There is another method of obtaining money... It does not presuppose the existence of accumulated results of previous development, and hence may be considered as the only one which is available in strict logic. This method of obtaining money is the creation of purchasing power by banks. The form it takes is immaterial.

In economic life competition is never completely lacking, but hardly ever is it perfect.

Access to the national dividend is usually to be had only on condition of some productive service previously rendered or of some product previously sold. This condition is, in this case, not yet fulfilled. It will be fulfilled only after the successful completion of the new combinations. Hence this credit will in the meantime affect the price level.

Bureaucracy is not an obstacle to democracy but an inevitable complement to it.

Politicians are like bad horsemen who are so preoccupied with staying in the saddle that they can't bother about where they're going.

For the duration of its collective life, or the time during which its identity may be assumed, each class resembles a hotel or an omnibus, always full, but always of different people.

Nothing is so treacherous as the obvious.