Of the maxims of orthodox finance none, surely, is more anti-social than the fetish of liquidity, the doctrine of that it is a positive virtue on the part of investment institutions to concentrate their resources upon the holding of 'liquid' securities. It forgets that there is no such thing as liquidity of investment for the community as a whole.

Should government refrain from regulation (taxation), the worthlessness of the money becomes apparent and the fraud can no longer be concealed.

To suggest social action for the public good to the city London is like discussing The Origin of Species to a Bishop sixty years ago.

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.

The important thing for Government is not to do things which individuals are doing already, and to do them a little better or a little worse; but to do those things which at present are not done at all.

The boom, not the slump, is the right time for austerity at the Treasury.

If economists could manage to get themselves thought of as humble, competent people on a level with dentists, that would be splendid.