The book, as it stands, seems to me to be one of the most frightful muddles I have ever read, with scarcely a sound proposition in it beginning with page 45 [Hayek provided historical background up to page 45; after that came his theoretical model], and yet it remains a book of some interest, which is likely to leave its mark on the mind of the reader. It is an extraordinary example of how, starting with a mistake, a remorseless logician can end up in bedlam.

The social object of skilled investment should be to defeat the dark forces of time and ignorance which envelope our future.

Gold is a relic from a time when government's were less trustworthy in these matters (currency debasement) than they are now.

But my lord, when we addressed this issue a few years ago, didn't you argue the other side?" He said, "That's true, but when I get more evidence I sometimes change my mind. What do you do?

The old saying holds. Owe your banker �1000 and you are at his mercy; owe him �1 million and the position is reversed.

The introduction of a substantial Government transfer tax on all transactions might prove the most serviceable reform available,with a view to mitigating the predominance of speculation in the United States.

I am trying to re-shape and improve my central position.