diplomacy, style, conservative tailoring, and an easy association with the affluent count greatly and results far much less.

In public administration good sense would seem to require that public expectation be kept at the lowest possible level in order to minimize eventual disappointment.

In any great organization it is far, far safer to be wrong with the majority than to be right alone.

Nostalgia combines regularly with manifest respectability to give credence to old error as opposed to new truth.

The process by which banks create money is so simple that the mind is repelled.

Economics exists to make astrology look respectable.

It had been held that the economic system, any capitalist system, found its equilibrium at full employment. Left to itself, it was thus that it came to rest. Idle men and idle plant were an aberration, a wholly temporary failing. Keynes showed that the modern economy could as well find its equilibrium with continuing, serious unemployment. Its perfectly normal tendency was to what economists have since come to call an underemployment equilibrium.