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.

It would not be foolish to contemplate the possibility of a far greater progress still.

One's knowledge and experience are definitely limited and there are seldom more than two or three enterprises at any given time in which I personally feel myself entitled to put full confidence.

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

Experience shows that what happens is always the thing against which one has not made provision in advance.

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

If human nature felt no temptation to take a chance there might not be much investment merely as a result of cold calculation.