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.

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

By a continuing process of inflation, government can confiscate, secretly and unobserved, an important part of the wealth of their citizens.

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.

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

When the final result is expected to be a compromise, it is often prudent to start from an extreme position.

But my lord, when we addressed this issue a few years ago, didn't you argue the other side?" He said, "That's true, but when I get more evidence I sometimes change my mind. What do you do?