It is impossible that the intention of the entrepreneur who has borrowed in order to increase investment can become effective (except in substitution for investment by other entrepreneurs which would have occurred otherwise) at a faster rate than the public decide to increase their savings

God has arrived. I met him on the 5:15 train.

Ideas, knowledge, art, hospitality, travel - these are things which should in their nature be international. But let goods be homespun whenever it is reasonably and conveniently possible and above all let finance be primarily national.

Successful investing is anticipating the anticipations of others.

What an extraordinary episode in the economic progress of man that age was which came to an end in August, 1914!

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

I do not know which makes a man more conservative - to know nothing but the present, or nothing but the past.