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

Speculators may do no harm as bubbles on a steady stream of enterprise. But the position is serious when enterprise becomes a bubble on a whirlpool of speculation. When the capital development of a country becomes a by-product of the activities of a casino, the job is likely to be ill done.

It is ideas, not vested interests, which are dangerous for good or evil.

We will not have any more crashes in our time.

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

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.

The master-economist must possess a rare combination of gifts. He must reach a high standard in several different directions and must combine talents not often found together. He must be mathematician, historian, statesman, philosopher - in some degree. He must understand symbols and speak in words. He must contemplate the particular in terms of the general, and touch abstract and concrete in the same flight of thought. He must study the present in the light ofthe past for the purposes of the future