Nothing mattered except states of mind, chiefly our own.

The key to selecting the winner isn't choosing the face you think is the most beautiful but rather the face other people will pick

A conventional valuation which is established as the outcome of the mass psychology of a large number of ignorant individuals is liable to change violently as the result of a sudden fluctuation of opinion due to factors which do not really make much difference to the prospective yield; since there will be no strong roots of conviction to hold it steady.

Nor should the argument seem strange that taxation may be so high as to defeat its object, and that, given sufficient time to gather the fruits, a reduction of taxation will run a better chance than an increase of balancing the budget.

When I find new information I change my mind; What do you do?

Should government refrain from regulation (taxation), the worthlessness of the money becomes apparent and the fraud can no longer be concealed.

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