The immense accumulations of fixed capital which, to the great benefit of mankind, were built up during the half century before the war, could never have come about in a Society where wealth was divided equitably.

The right remedy for the trade cycle is not to be found in abolishing booms and thus keeping us permanently in a semi-slump; but in abolishing slumps and thus keeping us permanently in a quasi-boom.

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

Like Odysseus, the President looked wiser when he was seated.

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

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

The treasury could fill old bottles with banknotes and bury them..and leave it to private enterprises on well-tried principles of laissez-faire to dig the notes up again.