The study of money, above all other fields in economics, is one in which complexity is used to disguise truth or to evade truth, not to reveal it. The process by which banks create money is so simple the mind is repelled.

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.

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.

From the spring of 1941, I controlled all prices in the United States. You could lower a price without my permission, but you couldn't raise a price without my permission or that of my staff.

The questions that are beyond the reach of economics-the beauty, dignity, pleasure and durability of life-may be inconvenient but they are important.

I do the best with what exists.

Economics is extremely useful as a form of employment for economists.