In truth, the gold standard is already a barbarous relic.

The markets are moved by animal spirits, and not by reason.

In truth, the gold standard is already a barbarous relic. All of us, from the Governor of the Bank of England downwards, are now primarily interested in preserving the stability of business, prices, and employment, and are not likely, when the choice is forced on us, deliberately to sacrifice these to outworn dogma, which had its value once, of 3 pounds, 17 shill ings, 10 1/2 pence per ounce. Advocates of the ancient standard do not observe how remote it now is from the spirit and the requirements of the age. A regulated nonmetallic standard has slipped in unnoticed. It exists.

Well, when I get new information, I rethink my position. What, sir, do you do with new information?

I conceive, therefore, that a somewhat comprehensive socialisation of investment will prove the means of securing an approximation to full employment.

If you owe your bank a hundred pounds, you have a problem. But if you owe a million, it has.

Investment based on genuine long-term expectations is so difficult today as to be scarcely practicable.