Long run is a misleading guide to current affairs. In the long run we are all dead.

This siren, this goat-footed bard, this half human visitor to our age the hag-ridden and enchanted woods of Celtic antiquity. One catches in his company that flavour of final purposelessness, inner responsibility, existence outside or away from our Saxon good and evil, mixed with cunning, remorselessness, love of power.

Worldly wisdom teaches that it is better for reputation to fail conventionally than to succeed unconventionally.

The political problem of mankind is to combine three things: economic efficiency, social justice and individual liberty.

Lenin is said to have declared that the best way to destroy the Capitalistic System was to debauch the currency. . . Lenin was certainly right. There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction, and does it in a manner which not one man in a million can diagnose.

When my information changes, I alter my conclusions. What do you do, sir?

I know of only three people who really understand money. A professor at another university. One of my students. And a rather junior clerk at the Bank of England.