Almost every aspect of its (Federal Reserve) history should be approached with a discriminating disregard for what is commonly taught or believed.

Emancipation of belief is the most formidable of the tasks of reform and the one on which all else depends.

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

The huge capacity to purchase submission that goes with any large sum of money, well, this we have. This is a power of which we should all be aware.

In economics, the majority is always wrong.

In the usual (though certainly not in every) public decision on economic policy, the choice is between courses that are almost equally good or equally bad. It is the narrowest decisions that are most ardently debated.

All 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.