Lenin is said to have declared that the best way to destroy the Capitalist System was to debauch the currency. By a continuing process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens. By this method they not only confiscate, but they confiscate arbitrarily; and, while the process impoverishes many, it actually enriches some. The sight of this arbitrary rearrangement of riches strikes not only at security, but at confidence in the equity of the existing distribution of wealth.

When somebody persuades me I am wrong, I change my mind.

Lenin is said to have declared that the best way to destroy the Capitalistic System was to debauch the currency. . . Lenin was certainly right. There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction, and does it in a manner which not one man in a million can diagnose.

Whenever you save five shillings you put a man out of work for a day.

It is astonishing what foolish things one can temporarily believe if one thinks too long alone, particularly in economics.

Newton was not the first of the age of reason, he was the last of the magicians.

There is nothing so disastrous as a rational investment policy in an irrational world.