This siren, this goat-footed bard, this half human visitor to our age the hag-ridden and enchanted woods of Celtic antiquity. One catches in his company that flavour of final purposelessness, inner responsibility, existence outside or away from our Saxon good and evil, mixed with cunning, remorselessness, love of power.

Long run is a misleading guide to current affairs. In the long run we are all dead.

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

The biggest problem is not to let people accept new ideas, but to let them forget the old ones.

The friends of gold will have to be extremely wise and moderate if they are to avoid a revolution.

Nevertheless, if we contemplate a society with a somewhat stable wage-unit, with national characteristics which determine the propensity to consume and the preference for liquidity, and with a monetary system which rigidly links the quantity of money to the stock of the precious metals, it will be essential for the maintenance of prosperity that the authorities should pay close attention to the state of the balance of trade. For a favourable balance, provided it is not too large, will prove extremely stimulating; whilst an unfavourable balance may soon produce a state of persistent depression.

Gold is a relic from a time when government's were less trustworthy in these matters (currency debasement) than they are now.