Then came the second Amsterdam discovery, although the principle was known elsewhere. Bank deposits...did not need to be left idly in the bank. They could be lent. The bank then got interest. The borrower then had a deposit that he could spend. But the original deposit still stood to the credit of the original depositor. That too could be spent. Money, spendable money, had been created. Let no one rub his or her eyes. It's still being done-every day. The creation of money by a bank is as simple as this, so simple, I've often said, that the mind is slightly repelled.
John Kenneth GalbraithAll writers know that on some golden mornings they are touched by the wand; they are on intimate terms with poetry and cosmic truth. I have experienced these moments myself. Their lesson is simple: It's a total illusion. And the danger in the illusion is that you will wait for those moments.
John Kenneth GalbraithIn central banking as in diplomacy, style, conservative tailoring, and an easy association with the affluent count greatly and results far much less.
John Kenneth GalbraithWhat is called a high standard of living consists, in considerable measure, in arrangements for avoiding muscular energy, for increasing sensual pleasure and enhancing caloric intake above any conceivable nutritional requirement.
John Kenneth Galbraith