In numerous years following the war, the Federal Government ran a heavy surplus. It could not (however) pay off its debt, retire its securities, because to do so meant there would be no bonds to back the national bank notes. To pay off the debt was to destroy the money supply.

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

More die in the United States of too much food than of too little.

It would be foolish to suggest that government is a good custodian of aesthetic goals. But, there is no alternative to the state.

Humor is richly rewarding to the person who employs it. It has some value in gaining and holding attention, but it has no persuasive value at all.

Washington is a place where men praise courage and act on elaborate personal cost-benefit calculations.

Money differs from an automobile or mistress in being equally important to those who have it and those who do not.