Those days [of the Vietnam War] you couldn't get on a bus going to the South without expecting a riot over something or the other. All of that has disappeared thanks to Lyndon Johnson.

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

Few economic problems, if any, are difficult of solution. The difficulty, all but invariably, is in confronting them. We know what needs to be done; for reasons of inertia, pecuniary interest, passion or ignorance, we do not wish to say so.

Nostalgia combines regularly with manifest respectability to give credence to old error as opposed to new truth.

Wisdom... is often an abstraction associated not with fact or reality but with the man who asserts it and the manner of its assertion.

In central banking as in diplomacy, style, conservative tailoring, and an easy association with the affluent count greatly and results far much less.

I was brought up in southwestern Ontario where we were taught that Canadian patriotism should not withstand anything more than a five-dollar-a-month wage differential. Anything more than that and you went to Detroit.