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

A sound banker, alas, is not one who foresees danger and avoids it, but one who, when he is ruined, is ruined in a conventional way along with his fellows, so that no one can really blame him.

Government machinery has been described as a marvelous labor saving device which enables ten men to do the work of one.

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

Everything is always decided for reasons other than the real merits of the case

When the accumulation of wealth is no longer of high social importance, there will be great changes in the code of morals.

I think that Capitalism, wisely managed, can probably be made more efficient for attaining economic ends than any alternative system yet in sight, but that in itself is in many ways extremely objectionable.