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.

If you get a reputation for being honest, you have 95 percent of the competition already beat.

It is possible that people need to believe they are unmanaged if they are to be managed effectively.

Men will look back in amusement at the pretence that once caused people to refer to General Dynamics and North American Aviation and AT&T as private business.

Agriculture is one economic activity that does not obey the laws of demand and supply.

In economics, hope and faith coexist with great scientific pretension and also a deep desire for respectability.

Perhaps never before or since have so many people taken the measure of economic prospects and found them so favorable as in the two days following the Thursday [24th October 1929] disaster.