One of the greatest pieces of economic wisdom is to know what you do not know.

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

Faced with the choice between changing one's mind and proving that there is no need to do so, almost everyone gets busy on the proof.

Preservationists are the only people in the world who are invariably confirmed in their wisdom after the fact.

Capitalism is chronically unstable.Boom and bust has always marked capitalism in the United States. There were panics in 1785, 1791, 1819, 1857, 1869, 1873, 1907, 1929 and 1987.In economies and politics, as in war, an astonishing number of people die, like the man on the railway crossing, defending their right of way. This is a poorly developed instinct in Switzerland. No country so firmly avows the principles of private enterprise but in few have the practical concessions to socialism been more numerous and varied.

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.

Wealth is not without its advantages and the case to the contrary, although it has often been made, has never proved widely persuasive.