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Read through the most famous quotes by topic #money
This book is an essay in what is derogatorily called "literary economics," as opposed to mathematical economics, econometrics, or (embracing them both) the "new economic history." A man does what he can, and in the more elegant - one is tempted to say "fancier" - techniques I am, as one who received his formation in the 1930s, untutored. A colleague has offered to provide a mathematical model to decorate the work. It might be useful to some readers, but not to me. Catastrophe mathematics, dealing with such events as falling off a height, is a new branch of the discipline, I am told, which has yet to demonstrate its rigor or usefulness. I had better wait. Econometricians among my friends tell me that rare events such as panics cannot be dealt with by the normal techniques of regression, but have to be introduced exogenously as "dummy variables." The real choice open to me was whether to follow relatively simple statistical procedures, with an abundance of charts and tables, or not. In the event, I decided against it. For those who yearn for numbers, standard series on bank reserves, foreign trade, commodity prices, money supply, security prices, rate of interest, and the like are fairly readily available in the historical statistics. ↗
Sneaky and underhanded, the Federal Reserve has been sucking the life blood out of the United States since 1913. Like a black widow spider, it weaves a web of corruption and deceit. Unknown to its prey, the FED's bite is poisonous, deep, long-lasting and brings financial upheaval and misery to Americans. ↗
Hacker with Bullhorn: "Save your money! Accept one of our free tanks! It is invulnerable, and can drive across rocks and swamps at ninety miles an hour while getting a hundred miles to the gallon!" Prospective Station Wagon Buyer: "I know what you say is true...but...er...I don't know how to maintain a tank!" Bullhorn: "You don't know how to maintain a station wagon either!" Buyer: "But this dealership has mechanics on staff. If something goes wrong with my station wagon, I can take a day off work, bring it here, and pay them to work on it while I sit in the waiting room for hours, listening to elevator music." Bullhorn: "But if you accept one of our free tanks, we will send volunteers to your house to fix it for free while you sleep!" Buyer: "Stay away from my house, you freak! ↗
The author points to the impact of what he called Dutch disease, where the discovery of found wealth from a particular commodity causes a culture to atrophy with respect to work ethic and broader development. Continuing wealth from the single commodity is taken for granted. The government, flush with wealth, is expected to be generous. When the price of that commodity drops, a government which would remain in power dare not cut back on this generosity. ↗
In Chapter 5 we consider swindles and defalcations. It happens that crashes and panics often are precipitated by the revelation of some misfeasance, malfeasance, or malversation (the corruption of officials) engendered during the mania. It seems clear from the historical record that swindles are a response to the greedy appetite for wealth stimulated by the boom. And as the monetary system gets stretched, institutions lose liquidity, and unsuccessful swindles are about to be revealed, the temptation to take the money and run becomes virtually irresistible. It is difficult to write on this subject without permitting the typewriter to drip with irony. An attempt will be made. ↗
He stared to sea. "I gave up all ideas of practicing medicine. In spite of what I have just said about the wave and the water, in those years in France I am afraid I lived a selfish life. That is, I offered myself every pleasure. I traveled a great deal. I lost some money dabbling in the theatre, but I made much more dabbling on the Bourse. I gained a great many amusing friends, some of whom are now quite famous. But I was never very happy. I suppose I was fortunate. It took me only five years to discover what some rich people never discover — that we all have a certain capacity for happiness and unhappiness. And that the economic hazards of life do not seriously affect it. ↗
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