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http://www.nowandfutures.com/quotes.html#buffett "Think for yourselves and let others enjoy the privilege to do so, too."  -- Voltaire "…the United States has experienced high rates of inflation in the past and appears to be running the same type of fiscal policies that engendered hyperinflations in 20 countries over the past century." -- Laurance Kotlikoff, Federal Reserve Bank of St Louis "Review", July/Aug 2006 Ex scientia pecuniae libertas. "Out of knowledge of money comes freedom." -- Unknown "The Wheels of Justice turn slowly but exceedingly fine." -- attributed to many, including Sun Tzu and Longfellow "To buy when others are despondently selling and sell when others are greedily buying requires the greatest fortitude and pays the greatest reward." -- Sir John Templeton  "Bull markets are born in pessimism, grow on skepticism, mature on optimism, and die of euphoria." -- Sir John Templeton  "It is the long term investor, he who most promotes the public interest, who will in practice come in for the most criticism, wherever investment funds are managed by committees or boards or banks. For it is in the essence of his behaviour that he should be eccentric, unconventional and rash in the eyes of average opinion. If he is successful, that will only confirm the general belief in his rashness; and if in the short run he is unsuccessful, which is very likely, he will not receive much mercy. Worldly wisdom teaches that it is better for reputations to fail conventionally than succeed unconventionally." -- John Maynard Keynes (attributed) "The market can stay irrational longer than you can stay solvent." -- John Maynard Keynes  "The expected never happens; it is the unexpected always." -- John Maynard Keynes  “The boom, not the slump, is the right time for austerity at the Treasury.” -- John Maynard Keynes, 1937 "... a speculator is one who runs risks of which he is aware and an investor is one who runs risks of which he is unaware." -- John Maynard Keynes  "Long run is a misleading guide to current affairs. In the long run we are all dead. Economists set themselves too easy, too useless a task if in tempestuous seasons they can only tell us that when the storm is long past the ocean is flat again." -- John Maynard Keynes, A Tract on Monetary Reform, 1924 "When the facts change, I change my mind. What do you do, sir?" -- John Maynard Keynes, also attributed to Winston Churchill "It is better that a man should tyrannize over his bank balance than over his fellow-citizens." -- John Maynard Keynes "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 [also] at confidence in the equity of the existing distribution of wealth." "...By combining a popular hatred of the class of entrepreneurs with the blow already given to social security by the violent and arbitrary disturbance of contract….governments are fast rendering impossible a continuance of the social and economic order of the nineteenth century." -- John Maynard Keynes - The Economic Consequences of the Peace, 1919. pp. 235-248. "What an extraordinary episode in the economic progress of man that age was which came to an end in August, 1914! The greater part of the population, it is true, worked hard and lived at a low standard of comfort, yet were, to all appearances, reasonably contented with this lot. But escape was possible, for any man of capacity or character at all exceeding the average, into the middle and upper classes, for whom life offered, at a low cost and with the least trouble, conveniences, comforts, and amenities beyond the compass of the richest and most powerful monarchs of other ages. The inhabitant of London could order by telephone, sipping his morning tea in bed, the various products of the whole earth, in such quantity as he might see fit, and reasonably expect their early delivery upon his door-step; he could at the same moment and by the same means adventure his wealth in the natural resources and new enterprises of any quarter of the world, and share, without exertion or even trouble, in their prospective fruits and advantages; or he could decide to couple the security of his fortunes with the good faith of the townspeople of any substantial municipality in any continent that fancy or information might recommend. He could secure forthwith, if he wished it, cheap and comfortable means of transit to any country or climate without passport or other formality, could despatch his servant to the neighboring office of a bank for such supply of the precious metals as might seem convenient, and could then proceed abroad to foreign quarters, without knowledge of their religion, language, or customs, bearing coined wealth upon his person, and would consider himself greatly aggrieved and much surprised at the least interference. But, most important of all, he regarded this state of affairs as normal, certain, and permanent, except in the direction of further improvement, and any deviation from it as aberrant, scandalous, and avoidable. The projects and politics of militarism and imperialism, of racial and cultural rivalries, of monopolies, restrictions, and exclusion, which were to play the serpent to this paradise, were little more than the amusements of his daily newspaper, and appeared to exercise almost no influence at all on the ordinary course of social and economic life, the internationalization of which was nearly complete in practice." -— John Maynard Keynes, The Economic Consequences of the Peace, 1920, pp. 10 –12 "Even in a time of elephantine vanity and greed, one never has to look far to see the campfires of gentle people." -- Garrison Keillor "A sound banker, alas, is not one who foresees danger and avoids it, but one who, when he is ruined, is ruined in a conventional and orthodox way along with his fellows, so that no one can really blame him. It is necessarily part of the business of a banker to maintain appearances, and to confess a conventional respectability, which is more than human. Life-long practices of this kind make them the most romantic and the least realistic of men." -- John Maynard Keynes, "The Consequences to the Banks of the Collapse in Money Values", 1931 "... the benefits of a depreciating currency are not restricted to the government. Farmers and debtors and all persons liable to pay fixed money dues share in the advantage. As now in the persons of business men, so also in former ages these classes constituted the active and constructive elements in the economic scheme… The tendency of money to depreciate has been in past times a weighty counterpoise against the cumulative results of compound interest and the inheritance of fortunes. … By this means each generation can disinherit in part its predecessors’ heirs; and the project of founding a perpetual fortune must be disappointed in this way, unless the community with conscious deliberation provides against it in some other way, more equitable and more expedient." -- John Maynard Keynes - Essays In Persuasion "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. Those to whom the system brings windfalls . . . become 'profiteers', who are the object of the hatred of the bourgeoisie, whom the inflationism has impoverished not less than the proletariat. As the inflation proceeds . . . all permanent relations between debtors and creditors, which form the ultimate foundation of capitalism, become so utterly disordered as to be almost meaningless." -- John Maynard Keynes, "The Economic Consequences of the Peace", pages 220-223 (1919). "When the accumulation of wealth is no longer of high social importance, there will be great changes in the code of morals. We shall be able to rid ourselves of many of the pseudo-moral principles which have hag-ridden us for two hundred years, by which we have exalted some of the most distasteful of human qualities into the position of the highest virtues. We shall be able to afford to dare to assess the money-motive at its true value. The love of money as a possession — as distinguished from the love of money as a means to the enjoyments and realities of life — will be recognised for what it is, a somewhat disgusting morbidity, one of those semi-criminal, semi-pathological propensities which one hands over with a shudder to the specialists in mental disease ... But beware! The time for all this is not yet. For at least another hundred years we must pretend to ourselves and to everyone that fair is foul and foul is fair; for foul is useful and fair is not. Avarice and usury and precaution must be our gods for a little longer still. For only they can lead us out of the tunnel of economic necessity into daylight." -- John Maynard Keynes, "The Future", Essays in Persuasion (1931) Ch. 5, JMK, CW, IX, pp.329 - 331, Economic Possibilities for our Grandchildren (1930); as quoted in "Keynes and the Ethics of Capitalism" by Robert Skidelsy "In truth, the gold standard is already a barbarous relic. All of us, from the Governor of the Bank of England downwards, are now primarily interested in preserving the stability of business, prices, and employment, and are not likely, when the choice is forced on us, deliberately to sacrifice these to outworn dogma, which had its value once, of 3 pounds, 17 shill ings, 10 1/2 pence per ounce. Advocates of the ancient standard do not observe how remote it now is from the spirit and the requirements of the age. A regulated nonmetallic standard has slipped in unnoticed. It exists." -- John Maynard Keynes, 1932, in "A Retrospective on the Classical Gold Standard, 1821-1931" and in Monetary Reform (1924), p. 172 "The day is not far off when the economic problem will take the back seat where it belongs, and the arena of the heart and the head will be occupied or reoccupied, by our real problems — the problems of life and of human relations, of creation and behaviour and religion." -- John Maynard Keynes, First Annual Report of the Arts Council (1945-1946) "If you owe your banker a thousand pounds, you are at his mercy. If you owe your banker a million pounds, he is at your mercy." -- John Maynard Keynes "The introduction of a substantial Government transfer tax on all transactions might prove the most serviceable reform available,with a view to mitigating the predominance of speculation in the United States." -- John Maynard Keynes, "The General Theory of Employment Interest and Money", Book 4, Chapter 12, Section 6, pg.160 "Too large a proportion of recent "mathematical" economics are mere concoctions, as imprecise as the initial assumptions they rest on, which allow the author to lose sight of the complexities and interdependencies of the real world in a maze of pretentious and unhelpful symbols." -- John Maynard Keynes, "The General Theory of Employment Interest and Money", Book 5, Chapter 21,Section 3, pg.298 "Thus, the weight of my criticism is directed against the inadequacy of the theoretical foundations of the laissez-faire doctrine upon which I was brought up and for many years I taught" -- John Maynard Keynes, "The General Theory of Employment Interest and Money", Book 6, Chapter 23, Section 2, pg.339 "Never in history was there a method devised of such efficacy for setting each country's advantage at variance with its neighbours' as the international gold(or, formerly, silver) standard." -- John Maynard Keynes, "The General Theory of Employment Interest and Money", Book 6, Chapter 23, Section 3, pg.349 "[Silvio] Gesell's chiefwork is written in cool and scientific terms, although it is run through by a more passionate and charged devotion to social justice than many think fit for a scholar. I believe that the future will learn more from the spirit of Gesell then from that of Marx." -- John Maynard Keynes, "The General Theory of Employment Interest and Money", Book 6, Chapter 23, Section 6, pg.355 "Successful investing is anticipating the anticipations of others." -- John Maynard Keynes, as quoted in "Isms" (2006) by Gregory Bergman, p.105 "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." -- John Maynard Keynes, per Bartlett "The ideas of economists and political philosophers, both when they are right and when they are wrong, are more powerful than is commonly understood. Indeed, the world is ruled by little else. Practical men, who believe themselves to be quite exempt from any intellectual influences, are usually the slaves of some defunct economist. Madmen in authority, who hear voices in the air, are distilling their frenzy from some academic scribbler of a few years back... soon or late, it is ideas, not vested interests, which are dangerous for good or evil." -- John Maynard Keynes, "The General Theory of Employment, Interest and Money" "the theory of aggregated production, which is the point of ['The General Theory of Employment Interest and Money'], nevertheless can be much easier adapted to the conditions of a totalitarian state than the theory of production and distribution of a given production put forth under conditions of free competition and a large degree of laissez-faire." -- John Maynard Keynes, in forward of the German edition of "The General Theory of Employment Interest and Money" "There is nothing so disastrous as a rational investment policy in an irrational world." -- John Maynard Keynes "In my opinion it is a grand book ... Morally and philosophically I find myself in agreement with virtually the whole of it: and not only in agreement with it, but in deeply moved agreement." ... "What we need therefore, in my opinion, is not a change in our economic programmes, which would only lead in practice to disillusion with the results of your philosophy; but perhaps even the contrary, namely, an enlargement of them. Your greatest danger is the probable practical failure of the application of your philosophy in the United States." -- John Maynard Keynes, after reading after reading Hayek's "The Road to Serfdom" "I should... conclude rather differently. I should say that what we want is not no planning, or even less planning, indeed I should say we almost certainly want more. But the planning should take place in a community in which as many people as possible, both leaders and followers wholly share your own moral position. Moderate planning will be safe enough if those carrying it out are rightly oriented in their own minds and hearts to the moral issue. This is in fact already true of some of them. But the curse is that there is also an important section who could be said to want planning not in order to enjoy its fruits but because morally they hold ideas exactly the opposite of yours, and wish to serve not God but the devil." -- John Maynard Keynes, in response to Hayek's criticism of his theory of deficit spending during bad times and payback during good times (Heilbroner, Robert (2000). The Worldly Philosophers, 278–8) "Now there are indications that two technical fallacies may have affected the policy of your administration. The first relates to the part played in recovery by rising prices. Rising prices are to be welcomed because they are usually a symptom of rising output and employment. When more purchasing power is spent, one expects rising output at rising prices. Since there cannot be rising output without rising prices, it is essential to ensure that the recovery shall not be held back by the insufficiency of the supply of money to support the increased monetary turn-over. But there is much less to be said in favour of rising prices, if they are brought about at the expense of rising output. Some debtors may be helped, but the national recovery as a whole will be retarded. Thus rising prices caused by deliberately increasing prime costs or by restricting output have a vastly inferior value to rising prices which are the natural result of an increase in the nation's purchasing power." "I do not mean to impugn the social justice and social expediency of the redistribution of incomes aimed at by N.I.R.A. and by the various schemes for agricultural restriction. The latter, in particular, I should strongly support in principle. But too much emphasis on the remedial value of a higher price-level as an object in itself may lead to serious misapprehension as to the part which prices can play in the technique of recovery. The stimulation of output by increasing aggregate purchasing power is the right way to get prices up; and not the other way round." -- John Maynard Keynes, in a latter to F.D.R. in 1933 "The other set of fallacies, of which I fear the influence, arises out of a crude economic doctrine commonly known as the Quantity Theory of Money. Rising output and rising incomes will suffer a set-back sooner or later if the quantity of money is rigidly fixed. Some people seem to infer from this that output and income can be raised by increasing the quantity of money. But this is like trying to get fat by buying a larger belt. In the United States to-day your belt is plenty big enough for your belly. It is a most misleading thing to stress the quantity of money, which is only a limiting factor, rather than the volume of expenditure, which is the operative factor." -- John Maynard Keynes, in a latter to F.D.R. in 1933 "Outside of a dog, a book is man's best friend. Inside of a dog it's too dark to read." -- Groucho Marx "An error does not become truth by reason of multiplied propagation, nor does truth become error because nobody sees it." -- Mahatma Gandhi "Earth provides enough to satisfy every man's need, but not every man's greed." -- Mahatma Gandhi "Constant development is the law of life, and a man who always tries to maintain his dogmas in order to appear consistent drives himself into a false position." -- Mohandas Gandhi "An eye for an eye makes the whole world blind." -- Mahatma Gandhi "When I despair, I remember that all through history the ways of truth and love have always won. There have been tyrants, and murderers, and for a time they can seem invincible, but in the end they always fall. Think of it. Always." -- Mahatma Gandhi "There will come a moment when the most urgent threats posed by the credit crisis have eased and the larger task before us will be to chart a direction for the economic steps ahead. This will be a dangerous moment. Behind the debates over future policy is a debate over history—a debate over the causes of our current situation. The battle for the past will determine the battle for the present. So it’s crucial to get the history straight." -- Joseph Stiglitz, Capitalist Fools, January 2009 "From the fact that people are very different it follows that, if we treat them equally, the result must be inequality in their actual position, and that the only way to place them in an equal position would be to treat them differently. Equality before the law and material equality are therefore not only different but are in conflict with each other; and we can achieve either one or the other, but not both at the same time." -- Friedrich Hayek, "The Road to Serfdom" "We contend that for a nation to try to tax itself into prosperity is like a man standing in a bucket and trying to lift himself up by the handle." -- Winston Churchill "You can always count on Americans to do the right thing—after they’ve tried everything else." -- Winston Churchill "A fanatic is one who can’t change his mind and won’t change the subject." -- Winston Churchill (British statesman, 1874-1965) "The truth is incontrovertible. Panic may resent it, ignorance may deride it, malice may distort it, but, there it is." -- Winston Churchill "The farther backward you can look, the farther forward you are likely to see”" -- Winston Churchill "When the eagles are silent, the parrots begin to jabber." -- Winston Churchill "Many forms of Government have been tried, and will be tried in this world of sin and woe. No one pretends that democracy is perfect or all-wise. Indeed, it has been said that democracy is the worst form of Government except all those other forms that have been tried from time to time." -- Winston Churchill "If you put two economists xin a room, you get two opinions, unless one of them is Lord Keynes, in which case you get three opinions." -- Winston Churchill "The best argument against democracy is a five-minute conversation with the average voter." -- Winston Churchill "Those who do not learn from history are doomed to repeat it." -- George Santayana "You have enemies? Good. That means you've stood up for something, sometime in your life." -- Winston Churchill "Ponzi’ finance units must increase its outstanding debt in order to meet its financial obligations. A transition occurs over the course of an expansion as increasingly risky positions are validated by the booming economy that renders the built in margins of error superfluous - encouraging adoption of riskier positions. Eventually, either financing costs rise or income comes in below expectations, leading to defaults on payment commitments." -- Hyman Minsky "... over a protracted period of good times, capitalist economies tend to move from a financial structuredominated by hedge finance units to a structure in which there is large weight to units engaged in speculative and Ponzi finance. Furthermore, if an economy with a sizeable body of speculative financial units is in an inflationary state, and the authorities attempt to exorcise inflation by monetary constraint, then speculative units will become Ponzi units and the net worth of previously Ponzi units will quickly evaporate. Consequently,units with cash flow shortfalls will be forced to try to make position by selling out position. This is likely to lead to a collapse of asset values." -- Hyman Minsky "Never ascribe to malice that which is adequately explained by incompetence." -- Napoleon Bonaparte "Then you will know the truth, and the truth will set you free."  -- John 8:32 "The first half of our lives is ruined by our parents, and the second half by our children." -- Clarence Darrow (1857-1938) "Truth is not only violated by falsehood; it may be equally outraged by silence." -- Henri-Frederic Amiel >li>"Corporate ethics and compliance may be similar, but their cores are different. From the perspective of corporate social responsibility, we cannot say that there is no need to question a company's actions just because they are not a crime under the law." -- Yanosuke Hirai "... Member Countries shall take necessary action and/or shall establish negotiations, individually or in groups, with the oil companies with a view to adopting ways and means to offset any adverse effects on the per barrel real income of Member Countries resulting from the international monetary developments as of 15th August 1971." -- OPEC, Sept. 1971, in a communiqué sent out after President Nixon severed the dollar’s link to gold "Men stumble over the truth from time to time, but most pick themselves up and hurry off as if nothing happened." -- Winston Churchill "The problem with quotes you find on the Internet is that it can be hard to verify their authenticity." -- Abraham Lincoln ;-) "Paper money eventually returns to its intrinsic value - zero." -- Voltaire, 1729 "The longer we dwell on our misfortunes the greater is their power to harm us." -- Voltaire "... it is dangerous to be right when the government is wrong." -- Voltaire "The only thing that is necessary for evil to triumph is for men of good will to do nothing." -- Edmund Burke "Nobody made a greater mistake than he who did nothing because he could only do a little."  -- Edmund Burke "A good parson once said that where mystery begins religion ends. Cannot I say, as truly at least, of human laws, that where mystery begins, justice ends?" -- Edmund Burke "It is only by preserving faith in human dreams that we may, after all, perhaps some day make them come true." -- James Branch Cabell "Don’t gamble! Take all your savings and buy some good stock and hold it ‘till it goes up, then sell it. If it don’t go up, don’t buy it."  -- Will Rogers "If stupidity got us into this mess, then why can't it get us out?"  -- Will Rogers "I love a dog, he does nothing for political reasons." -- Will Rogers "There are three types of people in the world: Those who understand Statistics, and everyone else." -- unknown "Inside every cynical person is a disappointed idealist." -— George Carlin, comedian & social commentator "Essentially, all models are wrong, but some models are useful." -- George E.P. Box (Professor Emeritus of Statistics at the University of Wisconsin) "The US dollar is our currency but your problem." -- US Secretary of the Treasury John Connolly, 1971 "Before this century is over, the Dow Jones Industrial Average will probably be over one million versus around 10,000 now. So for the long-term, the outlook is tremendously bullish if you buy stocks blindly to keep for a century." -- John Templeton, 1999 "The deterioration of every government begins with the decay of the principles on which it was founded." -- Charles-Louis De Secondat (1689-1755) Baron de Montesquieu – Source: The Spirit of the Laws, 1748 "If fear is cultivated it will become stronger, if faith is cultivated it will achieve mastery." -- John Paul Jones "Prediction is very difficult, especially about the future." -- Neils Bohr "Sir: You quote me [Dec. 31] as saying: 'We are all Keynesians now.' The quotation is correct, but taken out of context. As best I can recall it, the context was: 'In one sense, we are all Keynesians now; in another, nobody is any longer a Keynesian.' The second half is at least as important as the first." -- Milton Friedman, Letter to Time magazine, February 4 1966 "An eye for an eye makes the whole world blind." -- Gandhi "[Milton Friedman] has always hated the fragmentation and bickering between schools of economics, which has occurred ever since Marx detached himself from the "classical" school of Smith and Ricardo. In 1974, when vacationing at his summer home in Vermont, Friedman spoke informally at a nearby conference about Austrian economics. He bluntly told the audience, 'There is no Austrian economics--only good economics and bad economics'. (Dolan 1976: 4). His point was that any useful concepts coming out of Austrian economics (he specifically had reference to Hayek's contributions) should be incorporated into the body of mainstream economic theory. In 1982, he made the same point at a conference on supply-side economics. 'I am not a supply-side economist. I am not a monetarist economist. I am an economist.' (Friedman 1982: 53)." -- Mark Skousen, The Making of Modern Economics, pg 432 "The biggest threat to advanced economies is that debt will accumulate until the overhang weighs on growth." -- Carmen M. Reinhart and Kenneth S. Rogoff, This Time Is Different: Eight Centuries of Financial Folly "In times of change learners inherit the earth; while the learned find themselves beautifully equipped to deal with a world that no longer exists."  -- Eric Hoffer "Ave Atque Vale!" (Hail and Farewell!) -- Ancient Roman saying on the passing of a great commander "It was probably a mistake to allow gold to rise so high." -- Paul Volcker, ex Federal Reserve Chairman in looking back at the rise of gold from $35 to $850 during the 1970s, per "Paul Volcker: The Making of a Financial Legend" by Joseph B. Treaster "That day the U.S. announced that the dollar would be devalued by 10 percent. By switching the yen to a floating exchange rate, the Japanese currency appreciated, and a sufficient realignment in exchange rates was realized. Joint intervention in gold sales to prevent a steep rise in the price of gold, however, was not undertaken. That was a mistake." -- Paul Volcker, "Nikkei Weekly" Nov. 15, 2004 (original incident on February 12, 1973) Additional comment from Paul Volcker in 2012 regarding the above quote: "The quotation you cite is about an event almost 40 years ago. It pertained to the possibility of speculation in the gold market leading to exchange rate instability at a critical point. The U.S. has not, to the best of my knowledge, intervened in the gold market for more than 40 years." Source  Occam's razor is the law of parsimony, economy or succinctness. It is a principle urging one to select from among competing hypotheses that which makes the fewest assumptions and thereby offers the simplest explanation of the effect. -- created by Friar William of Occam "There are five main purposes of central bank cooperation"..."the provision of international credits and joint efforts to influence asset prices (especially gold and foreign exchange) in circumstances where this might be thought useful." -- William S. White, head of the monetary and economic department of the Bank for International Settlements in a speech to a BIS conference in Basel, Switzerland, in June 2005 "Quis custodiet ipsos custodes?" (Who will guard the guardians?) -- Juvenal "Absence of proof is not proof of absence." -- Attributed to William Cowper "Significant changes in the growth rate of money supply, even small ones, impact the financial markets first. Then, they impact changes in the real economy, usually in six to nine months, but in a range of three to 18 months. Usually in about two years in the US, they correlate with changes in the rate of inflation or deflation." "The leads are long and variable, though the more inflation a society has experienced, history shows, the shorter the time lead will be between a change in money supply growth and the subsequent change in inflation." -- Milton Friedman "What's the use of happiness? It can't buy you money."  -- Henny Youngman "The chief lesson I have learned in a long life is that the only way to make a man trustworthy is to trust him; and the surest way to make him untrustworthy is to distrust him and show your distrust." -- Henry L. Stimson "…those who wish to know in what direction they are going would do well to give their attention not to the politicians but to the philosophers, for what they propound today will be the faith of tomorrow." -- I.M. Bochenski (1902-1995) "Some books are to be tasted, others to be swallowed, and some few to be chewed and digested." -- Francis Bacon, “On Studies,” Essays with Annotations (Boston: Lee and Shepar, 1884) 482 "Reasoning draws a conclusion and makes us grant the conclusion, but does not make the conclusion certain, nor does it remove doubt." -- Roger Bacon (c.1214-1292) "If you keep on gouging and devouring each other, watch out, you will be destroyed by each other. " -- Gal 5:13 "Gold still represents the ultimate form of payment in the world. Fiat money in extremis is accepted by nobody. Gold is always accepted." -- Alan Greenspan, May 20, 1999  "a rule against fraud is not an essential or ... an important ingredient of securities markets" (Easterbrook & Fischel 1991)" -- Alan Greenspan (prior Chairman of the Federal Reserve US Central Bank) "I have one other issue I'd like to throw on the table. I hesitate to do it, but let me tell you some of the issues that are involved here. If we are dealing with psychology, then the thermometers one uses to measure it have an effect. I was raising the question on the side with Governor Mullins of what would happen if the Treasury sold a little gold in this market. There's an interesting question here because if the gold price broke in that context, the thermometer would not be just a measuring tool. It would basically affect the underlying psychology." -- Alan Greenspan, May 18, 1993 ( Page 42 )  "Well, you probably will always believe there should be laws against fraud, and I don’t think there is any need for a law against fraud." -- Alan Greenspan, 1999, during a private lunch at the Fed with Brooksley Born (then head of the Commodity Futures Trading Commission) "Gold, unlike all other commodities, is a currency...and the major thrust in the demand for gold is not for jewelry. It’s not for anything other than an escape from what is perceived to be a fiat money system, paper money, that seems to be deteriorating." -– Alan Greenspan, ex-US Federal Reserve Chairman, August 23, 2011 "When you have eliminated the impossible, whatever remains, however improbable, must be the truth." -- Sir Arthur Conan Doyle "It is not necessary to understand things in order to argue about them." -- Pierre Beaumarchais (1732 - 1977)  "A man who wants to lead the orchestra must turn his back on the crowd." -- Max Lucado "The only winning move is not to play. How about a nice game of chess?" -- "War Games", 1983 movie "In a highly globalised world, a more global monetary policy perspective is also called for to ensure lasting price and financial stability." -- BIS, 2011-12 annual report "As soon as you think you've got the key to the stock market, they change the lock." -- Joe Granville "The most exciting returns are to be had from an asset class where those who know it best, love it least." -- Don Coxe's definition of a bull market "If falsehood like truth had only one face, we would be in better shape. For we would take as certain the opposite of what the liar said. But the reverse of truth has a hundred thousand shapes and a limitless field." Michel de Montaigne "An educated mind can entertain a thought without accepting it." -- Aristotle "The financial markets generally are unpredictable. So that one has to have different scenarios.. The idea that you can actually predict what's going to happen contradicts my way of looking at the market." -- George Soros "You get recessions, you have stock market declines. If you don't understand that's going to happen, then you're not ready, you won't do well in the markets." -- Peter Lynch "I'm shocked, shocked to find that gambling is going on in here!" -- Captain Renault, "Casablanca" "The worth of the state, in the long run, is the worth of the individuals composing it." -- John Stuart Mill "Stop worrying about the world ending today. It's already tomorrow in Australia." -- Charles M. Schulz "The only thing necessary for the triumph of evil is that men of good will do nothing." -- Cicero, B.C. "A country does not go bankrupt." -- Walter Wriston, Chairman of Citi Group, 1982, right after Mexico massively defaulted "Technical analysis is a windsock, not a crystal ball." -- P. Arthur Huprich "One... with courage makes a majority." -- Andrew Jackson "Many the wonders but nothing walks stranger than man." -- Sophocles, Antigone, c. 441 B.C. (translation by Elizabeth Wyckoff) "It is to be regretted that the rich and powerful too often bend the acts of government to their selfish purposes. Distinctions in society will always exist under every just government. Equality of talents, of education, or of wealth can not be produced by human institutions. In the full enjoyment of the gifts of Heaven and the fruits of superior industry, economy, and virtue, every man is equally entitled to protection by law; but when the laws undertake to add to these natural and just advantages artificial distinctions, to grant titles, gratuities, and exclusive privileges, to make the rich richer and the potent more powerful, the humble members of society — the farmers, mechanics, and laborers — who have neither the time nor the means of securing like favors to themselves, have a right to complain of the injustice of their government. There are no necessary evils in government. Its evils exist only in its abuses. If it would confine itself to equal protection, and, as Heaven does its rains, shower its favors alike on the high and the low, the rich and the poor, it would be an unqualified blessing." -- Preisdent Andrew Jackson, Veto of the Second Bank of the United States "Do not believe in anything simply because you have heard it. Do not believe in anything simply because it is spoken and rumored by many. Do not believe in anything simply because it is found written in your religious books. Do not believe in anything merely on the authority of your teachers and elders. Do not believe in traditions because they have been handed down for many generations. But after observation and analysis, when you find that anything agrees with reason and is conducive to the good and benefit of one and all, then accept it and live up to it." -- Buddha "Hyman Minsky developed an economics of financial instability, of instability bred by stability itself…Minsky’s approach, very different from Godley’s, is conceptual rather than statistical. A key virtue is that it puts finance at the center of economic analysis, analytically inseparable from what is sometimes called real economic activity, for the simple reason that capitalistic economies are run by banks. And, of course, his second great insight is into the dynamics of phase transitions: the famous movement from the hedge position to the speculative position to the intrinsically unsustainable, doomed to collapse ponzi position which arises from within the system and is subject actually to formalization in the endogenous instabilities of non-linear dynamical models. To grasp what Minsky is about, it seems to me, is to go immediately beyond the coarse notion of the “Minsky moment,” a concept which implies falsely that there are also non-Minsky moments. It is to recognize that the financial system is both necessary and dangerous, that strict financial regulation is both indispensable and imperfect." -- James Galbraith, 5th annual Dijon conference on Post Keynesian economics, Copenhagen, May 2011 "The paper system being founded on public confidence and having of itself no intrinsic value, it is liable to great and sudden fluctuations, thereby rendering property insecure and the wages of labor unsteady and uncertain. The corporations which create the paper money can not be relied upon to keep the circulating medium uniform in amount. In times of prosperity, when confidence is high, they are tempted by the prospect of gain or by the influence of those who hope to profit by it to extend their issues of paper beyond the bounds of discretion and the reasonable demands of business; and when these issues have been pushed on from day to day, until public confidence is at length shaken, then a reaction takes place, and they immediately withdraw the credits they have given, suddenly curtail their issues, and produce an unexpected and ruinous contraction of the circulating medium, which is felt by the whole community. The banks by this means save themselves, and the mischievous consequences of their imprudence or cupidity are visited upon the public. Nor does the evil stop here. These ebbs and flows in the currency and these indiscreet extensions of credit naturally engender a spirit of speculation injurious to the habits and character of the people. We have already seen its effects in the wild spirit of speculation in the public lands and various kinds of stock which within the last year or two seized upon such a multitude of our citizens and threatened to pervade all classes of society and to withdraw their attention from the sober pursuits of honest industry. It is not by encouraging this spirit that we shall best preserve public virtue and promote the true interests of our country; but if your currency continues as exclusively paper as it now is, it will foster this eager desire to amass wealth without labor; it will multiply the number of dependents on bank accommodations and bank favors; the temptation to obtain money at any sacrifice will become stronger and stronger, and inevitably lead to corruption, which will find its way into your public councils and destroy at no distant day the purity of your Government." -- President Andrew Jackson, in his farewell address of March 4, 1837 Source "In the hands of this formidable power, thus organized, was also placed unlimited dominion over the amount of circulating medium, giving it the power to regulate the value of property and the fruits of labor in every quarter of the Union, and to bestow prosperity or bring ruin upon any city or section of the country as might best comport with its own interest or policy....Yet, if you had not conquered, the government would have passed from the hands of the many to the hands of the few, and this organized money power from its secret conclave would have dictated the choice of your highest officers and compelled you to make peace or war, as best suited their wishes. The forms of your government might for a time have remained, but its living spirit would have departed from it." -- President Andrew Jackson, in his farewell address of March 4, 1837 and talking about not having renewed the charter of the U.S. Central Bank (full section below) "But when the charter for the bank of the United States was obtained from Congress, it perfected the paper system, and gave to its advocates the position they have struggled to obtain from the commencement of the Federal Government down to the present hour. The immense capital and peculiar privileges bestowed upon it enabled it to exercise despotic sway over the other banks in every part of the country. From its superior strength it could seriously injure, if not destroy, the business of any one of them that would incur its resentment; and it openly claimed for itself the power of regulating the currency throughout the United States. In other words, it asserted (and undoubtedly possessed) the power to make money plenty or scarce, at its pleasure, at any time, and in any quarter of the Union, by controlling the issues of other banks, and in permitting an expansion, or compelling a general contraction of the circulating medium according to its own will. The other banking institutions were sensible of its strength, and they soon became generally its obedient instruments, ready at all times to execute its mandates; and with the other banks necessarily went also that numerous class of persons in our commercial cities who depend altogether on bank credits for their solvency and means of business, and who are therefore obliged, for their safety, to propitiate the favor of the money power by distinguished zeal and devotion in its service. The result of the ill-advised legislation which established this great monopoly, was to concentrate the whole moneyed power of the Union, with its boundless means of corruption, and its numerous dependents, under the direction and command of one acknowledged head; thus organizing this particular interest as one body, and securing to it unity of action throughout the United States, and enabling it to bring forward, upon any occasion, its entire and undivided strength to support or defeat any measure of the government. In the hands of this formidable power, thus perfectly organized, was also placed unlimited dominion over the amount of circulating medium, giving it the power to regulate the value of property, and the fruits of labor in every quarter of the Union; and to bestow prosperity, or bring ruin upon any city or section of the country as might best comport with its own interests or policy. We are not left to conjecture how the moneyed power, thus organized, and with such a weapon in its hands, would be likely to use it. The distress and alarm which pervaded and agitated the whole country, when the Bank of the United States waged war upon the people in order to compel them to submit to their demands, cannot yet be forgotten. The ruthless and unsparing temper with which whole cities and communities were oppressed, individuals impoverished and ruined, a scene of cheerful prosperity suddenly changed into one of gloom and despondency, ought to be indelibly impressed on the memory of the people of the United States. If such were its power in a time of peace, what would it not have been in a season of war, with an enemy at your doors? No nation but the freeman of the United States could have come out victorious from such contest; yet, if you had not conquered, the Government would have passed from the hands of the many to the hands of the few; and this organized money power, from its secret conclave, would have dictated the choice of your highest officers, and compelled you to make peace or war, as best suited their own wishes. The form of your Government might for a time have remained, but its living spirit would have departed from it." -- President Andrew Jackson’s farewell speech upon leaving office on March 4, 1837 "The last duty of a central banker is to tell the public the truth". -- Former US Federal Reserve Chairman Alan Blinder’s statement, PBS’s Nightly Business Report, 1994 (incorrect) incorrect - source This is what he did say in a paper: "A Duty to Be Open and Truthful (Q8). A quite different reason for thinking credibility important is that 'central bankers are public servants who therefore have a duty to be open and truthful with the public.' A confession is appropriate here: This is my personal favorite reason for why a central bank should strive to be credible, which to me means matching its deeds to its words. But survey respondents rank it either last (among the central bankers) or next to last (among the economists). The mean score for the central bankers is 4.00 (which translates to "agree"); but it is only 3.30 among the economists. Perhaps, as one central banker wrote on his survey, central bankers do not like to think of themselves as 'public servants.'" "  "A government which robs Peter to pay Paul can always depend on the support of Paul." -- George Bernard Shaw "The test of a first-rate intelligence is the ability to hold two opposed ideas in the mind at the same time and still retain the ability to function. One should, for example, be able to see that things are hopeless and yet be determined to make them otherwise." -- F. Scott Fitzgerald "When the international monetary system was linked to gold, the latter managed the interdependence of the currency system, established an anchor for fixed exchange rates and stabilized inflation. When the gold standard broke down, these valuable functions were no longer performed and the world moved into a regime of permanent inflation. What will be the character of the international monetary system in the next century and how will gold intersect with it? This subject may strike modern audiences as a strange topic, but back in the 1960s, when people were deliberating about the future of the international monetary system, gold figured importantly in the discussions. Even today, the importance of gold in the international monetary system is reflected in the fact that it is today the only commodity held as reserve by the monetary authorities, and it constitutes the largest component after dollars in the total reserves of the international monetary system." -- Robert A. Mundell, Nobel Laureate for Economics, 1999  "The stone age didn't end because we ran out of stones." -- Sheikh Ahmed Zaki Yamani, former OPEC oil minister (we added this quote as sarcasm and for humorous purposes) "Outside of a dog, a book is man's best friend. Inside it is too dark to read." -- Groucho Marx "I've seen things you people wouldn't believe. Attack ships on fire off the shoulder of Orion. I watched c-beams glitter in the dark near the Tanhauser Gate. All those moments will be lost in time, like tears in rain." -- Bladerunner (1982) "Musick has Charms to sooth a savage Breast, To soften Rocks, or bend a knotted Oak." -- William Congreve, The Mourning Bride, 1697 "One original thought is worth a thousand mindless quotings." -- Diogenes "Be on your guard against the leaven of the Pharisees, which is hypocrisy and deception. Everything that is secret will be brought out into the open. Everything that is hidden will be uncovered. What has been said in the dark will be heard in the daylight. What has been whispered to someone behind closed doors will be shouted from the rooftops." -- Luke 12:1-4 "The true measure of a man is how he treats someone who can do him absolutely no good." -- Samuel Johnson (1709 - 1784) "Integrity without knowledge is weak and useless, and knowledge without integrity is dangerous and dreadful." -- Samuel Johnson (1709 - 1784) "Patriotism is the last refuge of a scoundrel." -- Dr. Samuel Johnson "Justice [the human virtue of not harming others]…is the main pillar that supports the whole building. If justice is removed, the great fabric of human society which seems to have been under the darling care of Nature must in a moment crumble into atoms….Men, though naturally sympathetic, feel so little for others with whom they have no particular connection in comparison to what they feel for themselves. The misery of one who is merely their fellow creature is of so little importance to them in comparison to even a small convenience of their own. They have it so much in their power to hurt him and may have so many temptations to do so that if the principle of justice did not stand up within them in his defense and overawe them into a respect for his innocence, they would like wild beasts be ready to fly upon him at all times. Under such circumstances a man would enter an assembly of others as he enters a den of lions." ... "The natural effort of every individual to better his own condition... is so powerful, that it is alone, and without any assistance, not only capable of carrying on the society to wealth and prosperity, but of surmounting a hundred impertinent obstructions with which the folly of human laws too often encumbers its operations. Little else is requisite to carry a state to the highest degree of opulence from the lowest barbarism but peace, easy taxes, and a tolerable administration of justice: all the rest being brought about by the natural course of things." -- Adam Smith, "The Wealth of Nations" "To found a great empire for the sole purpose of raising up a people of customers may at first sight appear a project fit only for a nation of shopkeepers. It is, however, a project altogether unfit for a nation of shopkeepers; but extremely fit for a nation whose government is influenced by shopkeepers." -- Adam Smith, "The Wealth of Nations" "As soon as the land of any country has all become private property, the landlords, like all other men, love to reap where they never sowed, and demand a rent even for its natural produce." -- Adam Smith, "The Wealth of Nations" "All jobs are created in direct proportion to the amount of capital employed." -- Adam Smith "It is corrupting the public morals. It is converting the business of the country into gambling and seriously diminishing the labour of the country. . . . Men are apparently getting rich while morality languishes . . . . Upon the demoralizing influence of an inconvertible government currency it is not necessary to enlarge. . . . It is not to be expected that a people will be more honest than the government under which they live, and while the government of the United States refuses to pay its notes according to their tenor . . . it practically teaches the people the doctrine of repudiation." -- Henry McCulloch, U.S. Treasury Secretary 1865-1869 "It is only by not paying one's bills, that one can hope to live in the memory of the commercial classes." -- Oscar Wilde "Those whom the gods would destroy, they first make mad." -- Euripides "Be who you are and say what you feel because those who mind don't matter and those who matter don't mind." -- Dr. Suess "The fiscal history of Latin America … is replete with instances of governmental default. Borrowing and default follow each other with almost perfect regularity. When payment is resumed, the past is easily forgotten and a new borrowing orgy ensues. This process started at the beginning of this past century and has continued down to this present day. It has taught nothing." -- Max Winkler, Foreign Bonds: An Autopsy,Rowland Swain Co., Philadelphia 1933 "One of the saddest lessons of history is this: If we’ve been bamboozled long enough, we tend to reject any evidence of the bamboozle. We’re no longer interested in finding out the truth. The bamboozle has captured us. It is simply too painful to acknowledge - even to ourselves - that we’ve been so credulous." -- Carl Sagan "Somewhere, something incredible is waiting to be known." -- Carl Sagan "It took me way beyond what I knew, into places of which I was totally scared, but as I became less frightened, I welcomed new ways of thinking and approaching something. It made me an infinitely richer person, and I think a better musician." -- Yo-Yo Ma "The period of financial distress is a gradual decline after the peak of a speculative bubble that precedes the final and massive panic and crash, driven by the insiders having exited but the sucker outsiders hanging on hoping for a revivial, but finally giving up in the final collapse." -- Charles P. Kindleberger, "Manias, Panics, and Crashes: A History of Financial Crises" "The propensity to swindle grows parallel with the propensity to speculate during a boom... the implosion of an asset price bubble always leads to the discovery of frauds and swindles"  -- Charles P. Kindleberger, economic historian "That which has been is that which will be, And that which has been done is that which will be done." -- Solomon "Never mistake activity for achievement." -- John Wooden, basketball coach "Gold is the money of kings; silver is the money of gentlemen; barter is the money of peasants; but debt is the money of slaves." -- Unknown "Though the principles of the banking trade may appear somewhat abstruse, the practice is capable of being reduced to strict rules. To depart upon any occasion from those rules, in consequence of some flattering speculation of extraordinary gain, is almost always extremely dangerous and frequently fatal to the banking company which attempts it." -- Adam Smith, An Inquiry into the Nature and Causes of the Wealth of Nations, PART III. Of the Expense of public Works and public Institutions, ARTICLE I.—Of the public Works and Institutions for facilitating the Commerce of the Society "Countries don't go out of business....The infrastructure doesn't go away, the productivity of the people doesn't go away, the natural resources don’t go away. And so their assets always exceed their liabilities, which is the technical reason for bankruptcy. And that's very different from a company." -- Walter Wriston, Citicorp Chairman Source "All living creatures have an instinct to survive. When a bad system determines the survival of researchers, they have to do all kinds of corrupt and unethical things to live. The outcome is inevitable" -- Professor Jiang Gaoming, Institute of Botany under the Chinese Academy of Sciences "Let me tell you something you already know… The world ain’t all sunshine and rainbows. It’s a very mean and nasty place, and I don’t care how tough you are, It will beat you to your knees and keep you there permanently IF YOU LET IT… You, me, or nobody is gonna hit as hard as life. But it ain’t about how hard you hit… it’s about how hard you can get hit and keep moving forward. How much can you take and keep moving forward? THAT’S HOW WINNING IS DONE! Now if you know what you’re worth, Go out and Get What Your Worth, But you gotta be willing to take the hits. And not pointing fingers saying you ain’t where you wanna be because of him or her or anybody. COWARDS DO THAT AND THAT AIN’T YOU! YOU'RE BETTER THEN THAT." -- Sylvester Stallone, "Rocky" "If you tell the truth, it becomes a part of your past. If you lie, it becomes a part of your future." -- Anonymous "It's always too early to quit." -- Norman Vincent Peale "Easy is the descent to hell; all night long, all day, the doors of dark Hades stand open; but to retrace the path; to come out again to the sweet air of Heaven - there is the task, there is the burden." -- Virgil, The Aeneid "When you can measure what you are speaking about, and express it in numbers, you know something about it. But when you cannot measure it, when you cannot express it in numbers, your knowledge is of a meager and unsatisfactory kind: it may be the beginning of knowledge, but you have scarcely, in your thoughts, advanced to the stage of science, whatever the matter may be." -- Lord Kelvin, 19th-century British physicist "I am not young enough to know everything." -- Oscar Wilde (1854-1900) "I look to the future because that's where I'm going to spend the rest of my life." -- George Burns (at age 87) "We can continue to try and clean up the gutters all over the world and spend all of our resources looking at just the dirty spots and trying to make them clean. Or we can lift our eyes up and look into the skies and move forward in an evolutionary way." -- Buzz Aldrin, astronaut The Ambiguity of Stock Value "Stock prices are likely to be among the prices that are relatively vulnerable to purely social movements because there is no accepted theory by which to understand the worth of stocks….investors have no model or at best a very incomplete model of behavior of prices, dividend, or earnings, of speculative assets." -- Robert Shiller, "Market Volatility" "Action is the antidote to despair."  -- Joan Baez "The future ain't what it used to be!" -- Yogi Berra "... in theory, theory and practice are the same, but in practice they're different." -- Yogi Berra "If you don’t know where you are going, you might wind up someplace else" -- Yogi Berra "There are 10^11 stars in the galaxy. That used to be a huge number. But it's only a hundred billion. It's less than the national deficit! We used to call them astronomical numbers. Now we should call them economical numbers." -- Richard Feynman "The real problem is not whether machines think, but whether men do." -– B.F. Skinner "If some lose their whole fortunes, they will drag many more down with them . . . believe me that the whole system of credit and finance which is carried on here at Rome in the Forum, is inextricably bound up with the revenues of the Asiatic province. If Those revenues are destroyed, our whole system of credit will come down with a crash." -- Cicero, 66 B.C. (Translation by W.W. Fowler, 1909) "A nation can survive its fools and even the ambitious. But, it cannot survive treason from within. An enemy at the gates is less formidable, for he is known and he carries his banners openly against the city. But the traitor moves among those within the gates freely, his sly whispers rustling through all alleys, heard in the very halls of government itself. For the traitor appears no traitor; he speaks in the accents familiar to his victim, and he wears their face and their garments and he appeals to the baseness that lies deep in the hearts of all men. He rots the soul of a nation; he works secretly and unknown in the night to undermine the pillars of a city; he infects the body politic so that it can no longer resist. A murderer is less to be feared. The traitor is the plague." -- Cicero, speech to the Roman Senate per the historian Sallust "The fault, dear Brutus, is not in our stars, but in ourselves, that we are underlings." -- Julius Caesar (I, ii, 140-141), William Shakespeare "And therefore as a stranger give it welcome. There are more things in heaven and earth, Horatio, Than are dreamt of in your philosophy." -- Hamlet Act 1, scene 5, , William Shakespeare "The miserable have no other measure but hope." -- William Shakespeare "Or one may say that there were no real human villains; that given the economic and political cues, actors would have been in the wings to come on and play the parts which circumstances dictated. Certainly there were many others as reprehensible and irresponsible as those who played the leading roles. The German people were the victims. The battle, as one who survived it explained, left them dazed and inflation-shocked. They did not understand how it had happened to them, and who the foe was who had defeated them." -- Adam Fergusson, When Money Dies: The Nightmare of the Weimar Collapse "The national budget must be balanced. The public debt must be reduced; the arrogance of the authorities must be moderated and controlled. Payments to foreign governments must be reduced, if the nation doesn't want to go bankrupt. People must again learn to work, instead of living on public assistance." -- Cicero, 55 BC "On the one hand information wants to be expensive, because it's so valuable. The right information in the right place just changes your life. On the other hand, information wants to be free, because the cost of getting it out is getting lower and lower all the time. So you have these two fighting against each other." -- Steven Brand "Economics exists to make astrology look respectable." -- John Kenneth Galbraith "Genius is a rising stock market." -- John Kenneth Galbraith "Faced with the choice between changing one's mind and proving that there is no need to do so, almost everyone gets busy on the proof." -- John Kenneth Galbraith "In numerous years following the war, the Federal Government ran a heavy surplus. It could not (however) pay off its debt, retire its securities, because to do so meant there would be no bonds to back the national bank notes. To pay off the debt was to destroy the money supply." -- John Kenneth Galbraith "To see economic policy as a problem of choice between rival ideologies is the greatest error of our time." -- John Kenneth Galbraith, "Money: Whence It Came, Where It Went", 368 "The privileged have regularly invited their own destruction with their greed." -- John Kenneth Galbraith, The Age of Uncertainty "For a long the the New York Stock Exchange looked with suspicion on the investment trusts; only in 1929 was listing permitted. Even then the Committee on the Stock List required an investment trust to post with the Exchange the book and market value of the securities held at the time of listing and once a year thereafter to provide an inventory of its holdings... It is difficult not to marvel at the imagination which was implicit in this gargantuan insanity. If there must be madness something may be said for having it on a heroic scale." -- John Kenneth Galbraith, 'In Goldman Sachs We Trust,' The Great Crash of 1929 "A point must be repeated: only the pathological weakness of the financial memory...allows us to believe that the modern experience of....debt...is in any way a new phenomenon." -- John Kenneth Galbraith, "A Short History of Financial Euphoria" "An economist is a man who states the obvious in terms of the incomprehensible." -- Alfred A. Knopf "Economists suffer from a deep psychological disorder that I call ‘physics envy'. We wish that 99 percent of economic behavior could be captured by three simple laws of nature. In fact, economists have 99 laws that capture 3 percent of behavior. Economics is a uniquely human endeavor ..." -- Andrew Lo, a professor of finance at the Massachusetts Institute of Technology "Most of the things worth doing in the world have been declared impossible before they were done."  -- Louis D. Brandeis, United States Supreme Court Justice from 1916 to 1939  "A common mistake that people make when trying to design something completely foolproof is to underestimate the ingenuity of complete fools." -- Douglas Adams, The Hitchhiker’s Guide to the Galaxy "Sunshine is the best disinfectant."  -- Louis D. Brandeis, United States Supreme Court Justice from 1916 to 1939  "Society is like a stew. If not stirred frequently, the scum rises to the top." -– Edward Abbey "Success is getting what you want, happiness is wanting what you get." -- Charles Kettering "Sometimes the questions are complicated and the answers are simple." -- Dr. Seuss "The rescue operation brings to mind John Kenneth Galbraith's dictum that in the United States, the only respectable form of socialism is socialism for the rich." -- John Cassidy, "A Bankers' Bailout" "Successful tape reading is a study of Force; it requires ability to judge which side has the greatest pulling power and one must have the courage to go with that side." -- Richard Wyckoff "The process by which banks create money is so simple that the mind is repelled." -- John Kenneth Galbraith "There can be few fields of human endeavor in which history counts for so little as in the world of finance.Past experience, to the extent that it is part of memory at all, is dismissed as the primitive refuge of the those who do not have insight to appreciate the incredible wonders of the present." -- John Kenneth Galbraith "Perhaps never before or since have so many people taken the measure of economic prospects and found them so favorable as in the two days following the Thursday [24th October 1929] disaster". -- John Kenneth Galbraith, "The Great Crash 1929" "Those who had been riding the upward wave decide now is the time to get out. Those who thought the increase would be forever find their illusion destroyed abruptly, and they, also, respond to the newly revealed reality by selling or trying to sell. And thus the rule, supported by the experience of centuries: the speculative episode always ends not with a whimper but with a bang. -- John Kenneth Galbraith writes in his book "A Short History of Financial Euphoria" "It is my guiding confession that I believe the greatest error in economics is in seeing the economy as a stable, immutable structure." -- John Kenneth Galbraith, A Journey Through Economic Time(1994) "Contributing to . . . euphoria are two further factors little noted in our time or in past times. The first is the extreme brevity of the financial memory. In consequence, financial disaster is quickly forgotten. In further consequence, when the same or closely similar circumstances occur again, sometimes in only a few years, they are hailed by a new, often youthful, and always supremely self-confident generation as a brilliantly innovative discovery in the financial and larger economic world. There can be few fields of human endeavor in which history counts for so little as in the world of finance. Past experience, to the extent that it is part of memory at all, is dismissed as the primitive refuge of those who do not have the insight to appreciate the incredible wonders of the present." -- John Kenneth Galbraith "There are two kinds of forecasters: those who don’t know, and those who don’t know they don’t know." -- John Kenneth Galbraith, Wall St. Journal Jan. 22, 1993 "All of the great leaders have had one characteristic in common: it was the willingness to confront unequivocally the major anxiety of their people in their time. This, and not much else, is the essence of leadership." -- John Kenneth Galbraith "To the economist, embezzlement is the most interesting of crimes. Alone among the various forms of larceny it has a time parameter. Weeks, months, or even years may elapse between the commission of the crime and its discovery. (This is a period, incidentally, when the embezzler has his gain and the man who has been embezzled, oddly enough, feels no loss. There is a net increase in psychic wealth.) At any given time there exists an inventory of undiscovered embezzlement in -- or more precisely, not in -- the country's businesses and banks. This inventory -- it should perhaps be called the bezzle -- amounts at any moment to many millions of dollars. It also varies in size with the business cycle. In good times people are relaxed, trusting, and money is plentiful. But even though money is plentiful, there are always many people who need more. Under these circumstances the rate of embezzlement grows, the rate of discovery falls off, and the bezzle increases rapidly. In depression this is all reversed. Money is watched with a narrow, suspicious eye. The man who handles it is assumed to be dishonest until he proves himself otherwise. Audits are penetrating and meticulous. Commercial morality is enormously improved. The bezzle shrinks." -- John Kenneth Galbraith "Almost every aspect of its (Federal Reserve) history should be approached with a discriminating disregard for what is commonly taught or believed." -- John Kenneth Galbraith, "Money: Whence It Came, Where It Went" The Biblical Jubilee "Don’t let your special character and values, the secret that you know and no one else does, the truth – don’t let that get swallowed up by the great chewing complacency." -- Aesop "If we had a truth-in Government act comparable to the truth-in-advertising law, every note issued by the Treasury would be obliged to include a sentence stating: "This note will be redeemed with the proceeds from an identical note which will be sold to the public when this one comes due." -- Walter Wriston (former Chairman of the Citicorp Bank) "The intellectual and social climate needed to allow entrepreneurship to thrive will not exist in advanced capitalism." -- Joseph Schumpeter "Our problems stem from our acceptance of this filthy, rotten system...People say, 'what is the sense of our small effort?' They cannot see that we must lay one brick at a time, take one step at a time. A pebble cast into a pond causes ripples that spread in all directions. Each one of our thoughts, words and deeds is like that. No one has a right to sit down and feel hopeless. There is too much work to do." -- Dorothy Day "There is nothing new under the sun but there are lots of old things we don't know." -- Ambrose Bierce (1842 - 1914) "When the suffering becomes acute enough, one goes forward." -- Herman Hesse "Like gold, U.S. dollars have value only to the extent that they are strictly limited in supply. But the U.S. government has a technology, called a printing press (or, today, its electronic equivalent), that allows it to produce as many U.S. dollars as it wishes at essentially no cost. By increasing the number of U.S. dollars in circulation, or even by credibly threatening to do so, the U.S. government can also reduce the value of a dollar in terms of goods and services, which is equivalent to raising the prices in dollars of those goods and services." -- Ben Bernanke, the current (2008) Chairman of the Board of Governors of the Federal Reserve Bank of the United States, in a speech he made on November 21, 2002 before the National Economists Club in Washington, D.C. "The best approach here if at all possible is to use supervisory and regulatory methods to restrain undue risk-taking and to make sure the system is resilient in case an asset price bubble bursts in the future." --Ben Bernanke, Federal Reserve Chairman, 2009 "...the Federal Reserve has the capacity to operate in domestic money markets to maintain interest rates at a level consistent with our economic goals” -- Ben Bernanke, Fed Chairman, March 26th 2007 to the Senate Banking Committee "Everyone loves an early inflation. The effects at the beginning of inflation are all good. There is steepened money expansion, rising government spending, increased government budget deficits, booming stock markets, and spectacular general prosperity, all in the midst of temporarily stable prices. Everyone benefits, and no one pays. That is the early part of the cycle. In the later inflation, on the other hand, the effects are all bad. The government may steadily increase the money inflation in order to stave off the latter effects, but the latter effects patiently wait. In the terminal inflation, there is faltering prosperity, tightness of money, falling stock markets, rising taxes, still larger government deficits, and still roaring money expansion, now accompanied by soaring prices and an ineffectiveness of all traditional remedies. Everyone pays and no one benefits. That is the full cycle of every inflation." ... "Until 1922 and the very brink of collapse, Germans and especially foreign investors were absorbing marks in huge quantities. Only the international reputation of the Reichsmark, the faith that an economic giant like Germany could not fail, made this possible. The storage factor caused by the investors willingness to save marks kept the marks from being dumped immediately into the markets, and thereby for a long while held prices in check. The precise moment when the inflation turned sharply upward, toward its vertical climb, was undoubtedly timed by no event, but by the dawning psychological awareness of the German and foreign investor that Germany was not going to back its money. With that, the rush to get out of the mark was on. Like a damn bursting, the seas of marks flooded into the markets and drove prices beyond all bounds. The German government strove mightily to outflood the sea. The sea of marks which had been stored up by Germans and especially by trusting foreigners flooded forth and fought to buy into other investments, foreign currencies, tangible goods, almost anything but marks."  -- Jens O. Parssons, "Dying of Money: Lessons of the Great German & American Inflations" "Most of the change we think we see in life is due to truths being in and out of favor."  -- Robert Frost "I'll give you the bottom 10% and the top 10% of any move if I get to keep the middle 80%." -- Bernard Baruch "Every man has a right to his opinion, but no man has a right to be wrong in his facts." -- Bernard Baruch "Time and space are not conditions of existence, time and space is a model for thinking" -- Einstein "Physical concepts are free creations of the human mind and are not, however it may seem, uniquely determined by the external world". -- Einstein "People like us, who believe in physics, know that the distinction between past, present, and future is only a stubbornly persistent illusion." -- Einstein "The world is a dangerous place to live not because of the people who are evil, but because of the people who don't do anything about it." -- Einstein "An intelligent fool can make things bigger and more complex ... It takes a touch of genius - and a lot of courage to move in the opposite direction." -- Einstein 1. Imagination is more important than knowledge. 2. Reading, after a certain age, diverts the mind too much from its creative pursuits. Any man who reads too much and uses his own brain too little falls into lazy habits of thinking. 3. The important thing is not to stop questioning. Curiosity has its own reason for existing. One cannot help but be in awe when he contemplates the mysteries of eternity, of life, of the marvelous structure of reality. It is enough if one tries merely to comprehend a little of this mystery every day. Never lose a holy curiosity.  4. The most beautiful thing we can experience is the mysterious. It is the source of all true art and science.  5. The secret to creativity is knowing how to hide your sources. -- Einstein "It had long since come to my attention that people of accomplishment rarely sat back and let things happen to them. They went out and happened to things." -- Leonardo da Vinci  "What we observe is not nature itself, but nature exposed to our method of questioning. -- Werner Heisenberg "In the famous simile of the cave, Plato compares men to prisoners in a cave who are bound and can look in only one direction. They have a fire behind them and see on a wall the shadows of themselves and of objects behind them. Since they see nothing but the shadows, they regard those shadows as real and are not aware of the objects. Finally one of the prisoners escapes and comes from the cave into the light of the sun. For the first time, he sees real things and realizes that he had been deceived hitherto by the shadows. For the first time, he knows the truth and thinks only with sorrow of his long life in the darkness." -- Werner Heisenberg, Physics and Philosophy "What we see depends on the theories we use to interpret our observations. -- Goswami "... it is impossible for us, with our limited means, to attempt to educate the body of the people. We must at present do our best to form a class who may be interpreters between us and the millions whom we govern." -- Thomas Babington Macaulay, member of the Governor General`s Council, in Calcutta, in 1834. Quoted in The New Yorker, May 31, 2010 "Often wrong, but never in doubt." -- Ivy Baker Priest, and others "Derivatives markets guarantee a winner for every loser, but they will over time concentrate the losses in vulnerable sectors. Nature obeys Mayer’s Third Law, which holds that risk-shifting instruments will tend to shift risks onto those less able to bear them, because them as got want to keep and hedge while them as ain’t got want to get and speculate. The logic behind margin requirements in stock markets and capital requirements in banking also holds in the derivatives markets. Permitting highly leveraged institutions to hold private parties behind closed doors is the political version of selling volatility: the predictable likely gains will one day be overwhelmed by an equally predictable disastrous loss." -- Martin Mayer, Somebody Please Turn on the Lights, Derivatives Strategy, 1999  "Once public opinion is convinced that the increase in the quantity of money will continue and never come to an end, and that consequently the prices of all commodities will not cease to rise, everybody becomes eager to buy as much as possible and restrict his cash holdings to minimum size… If the credit expansion is not stopped in time, the boom turns to crack-up boom: the flight into real values begins, and the whole monetary system founders." -- Ludwig von Mises (1949) "Doctors have been caught using poisons, and those who falsely assume the name of philosopher have occasionally been detected in the gravest crimes. Let us give up eating, it often makes us ill; let us never go inside houses, for sometimes they collapse on their occupants; let never a sword be forged for a soldier, since it might be used by a robber."  -- Marcus Fabius Quintilian, Roman educator - Institutio Oratoria II, xvi "History doesn't repeat itself, but it does rhyme." -- Mark Twain "Sacred cows make the best hamburger." -- Mark Twain "Always do right. This will gratify some people and astonish the rest." -- Mark Twain "Whenever you find yourself on the side of the majority, it is time to pause and reflect." -- Mark Twain "By the Law of Periodical Repetition, everything which has happened once must happen again and again and again - and not capriciously, but at regular periods, and each thing in its own period, not another’s, and each obeying its own law... the same Nature which delights in periodical repetition in the skies is the Nature which orders the affairs of the earth. Let us not under rate the value of that hint." -- Mark Twain "All you need in this life is ignorance and confidence; then success is sure." -- Mark Twain 1835-1910 "Where prejudice exists it always discolors our thoughts." -- Mark Twain "A gold mine is a hole in the ground with a liar standing in front of it." -- Mark Twain "A lie can travel halfway around the world while the truth is putting on its shoes." -- Mark Twain, attributed "Figures often beguile me, particularly when I have the arranging of them myself; in which case the remark attributed to Disraeli would often apply with justice and force: "There are three kinds of lies: lies, damned lies and statistics." -- Mark Twain, Autobiography "It ain't what you don't know that gets you into trouble. It's what you know for sure that just ain't so." -- Josh Billings (also attributed to Mark Twain) "A pessimist is one who makes difficulties of his opportunities and an optimist is one who makes opportunities of his difficulties." -- Harry Truman "There are no hopeless situations; There are only men who have grown hopeless about them." -- Clare Boothe Luce "If you can't be a good example, then you'll just have to be a horrible warning." -- Catherine Aird "A strange game - the only way to win is not to play." -- From the 1983 movie War Games "On the whole, however, it is only out of pride or gross ignorance, or cowardice, that we refuse to see in the present the lineaments of times to come." -- Marguerite Yourcenar "Give me a lever long enough, and a fulcrum on which to place it, and I shall move the world!" -- Archimedes "It's tough to make predictions, especially about the future." -- Yogi Berra "The most important thing in communication is to hear what isn't being said." -- Peter Drucker "The customer rarely buys what the company thinks its selling him." -- Peter Drucker "In the long run the pessimist may be proved right, but the optimist has a better time on the trip."  -- Daniel L. Reardon "Man looks in the abyss, there's nothing staring back at him. At that moment, man finds his character. And that is what keeps him out of the abyss." -- Lou Mannheim, in the movie "Wall Street" "In all the new states of the Union, land monopolization has gone on at an alarming rate, but in none of them so fast as in California, and in none of them, perhaps, are the evil effects so manifest." -- Henry George in 1870, as quoted in The Great American Land Bubble (1932) "The length and severity of depressions depend partly on the magnitude of the 'real' maladjustments, which developed during the preceding boom and partly on the aggravating monetary and credit conditions." -- Gotfried Haberler, Prosperity and Depression, 1937 "I had come to an entirely erroneous conclusion which shows, my dear Watson, how dangerous it always is to reason from insufficient data."  -- Arthur Conan Doyle "Everybody, sooner or later, sits down to a banquet of consequences." -- Robert Louis Stevenson "The truth is that liquidity, the only significant weapon remaining in the central bank's arsenal as decision making moves to the markets, will not necessarily go where you want it to go when you need it to go there." -- Martin Meyer writes in The Fed "When we call a capitalist society a consumers’ democracy we mean that the power to dispose of the means of production, which belongs to the entrepreneurs and capitalists, can only be acquired by means of the consumers’ ballot, held daily in the marketplace." -- Ludwig von Mises in "Socialism: An Economic and Sociological Analysis," 1951, page 21 "Both optimists and pessimists contribute to our society. The optimist invents the airplane and the pessimist the parachute." -- Gil Stern "Watch out for false prophets. They come to you in sheep's clothing, but inwardly they are ferocious wolves. By their fruit you will recognize them." -- Matthew 7:15-23 "A lie can be halfway before the world before the truth gets its boots on." -- James Callahan (Former UK prime minister) "The greedy and extortionate nature of the telephone monopoly is notorious. Controlling a means of communication which has now become indispensable to the business and social life of the country, the company takes advantage of the public's need to force from it every year an extortionate tribute." -- The New York Times, 1886 "The only way to discover the limits of the possible is to go beyond them into the impossible." -- Arthur C. Clarke "The reasonable man adapts himself to the world; the unreasonable one persists to adapt the world to himself. Therefore all progress depends on the unreasonable man." -- George Bernard Shaw ----------------------------------------------------========================================================== ======================================================================================== "In the short run the market is a voting machine, and in the long run it is a weighing machine." -— Benjamin Graham "Economic theory proper, indeed, is nothing more than a system of logical relations between certain sets of assumptions and the conclusions derived from them… The validity of a theory proper does not depend on the correspondence or lack of it between the assumptions of the theory or its conclusions and observations in the real world. A theory as an internally consistent system is valid if the conclusions follow logically from its premises, and the fact that neither the premises nor the conclusions correspond to reality may show that the theory is not very useful, but does not invalidate it. In any pure theory, all propositions are essentially tautological, in the sense that the results are implicit in the assumptions made." -- William Vickery, winner of the 1997 Nobel Economics Prize, "Microeconomics" (quote added for sarcasm) "Mathematics is ordinarily considered as producing precise and dependable results; but in the stock market the more elaborate and abstruse the mathematics the more uncertain and speculative are the conclusions we draw there from…Whenever calculus is brought in, or higher algebra, you could take it as a warning that the operator was trying to substitute theory for experience, and usually also to give to speculation the deceptive guise of investment." -— Benjamin Graham "That is to say, under the old way any time we wish to add to the national wealth we are compelled to add to the national debt. Now, that is what Henry Ford wants to prevent. He thinks it is stupid, and so do I, that for the loan of $30,000,000 of their own money the people of the United States should be compelled to pay $66,000,000 -- that is what it amounts to, with interest." -- Thomas Edison, The New York Times, December 6, 1921 "There is one rule for the industrialist and that is: Make the best quality of goods possible at the lowest cost possible, paying the highest wages possible." -- Henry Ford "If you think you can or think you cannot, you are correct." -- Henry Ford "It is a terrible situation when the Government, to insure the National Wealth, must go in debt and submit to ruinous interest charges, at the hands of men, who control the fictitious value of gold. Interest is the invention of Satan." -- Thomas Edison "... public credit depends on public confidence…The financial crisis in America is really a moral crisis, caused by the series of proofs …that the leading financiers who control banks, trust companies and industrial corporations are often imprudent, and not seldom dishonest. They have mismanaged…funds and used them freely for speculative purposes. Hence the alarm of depositors and a general collapse of credit..." -- The Economist, November 2, 1907 during the 1907 crash. "The only major economic problem was the so-called 'money-famine' of the eleventh and twelfth centuries - an event that would occur in most eras of price equilibrium throughout modern history. The growth of population and prosperity had created demand for a larger circulating medium. With precious metals in short supply, the people of Europe began to use what historian David Herlihy calls 'substitute money' - not barter or commodity money, but liquid assets of high value called 'mobilia', such as silver jewelry, furs, fine textiles and even books. By the year 1100, the hunger for specie was so great that the cannons of Pistoia's St Zeno Cathedral melted down their great crucifix and used it for money. German princes sold their imperial seals. English nobles exchanged their silver sword mounts, and french bishops converted their golden chalices into cash." ... "Despite these increases, historian Carlo Cipolla observes, "the supply of precious metals proved to be relatively inelastic throughout the whole period, and the growth of demand for silver for monetary purposes exceeded the supply." To solve this problem, a variety of other monetary expedients were adopted. Commodities were used as money in addition to gold and silver. Pepper, for example, became a form of currency in the seaport cities of southern Europe. New credit instruments such as contracts of exchange and bank transfers expanded rapidly." ...  "Money began to disappear. Europe's stock of silver and gold contracted sharply during the late 14th century. After 1390, a severe money famine developed. In France, the low point was reached during the year 1402, when the minting of money virtually came to an end....This money famine was part of a deep economic depression that continued to the end of the 14th century. The decline of population and scarcity of money had a powerful effect on European prices.....Houses and estates fell empty; rents and land values declined roughly in proportion to the loss of population......Prices surged and declined in great swings. The rural population shrank, arable lands began to be abandoned, and peasants grew poorer."  -- David Hackett Fischer, "The Great Wave: Price Revolutions and the Rhythm of History" "Not much in the history of money supports a linear view of history, one in which the knowledge and experience from one epoch provide the intelligence for improved management in the next. Of those who give guidance on these matters history says even less. Out of the 2500 years of experience and 200 years of ardent study have come monetary systems that are as unsatisfactory as any in the peacetime past. In recent times conservatives have reacted adversely to inflation, though not with great enthusiasm to the measures for preventing it. Liberals have thought unemployment the greater affliction. In fact no economy can be successful which has either. Inflation causes discomfort and frustration for many. Unemployment causes acute suffering for a lesser number. There is no certain way of knowing which causes the most in the aggregate of pain. It was the prime lesson of the thirties that deflation and depression destroyed international order, caused each nation to try for its own salvation, indifferent to the damage that its efforts caused to neighbours. It has equally been the lesson of the late sixties and early seventies that inflation too destroys international order. Those who express or imply a preference between inflation and depression are making a fool's choice. Policy must always be against whichever one has." -- John Kenneth Galbraith, Money: Whence it came, where it went (1975), Chapter 20 "The truth is that liquidity, the only significant weapon remaining in the central bank’s arsenal as decision making moves to the markets, will not necessarily go where you want it to go when you need it to go there." -- Martin Meyer, from his book “The Fed” "A man is rich in proportion to the number of things he can afford to let alone." -- Henry David Thoreau "Your actions speak so loudly that I can't hear what you're saying." -- Ralph Waldo Emerson "Nothing astonishes men so much as common sense and plain dealing." -- Ralph Waldo Emerson (1803 - 1882) "Giving money and power to government is like giving whiskey and car keys to teenage boys." -- P.J. O'Rourke "Democracy is a process by which the people are free to choose the man who will get the blame." Education is a method whereby one acquires a higher grade of prejudices. In spite of the cost of living, it's still popular. -- Dr. Laurence J. Peter (1919-1988) "Nations are not ruined by one act of violence, but quite often, gradually, and almost imperceptibly, by the depreciation of their currency, through excessive quantity". -- Nicolas Copernicus, 1525 "Oh what a tangled web we weave, when first we practice to deceive." --Sir Walter Scott "Good tactics can save even the worst strategy. Bad tactics will destroy even the best strategy." -- George S. Patton "If everyone is thinking alike, then somebody isn't thinking." -- George S. Patton "A good solution applied with vigor now is better than a perfect solution applied ten minutes later." -– General George S. Patton "Every economist knows that minimum wages either do nothing or cause inflation and unemployment. That's not a statement, it's a definition." -- Milton Friedman "I know that I am one with beauty and that my comrades are one. Let our souls be mountains, Let our spirits be stars, Let our hearts be worlds." -- A Gaelic mantra, favorite saying of photographer Ansel Adams "In preparing for battle I have always found that plans are useless, but planning is indispensible." -- Dwight D. Eisenhower "The clearest way to show what the rule of law means to us in everyday life is to recall what has happened when there is no rule of law."  -- Dwight D. Eisenhower "Salus rei publicae suprema lex." (The safeguard of the republic shall be the supreme law) -- Garrison/HQ, Rome. Motto "I believe that man will not merely endure: he will prevail. He is immortal, not because he alone among creatures has an inexhaustible voice, but because he has a soul, a spirit capable of compassion and sacrifice and endurance." -- William Faulkner "The things that will destroy us are: politics without principle; pleasure without conscience; wealth without work; knowledge without character; business without morality; science without humanity; and worship without sacrifice." -- Mahatma Gandhi "He who cannot forgive breaks the bridge over which he himself must pass." -- George Herbert (1593-1633) "A bird does not sing because it has an answer. It sings because it has a song." -- Chinese proverb "I learned very early and painfully that you have to decide at the outset whether you are trying to make money or to make sense, as they are mutually exclusive." -- R. Buckminster Fuller "We have seen security prices soar out of sight of earnings, brokers' loans swell till they absorb a third of the banking resources of the country, and the blind pools of ancient days return and multiply by endless crossing and pyramiding as the investment trusts of today. Banks merge and emerge in chains, trailing trusts and holding companies, while industrial corporations pay dividends not by producing goods but by buying each others' stocks and by borrowing and lending everybody's money in the market. But of all these things can anyone say with surety what they signify, whether they are safe and sound, or what they are leading to? We do not even know, or cannot agree, whether inflation exists, what it means, or how it shall be measured." -- Business Week - September 7, 1929 "For 5 years at least, American business has been in the grip of an apocalyptic holy-rolling exaltation over the unparalleled prosperity of the 'new era' upon which we have entered." -- Business Week, 1929 "Anybody who plays the stock market not as an insider is like a man buying cows in the moonlight." -- Daniel Drew, 19th century speculator Daniel Drew, Pioneer of the Wall Street Conspiracy "He who sells what isn't his'n, Must buy it back or go to prison." -- Daniel Drew, 19th century speculator "It does not take a majority to prevail... but rather an irate tireless minority, keen on setting brushfires of freedom in the minds of men." -- Samuel Adams "Even apart from the instability due to speculation, there is instability due to the characteristic of human nature that a large proportion of our positive activities depend on spontaneous optimism rather than on a mathematical expectation, whether moral or hedonistic or economic. Most, probably, of our decisions to do something positive, the full consequences of which will be drawn out over many days to come, can only be taken as a result of animal spirits - of a spontaneous urge to action rather than inaction, and not as the outcome of a weighted average of quantitative benefits multiplied by quantitative probabilities. Enterprise only pretends to itself to be mainly actuated by the statements in its own prospectus, however candid and sincere. Only a little more than an expedition to the South Pole, is it based on an exact calculation of benefits to come. Thus if the animal spirits are dimmed and the spontaneous optimism falters, leaving us to depend on nothing but a mathematical expectation, enterprise will fade and die;- though fears of loss may have a basis no more reasonable than hopes of profit had before. It is safe to say that enterprise which depends on hopes stretching into the future benefits the community as a whole. But individual initiative will only be adequate when reasonable calculation is supplemented and supported by animal spirits, so that the thought of ultimate loss which often overtakes pioneers, as experience undoubtedly tells us and them, is put aside as a healthy man puts aside expectations of death. -- John M. Keynes, "The General Theory of Employment Interest and Money", pgs 161-62, 1953.] "Experience shows that what happens is always the thing against which one has not made provision in advance." -- John Maynard Keynes, Letter to Jacob Viner, June 9, 1943, "Collected Writings of John Maynard Keynes" "In economics, things take longer to happen than you think they will, and then they happen faster than you thought they could." -- Rudy Dornbusch "On the issue of inflation, I think I could solve it no matter how much money it took." -- Pat Paulson: 1968 Presidential Candidate & Comedian "We looked into the abyss if the gold price rose further. A further rise would have taken down one or several trading houses, which might have taken down all the rest in their wake. Therefore at any price, at any cost, the central banks had to quell the gold price, manage it. It was very difficult to get the gold price under control but we have now succeeded. The US Fed was very active in getting the gold price down. So was the U.K." -- Eddie George, Governor Bank of England, in a conversation with Nicholas J. Morrell, CEO of Lonmin, September 1999 "Where there is ruin, there is hope for treasures." -- Rumi "A successful person is one who can lay a firm foundation with the bricks that others throw at him or her." -- David Brinkley "Science advances one funeral at a time." -- Max Planck "All truth passes through three stages. First, it is ridiculed. Second, it is violently opposed. Third, it is accepted as being self-evident..." -- Arthur Schopenhauer (1788-1860) "Every nation ridicules other nations, and all are right." -- Arthur Schopenhauer "Dubito ergo cogito; cogito ergo sum. (I doubt, therefore I think; I think therefore I am)". -- René Déscartes "Just because you do not take an interest in politics doesn't mean politics won't take an interest in you." -- Pericles (430 B.C.), attributed "To a great extent we train our judgment to lend itself to our selfish interests. . . We cannot work for our own interests as in other lines of business--we can only fit our interests to the facts. . . To make the greatest success it is necessary for the trader to forget entirely his own position in he market, his profits or losses, the relation of present prices to the point where he bought or sold, and to fix his thoughts upon the position of the market." -- G.S. Selden, "Psychology of the Stock Market",(p.57) "The modern banking system manufactures money out of nothing. The process is perhaps the most astounding piece of sleight of hand that was every invented. Banking was conceived in inequity and born in sin . Bankers own the earth. Take it away from them but leave them the power to create money, and with a flick of a pen, they will create enough money to buy it back again . Take this great power away from them and all great fortunes like mine will disappear, for then this would be a better and happier world to live in . But if you want to continue to be the slaves of bankers and pay the cost of your own slavery, then let bankers continue to create money and control credit." -- Sir Josiah Stamp, president of the Bank of England and the second richest man in Britain in the 1920's, speaking at the University of Texas in 1927 "A point of view can be a dangerous luxury when substituted for insight and understanding". -- Marshall McLuhan "I wouldn't have seen it if I hadn't believed it". -- Marshall McLuhan  "The scientist rigorously defends his right to be ignorant of almost everything except his specialty". -- Marshall McLuhan "A banker is somebody who lends you an umbrella & takes it away as soon as it starts raining." -- Mark Twain "Kindness is the language which the deaf can hear and the blind can see."  -- Mark Twain "It is pretty hard to tell what does bring happiness; poverty and wealth have both failed." -- Kin Hubbard "Dictum quod dubitas ne feceris." (Latin - When you doubt, do not act.) -- Pliny "If you owe the bank $100 that's your problem. If you owe the bank $100 million, that's the bank's problem." -- JP Getty  "A trend is a trend is a trend But the question is, will it bend? Will it alter its course Through some unforeseen force And come to a premature end??" -- Sir Alec Cairncross "By its own logic, greed Finally destroys itself, As Lear’s wicked daughters learned to their horror, as we are learning to our own. What greed builds is built by destruction of the materials And lives of which it is built. Only mourners survive. This is the 'creative destruction' of which learned economists speak in praise. But what is made by destruction comes down at last to a stable floor, a bed of straw, and for those with sight, light in darkness." -- Wendell Berry The Three Laws of Motion 1. An object at rest will remain at rest unless acted on by an unbalanced force. An object in motion continues in motion with the same speed and in the same direction unless acted upon by an unbalanced force. (This law is often called "the law of inertia".) 2. Acceleration is produced when a force acts on a mass. The greater the mass (of the object being accelerated) the greater the amount of force needed (to accelerate the object). 3. For every action there is an equal and opposite re-action. -- Sir Isaac Newton "Horse sense is the thing a horse has which keeps it from betting on people." -- W. C. Fields (1880-1946) "Of all tyrannies, a tyranny exercised for the good of its victims may be the most oppressive. It may be better to live under robber barons than under omnipotent moral busybodies. The robber baron's cruelty may sometimes sleep, his cupidity may at some point be satiated; but those who torment us for our own good will torment us without end, for they do so with the approval of their own conscience." -- C. S. Lewis "For in that universal call, Few bankers will to heaven be mounters; They'll cry, "Ye shops, upon us fall! Conceal and cover us, ye counters! When other hands the scales shall hold, And they, in men's and angels' sight Produced with all their bills and gold, 'Weigh'd in the balance and found light!'" -- Jonathan Swift, The Run on the Bankers "Anybody who plays the stock market not as an insider is like a man buying cows in the moonlight." -- Daniel Drew, 19th century speculator "The inherent vice of capitalism is the unequal sharing of the blessings. The inherent blessing of socialism is the equal sharing of misery." -- Winston Churchill "The ultimate result of shielding men from the effects of folly is to fill the world with fools." -- Herbert Spencer, English Philosopher (1820-1903) "When buying and selling are controlled by legislation, the first thing to be bought and sold are legislators." -- P.J. O'Rourke "A tyrant... is always stirring up some war or other, in order that the people may require a leader." -- Plato, The Republic (circa 380 B.C.) "The people have always some champion whom they set over them and nurse into greatness… This and no other is the root from which a tyrant springs, when he first appears he is a protector" -- Plato, The Republic (circa 380 B.C.) "But when I am alone, I do not have the effrontery to consider myself an artist at all, not in the grand old meaning of the word: Giotto, Titian, Rembrandt, Goya were great painters. I am only a public clown--a mountebank. "I have understood my time and have exploited the imbecility, the vanity, the greed of my contemporaries. It is a bitter confession, this confession of mine, more painful than it may seem. But at least and at last it does have the merit of being honest. -- Pablo Picasso, 1952, In Art/The Artist The Iron Law of Bureaucracy In any bureaucratic organization there will be two kinds of people: those who work to further the actual goals of the organization, and those who work for the organization itself. Examples in education would be teachers who work and sacrifice to teach children, vs. union representatives who work to protect any teacher including the most incompetent. The Iron Law states that in all cases, the second type of person will always gain control of the organization, and will always write the rules under which the organization functions.  -- Jerry Pournelle "I would rather err with Galen than be right with Harvey." -- Comment from an eminent physician in the 1820s when the great Dr. Harvey made the discovery in London that the heart functions as a pump for blood, which contradicted the prevailing wisdom from Galen, a Greek from around 200 AD. "I don’t throw darts at a board. I bet on sure things." -- Gordon Gecko in the movie "Wall Street" "All the perplexities, confusion and distresses in America arise not from defects in the Constitution or confederation, nor from want of honor or virtue, as much from downright ignorance of the nature of coin, credit, and circulation." --John Adams, letter to Thomas Jefferson "That paper money has some advantages is admitted. But that its abuses also are inevitable and, by breaking up the measure of value, makes a lottery of all private property, cannot be denied." -- Thomas Jefferson, Letter to Josephus B. Stuart, 1817 "Our public credit is good, but the abundance of paper has produced a spirit of gambling in the funds, which has laid up our ships at the wharves as too slow instruments of profit, and has even disarmed the hand of the tailor of his needle and thimble. They say the evil will cure itself. I wish it may; but I have rarely seen a gamester cured, even by the disasters of his vocation." -- Thomas Jefferson, Letter to Gouverneur Morris, 1791 "All goods must therefore be measured by some one thing ... now this unit is in truth, demand, which holds all things together ... but money has become by convention a sort of representative of demand; and this is why it has the name nomisma--because it exists not by nature, but by law (nomos) and it is in our power to change it and make it useless. ... Now the same thing happens to money itself as to goods--it is not always worth the same; yet it tends to be steadier ... money then acting as a measure makes good commensurate and equates them ... There must then be a unit, and that fixed by agreement"  -- Aristotle, Ethics 1133. "Free speech is not to be regulated like diseased cattle and impure butter. The audience that hissed yesterday may applaud today, even for the same performance." -- William O. Douglas (1898-1980), with 36 years longest-serving U.S. Supreme Court Justice in history “Take nothing on its looks; take everything on evidence. There’s no better rule.” -- Charles Dickens, :Great Expectations" "... it is curious how common sense, wriggling for an escape from absurd conclusions, has been apt to reach a preference for wholly 'wasteful' forms of loan expenditure rather than for partly wasteful forms, which, because they are not wholly wasteful, tend to be judged on strict 'business' principles. For example, unemployment relief financed by loans is more readily accepted than the financing of improvements at a charge below the current rate of interest; whilst the form of digging holes in the ground known as gold-mining, which not only adds nothing whatever to the real wealth of the world but involves the disutility of labour, is the most acceptable of all solutions. If the Treasury were to fill old bottles with banknotes, bury them at suitable depths in disused coalmines which are then filled up to the surface with town rubbish, and leave it to private enterprise on well-tried principles of laissez-faire to dig the notes up again (the right to do so being obtained, of course, by tendering for leases of the note-bearing territory), there need be no more unemployment and, with the help of the repercussions, the real income of the community, and its capital wealth also, would probably become a good deal greater than it actually is. It would, indeed, be more sensible to build houses and the like; but if there are political and practical difficulties in the way of this, the above would be better than nothing. The analogy between this expedient and the goldmines of the real world is complete. At periods when gold is available at suitable depths experience shows that the real wealth of the world increases rapidly; and when but little of it is so available our wealth suffers stagnation or decline. Thus gold-mines are of the greatest value and importance to civilisation. Just as wars have been the only form of large-scale loan expenditure which statesmen have thought justifiable, so gold-mining is the only pretext for digging holes in the ground which has recommended itself to bankers as sound finance; and each of these activities has played its part in progress — failing something better. To mention a detail, the tendency in slumps for the price of gold to rise in terms of labour and materials aids eventual recovery, because it increases the depth at which gold-digging pays and lowers the minimum grade of ore which is payable. In addition to the probable effect of increased supplies of gold on the rate of interest, gold-mining is for two reasons a highly practical form of investment, if we are precluded from increasing employment by means which at the same time increase our stock of useful wealth. In the first place, owing to the gambling attractions which it offers it is carried on without too close a regard to the ruling rate of interest. In the second place the result, namely, the increased stock of gold, does not, as in other cases, have the effect of diminishing its marginal utility. Since the value of a house depends on its utility, every house which is built serves to diminish the prospective rents obtainable from further house-building and therefore lessens the attraction of further similar investment unless the rate of interest is falling pari passu. But the fruits of gold-mining do not suffer from this disadvantage, and a check can only come through a rise of the wage-unit in terms of gold, which is not likely to occur unless and until employment is substantially better. Moreover, there is no subsequent reverse effect on account of provision for user and supplementary costs, as in the case of less durable forms of wealth." -- John Maynard Keynes Source " ... the impious presumption of legislators and rulers, civil as well as ecclesiastical, who, being themselves but fallible and uninspired men, have assumed dominion over the faith of others, setting up their own opinions and modes of thinking as the only true and infallible, and as such endeavoring to impose them on others, hath established and maintained false religions over the greatest part of the world and through all time ..." -- Thomas Jefferson (Virginia Statute for Religious Freedom (1779))" "The four most dangerous words in investing are, 'It's different this time.'" -- Sir John Templeton "I'm a great believer in luck and I find the harder I work the more I have of it."  -- Thomas Jefferson (1743-1826) "He who receives an idea from me, receives instruction himself without lessening mine; as he who lights his taper at mine, receives light without darkening me." -- Thomas Jefferson, Letter to Isaac McPherson, 13 August 1813 "Enlighten the people, generally, and tyranny and oppressions of body and mind will vanish like spirits at the dawn of day." -- Thomas Jefferson "Delay is preferable to error." -- Thomas Jefferson "What country before ever existed a century & half without a rebellion? What country can preserve it's liberties if their rulers are not warned from time to time that their people preserve the spirit of resistance? Let them take arms. The remedy is to set them right as to facts, pardon & pacify them. What signify a few lives lost in a century or two? The tree of liberty must be refreshed from time to time with the blood of patriots & tyrants." -- Thomas Jefferson "I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and the corporations which grow up around them will deprive the people of all property until their children wake up homeless on the continent their fathers conquered. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs."  -- Thomas Jefferson, letter to Treasury Secretary Albert Gallatin, 1802 FALSE, not something that Jefferson actually wrote per http://wiki.monticello.org/mediawiki/index.php/Private_Banks_(Quotation) "And I sincerely believe, with you, that banking establishments are more dangerous than standing armies; and that the principle of spending money to be paid by posterity, under the name of funding, is but swindling futurity on a large scale." -- Thomas Jefferson, letter to John Taylor, 1816 "For every credibility gap there is a gullibility fill." -- Richard Clopton "In the last analysis, luck comes only to the well prepared." -- Helmuth von Moltke the Elder "The superior man is distressed by the limitations of his ability; he is not distressed by the fact that men do not recognize the ability that he has". -- Confucius "The superior man understands what is right; the inferior man understands what will sell." -- Confucius "In a country well governed, poverty is something to be ashamed of. In a country badly governed, wealth is something to be ashamed of." -- Confucius "By three methods we may learn wisdom: First, by reflection, which is noblest; Second, by imitation, which is easiest; and third by experience, which is the bitterest." -- Confucius "In most bull markets there comes a time when the public controls fluctuations and the efforts of the largest operators are insufficient to check the rising tide." -- Charles H. Dow, 1901 "When a big market breaks badly on good news it is a bear market; when a big market rises sharply on bad news it is a bull market." -- Unknown, a time honored adage "... there was always a minority afraid of something, and a great majority afraid of the dark, afraid of the future, afraid of the past ..." -- Ray Bradbury, "The Martian Chronicles" "Find the trend whose premise is false, and bet against it." -- George Soros "Always vote for principle, though you may vote alone, and you may cherish the sweetest reflection that your vote is never lost." -— John Quincy Adams, sixth President of the US "To believe all men honest would be folly. To believe none so is something worse". -— John Quincy Adams "The right to be heard does not automatically include the right to be taken seriously."  -- Hubert H. Humphrey "If we extend unlimited tolerance even to those who are intolerant, if we are not prepared to defend a tolerant society against the onslaught of the intolerant, then the tolerant will be destroyed, and tolerance with them." -- Sir Karl Popper "If someone calls me up and says their toaster is talking to them, I don't refer them to professional help, I say, 'Put the toaster on the phone'." -- Sal Ivone, former managing editor National Inquirer "It is not the critic who counts; not the man who points out how the strong man stumbles, or where the doer of deeds could have done them better. The credit belongs to the man who is actually in the arena, whose face is marred by dust and sweat and blood; who strives valiantly; who errs, who comes short again and again, because there is no effort without error and shortcoming; but who does actually strive to do the deeds; who knows great enthusiasms, the great devotions; who spends himself in a worthy cause; who at the best knows in the end the triumph of high achievement, and who at the worst, if he fails, at least fails while daring greatly, so that his place shall never be with those cold and timid souls who neither know victory nor defeat." -- Theodore Roosevelt, The Man in the Arena, Paris, April 23, 1910 "It is against stupidity in every shape and form that we have to wage our eternal battle. But how can we wonder at the want of sense on the part of those who have had no advantages, when we see such plentiful absence of that commodity on the part of those who have had all the advantages?" -- William Booth (1829 - 1912), founder of the Salvation Army "If all economists were laid end to end, they would not reach a conclusion."  -- George Bernard Shaw "He is a barbarian and thinks that the customs of his tribe and island are the laws of nature." -- George Bernard Shaw, Caesar and Cleopatra "The definition of a Dark Age is that we no longer remember what we once could do." -- Jerry Pournelle "It ain’t so much the things we don’t know that get us in trouble. It’s the things we know that ain’t so." -- normally attributed to Will Rogers, more here. "Age and treachery overcome youth and skill." -- Unknown "There can be few fields of human endeavor in which history counts for so little as in the world of finance. Past experience, to the extent that it is part of memory at all, is dimissed as the primative refuge of those who do not have the insight to appreciate the incredible wonders of the present" -- John Kenneth Galbraith, A Short History of Financial Euphoria "As times get harder, words grow more weaselly. Euphemisms boom in a recession, even if nothing else does."  -- Alison Eadie "Puritanism—the haunting fear that someone, somewhere may be happy." --H.L. Mencken "ECCLES: We created it. PATMAN: Out of what? ECCLES: Out of the right to issue credit money. PATMAN: And there is nothing behind it, is there, except our government's credit? ECCLES: That is what our money system is." -- Federal Reserve Board Governor Marriner Eccles in testimony before the House Committee on Banking and Currency in 1941, during questioning by Congressman Wright Patman about how the Fed got the money to purchase two billion dollars worth of government bonds in 1933. "Glory is fleeting, but obscurity is forever." -- Napoleon Bonaparte (1768 - 1821) "When a bank makes a loan, it simply adds to the borrower's deposit account by the amount of the loan. It does not take this money from anyone else's deposit; it was not previously paid in to the bank by anyone. It's new money, created by the bank for the use of the borrower." -- Robert B. Anderson, Secretary of the Treasury under Eisenhower "Banks do not really pay out loans from the money they receive as deposits. If they did this, no additional money would be created. What they do when they make loans is to accept promissory notes in exchange for credits to the borrowers’ transaction accounts." -- Chicago Federal Reserve, Modern Money Mechanics: A Workbook on Bank Reserves and Deposit Expansion "If you don't read the newspaper, you are uninformed; if you do read the newspaper, you are misinformed".  -- Mark Twain  "Democracy is the theory that the common people know what they want, and deserve to get it good and hard." --H.L. Mencken "Between stimulus and response there is a space. In that space is our power to choose our response. In our response lies our growth and our freedom." --H.L. Mencken "The truth is that neither sex, without some fertilization by the complementary characters of the other, is capable of the highest reaches of human endeavour. Man, without a saving touch of woman in him, is too doltish, too naive and romantic, too easily deluded and lulled to sleep by his imagination to be anything above a cavalryman, a theologian or a bank director." -- H.L. Mencken, In Defense of Women "We had been told, on leaving our native soil, that we were going to defend the sacred rights conferred on us by so many of our citizens [and to aid] populations in need of our assistance and our civilization." For such a cause, he and his comrades had willingly offered to "shed our quota of blood, to sacrifice our youth and our hopes." "Make haste to reassure us that you at home support and love us as we obey and love you, for if we find that you have sent us to leave our bleached bones in these desert sands for nothing, beware the fury of the legions." -- Marcus Flavius, a Roman centurion of the 4th Century - Larteguy . "Public sentiment is everything. With public sentiment nothing can fail. Without it nothing can succeed. He who molds public opinion is greater than he who enacts laws." -- Abraham Lincoln "It is said an Eastern monarch once charged his wise men to invent him a sentence to be ever in view, and which should be true and appropriate in all times and situations. They presented him the words: And this, too, shall pass away. How much it expresses. How chastening in the hour of pride. How consoling in the depths of affliction."  -- Abraham Lincoln "I will say then that I am not, nor ever have been, in favor of bringing about in any way the social and political equality of the white and black races, [applause]-that I am not nor ever have been in favor of making voters or jurors of negroes, nor of qualifying them to hold office, nor to intermarry with white people; and I will say in addition to this that there is a physical difference between the white and black races which I believe will forever forbid the two races living together on terms of social and political equality. And inasmuch as they cannot so live, while they do remain together there must be the position of superior and inferior, and I as much as any other man am in favor of having the superior position assigned to the white race." -- Abraham Lincoln Source "Americans are so enamored of equality that they would rather be equal in slavery than unequal in freedom." -- Alexis de Tocqueville (1805 – 1859), French scientist "I see no good reasons why the views given in this volume should shock the religious sensibilities of anyone." -- Charles Darwin, in the foreword to his book, The Origin of Species, 1869 "I am certain that my fellow Americans expect that on my induction into the Presidency I will address them with a candor and a decision which the present situation of our Nation impels. This is preeminently the time to speak the truth, the whole truth, frankly and boldly. Nor need we shrink from honestly facing conditions in our country today. This great Nation will endure as it has endured, will revive and will prosper. So, first of all, let me assert my firm belief that the only thing we have to fear is fear itself-nameless, unreasoning, unjustified terror which paralyzes needed efforts to convert retreat into advance. In every dark hour of our national life a leadership of frankness and vigor has met with that understanding and support of the people themselves which is essential to victory. I am convinced that you will again give that support to leadership in these critical days." -- Franklin Roosevelt, First Inaugural Address "All Government employees should realize that the process of collective bargaining, as usually understood, cannot be transplanted into the public service. It has its distinct and insurmountable limitations when applied to public personnel management. The very nature and purposes of Government make it impossible for administrative officials to represent fully or to bind the employer in mutual discussions with Government employee organizations. The employer is the whole people, who speak by means of laws enacted by their representatives in Congress. Accordingly, administrative officials and employees alike are governed and guided, and in many instances restricted, by laws which establish policies, procedures, or rules in personnel matters. Particularly, I want to emphasize my conviction that militant tactics have no place in the functions of any organization of Government employees. Upon employees in the Federal service rests the obligation to serve the whole people, whose interests and welfare require orderliness and continuity in the conduct of Government activities. This obligation is paramount. Since their own services have to do with the functioning of the Government, a strike of public employees manifests nothing less than an intent on their part to prevent or obstruct the operations of Government until their demands are satisfied. Such action, looking toward the paralysis of Government by those who have sworn to support it, is unthinkable and intolerable. It is, therefore, with a feeling of gratification that I have noted in the constitution of the National Federation of Federal Employees the provision that "under no circumstances shall this Federation engage in or support strikes against the United States Government." -- Franklin Delano Roosevelt, Source: Letter on the Resolution of Federation of Federal Employees Against Strikes in Federal Service "If anybody laughs at your idea, view it as a sign of potential success!" -- Jim Rogers, 'A Gift to My Children: A Father's Lessons for Life and Investing; "Finally, in our progress toward a resumption of work we require two safeguards against a return of the evils of the old order: there must be a strict supervision of all banking and credits and investments; there must be an end to speculation with other people's money, and there must be provision for an adequate but sound currency." -- Franklin Roosevelt, First Inaugural Address "The liberty of a democracy is not safe if the people tolerate the growth of private power to a point where it comes stronger than their democratic state itself. That, in its essence, is fascism - ownership of government by an individual, by a group." -- Franklin Roosevelt "No country, however rich, can afford the waste of its human resources. Demoralization caused by vast unemployment is our greatest extravagance. Morally, it is the greatest menace to our social order." -- Franklin Roosevelt "You have to choose between trusting to the natural stability of gold and the natural stability of the honesty and intelligence of the members of the Government. And, with due respect for these gentlemen, I advise you, as long as the Capitalist system lasts, to vote for gold." -- George Bernard Shaw "The more I think about the human suffering in our world and my desire to offer a healing response, the more I realize how crucial it is not to allow myself to become paralyzed by feelings of helplessness and guilt. More important than ever is to be very faithful to my vocation to do well the few things I am called to do and hold on to the joy and peace they bring me. I must resist the temptation to let the forces of darkness pull me into despair and make me one more of their many victims." -- Henri J. M. Nouwen "False opinions are like false money, struck first of all by guilty men, and thereafter circulated by honest people who perpetuate the crime without knowing what they are doing." -- Joseph de Maistre Mr. Greenspan: “Let me suggest to you that the monetary aggregates as we measure them are getting increasingly complex and difficult to integrate into a set of forecasts. The problem that we have is not that money is unimportant, but how we define it. By definition, all prices are indeed the “ratio of an exchange of a good for money.” And what we seek is what that is. Our problem is we used M-1 at one point as the proxy of money, and it turned out to be a very difficult indicator of any financial state. We then went to M-2 and had the similar problem. We have never done M-3 per se because it largely reflects the extent of expansion of the banking industry. And when in effect banks expand, in and of itself, it doesn’t tell you terribly much about what the real money is. So our problem is not that we do not believe in sound money. We do. We very much believe that, if you have a debased currency, that you will have a debased economy. The difficulty is in defining what part of our liquidity structure is truly money. We have had trouble ferreting out proxies for that for a number of years. And the standard we employed is whether it gives us a good forward indicator of the direction of finance and the economy. Regrettably, none of those which (?) have been able to develop, including MZM – has not done that. That does not mean that we think that money is irrelevant. It means that we think our measures of money have been inadequate. And, as a consequence of that, we, as I have mentioned previously, have downgraded the use of the monetary aggregates for monetary policy purposes, until we are able to find a more stable proxy for what we believe is the underlying money in the economy.” Representative Ron Paul: “So it’s hard to manage something you can’t define?” Mr. Greenspan: “It is not possible to manage something you can’t define.” -- Alan Greenspan, Humphrey-Hawkins testimony, February 17,2000 "To accuse others for one's own misfortunes is a sign of want of education. To accuse oneself shows that one's education has begun. To accuse neither oneself nor others shows that one's education is complete."  -- Epictetus "Give a man a gun and he can rob a bank. Give a man a bank and he can rob the world." -- Jim Trotter (unverified) -- Jim Grant "The function of a ratings agency is to visit the field at the end of the battle and shoot the wounded." -- John Heimann, Spring 1998 (former U.S. Comptroller of the Currency and later vice chairman of Merrill Lynch and chairman of the Financial Stability Forum) "All things flow, nothing abides. You cannot step into the same river twice, for the waters are continually flowing on. Nothing is permanent except change." -- Heraclitus "Freedom from the desire for an answer is essential to the understanding of a problem." -- Krishnamurti "The Americans had not played a very prominent part in the war of 1914-1918, he (Adolf Hitler) thought, and moreover, had not made any great sacrifices of blood. They would certainly not withstand a trial by fire, for their fighting qualities were low. In general no such thing as an American people existed as a unit; they were nothing but a mass of immigrants from many nations and many races." -- "INSIDE THE THIRD REICH MEMOIRS, Albert Speer,The MacMillan company, New York,1970, Page 121. "'Statistics’ show that 66% of clients are cured with psychotherapy; what statistics don’t show is that 72% are cured without it." -- Thomas Szasz, renowned psychiatrist in "The Myth of Mental Illness" "Only idiots and infants need things. The language of needs is the native tongue of socialists, therapists, and paternalists of all sorts and is addressed to needy dependents. The language of wants is spoken by self-respecting adults and is addressed to other self-respecting adults."  -- Thomas Szasz "The man who gets on best with women is the one who knows best how to get on without them."  -- Charles Baudelaire "When popular opinion is nearly unanimous, contrary thinking tends to be most profitable. The reason is that once the crowd takes a position, it creates a short-term, self-fulfilling prophecy. But when a change occurs, everyone seems to change his mind at once."  -- Gustave Le Bon in The Crowd "Any sufficiently advanced technology is indistinguishable from magic." -- Arthur C. Clarke "Any sufficiently advanced magic is indistinguishable from technology." -- Arlan Andrews, "Indian Summa" (January 1989) "Only the small secrets need to be protected. The big ones are kept secret by public incredulity." -- Marshall McCluhan "...to conquer fear is the beginning of wisdom." -- Bertrand Russell "A stupid man’s report of what a clever man says can never be accurate, because he unconsciously translates what he hears into something he can understand." -- Bertrand Russell "The trouble with the world is that the stupid are cocksure and the intelligent are full of doubt" -- Bertrand Russell Every man, wherever he goes, is encompassed by a cloud of comforting convictions, which move with him like flies on a summer day." -- Bertrand Russell (1872 - 1970), Sceptical Essays (1928), "Dreams and Facts" "Our deepest fear is not that we are inadequate. Our deepest fear is that we are powerful beyond measure. It is our light, not our darkness, that most frightens us. We ask ourselves, who am I to be brilliant, gorgeous, talented and fabulous? Actually, who are you not to be? ...We are all meant to shine, as children do. And as we let our own light shine, we unconsciously give other people permission to do the same. As we are liberated from our own fear, our presence automatically liberates others." -- Marianne Williamson "So we poked along back home, and I warn't feeling so brash as I was before, but kind of ornery, and humble, and to blame, somehow -- though I ain't done nothing. But that's always the way; it don't make no difference whether you do right or wrong, a person's conscience ain't got no sense, and just goes for him anyway. If I had a yaller dog that didn't know no more than a person's conscience does I would pison him. It takes up more room than all the rest of a person's insides, and yet ain't no good, nohow. Tom Sawyer he says the same." -- Mark Twain, "The Adventures of Huckleberry Finn" "Half the harm that is done in this world is due to people who want to feel important. They don't mean to do harm - but the harm does not interest them. Or they do not see it, or they justify it because they are absorbed in the endless struggle to think well of themselves".  -- T. S. Eliot "Fiat justitia ruat caelum" (Latin - "May justice be done though the heavens fall.") -- attributed to Lucius Calpurnius Piso Caesoninus (more) "Tu ne cede malis, sed contra audentior ito" (Latin - "Do not give in to evil, but proceed ever more boldly against it" -- The Aeneas, Virgil "Illusions commend themselves to us because they save us pain and allow us to enjoy pleasure instead. We must therefore accept it without complaint when they sometimes collide with a bit of reality against which they are dashed to pieces." -- Sigmund Freud "To invent, you need a good imagination and a pile of junk." -- Thomas Edison "There is nothing like the ticker tape except a woman—nothing that promises, hour after hour, day after day, such sudden developments; nothing that disappoints so often or that occasionally fulfills with such unbelievable, passionate magnificence." -- Walter Gutman, Salomon bond trader "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." -- John Maynard Keynes, "Economic consequences of the peace"- Unseen Hand, page 57 List of cognitive biases  "An investment operation is one which, upon thorough analysis promises safety of principal and an adequate return. Operations not meeting these requirements are speculative." -- Benjamin Graham  "You must never delude yourself into thinking that you're investing when you're speculating." -- Benjamin Graham  "Speculators often prosper through ignorance; it is a cliché that in a roaring bull market knowledge is superfluous and experience is a handicap. But the typical experience of the speculator is one of temporary profit and ultimate loss." -- Benjamin Graham  "One machine can do the work of fifty ordinary men. No machine can do the work of one extraordinary man."  -- Elbert Hubbard "The length and severity of depressions depend partly on the magnitude of the 'real' maladjustments, which developed during the preceding boom and partly on the aggravating monetary and credit conditions." -- Gotfried Haberler, Prosperity and Depression, 1937 "I criticize by creation, not by finding fault." -- Cicero "A sound banker, alas, is not one who foresees danger and avoids it, but one who, when he is ruined, is ruined in a conventional way along with his fellows, so that no one can really blame him." -- John Maynard Keynes, "Consequences to the Banks of a Collapse in Money Values", 1931 "Stocks have reached what looks like a permanently high plateau. I do not feel that there will soon, if ever, be a fifty or sixty point break below present levels, such as Mr. Babson has predicted. I expect to see the stock market a good deal higher than it is today within a few months." -- Irving Fisher, economics professor at Yale University, September 1929 (he reversed himself in Jan 1930 and went on to invent the theory of "debt deflation") "The U. S. is headed toward a period of business depression... beginning within the next two years, which may exceed that which preceded the War. ... The only thing that will save us is a new gold policy or the discovery of a new process or additional gold fields. If the fall [of gold production] is not prevented by design or accident we shall throttle business, wringing out all profits and experiencing all the evils of deflation." -- Irving Fisher, Time Magazine, Jan. 20, 1930 "Diversification is an admission of not knowing what to do, and an effort to strike an average"  -- Charles Loeb in 'The Battle for Investment Survival' "In all likelihood world inflation is over." -- International Monetary Fund CEO, 1959 "Self-importance requires spending most of one's life offended by something or someone."  -- Carlos Castaneda "For centuries, gold had a profound impact on history, as a symbol and a storehouse of wealth accepted universally around the world" "When people are worried about political instability, war or inflation, they often put their savings into gold." -- New York Federal Reserve Bank "Neither paper currency nor deposits have value as commodities, intrinsically, a 'dollar' bill is just a piece of paper. Deposits are merely book entries." -- Modern Money Mechanics Workbook, Federal Reserve Bank of Chicago, 1975 "Four or five frigates will do the business without any military force." -– British prime minister Lord North, on dealing with the rebellious American colonies, 1774 "It will be years - not in my time - before a woman will become Prime Minister." -- Margaret Thatcher, future Prime Minister, October 26th, 1969 "Man will not fly for 50 years." -- Wilbur Wright, American aviation pioneer, to brother Orville, after a disappointing flying experiment, 1901 (their first successful flight was in 1903) "With over fifteen types of foreign cars already on sale here, the Japanese auto industry isn’t likely to carve out a big share of the market for itself." -- Business Week, August 2, 1968 "The desire of the man is for the woman, but the desire of the woman is for the desire of the man."  -- Madame de Stael "I think that this situation absolutely requires a really futile and stupid gesture be done on somebody’s part!" -- 'Eric Stratton', Animal House "Only a brave person is willing honestly to admit, and fearlessly to face, what a sincere and logical mind discovers."  -- Rodan of Alexandria "The Americans are good about making fancy cars and refrigerators, but that doesn’t mean they are any good at making aircraft. They are bluffing. They are excellent at bluffing." -- Hermann Goering, Commander-in-Chief of the Luftwaffe, 1942 "Heavier-than-air flying machines are impossible." -- Lord Kelvin, British mathematician and physicist, president of the British Royal Society, 1895 "Lee DeForest has said in many newspapers and over his signature that it would be possible to transmit the human voice across the Atlantic before many years. Based on these absurd and deliberately misleading statements, the misguided public ... has been persuaded to purchase stock in his company ..." -- a U.S. District Attorney, prosecuting American inventor Lee DeForest for selling stock fraudulently through the mail for his Radio Telephone Company in 1913. "To place a man in a multi-stage rocket and project him into the controlling gravitational field of the moon where the passengers can make scientific observations, perhaps land alive, and then return to earth - all that constitutes a wild dream worthy of Jules Verne. I am bold enough to say that such a man-made voyage will never occur regardless of all future advances." -- Lee DeForest, American radio pioneer and inventor of the vacuum tube, in 1926  "There is not the slightest indication that nuclear energy will ever be obtainable. It would mean that the atom would have to be shattered at will." -- Albert Einstein, 1932 "We can’t solve problems by using the same kind of thinking we used when we created them." -- Albert Einstein "The search for truth implies a duty. One must not conceal any part of what one has recognized to be true." -- Albert Einstein "If we knew what it was we were doing, it would not be called research, would it?" -- Albert Einstein "Rather than love, than money, than fame, give me truth." -- Henry David Thoreau "There are two ways to be fooled: One is to believe what isn't so; the other is to refuse to believe what is so." -- Soren Kierkegaard "The more people who believe something, the more apt it is to be wrong. The person who's right often has to stand alone." -- Soren Kierkegaard "The Greatest enemy of knowledge is not ignorance, it is the illusion of knowledge." -- Stephen Hawking "I have noticed even people who claim everything is predestined, and that we can do nothing to change it, look before they cross the road." -- Stephen Hawking "Nothing in all the world is more dangerous than sincere ignorance and conscientious stupidity." -- Martin Luther King Jr. "The arc of the moral universe is long, but it bends toward justice." -- Theodore Parker,abolitionist and refofrmer on the 19th century, incorrectly attributed to Martin Luther King Jr. "When a well-packaged web of lies has been sold gradually to the masses over generations, the truth will seem utterly preposterous and its speaker a raving lunatic." -- Dresden James "Once your soul has been enlarged by a truth, it can never return to its original size." -- Blaise Pascal "Truly it is an evil to be full of faults; but it is a still greater evil to be full of them and to be unwilling to recognize them, since that is to add the further fault of a voluntary illusion." -- Blaise Pascal "Taxes are what we pay for a civilized society." -- Former Supreme Court Justice Oliver Wendell Holmes Jr. "I have come to realize that the vast majority of decent, wonderful people, have no idea how they are being hoodwinked day in and day out by the scum of this world. We are lied to, misled, bamboozled, suckered, cheated, misrepresented, conned, manipulated and royally screwed! They take us to the cleaners day in and day out in every way possible. We, the people, pay the price of their cheating, their folly, their lying and their sheer stupidity" -- Pierre Rinfret, economist "A mind once stretched by a new idea never regains its original dimensions." -- Oliver Wendell Holmes "The young man knows the rules, but the old man knows the exceptions." --Oliver Wendell Holmes "Truth is tough. It will not break, like a bubble, at a touch. Nay, you may kick it about all day, and it will be round and full at evening." --Oliver Wendell Holmes "There is nothing so powerful as truth, and often nothing so strange." -- Daniel Webster "He who dares not offend cannot be honest." -- Thomas Paine "A long habit of not thinking a thing wrong gives it a superficial appearance of being right." -- Thomas Paine "Government, even in its best state, is but a necessary evil; in its worst state, an intolerable one." -- Thomas Paine "Men hate those to whom they have to lie." -- Victor Hugo (1802-1885) "When God desires to destroy a thing, he entrusts its destruction to the thing itself. Every bad institution of this world ends by suicide." -- Victor Hugo (1802-1885) "All the forces in the world are not so powerful as an idea whose time has come." -- Victor Hugo (1802-1885) "Common sense is in spite of, not as the result of education." -- Victor Hugo (1802-1885) "All governments suffer a recurring problem: Power attracts pathological personalities. It is not that power corrupts but that it is magnetic to the corruptible." -- Frank Herbert "Unthinking respect for authority is the greatest enemy of truth."  -- Albert Einstein "Truth, like light, blinds. Falsehood, on the contrary, is a beautiful twilight that enhances every object." -- Albert Camus "As far as the laws of mathematics refer to reality, it is not certain.  As far as they are certain, they do not refer to reality."  -- Albert Einstein "Reality is merely an illusion, albeit a very persistent one". -- Albert Einstein "People sleep peaceably in their beds at night only because rough men stand ready to do violence on their behalf." -- George Orwell "Speaking the Truth in times of universal deceit is a revolutionary act."  -- George Orwell "In the case of enemy crimes, we find outrage; allegations based on the flimsiest evidence, often simply invented, and uncorrectible, even when conceded to be fabrication; careful filtering of testimony to exclude contrary evidence while allowing what may be useful; reliance on official U.S. sources, unless they provide the wrong picture, in which case they are avoided... vivid detail; insistence that the crimes originate at the highest level of planning, even in the absence of evidence or credible argument; and so on. "Where the locus of responsibility is at home, we find precisely the opposite: silence or apologetics; avoidance of personal testimony and specific detail; world-weary wisdom about the complexities of history and foreign cultures that we do not understand; narrowing of focus to the lowest level of planning or understandable error in confusing circumstances; and other forms of evasion."  -- Noam Chomsky, Pluto Press, 1991, Necessary Illusions, p.137 "Don't worry about what anybody else is going to do. The best way to predict the future is to invent it." -- Alan Kay "I believe that the industrial prosperity of England is much more than temporarily depressed, and that we are some way down the road of a long decline, at the end of which we shall find our relative industrial position entirely different from what it was in the 19th Century... I would sell the shares of almost all British industrial companies operating at home, particularly the shares of the older industries." "I believe that the economic, political and climatic advantages of the U.S. and Canada during the next few decades will be so overwhelmingly great that these countries offer the most attractive field for investment. There is room for immense expansion and the desire for it. Wealth is the main objective, the pace will be hot, and the profit high." "I think it is quite wrong to believe that the currency chaos of the last ten years will now be replaced by a long period of calm stability similar to that of the 19th Century. On the basis of this view, I would invest a large part of any fund in the strongest currency in the world, the American dollar." -- Oswald T. Falk, a member of the distinguished London house of Buckmaster & Moore, 1930. "Why do you have to be a non-conformist like everybody else?" ** James Thurber (1894 - 1961) Climate "Is our climate changing? The succession of temperate summers and open winters through several years, culminating last winter in the almost total failure of the ice crop throughout the valley of the Hudson, makes the question pertinent. The older inhabitants tell us that the winters are not as cold now as when they were young, and we have all observed a marked diminution of the average cold even in this last decade." -– New York Times, June 23, 1890 "The question is again being discussed whether recent and long-continued observations do not point to the advent of a second glacial period, when the countries now basking in the fostering warmth of a tropical sun will ultimately give way to the perennial frost and snow of the polar regions." -– New York Times, Feb. 24, 1895 "In the next 50 years [i.e., by 2021], fine dust that humans discharge into the atmosphere by burning fossil fuel will screen out so much of the sun's rays that the Earth's average temperature could fall by six degrees. Sustained emissions over five to 10 years [i.e., 1976-81], could be sufficient to trigger an ice age." -– Washington Post, July 9, 1971 "Ocean City, Md., will lose 39 feet of shoreline by 2000 and a total of 85 feet within the next 25 years."  -– San Jose Mercury News, June 11, 1986  "Using computer models, researchers concluded that global warming would raise average annual temperatures nationwide two degrees by 2010" -– Associated Press, May 15, 1989  "New York will probably be like Florida 15 years from now." -- St. Louis Post-Dispatch, Sept. 17, 1989 "[By] 1995, the greenhouse effect would be desolating the heartlands of North America and Eurasia with horrific drought, causing crop failures and food riots . . . [By 1996] The Platte River of Nebraska would be dry, while a continent-wide black blizzard of prairie topsoil will stop traffic on interstates, strip paint from houses and shut down computers . . . The Mexican police will round up illegal American migrants surging into Mexico seeking work as field hands." -– "Dead Heat: The Race Against the Greenhouse Effect," Michael Oppenheimer and Robert H. Boyle, 1990. "in a few years, or a decade or so, we'll go into a permanent El Nino, according to Dr. Russ Schnell, a scientist doing atmospheric research at Mauna Loa Observatory." -– BBC, Nov. 7, 1997  Sun Tzu "So in war, the way is to avoid what is strong and to strike at what is weak." -- Sun Tzu "All men can see these tactics whereby I conquer, but what none can see is the strategy out of which victory is evolved." -- Sun Tzu "Strategy without tactics is the slowest route to victory. Tactics without strategy is the noise before defeat." -- Sun Tzu "Be extremely subtle, even to the point of formlessness. Be extremely mysterious, even to the point of soundlessness. Thereby you can be the director of the opponent's fate. " -- Sun Tzu "Confront them with annihilation, and they will then survive; plunge them into a deadly situation, and they will then live. When people fall into danger, they are then able to strive for victory. " -- Sun Tzu "For to win one hundred victories in one hundred battles is not the acme of skill. To subdue the enemy without fighting is the acme of skill." -- Sun Tzu "One final paragraph of advice: do not burn yourselves out. Be as I am – a reluctant enthusiast….a part-time crusader, a half-hearted fanatic. Save the other half of yourselves and your lives for pleasure and adventure. It is not enough to fight for the land; it is even more important to enjoy it. While you can. While it’s still here. So get out there and hunt and fish and mess around with your friends, ramble out yonder and explore the forests, climb the mountains, bag the peaks, run the rivers, breathe deep of that yet sweet and lucid air, sit quietly for a while and contemplate the precious stillness, the lovely, mysterious, and awesome space. Enjoy yourselves, keep your brain in your head and your head firmly attached to the body, the body active and alive, and I promise you this much; I promise you this one sweet victory over our enemies, over those desk-bound men and women with their hearts in a safe deposit box, and their eyes hypnotized by desk calculators. I promise you this; You will outlive the bastards." -— Edward Abbey "He who is prudent and lies in wait for an enemy who is not, will be victorious. " -- Sun Tzu "The Wheels of Justice turn slowly but exceedingly fine." -- attributed to many, including Sun Tzu and Longfellow "Keep your friends close, and your enemies closer." -- Sun Tzu "If you are far from the enemy, make him believe you are near. " -- Sun Tzu "In the practical art of war, the best thing of all is to take the enemy's country whole and intact; to shatter and destroy it is not so good. " -- Sun Tzu "Pretend inferiority and encourage his arrogance." -- Sun Tzu "Supreme excellence consists in breaking the enemy's resistance without fighting. " -- Sun Tzu "The opportunity to secure ourselves against defeat lies in our own hands, but the opportunity of defeating the enemy is provided by the enemy himself. " -- Sun Tzu "There has never been a protracted war from which a country has benefited." -- Sun Tzu "When envoys are sent with compliments in their mouths, it is a sign that the enemy wishes for a truce. " -- Sun Tzu "Victorious warriors win first and then go to war, while defeated warriors go to war first and then seek to win. " -- Sun Tzu "He who knows when he can fight and when he cannot, will be victorious." -- Sun Tzu Warren Buffett "Wall Street is the only place that people ride to in a Rolls Royce to get advice from those who take the subway." -- Warren Buffett "Managers should never forget one of Abraham Lincoln's favorite riddles: “How many legs does a dog have if you call his tail a leg?” The Answer: Four, because calling a tail a leg does not make it a leg." -- Warren Buffett "The future is never clear, and you pay a very high price in the stock market for a cheery consensus. Uncertainty is the friend of the buyer of long-term values." -- Warren Buffett "Failing conventionally is the route to go; as a group, lemmings may have a rotten image, but no individual lemming has ever received bad press." -- Warren Buffett "Value investing is so simple that it makes people reluctant to teach it. If you've gone and gotten a PhD and spent several years learning tough mathematics, to have to come back to this is like studying for the priesthood and then finding out that the Ten Commandments were all you needed." -- Warren Buffett "I've reluctantly discarded the notion of my continuing to manage the portfolio after my death abandoning my hope to give new meaning to the term "thinking outside the box." -- Warren Buffett, Feb 29, 2008" (Source) "The stock market is there only as a reference point to see if anybody is offering to do anything foolish. When we invest in stocks, we invest in businesses. You simply have to behave according to what is rational rather than according to what is fashionable." -- Warren Buffett "Never ask a barber if you need a haircut." -- Warren Buffett "I warn you that politicians of both parties will oppose the restoration of gold, although they may outwardly seemingly favor it. Also those elements here and abroad who are getting rich from the continued American inflation will oppose a return to sound money." -- Howard Buffett, Warren Buffett's father "Buffett once told me there are three 'I's in every cycle. The 'innovator,' that's the first 'I.' After the innovator comes the 'imitator.' And after the imitator in the cycle comes the idiot." -- Theodore Forstmann, quoting Warren Buffett "If you're in a card game and you can't figure out who the patsy is, you're it." -- Warren Buffett "Look at market fluctuations as your friend rather than your enemy; profit from folly rather than participate in it." -- Warren Buffett "You don’t know who’s swimming naked until the tide goes out." -- Warren Buffett "...holding cash is uncomfortable, but not as uncomfortable as doing something stupid." -- Warren Buffett "You’re neither right nor wrong because other people agree with you. You’re right because your facts are right and your reasoning is right-and that’s the only thing that makes you right." -- Warren Buffett "The less prudence with which others conduct their affairs, the greater the prudence with which we should conduct our own affairs." -- Warren Buffett "Chains of habit are too light to be felt until they are too heavy to be broken." -- Warren Buffett "You can’t produce a baby in one month by getting nine women pregnant." -- Warren Buffett "Wide diversification is only required when investors do not understand what they are doing." -- Warren Buffett "Invest only in businesses that an idiot can run, because sooner or later an idiot will." -- Warren Buffett "We simply attempt to be fearful when others are greedy, and to be greedy only when others are fearful" -- Warren Buffett "Before 1933 the people themselves had an effective way to demand economy. Before 1933, whenever the people became disturbed over Federal spending, they could redeem their paper currency in gold, and wait for common sense to return to Washington." -- Howard Buffett, father of Wall Street legend Warren Buffett Jesse Livermore "I know from experience that nobody can give me a tip or a series of tips that will make more money for me than my own judgment."  -- Jesse Livermore, one of the greatest stock market traders who ever lived. "Speculators in stock markets have lost money. But I believe that it is a safe statement that the money lost by speculators alone is small compared with the gigantic sums lost by so-called investors who have let their investments ride." -- Jesse Livermore, "How to Trade in Stocks" (page 25) "From my point of view, the investors are the big gamblers. They make a bet, stay with it, and if all goes wrong, they lose it all." -- Jesse Livermore, "How to Trade in Stocks" (page 25) "let me warn you that the fruits of your success will be in direct ratio to the honesty and sincerity of your own effort in keeping your own records, doing your own thinking, and reaching your own conclusions. " -- Jesse Livermore, "How to Trade in Stocks" (page 16) "Profits always take care of themselves but losses never do. The speculator has to insure himself against considerable losses by taking their first small loss." -- Jesse Livermore, "How to Trade in Stocks" (page 21) "The only reason an investor or speculator should ever want to have pointed out to him is the action of the market itself. Whenever the market does not act right or in the way it should - that is reason enough for you to change your opinion and change it immediately· Remember, there is always a reason for a stock acting the way it does. But also remember: the chances are that you will not become acquainted with that reason until some time in the future, when it is too late to act on it profitably." -- Jesse Livermore, "How to Trade in Stocks" (page 71) "In fact, I always made money when I was sure I was right before I began. What beat me was not having brains enough to stick to my own game - that is, to play the market only when I was satisfied that precedents favored my play." -- Jesse Livermore, "Reminiscences of a Stock Operator" (page 14) "Yet, I can see now that my main trouble was my failure to grasp the vital difference between stock gambling and stock speculation. Still, by reason of my seven years' experience in reading the tape and a certain natural aptitude for the game, my stake was earning not indeed a fortune but a very high rate of interest." -- Jesse Livermore, "Reminiscences of a Stock Operator" (page 44) "It was the change in my own attitude toward the game that was of supreme importance to me. It taught me, little by little, the essential difference between betting on fluctuations and anticipating inevitable advances and declines, between gambling and speculating." -- Jesse Livermore, "Reminiscences of a Stock Operator" (page 45) "One of the most helpful things that anybody can learn is to give up trying to catch the last eighth or the first. These two are the most expensive eighths in the world. They have cost stock traders, in the aggregate, enough millions of dollars to build a concrete highway across the continent." -- Jesse Livermore, "Reminiscences of a Stock Operator" (page 51) "People don't seem to grasp easily the fundamentals of stock trading. I have often said that to buy on a rising market is the most comfortable way of buying stocks. Now, the point is not so much to buy as cheap as possible or go short at top prices, but to buy or sell at the right time. When I am bearish and I sell a stock, each sale must be at a lower level than the previous sale. When I am buying, the reverse is true. I must buy on a rising scale. I don't buy long stock on a scale down, I buy on a scale up." -- Jesse Livermore, "Reminiscences of a Stock Operator" (page 63) "But in starting a movement it is unwise to take on your full line unless you are convinced that conditions are exactly right. Remember that stocks are never too high for you to begin buying or too low to begin selling. But after the initial transaction, don't make a second unless the first shows you a profit. Wait and watch. That is where your tape reading comes into enable you to decide as to the proper time for beginning. Much depends upon beginning at exactly the right time. It took me years to realize the importance of this. It also cost me some hundreds of thousands of dollars." -- Jesse Livermore, "Reminiscences of a Stock Operator" (page 67) "I don't mean to be understood as advising persistent pyramiding. A man can pyramid and make big money that he couldn't make if he didn't pyramid; of course. But what I meant to say was this: Suppose a man's line is five hundred shares of stock. I say that he ought not to buy it all at once; not if he is speculating. If he is merely gambling the only advice I have to give him is, don't!" -- Jesse Livermore, "Reminiscences of a Stock Operator" (page 68) "If you want to make some money out of wheat I can tell you how to do it."  They all said they did and I told them, "If you are sure you wish to make money in wheat just you watch it. Wait. The moment it crosses $I.20 buy it and you will get a nice quick play in it!"  "Why not buy it now, at $I.I4?" one of the party asked.  "Because I don't know yet that it is going up at all."  "Then why buy it at $1.20? It seems a mighty high price."  "Do you wish to gamble blindly in the hope of getting a great big profit or do you wish to speculate intelligently and get a smaller but much more probable profit?"  They all said they wanted the smaller but surer profit, so I said, "Then do as I tell you. If it crosses $1.20 buy. As I told you, I had watched it a long time. For months it sold between $1.10 and $1.20, getting nowhere in particular. Well, sir, one day it closed at above $1.I9. I got ready for it. Sure enough the next day it opened at $1.20-1/2, and I bought. It went to $1.21, to $1.22, to $1.23, to $1.25, and I went with it.  Now I couldn't have told you at the time just what was going on. I didn't get any explanations about its behaviour during the course of the limited fluctuations. I couldn't tell whether the breaking through the limit would be up through $1.20 or down through $1.10 though I suspected it would be up because there was not enough wheat in the world for a big break in prices.  ... "What I have told you gives you the essence of my trading system as based on studying the tape. I merely learn the way prices are most probably going to move. I check up my own trading by additional tests, to determine the psychological moment. I do that by watching the way the price acts after I begin." -- Jesse Livermore, "Reminiscences of a Stock Operator" (page 97) "For instance, I had been bullish from the very start of a bull market, and I had backed my opinion by buying stocks. An advance followed, as I had clearly foreseen. So far, all very well. But what else did I do? Why, I listened to the elder statesmen and curbed my youthful impetuousness. I made up my mind to be wise carefully, conservatively. Everybody knew that the way to do that was to take profits and buy back your stocks on reactions. And that is precisely what I did, or rather what I tried to do; for I often took profits and waited for a reaction that never came. And I saw my stock go kitting up ten points more and I sitting there with my four-point profit safe in my conservative pocket. They say you never go broke taking profits. No, you don’t. But neither do you grow rich taking a four-point profit in a bull market." -- Jesse Livermore "As I have said a thousand times, no manipulation can put stocks down and keep them down. There is nothing mysterious about this. The reason is plain to everybody who will take the trouble to think about it half a minute. Suppose an operator raided a stock -- that is, put the price down to a level below its real value -- what would inevitably happen? Why, the raider would at once be up against the best kind of inside buying. The people who know what a stock is worth will always buy it when it is selling at bargain prices. If the insiders are not able to buy, it will be because general conditions are against their free command of their own resources, and such conditions are not bull conditions. When people speak about raids the inference is that the raids are unjustified; almost criminal. But selling a stock down to a price much below what it is worth is mighty dangerous business. It is well to bear in mind that a raided stock that fails to rally is not getting much inside buying and where there is a raid, that is unjustified short selling -- there is usually apt to be inside buying; and when there is that, the price does not stay down. I should say that in ninety-nine cases out of a hundred, so-called raids are really legitimate declines, accelerated at times but not primarily caused by the operations of a professional trader, however big a line he may be able to swing. The theory that most of the sudden declines or particular sharp breaks are the results of some plunger's operations probably was invented as an easy way of supplying reasons to those speculators who, being nothing but blind gamblers, will believe anything that is told them rather than do a little thinking. The raid excuse for losses that unfortunate speculators so often receive from brokers and financial gossipers is really an inverted tip. The difference lies in this: A bear tip is distinct, positive advice to sell short. But the inverted tip -- that is, the explanation that does not explain -- serves merely to keep you from wisely selling short. The natural tendency when a stock breaks badly is to sell it. There is a reason -- an unknown reason but a good reason; therefore get out. But it is not wise to get out when the break is the result of a raid by an operator, because the moment he stops the price must rebound. Inverted tips!" -- Jesse Livermore, "Reminiscences of a Stock Operator" (page 152) "It has always seemed to me the height of dam foolishness to trade on tips. I suppose I am not built the way a tip-taker is. I sometimes think that tip-takers are like drunkards. There are some who can't resist the craving and always look forward to those jags which they consider indispensable to their happiness. It is so easy to open your ears and let the tip in. To be told precisely what to do to be happy in such a manner that you can eagily obey is the next nicest thing to being happy which is a mighty long first step toward the fulfilment of your heart's desire. It is not so much greed made blind by eagerness as it is hope bandaged by the unwillingness to do any thinking." -- Jesse Livermore, "Reminiscences of a Stock Operator" (page 159) "SPECULATION in stocks will never disappear. It isn't desirable that it should. It cannot be checked by warnings as to its dangers. You cannot prevent people from guessing wrong no matter how able or how experienced they may be. Carefully laid plans will miscarry because the unexpected and even the unexpectable will happen. Disaster may come from a convulsion of nature or from the weather, from your own greed or from some man's vanity; from fear or from uncontrolled hope. But apart from what one might call his natural foes, a speculator in stocks has to contend with certain practices or abuses that are indefensible morally as well as commercially." -- Jesse Livermore, "Reminiscences of a Stock Operator" (page 227) "The game of speculation is the most uniformly fascinating game in the world. But it is not a game for the stupid, the mentally lazy, the man of inferior emotional balance, or for the get-rich-quick adventurer. They will die poor." -- Jesse Livermore "There are times when money can be made investing and speculating in stocks, but money cannot consistently be made trading every day or every week during the year. Only the foolhardy will try it. It just is not in the cards and cannot be done." -- Jesse Livermore "To anticipate the market is to gamble. To be patient and react only when the market gives the signal is to speculate." -- Jesse Livermore "I have long since learned, as all should learn, not to make excuses when wrong. Just admit it and try to profit by it. We all know when we are wrong. The market will tell the speculator when he is wrong, because he is losing money. When he first realizes he is wrong is the time to clear out, take his losses, try to keep smiling, study the record to determine the cause of his error, and await the next big opportunity. It is the net result over a period of time in which he is interested." -- Jesse Livermore, "How to Trade in Stocks" "All through time, people have basically acted and re-acted the same way in the market as a result of: greed, fear, ignorance, and hope – that is why the numerical (technical) formations and patterns recur on a constant basis." -- Jesse Livermore, "How to Trade in Stocks" "The game of speculation is the most uniformly fascinating game in the world. But it is not a game for the stupid, the mentally lazy, the man of inferior emotional balance, or for the get-rich-quick adventurer. They will die poor." -- Jesse Livermore, "How to Trade in Stocks" "I always have traded in commodities as well as in stocks. I began as a youngster in the bucket shops. I studied those markets for years, though perhaps not so assiduously as the stock market. As a matter of fact, I would rather play commodities than stocks. There is no question about their greater legitimacy, as it were. It partakes more of the nature of a commercial venture than trading in stocks does. A man can approach it as he might any mercantile problem. It may be possible to use fictitious arguments for or against a certain trend in a commodity market; but success will be only temporary, for in the end the facts are bound to prevail, so that a trader gets dividends on study and observation, as he does in a regular business. He can watch and weigh conditions and he knows as much about it as anyone else. He need not guard against inside cliques. Dividends are not unexpectedly passed or increased overnight in the cotton market or in wheat or corn. In the long run commodity prices are governed but by one law -- the economic law of demand and supply. The business of the trader in commodities is simply to get facts about the demand and the supply, present and prospective. He does not indulge in guesses about a dozen things as he does in stocks. It always appealed to me trading in commodities." -- Jesse Livermore, "Reminiscences...", page 93 "I cleared about three million dollars in 1916 by being bullish as long as the bull market lasted and then by being bearish when the bear market started. As I said before, a man does not have to marry one side of the market till death do them part. " -- Jesse Livermore, "Reminiscences...", page 143 "It was the change in my own attitude toward the game that was of supreme importance to me. It taught me, little by little, the essential difference between betting on fluctuations and anticipating inevitable advances and declines, between gambling and speculating. I think it was a long step forward in my trading education when I realized at last that when old Mr. Partridge kept on telling the other customers, "Well, you know this is a bull market!" he really meant to tell them that the big money was not in the individual fluctuations but in the main movements that is, not in reading the tape but in sizing up the entire market and its trend. And right here let me say one thing: After spending many years in Wall Street and after making and losing millions of dollars I want to tell you this: It never was my thinking that made the big money for me. It always was my sitting. Got that? My sitting tight! It is no trick at all to be right on the market. You always find lots of early bulls in bull markets and early bears in bear markets. I’ve known many men who were right at exactly the right time, and began buying or selling stocks when prices were at the very level which should show the greatest profit. And their experience invariably matched mine that is, they made no real money out of it. Men who can both be right and sit tight are uncommon. I found it one of the hardest things to learn. But it is only after a stock operator has firmly grasped this that he can make big money. It is literally true that millions come easier to a trader after he knows how to trade than hundreds did in the days of his ignorance." -- Jesse Livermore, "How to Trade in Stocks" "Remember too that it is dangerous to start spreading out all over the market. By this I mean, do not have an “Interest in too many stocks at one time. It is much easier to watch a few than many. I made that mistake years ago and I cost me money." -- Jesse Livermore, "How to Trade in Stocks" "Successful traders always follow the line of least resistance. Follow the trend. The trend is your friend." -- Jesse Livermore, "How to Trade in Stocks" "When you make a trade, you should have a clear target where to sell if the market moves against you. And you must obey your rules! Never sustain a loss of more than 10% of your capital. Losses are twice as expensive to make up. I always established a stop before making a trade." -- Jesse Livermore, "How to Trade in Stocks" "A loss never bothers me after I take it. I forget it overnight. But being wrong - not taking a loss - that is what does damage to the pocketbook and to the soul." -- Jesse Livermore "Men who can both be right and sit tight are uncommon. Do not try to sell and buy back (core positions) on reactions in a bull market." -- Jesse Livermore "I did precisely the wrong thing. The cotton showed me a loss and I kept it. The wheat showed me a profit and I sold it out. Of all the speculative blunders there are few greater than trying to average a losing game. Always sell what shows you a loss and keep what shows you a profit." -- Jesse Livermore "I can't tell you how it came to take me so many years to learn that instead of placing piking bets on what the next few quotations were going to be, my game was to anticipate what was going to happen in a big way." -- Jesse Livermore "It happened just as I figured. The traders hammered the stocks in which they figured would uncover the most stops, and sure enough, prices slid off." -- Jesse Livermore "People who look for easy money invariable pay for the privilege of proving conclusively that it cannot be found on this earth." -- Jesse Livermore "You know, a professional gambler is not looking for long shots, but for sure money. Of course, long shots are fine when they come in. In the stock market Pat wasn’t after tips or playing to catch twenty-points-a-week advances, but sure money in sufficient quantity to provide him with a good sense of living. Of all the thousands of outsiders I have run across in Wall Street, Pat Hearne was the only one who saw in stock speculation merely a game of chance like faro or roulette, but nevertheless had the sense to stick to a relatively sound betting method." -- Jesse Livermore "I can't tell you how it came to take me so many years to learn that instead of placing piking bets on what the next few quotations were going to be, my game was to anticipate what was going to happen in a big way."  -- Jesse Livermore "If you cannot make money out of the leading active issues, you are not going to make money out of the stock market as a whole." -- Jesse Livermore "Never be afraid of the normal movement. But be very careful of abnormal movements, it is similar to a major change in personality." -- Jesse Livermore Download Reminiscences of a Stock Operator about Jesse Livermore (1923) (500k PDF) Download Memoirs of Extraordinary Popular Delusions and the Madness of Crowds by Charles Mackay (1841) (1.6 MB text document) Download The Day Traders Bible Or My Secret In Day Trading Of Stocks by Richard D. Wyckoff (1.6 MB text document) Conspiracy "The Central Intelligence Agency owns everyone of any significance in the major media." -- William Colby, (1920-1996) former Director of the CIA. Source: in Derailing Democracy: The America the Media Don’t Want You to See (2000), by Dave McGowan "The conscious and intelligent manipulation of the organized habits and opinions of the [public] is an important element in democratic society. Those who manipulate this unseen mechanism of society constitute an invisible government which is the true ruling power of our country." -- Edward Bernays (1891-1995) "Father" of modern public relations (PR) and director of the U.S. Committee on Public Information during World War I, on government propaganda. Source: writing in "Propaganda" from "Food & Water Journal'' (1928) "It is not necessary for the politician to be the slave of the public's group prejudices, if he can learn how to mold the mind of the voters in conformity with his own ideas of public welfare and public service. The important thing for the statesman of our age is not so much to know how to please the public, but to know how to sway the public. Those who manipulate this unseen mechanism of society constitute an invisible government which is the true ruling power of our country." -- Edward Bernays (1891-1995) "If we understand the mechanism and motives of the group mind, it is now possible to control and regiment the masses according to our will without them knowing it." -- Edward Bernays "You need both cons and piracy to make a conspiracy..." -- Edward E. Smith "Those who create and issue money and credit direct the policies of government and hold in the hollow of their hands the destiny of the people." -- Rt. Hon. Reginald McKenna, Chancellor of Exchequer, England, 1912 "The sovereignty fetish is still so strong in the public mind, that there would appear to be little chance of winning popular assent to American membership in anything approaching a super-state organization. Much will depend on the kind of approach which is used in further popular education." -- Council on Foreign Relations Source: "American Public Opinion and Postwar Security Commitments", 1944 "I am myself persuaded, on the basis of extensive study of the historical evidence, that... the severity of each of the contractions - 1920-21, 1929-33, and 1937-38 - is directly attributable to acts of commission and omission by the Reserve authorities and would not have occurred under earlier monetary and banking arrangements." -- Milton Friedman (1912-2006) Nobel Prize-winning economist, economic advisor to President Ronald Reagan, Source: 'Capitalism and Freedom' "Let me issue and control a Nation’s money and I care not who makes its laws. The few who understand the system, will either be so interested from it's profits or so dependant on it's favors, that there will be no opposition from that class, while on the other hand, the great body of people mentally incapable of comprehending the tremendous advantage that capital derives from the system, will bear it burdens without complaint, and perhaps without even suspecting that the system is inimical to their interests." -- Mayer Amschel Rothschild, written in a letter from London to Rothschild agents in New York; 1838 "Buy when there’s blood in the streets, even if the blood is your own." -- Baron Rothschild, 1871 "Military men are dumb, stupid animals to be used as pawns for foreign policy." -- Henry Kissinger, "The Final Days", Bob Woodward and Carl Bernstein (said in front of Alexander Haig, newly appointed White House chief of staff, 1973 "The illegal things we do right away, the unconstitutional take a bit longer." - Simon Johnson quoting Henry Kissinger referring to "exceptions" made by politicians to cope with crisis "When you’re young, you look at television and think, There’s a conspiracy. The networks have conspired to dumb us down. But when you get a little older, you realize that’s not true. The networks are in business to give people exactly what they want. That’s a far more depressing thought. Conspiracy is optimistic! You can shoot the bastards! We can have a revolution! But the networks are really in business to give people what they want. It’s the truth." -- Steve Jobs, Wired, February 1996 Adrian Douglas: More Fed minutes document gold market manipulation "Years of study have convinced me that there is a strong and criminal agenda to illegally suppress the price of gold." -- Late Ferdinand Lips (Managing Director of Rothschild Bank, Zurich), 2001 "Economists who adhere to rational-expectations models of the world will never admit it, but a lot of what happens in markets is driven by pure stupidity – or, rather, inattention, misinformation about fundamentals, and an exaggerated focus on currently circulating stories." -- Debt and Delusion, Robert Shiller Source "…the provision of international credits and joint efforts to influence asset prices (especially gold and foreign exchange) in circumstances where this might be thought useful." -- William R. White, the head of the Bank for International Settlements’ Economics Department, June 2005 in his speech, "Past and Future of Central Bank Cooperation" "The real rulers in Washington are invisible and exercise power from behind the scenes."  -- Justice Felix Frankfurter (1882-1965) U.S. Supreme Court Justice "Let me issue and control a nation's money and I care not who writes the laws." -- Mayer Amschel Rothschild, 1790 "There is no way to stabilize the markets other than through government intervention." -- Treasury Secretary Hank Paulson, Wall Street Journal, September 24, 2007 "Don’t you know, there are some things that can beat smartness and foresight? Awkwardness and stupidity can. The best swordsman in the world doesn’t need to fear the second best swordsman in the world; no, the person for him to be afraid of is some ignorant antagonist who has never had a sword in his hand before; he doesn’t do the thing he ought to." -- Mark Twain, A Connecticut Yankee in King Arthur’s Court (1889) 33 Conspiracy Theories That Turned Out To Be True "The enjoyment of power inevitably corrupts the judgment of reason, & perverts its liberty."  -- Immanuel Kant (1724-1804) "Don't set out to raze all shrines—you'll frighten men. Enshrine mediocrity, and the shrines are razed." -- Ellsworth Toohey, "The Fountainhead" by Ayn Rand “When you see that trading is done, not by consent, but by compulsion -- when you see that in order to produce, you need to obtain permission from men who produce nothing -- when you see that money is flowing to those who deal, not in goods, but in favors -- when you see that men get richer by graft and by pull than by work, and your laws don't protect you against them, but protect them against you -- when you see corruption being rewarded and honesty becoming a self-sacrifice -- you may know that your society is doomed.” -- Ayn Rand "You can avoid reality. But you cannot avoid the consequences of avoiding reality." -- Ayn Rand "No National Debts Shall Be Raised by a State to Finance Its Foreign Affairs No objection can be taken to seeking assistance, either within or without the State, on behalf of the economic administration of the country; such as, for the improvement of highways or in support of new colonies or in the establishment of resources against death and famine. A loan, whether raised externally or internally, as a source of aid in such cases, is above suspicion. But a credit system, when used by the powers as a hostile, antagonistic instrument against each other and when the debts under it go on increasing indefinitely and yet are always liquid for the present (because all the creditors are not expected to cash their claims at once). is a dangerous money power. This arrangement - the ingenious invention of a commercial people in this century [England] constitutes. In fact, a treasure for the carrying on of war; it may exceed the treasures of all the other States taken together, and it can only be exhausted by the forthcoming deficit of the exchequer, -- which, however, may be long delayed by the animation of the national commerce and its expansionist impact upon production and profits. The facility given by this system for engaging in war, combined with the inclination of rulers toward it (an inclination which seems to be implanted in human nature), is therefore a great obstacle in the way of a perpetual peace. The prohibition of it must be laid down as a preliminary article in the conditions of such a peace, even more strongly on the further ground that the national bankruptcy, which it inevitably brings at last, would necessarily involve in the disaster many other States without any fault of their own; and this would damage unjustly these other States. Consequently, the other States are justified in allying themselves against such a State and its pretensions." Immanuel Kant in the fourth article of his “Perpetual Peace: A Philosophical Essay" (1795) "It is also important for the State to inculcate in its subjects an aversion to any outcropping of what is now called 'a conspiracy theory of history.' For a search for 'conspiracies,' as misguided as the results often are, means a search for motives, and an attribution of individual responsibility for the historical misdeeds of ruling elites. If, however, any tyranny or venality, x or aggressive war imposed by the State was brought about not by particular State rulers but by mysterious and arcane 'social forces,' or by the imperfect state of the world -- or if, in some way, everyone was guilty -- then there is no point in anyone's becoming indignant or rising up against such misdeeds. Furthermore, a discrediting of 'conspiracy theories' will make the subjects more likely to believe the 'general welfare' reasons that are invariably put forth by the modern State for engaging in aggressive actions." -- Murray N. Rothbard (1926-1995) Dean of the Austrian School of Economics. Source: For a New Liberty (New York: Macmillan, 1973), p. 6 "Money is the general medium of exchange. It is the thing for which all other goods are traded, the means of final payment for such goods on the market." -- Murray N. Rothbard, "Austrian Definitions of the Supply of Money" "It is a commonplace that "you can't keep secrets in Washington" or "in a democracy, no matter how sensitive the secret, you're likely to read it the next day in the New York Times." These truisms are flatly false. They are in fact cover stories, ways of flattering and misleading journalists and their readers, part of the process of keeping secrets well. Of course eventually many secrets do get out that wouldn't in a fully totalitarian society. But the fact is that the overwhelming majority of secrets do not leak to the American public. This is true even when the information withheld is well known to an enemy and when it is clearly essential to the functioning of the congressional war power and to any democratic control of foreign policy. The reality unknown to the public and to most members of Congress and the press is that secrets that would be of the greatest import to many of them can be kept from them reliably for decades by the executive branch, even though they are known to thousands of insiders." -- Daniel Ellsberg, Pentagon Papers whistleblower in the 1970s Also note that the Manhattan Project during WWII had about 130,000 people involved in it, and the secrey was kept quite well.  "The real truth of the matter is, as you and I know, that a financial element in the large centers has owned the government of the U.S. since the days of Andrew Jackson. History depicts Andrew Jackson as the last truly honorable and incorruptible American president." -- Franklin D. Roosevelt (1882-1945), 32nd US President, Date: November 21, 1933, Source: in a letter written to Colonel E. Mandell House ""Gentlemen, I have had men watching you for a long time and I am convinced that you have used the funds of the Bank to speculate in the breadstuffs of the country. When you won, you divided the profits amongst yourselves, and when you lost, you charged it to the Bank... Beyond question this great and powerful institution has been actively engaged in attempting to influence the elections of the public officers by means of its money... You tell me that if I take the deposits from the Bank and annul its charter, I shall ruin ten thousand families. That may be true, gentlemen, but that is your sin. Should I let you go on, you will ruin fifty thousand families, and that would be my sin. You are a den of vipers and thieves. I intend to rout you out, and by the grace of the Eternal God, I will rout you out." " -- President Andrew Jackson The U.S. Federal Reserve is also active in currency markets, German Economics Minister Rainer Bruederle said Friday.His comments come on the heels of remarks made by his Swiss counterpart who said that the Swiss National Bank purchased euros to buttress the single currency. "It is a regular procedure of central banks," to intervene in currency markets, Bruederle said. "It is not a secret," that central banks have a foreign exchange rate target, he added. Bruederle said "eruptive" movements have to be avoided. He previously said that China holds 25 percent of its foreign exchange reserves in euros. -- Dow Jones Newswire, 5/27/2010, also Nasdaq "The intermediate objectives of central bank cooperation are more varied. First, better joint decisions, in the relatively rare circumstances where such coordinated action is called for. Second, a clear understanding of the policy issues as they affect central banks. Hopefully this would reflect common beliefs, but even a clear understanding of differences of views can sometimes be useful. Third, the development of robust and effective networks of contacts. Fourth, the efficient international dissemination of both ideas and information that can improve national policy making. And last, the provision of international credits and joint efforts to influence asset prices (especially gold and foreign exchange) in circumstances where this might be thought useful." (emphasis ours) -- William White, "Past and Future of Central Bank Cooperation", BIS 4th annual conference "Never ascribe to malice that which is adequately explained by incompetence." -- Napoleon Bonaparte "We are grateful to The Washington Post, The New York Times, Time Magazine and other great publications whose directors have attended our meetings and respected their promises of discretion for almost forty years. It would have been impossible for us to develop our plan for the world if we had been subject to the bright lights of publicity during those years. But, the world is now much more sophisticated and prepared to march towards a world government. The supranational sovereignty of an intellectual elite and world bankers is surely preferable to the national auto-determination practiced in past centuries." -- David Rockefeller at the Bilderberg Meeting in June 1991 in Baden, Germany, as quoted in the 1991 issue of the Hilaire duBerrier Report "For more than a century, ideological extremists at either end of the political spectrum have seized upon well-publicized incidents to attack the Rockefeller family for the inordinate influence they claim we wield over American political and economic institutions. Some even believe we are part of a secret cabal working against the best interests of the United States, characterizing my family and me as 'internationalists' and of conspiring with others around the world to build a more integrated global political and economic structure - one world, if you will. If that's the charge, I stand guilty, and I am proud of it." -- David Rockefeller, Memoirs, 2002 "We are on the verge of a Global transformation. All we need is the right major crisis and the nations will accept the New World Order." -- David Rockefeller to the United Nations Business Council on September 23, 1994 "The Trilateralist Commission is international ...(and)...is intended to be the vehicle for multinational consolidation of the commercial and banking interests by seizing control of the political government of the United States. The Trilateralist Commission represents a skillful, coordinated effort to seize control and consolidate the four centers of power: Political - Monetary - Intellectual - and Ecclesiastical." -- Barry Goldwater , U.S. Senator AZ, "With No Apologies" "Today what we are doing is modernizing the financial services industry, tearing down those antiquated laws and granting banks significant new authority." -- Bill Clinton at the signing of Gramm-Leach-Bliley Act in 1999 "For the first time in its history, Western Civilization is in danger of being destroyed internally by a corrupt, criminal ruling cabal which is centered around the Rockefeller interests, which include elements from the Morgan, Brown, Rothschild, Du Pont, Harriman, Kuhn-Loeb, and other groupings as well. This junta took control of the political, financial, and cultural life of America in the first two decades of the twentieth century." -- Carroll Quigley (1910-1977) Professor of International Relations, Georgetown University Foreign Service School, Washington, D.C., member of the Council on Foreign Relations (CFR), mentor to Bill Clinton Source: Tragedy and Hope: A History of the World in Our Time (1966) "It was not accidental [the 1929 stock-market “crash”]. It was a carefully contrived occurrence. ...The international bankers sought to bring about a condition of despair here so that they might emerge as rulers of us all." -- Louis McFadden (1876-1936) US Congressman (R-PA) (1915-1935), Chairman of House Banking and Currency Committee. Poisoned in 1936. "The great enemy of the truth is very often not the lie - deliberate, contrived and dishonest - but the myth, persistent, persuasive and unrealistic. Belief in myths allows the comfort of opinion without the discomfort of thought." -- John F. Kennedy (1917 - 1963) "Those who make peaceful revolution impossible, make violent revolution inevitable." -- John F. Kennedy "When your heart is covered with the snows of pessimism and the ice of cynicism, then, and then only, are you grown old. And then, indeed as the ballad says, you just fade away." -- Douglas MacArthur "Even if you don't have the authorities -- and frankly I didn't have the authorities for anything -- if you take charge, people will follow" -- Henry Paulson, ex US Traesury secretary Source "This Act establishes the most gigantic trust on earth. When the President signs this bill, the invisible government by the Monetary Power will be legalized. The people may not know it immediately, but the day of reckoning is only a few years removed. The trusts will soon realize that they have gone too far even for their own good. The people must make a declaration of independence to relieve themselves from the Monetary Power. This they will be able to do by taking control of Congress. Wall Streeters could not cheat us if you Senators and Representatives did not make a humbug of Congress... The greatest crime of Congress is its currency system. The worst legislative crime of the ages is perpetrated by this banking bill. The caucus and the party bosses have again operated and prevented the people from getting the benefit of their own government." -- Charles A. Lindbergh, Sr. (1859-1924) Congressman (R-MN), father of famous aviator Source: December 22, 1913, the day before President Woodrow Wilson signed the Federal Reserve Act, in a speech before the House of Representatives "Where justice is denied, where poverty is enforced, where ignorance prevails, and where any one class is made to feel that society is an organized conspiracy to oppress, rob and degrade them, neither persons nor property will be safe." -- Frederick Douglass, American Abolitionist, Lecturer, Author and Slave, 1817-1895 "It is, I think, an indisputable fact that Americans are, as Americans, the most self-conscious people in the world, and the most addicted to the belief that the other nations are in a conspiracy to under-value them" -- Henry James, American expatriate writer 1843-1916 "A conspiracy is nothing but a secret agreement of a number of men for the pursuance of policies which they dare not admit in public." -- Mark Twain "The de facto censorship which leaves so many Americans functionally illiterate about the history of US foreign affairs may be all the more effective because it is not official, heavy-handed or conspiratorial, but woven artlessly into the fabric of education and media. No conspiracy is needed." -- William Blum "But in answer to your question about the conspiracy angle, I think that any historian worth his salt, and this is where I fault Stephen Ambrose and a lot of these guys who attack me - not all of life is a result of conspiracy by any means! Accident occurs alongside conspiracy." -- Oliver Stone  "The U.S. acts in markets only when necessary and is trying to save them from their own excesses and improve them."The actions we take are those of necessity, not of choice," -- Larry Summers, White House National Economic Council Director, June 12, 2009 source "The ideas of economists and political philosophers, both when they are right and when they are wrong, are more powerful than is commonly understood. Indeed, the world is ruled by little else. Practical men, who believe themselves to be quite exempt from any intellectual influences, are usually the slaves of some defunct economist. Madmen in authority, who hear voices in the air, are distilling their frenzy from some academic scribbler of a few years back. I am sure that the power of vested interests is vastly exaggerated compared with the gradual encroachment of ideas... [S]oon or late, it is ideas, not vested interests, which are dangerous for good or evil." -— John Maynard Keynes, The General Theory of Employment, Interest, and Money  Education "Education is when you read the fine print. Experience is what you get if you don't." -- Pete Seeger "Education is a progressive discovery of our own ignorance." -- Will Durant "Education is the art of making man ethical." -- Friedrich Hegel "Education: the inculcation of the incomprehensible into the indifferent by the incompetent." -- John Maynard Keynes, as quoted in "Infinite Riches: Gems from a Lifetime of Reading" (1979) by Leo Calvin Rosten, p. 165  "Education should aim at destroying free will, so that, after pupils have left school, they shall be incapable, throughout the rest of their lives, of thinking or acting otherwise than as their schoolmasters would have wished." -- Bertrand Russell, "The Impact of Science on Society", 1951, The Intended Result of Education, page 50 Political "In the beginning of a change, the patriot is a scarce and brave man, hated and scorned. When his cause succeeds however, the timid join him, for then it costs nothing to be a patriot." -- Mark Twain "It's not the people Who vote that count; it's the people Who count the votes." -- Joseph Stalin "To consider judges as the ultimate arbiters of all constitutional questions is a very dangerous doctrine indeed and one which would place us under the despotism of an oligarchy." (context of the quote involves the importance of a jury and the jury system) -- Thomas Jefferson "To compel a man to furnish funds for the propagation of ideas he disbelieves and abhors is sinful and tyrannical." -- Thomas Jefferson "The legitimate powers of government extend to such acts only as are injurious to others." -- Thomas Jefferson, Notes on the State of Virginia, 1781 "I predict future happiness for Americans if they can prevent the government from wasting the labors of the people under the pretense of taking care of them." -- Thomas Jefferson "...a wise and frugal government, which shall restrain men from injuring one another, which shall leave them otherwise free to regulate their own pursuits of industry and improvement, and shall not take from the mouth of labor the bread it has earned. This is the sum of good government."  -- Thomas Jefferson "Excessive regulation in the banking reform bill will destroy a substantial part of our bond-distributing machinery. Can anyone expect that a step of this kind will improve the quality of our long-term investments?" -- President of the American Bankers Association, January 1933 "Dort wo man Bücher verbrennt, verbrennt man auch am Ende Menschen." Where they have burned books, they will end in burning people. -- Heinrich Heine "All the capital employed in paper speculation is barren and useless, producing, like that on a gaming table, no accession to itself, and is withdrawn from commerce and agriculture where it would have produced addition to the common mass: that it nourishes in our citizens habits of vice and idleness instead of industry and morality: that it has furnished effectual means of corrupting such a portion of the legislature as turns the balance between the honest voters whichever way it is directed: that this corrupt squadron, deciding the voice of the legislature, have manifested their dispositions to get rid of the limitations imposed by the Constitution by the general legislature, limitations, on the faith of which, the States acceded to that instrument: that the ultimate object of all this is to prepare the way for a change from the present republican form of government to that of a monarchy: that they are still eager after their object, and are predisposing everything for its ultimate attainment." -- Thomas Jefferson, as quoted by Henry Stephen Randall, The Life Of Jefferson, Vol 2, p 62., 1871 "I am for doing good to the poor, but I differ in opinion of the means. I think the best way of doing good to the poor, is not making them easy in poverty, but leading or driving them out of it." -- Benjamin Franklin, November 1766 "There are two ideas of government. There are those who believe that if you just legislate to make the well-to-do prosperous, that their prosperity will leak through on those below. The Democratic idea has been that if you legislate to make the masses prosperous their prosperity will find its way up and through every class that rests upon it." -- William Jennings Bryan "History will have to record that the greatest tragedy of this period of social transition was not the strident clamor of the bad people, but the appalling silence of the good people." -- Martin Luther King, Jr. "The more corrupt the state, the more numerous the laws." -– Tacitus, The Annals of Imperial Rome "There are two ways to conquer and enslave a nation. One is by the sword. The other is by debt." -- John Adams, 1826 "Our government teaches the whole people by its example. If the government becomes the lawbreaker, it breeds contempt for law; it invites every man to become a law unto himself; it invites anarchy...If we desire respect for the law, we must first make the law respectable." -- Louis D. Brandeis, United States Supreme Court Justice from 1916 to 1939  "The money power preys upon the nation in times of peace, and conspires against it in times of adversity. It is more despotic than monarchy, more insolent than autocracy, more selfish than bureaucracy. It denounces, as public enemies, all who question its methods, or throw light upon its crimes. It can only be overthrown by the awakened conscience of the nation." -- William Jennings Bryan "When it becomes serious, you have to lie" -- Jean-Claude Juncker, May 2011, Euro-Zone Finance Minister ".. there is no nation on earth powerful enough to accomplish our overthrow. … Our destruction, should it come at all, will be from another quarter. From the inattention of the people to the concerns of their government, from their carelessness and negligence, I must confess that I do apprehend some danger. I fear that they may place too implicit a confidence in their public servants, and fail properly to scrutinize their conduct; that in this way they may be made the dupes of designing men, and become the instruments of their own undoing." -– Daniel Webster, June 1, 1837 "I would rather be exposed to the inconveniences attending too much liberty than to those attending too small a degree of it." -- Thomas Jefferson (1743 - 1826) Tutto nello Stato, niente al di fuori dello Stato, nulla contro lo Stato, "Everything in the State, nothing outside the State, nothing against the State." -- unknown "A strong conviction that something must be done is the parent of many bad measures." -- Daniel Webster "I cannot disagree with you that having something like 500 economists is extremely unhealthy. As you say, it is not conducive to independent, objective research. You and I know there has been censorship of the material published. Equally important, the location of the economists in the Federal Reserve has had a significant influence on the kind of research they do, biasing that research toward noncontroversial technical papers on method as opposed to substantive papers on policy and results" -- Milton Friedman, in a 1993 letter to Robert Auerbach "Politics, n. A strife of interests masquerading as a contest of principles." -- Ambrose Bierce "The secret of great fortunes without apparent cause is a crime forgotten, forgotten because it was properly done." -- Honoré de Balzac "It is from numberless diverse acts of courage and belief that human history is shaped. Each time a man stands up for an ideal, or acts to improve the lot of others, or strikes out against injustice, he sends forth a tiny ripple of hope, and crossing each other from a million different centers of energy and daring, those ripples build a current that can sweep down the mightiest walls of oppression and resistance." -- Robert F . Kennedy "Each time a man stands for an ideal, or acts to improve the lot of others, or strikes out against injustice, he sends a tiny ripple of hope, and crossing each other from a million different centers of energy and daring, those ripples build a current which can sweep down the mightiest walls of oppression and resistance." -- Robert F . Kennedy "What most occupied the attention of the State Department [in 1934] was the outstanding German debt to American creditors. It was a strange juxtaposition. In Germany there was blood, viscera, and gunfire; at the State Department in Washington, there were white shirts [of the wealthy career diplomats and career politicians], Hull's red pencils, and mounting frustration with [Ambassador] Dodd to press America's case [for full payment of the sovereign German debt]... In Berlin, Dodd was unmoved. He thought it pointless to pursue full payment, because Germany simply did not have the money, and there were far more important issues at stake... Through his first year in Germany [1933], Dodd had been struck again and again by the strange indifference to atrocity that had settled over the nation, the willingness of the populace and the moderate elements in the government to accept each new oppressive decree, each new act of violence, without protest... Dodd continued to hope that the murders would so outrage the German public that the regime would fall, but as the days passed he saw no evidence of any such outpouring of anger..." -- Erik Larson, In the Garden of Beasts "The only way to deal with an unfree world is to become so absolutely free that your very existence is an act of rebellion." -– Albert Camus "He who receives an idea from me, receives instruction himself without lessening mine; as he who lights his taper at mine, receives light without darkening me." -- Thomas Jefferson, on copyright "The VCR is to the American film producer, as the Boston Strangler is to the woman home alone." -- Jack Valenti, the late former head of the Motion Picture Association of America, on copyright Universal degeneracy of the Government, and decay of the nation Everywhere Rome was failing in her duties as mistress of the civilised world. Her own internal degeneracy was faithfully reflected in the abnegation of her imperial duties. When in any country the small-farmer class is being squeezed off the land; when its labourers are slaves or serfs; when huge tracts are kept waste to minister to pleasure; when the shibboleth of art is on every man's lips, but ideas of true beauty in very few men's souls; when the business-sharper is the greatest man in the city, and lords it even in the law courts; when class-magistrates, bidding for high office, deal out justice according to the rank of the criminal; when exchanges are turned into great gambling-houses, and senators and men of title are the chief gamblers; when, in short, 'corruption is universal, when there is increasing audacity, increasing greed, increasing fraud, increasing impurity, and these are fed by increasing indulgence and ostentation; when a considerable number of trials in the courts of law bring out the fact that the country in general is now regarded as a prey, upon which any number of vultures, scenting it from afar, may safely light and securely gorge themselves; when the foul tribe is amply replenished by its congeners at home, and foreign invaders find any number of men, bearing good names, ready to assist them in robberies far more cruel and sweeping than those of the footpad or burglar'--when such is the tone of society, and such the idols before which it bends, a nation must be fast going down hill. A more repulsive picture can hardly be imagined. A mob, a moneyed class, and an aristocracy almost equally worthless, hating each other, and hated by the rest of the world; Italians bitterly jealous of Romans, and only in better plight than the provinces beyond the sea; more miserable than either, swarms of slaves beginning to brood over revenge as a solace to their sufferings; the land going out of cultivation; native industry swamped by slave-grown imports; the population decreasing; the army degenerating; wars waged as a speculation, but only against the weak; provinces subjected to organized pillage; in the metropolis childish superstition, whole sale luxury, and monstrous vice. The hour for reform was surely come. Who was to be the man?" -- A.H. Beesley, The Gracchi Marius and Sulla, 1921 "The suspicions that the system is rigged in favor of the largest banks and their elites, so they play by their own set of rules to the disfavor of the taxpayers who funded their bailout, are true. It really happened. These suspicions are valid." -- Neil Barofsky, TARP Inspector General, 2012 "Where this age differs from those immediately preceding it is that a liberal intelligentsia is lacking. Bully-worship, under various disguises, has become a universal religion, and such truisms as that a machine-gun is still a machine-gun even when a “good” man is squeezing the trigger have turned into heresies which it is actually becoming dangerous to utter." -– George Orwell "Timid men prefer the calm of despotism to the tempestuous sea of liberty." -– Thomas Jefferson "To deprive a man of his natural liberty and to deny to him the ordinary amenities of life is worse then starving the body; it is starvation of the soul, the dweller in the body." – Mohandas Gandhi "We can never be gods, after all. But we can become something less than human with frightening ease." -- N.K. Jemisin "In careless ignorance they think it civilization, when in reality it is a portion of their slavery...To ravage, to slaughter, to usurp under false pretenses, they call empire; and where they make a desert, they call it peace." -- Tacitus, Agricola "Over the last thirty years, the United States has been taken over by an amoral financial oligarchy, and the American dream of opportunity, education, and upward mobility is now largely confined to the top few percent of the population. Federal policy is increasingly dictated by the wealthy, by the financial sector, and by powerful (though sometimes badly mismanaged) industries such as telecommunications, health care, automobiles, and energy. These policies are implemented and praised by these groups’ willing servants, namely the increasingly bought-and-paid-for leadership of America’s political parties, academia, and lobbying industry. If allowed to continue, this process will turn the United States into a declining, unfair society with an impoverished, angry, uneducated population under the control of a small, ultrawealthy elite. Such a society would be not only immoral but also eventually unstable, dangerously ripe for religious and political extremism. Thus far, both political parties have been remarkably clever and effective in concealing this new reality. In fact, the two parties have formed an innovative kind of cartel—an arrangement I have termed America’s political duopoly, which I analyze in detail below. Both parties lie about the fact that they have each sold out to the financial sector and the wealthy. So far both have largely gotten away with the lie, helped in part by the enormous amount of money now spent on deceptive, manipulative political advertising. But that can’t last indefinitely; Americans are getting angry, and even when they’re misguided or poorly informed, people have a deep, visceral sense that they’re being screwed... So I’m not going to spend much time describing ways to regulate naked credit default swaps, improve accounting standards for off- balance-sheet entities, implement the Volcker rule, increase core capital, or measure bank leverage. Those are important things to do, but they are tactical questions, and relatively easy to manage if you have a healthy political system, economy, academic environment, and regulatory structure. The real challenge is figuring out how the United States can regain control of its future from its new oligarchy and restore its position as a prosperous, fair, well-educated nation. For if we don’t, the current pattern of great concentration of wealth and power will worsen, and we may face the steady immiseration of most of the American population... Before getting into the substance of these issues, I should perhaps make one comment about where I’m coming from. I’m not against business, or profits, or becoming wealthy. I have no problem with people becoming billionaires—if they got there by winning a fair race, if their accomplishments merit it, if they pay their fair share of taxes, and if they don’t corrupt their society... But that’s not how most of the people mentioned in this book became wealthy. Most of them became wealthy by being well connected and crooked. And they are creating a society in which they can commit hugely damaging economic crimes with impunity, and in which only children of the wealthy have the opportunity to become successful. That’s what I have a problem with. And I think most people agree with me." -- Charles Ferguson, "Predator Nation" >li>"During the 17th century, Scottish investors had noticed with envy the gigantic profits being made in trade with Asia and Africa by the English charter companies, especially the East India Company. They decided that they wanted a piece of the action and in 1694 set up the Company of Scotland, which in 1695 was granted a monopoly of Scottish trade with Africa, Asia and the Americas. The Company then bet its shirt on a new colony in Darien – that’s Panama to us – and lost. The resulting crash is estimated to have wiped out a quarter of the liquid assets in the country, and was a powerful force in impelling Scotland towards the 1707 Act of Union with its larger and better capitalised neighbour to the south. The Act of Union offered compensation to shareholders who had been cleaned out by the collapse of the Company; a body called the Equivalent Society was set up to look after their interests. It was the Equivalent Society, renamed the Equivalent Company, which a couple of decades later decided to move into banking, and was incorporated as the Royal Bank of Scotland. In other words, RBS had its origins in a failed speculation, a bail-out, and a financial crash so big it helped destroy Scotland’s status as a separate nation." -- John Lanchester, 'It’s Finished' "Psychopaths have a grandiose self-structure which demands a scornful and detached devaluation of others, in order to ward off their envy toward the good perceived in other people. He will choose you, disarm you with his words, and control you with his presence. He will delight you with his wit and his plans. He will show you a good time but you will always get the bill. He will smile and deceive you, and he will scare you with his eyes. And when he is through with you, and he will be through with you, he will desert you and take with him your innocence and your pride." -- Robert D. Hare, "Without Conscience" "A psychopath can tell what you’re thinking but what they don’t do is feel what you feel. These are people without a conscience." -- Bob Hare "You have a choice between the natural stability of gold and the honesty and intelligence of the members of government. And with all due respect for those gentlemen, I advise you, as long as the capitalist system lasts, vote for gold."  -- George Bernard Shaw "The whole aim of practical politics is to keep the populace alarmed (and hence clamorous to be led to safety) by menacing it with an endless series of hobgoblins, all of them imaginary." -- H.L. Mencken "Writer George Orwell confessed he found something “deeply appealing” about Adolf Hitler. Where Martha Dodd was struck by Hitler’s “weak, soft face,” Orwell discerned “a pathetic dog-like face, the face of a man suffering under intolerable wrongs.” All this is a reminder that psychopaths have been known to possess engaging qualities, and that Hitler was no less repellent for not sporting fangs." -- Marchand, "Such Polite Fascists" "Is there any reason why the American people should be taxed to guarantee the debts of banks, any more than they should be taxed to guarantee the debts of other institutions, including merchants, the industries, and the mills of the country?" -- Senator Carter Glass (D-Va), author of the Banking Act of 1933 and of Glass-Steagall "Currency warfare is the most destructive form of economic warfare." -- Harry Dexter White, US Representative to Bretton Woods, 1944 "Twenty times, in the course of my late reading, have I been on the point of breaking out, 'this would be the best of all possible worlds, if there were no religion in it!' But in this exclamation, I should have been as fanatical as Bryant or Cleverly. Without religion, this world would be something not fit to be mentioned in public company--I mean hell." -- John Adams (quoted to add full context) "History teaches us that the capacity of things to get worse is limitless. Roman history suggests that the short, happy life of the American republic may be coming to its end... [the US will probably] maintain a facade of constitutional government and drift along until financial bankruptcy overtakes it. Of course, bankruptcy will not mean the literal end of the United States any more than it did for Germany in 1923, China in 1948, or Argentina in 2002-03. It might, in fact, open the way for an unexpected restoration of the American system, or for military rule or simply for some development we cannot yet imagine. Certainly, such a bankruptcy would mean a drastic lowering of our standard of living, a loss of control over international affairs, a process of adjusting to the rise of other powers, including China and India..." -- Chalmers Johnson "Basically, what Economic Hit Men are trained to do is to build up the American empire. To create situations where as many resources as possible flow into this country, to our corporations, and our government, and in fact we've been very successful...We knew Saudi Arabia was the key to dropping our dependency, or to controlling the situation. And we worked out this deal whereby the Royal House of Saud agreed to send most of their petro-dollars back to the United States and invest them in U.S. government securities...The House of Saud would agree to maintain the price of oil within acceptable limits to us, which they've done all of these years, and we would agree to keep the House of Saud in power as long as they did this, which we've done, which is one of the reasons we went to war with Iraq in the first place...So we make this big loan, most of it comes back to the United States, the country is left with the debt plus lots of interest, and they basically become our servants, our slaves. It's an empire. There's no two ways about it. It's a huge empire. It's been extremely successful...This empire, unlike any other in the history of the world, has been built primarily through economic manipulation, through cheating, through fraud, through seducing people..." -- John Perkins, "Confessions of an Economic Hitman" "An imbalance between rich and poor is the oldest and most fatal ailment of all republics." -- Greek historian Plutarch "To get rich is glorious." -- Deng Xiaoping, Leader of China's Communist Party, 1978-early 1990s "The American people will never knowingly adopt Socialism. But under the name of 'liberalism' they will adopt every fragment of the Socialist program, until one day America will be a Socialist nation, without knowing how it happened." -- Norman Thomas. Six-time U.S. Presidential candidate for the Socialist Party of America  "A clique of U.S. industrialists is hell-bent to bring a fascist state to supplant our democratic government and is working closely with the fascist regime in Germany and Italy. I have had plenty of opportunity in my post in Berlin to witness how close some of our American ruling families are to the Nazi regime. . . Certain American industrialists had a great deal to do with bringing fascist regimes into being in both Germany and Italy. They extended aid to help Fascism occupy the seat of power, and they are helping to keep it there." -- William E. Dodd, U.S. Ambassador to Germany, 1937 "For most of modern life, our strong talents and desires for group effort have been filtered through relatively rigid institutional structures because of the complexity of managing groups. We haven’t had all the groups we’ve wanted, we’ve simply had the groups we could afford. The old limits of what unmanaged and unpaid groups can do are no longer in operation. The difficulties that keep self assembled groups from working together are shrinking, meaning that the number and kinds of things groups can get done without financial motivation or managerial oversight are growing. The current change in one sentence is this. Most of the barriers to group action have collapsed and without these barriers we are free to explore new ways of gathering together and getting things done." -- Clay Shirky, "Here Comes Everybody: The Power Of Organizing Without Organizations", 2009 "Do you know the only thing that gives me pleasure? It is to see my dividends coming in."  -- John D. Rockefeller "It will be of little avail to the people that the laws are made by men of their own choice, if the laws be so voluminous that they cannot be read, or so incoherent that they cannot be understood; if they be repealed before they are promulgated, or undergo such incessant changes that no man who knows what the law is today can guess what it will be tomorrow."  -- James Madison (1751-1836), Father of the Constitution, 4th US President, Source: "Federalist" # 62 "You must be an intellectual. A normal person would never believe a thing like that." -- George Orwell "People can foresee the future only when it coincides with their own wishes, and the most grossly obvious facts can be ignored when they are unwelcome. Advertising [perception management] is the rattling of a stick inside a swill bucket." -- George Orwell "It was curious to think that the sky was the same for everybody, in Eurasia or Eastasia as well as here. And the people under the sky were also very much the same--everywhere, all over the world, hundreds or thousands of millions of people just like this, people ignorant of one another's existence, held apart by walls of hatred and lies, and yet almost exactly the same--people who had never learned to think but were storing up in their hearts and bellies and muscles the power that would one day overturn the world." -- George Orwell "Terrorism is the best political weapon for nothing drives people harder than a fear of sudden death." -- Adolf Hitler "All this was inspired by the principle–which is quite true in itself–that in the big lie there is always a certain force of credibility; because the broad masses of a nation are always more easily corrupted in the deeper strata of their emotional nature than consciously or voluntarily; and thus in the primitive simplicity of their minds they more readily fall victims to the big lie than the small lie, since they themselves often tell small lies in little matters but would be ashamed to resort to large-scale falsehoods. It would never come into their heads to fabricate colossal untruths, and they would not believe that others could have the impudence to distort the truth so infamously. Even though the facts which prove this to be so may be brought clearly to their minds, they will still doubt and waver and will continue to think that there may be some other explanation. For the grossly impudent lie always leaves traces behind it, even after it has been nailed down, a fact which is known to all expert liars in this world and to all who conspire together in the art of lying." -- Adolf Hitler, Mein Kampf "The great strength of the totalitarian state is that it forces those who fear it to imitate it." -- Adolf Hitler "WHAT is America but beauty queens, millionaires, stupid records and Hollywood?" -- Adolf Hitler, 1940 "Never forget that everything Hitler did in Germany was legal." -- Martin Luther King "So long as they incorporate, businesses will now be free to trade in or exploit slaves, employ mercenary armies to do dirty work for despots, perform genocides or operate torture prisons for a despot’s political opponents, or engage in piracy—all without civil liability to victims." -- US Second Circuit Judge Pierre Leval, (Kiobel v. Royal Dutch Petroleum, Docket Nos. 06-4800-cv, 06-4876-cv (2d. Cir. Sept. 17, 2010))  "When bad men combine, the good must associate; else they will fall one by one, an unpitied sacrifice in a contemptible struggle." -- Edmund Burke "People who lie to themselves, and believe their own lies, becomes unable to recognize the truth, either in themselves or in anyone else. And they end up losing respect for themselves and for others. When they have no respect, they can no longer love. So they yield themselves up to their impulses, indulging in the lowest forms of pleasure, and behave in the end like a thing obsessed in satisfying their vices. And it all comes from lying — to others and to yourself." -- Fyodor Dostoevsky, The Brothers Karamazov "We distinguished the excellent man from the common man by saying that the former is the one who makes great demands on himself, and the latter the one who makes no demands on himself, but contents himself with what he is, and is delighted with himself. Contrary to what is usually thought, it is the man of excellence, and not the common man who lives in essential servitude. Life has no savour for him unless he makes it consist in service to something transcendental. Hence he does not look upon the necessity of serving as an oppression. When, by chance, such necessity is lacking, he grows restless and invents some new standard, more difficult, more exigent, with which to coerce himself. This is life lived as a discipline — the noble life. Nobility is defined by the demands it makes on us — by obligations, not by rights. Noblesse oblige. ‘To live as one likes is plebeian; the noble man aspires to order and law’ " -- Ortega y Gasset, "Revolt of the Masses" "We are discreet sheep; we wait to see how the drove is going, and then go with the drove. We have two opinions: one private, which we are afraid to express; and another one – the one we use – which we force ourselves to wear to please Mrs. Grundy, until habit makes us comfortable in it, and the custom of defending it presently makes us love it, adore it, and forget how pitifully we came by it. Look at it in politics." -- Mark Twain "Humanity’s most valuable assets have been the non-conformists. Were it not for the non-conformists, he who refuses to be satisfied to go along with the continuance of things as they are, and insists upon attempting to find new ways of bettering things, the world would have known little progress, indeed." -- Josiah William Gitt "The media I’ve had a lot to do with is lazy. We fed them and they ate it every day." -- Michael Deaver (Former top aide to President Reagan) "If anybody has any idea of hoarding our silver coins, let me say this. Treasury has a lot of silver on hand, and it can be, and it will be used to keep the price of silver in line with its value in our present silver coin. There will be no profit in holding them out of circulation for the value of their silver content." -- President Lyndon Johnson, Remarks at the Signing of the Coinage Act, July 23, 1965 Source "The court does not wish to hear argument on the question whether the provision in the 14th Amendment to the Constitution, which forbids a State to deny to any person within its jurisdiction the equal protection of the laws, applies to these corporations. We are all of the opinion that it does." -- US Supreme Court Chief Justice Morrison Waite "And yet our distress comes from no failure of substance. We are stricken by no plague of locusts. Compared with the perils which our forefathers conquered, because they believed and were not afraid, we have still much to be thankful for. Nature still offers her bounty and human efforts have multiplied it. Plenty is at our doorstep, but a generous use of it languishes in the very sight of the supply. Primarily, this is because the rulers of the exchange of mankind's goods have failed, through their own stubbornness and their own incompetence... Faced by failure of credit, they have proposed only the lending of more money. Stripped of the lure of profit by which to induce our people to follow their false leadership, they have resorted to exhortations, pleading tearfully for restored confidence. They only know the rules of a generation of self-seekers. They have no vision, and when there is no vision the people perish... Recognition of that falsity of material wealth as the standard of success goes hand in hand with the abandonment of the false belief that public office and high political position are to be valued only by the standards of pride of place and personal profit; and there must be an end to a conduct in banking and in business which too often has given to a sacred trust the likeness of callous and selfish wrongdoing. Small wonder that confidence languishes, for it thrives only on honesty, on honor, on the sacredness of obligations, on faithful protection, and on unselfish performance; without them it cannot live...." -- Franklin D. Roosevelt, First Inaugural Address, 4 March 1933 "For more than six-hundred years, that is, since the Magna Carta, in 1215, there has been no clearer principle of English or American constitutional law, than that, in criminal cases. It is not only the right and duty of juries to judge what are the facts, what is the law, and what was the moral intent of the accused; but it is also their right and their primary and paramount duty to judge the justice of the law and to hold all laws invalid, that are in their opinion, unjust or oppressive, and all persons guiltless in violating or resisting the execution of such laws." ... "If the government can dictate the evidence, and require the jury to decide according to that evidence, it necessarily dictates the conclusion to which they must arrive. In that case the trial is really a trial by the government, not by the jury. The jury cannot try an issue unless they determine what evidence shall be admitted. The ancient oath, it will be observed, says nothing about 'according to the evidence.'" -- Spooner "Grant me chastity and continence, but not yet." -- St. Augustine "Do what thou wilt shall be the whole of the law." -- Aleister Crowley "One of the great liabilities of history is that all too many people fail to remain awake through great periods of social change." -- Martin Luther King Jr. "Change does not roll in on the wheels of inevitability, but comes through continuous struggle. And so we must straighten our backs and work for our freedom. A man can’t ride you unless your back is bent." -- Martin Luther King Jr. "If they are too big to fail, make them smaller." -- Nixon Treasury Secretary George Shultz "Censorship reflects a society's lack of confidence in itself. It is the landmark of an authoritarian regime". -- Supreme Court Justice Potter Stewart "When it becomes serious, you have to lie" -- Jean-Claude Junker, Prime Minister of Luxembourg, May 2011 "Through the mills of God grind slowly, yet they grind exceeding small; Though with patience He stands waiting, with exactness grinds He all." -- Baron Friedrich von Logau, Sinngedichte "I say, on the contrary, first, that the word demos, or people, includes the whole state, oligarchy only a part; next, that if the best guardians of property are the rich, and the best counsellors the wise, none can hear and decide so well as the many; and that all these talents, severally and collectively, have their just place in a democracy. But an oligarchy gives the many their share of the danger, and not content with the largest part takes and keeps the whole of the profit; and this is what the powerful and young among you aspire to, but in a great city cannot possibly obtain. " -- Athenagoras of Syracuse "Freedom is actually a bigger game than power. Power is about what you can control. Freedom is about what you can unleash." -- Harriet Rubin "A free society is one where it is safe to be unpopular." -- Adlai Stevenson "First they ignore you, then they laugh at you, then they fight you, then you win." -- Mahatma Gandhi "Democracy destroys itself because it abuses its right to freedom and equality. Because it teaches its citizens to consider audacity as a right, lawlessness as a freedom, abrasive speech as equality, and anarchy as progress." -- Isocrates "The urge to save humanity is almost always a false front for the urge to rule." -- H. L. Mencken "A certain type of person strives to become a master over all, and to extend his force, his will to power, and to subdue all that resists it. But he encounters the power of others, and comes to an arrangement, a union, with those that are like him: thus they work together to serve the will to power. And the process goes on." -- Friedrich Nietzsche, The Will to Power "All things are subject to interpretation. Whichever interpretation prevails at a given time is a function of power and not truth." -- Friedrich Nietzsche "From the time I took office as chancellor of the exchequer I began to learn that the state held in the face of the Bank and the City an essentially false position as to finance. When those relations began, the state was justly in ill odour as a fraudulent bankrupt who was ready on occasion to add force to fraud. After the revolution it adopted better methods though often for unwise purposes, and in order to induce monied men to be lenders it came forward under the countenance of the Bank as its sponsor. Hence a position of subserviency which, as the idea of public faith grew up and gradually attained to solidity, it became the interest of the Bank and the City to prolong. This was done by amicable and accommodating measures towards the government, whose position was thus cushioned and made easy in order that it might be willing to give it a continued acquiescence. The hinge of the whole situation was this: the government itself was not to be a substantive power in matters of finance, but was to leave the money power supreme and unquestioned. In the conditions of that situation I was reluctant to acquiesce, and I began to fight against it by financial self—assertion from the first, though it was only by the establishment of the Post Office Savings Banks and their great progressive development that the finance minister has been provided with an instrument sufficiently powerful to make him independent of the Bank and the City power when he has occasion for sums in seven figures. I was tenaciously opposed by the governor and deputy—governor of the Bank, who had seats in parliament, and I had the City for an antagonist on almost every occasion." -- William Ewart Gladstone "Our society is run by insane people for insane objectives. I think we're being run by maniacs for maniacal ends and I think I'm liable to be put away as insane for expressing that. That's what's insane about it." -– John Lennon "Successful crime is dignified with the name of virtue; the good become the slaves of the wicked; might makes right; fear silences the power of the law." -- Lucius Annaeus Seneca "Any sufficiently advances bureaucracy is indistinguishable from molasses." -- Unknown "Mundus vult decipi, ergo decipiatur." (The world wills itself to be deceived, so let it be deceived.) -- Petronius "When the President does it, that means that it's not illegal." -- Richard M. Nixon "Don't bother me with facts, son. I've already made up my mind." -- Foghorn Leghorn (cartoon character) "I would rather be exposed to the inconveniences attending too much liberty than to those attending too small a degree of it." -- Thomas Jefferson (1743-1826) "Even men who were engaged in organizing debt-serf cultivation and debt-serf industrialism in the American cotton districts, in the old rubber plantations, and in the factories of India, China, and South Italy, appeared as generous supporters of and subscribers to the sacred cause of individual liberty." -- H. G. Wells, The Shape of Things to Come - (1936) "Corruptissima re publica plurimae leges." (The more corrupt the state, the more numerous the laws.)  -- Cornelius Tacitus (55-117 A.D.) "The whole aim of practical politics is to keep the populace alarmed (and hence clamorous to be led to safety) by menacing it with an endless series of hobgoblins, all of them imaginary." -- H.L. Mencken "If you are among those who believe that the U.S. has the best healthcare system in the world — despite overwhelming evidence to the contrary — it’s because my fellow spinmeisters and I succeeded brilliantly at what we were paid very well to do with your premium dollars." -- Wendell Potter, a former Vice President of Corporate Communications (aka Public Relations) at a major Healthcare Company "Never believe anything in politics until it has been officially denied." -- Otto von Bismarck “When you say you agree to a thing in principle you mean that you have not the slightest intention of carrying it out in practice.” -- Otto von Bismarck "Whoever controls the volume of money in our country is absolute master of all industry and commerce…and when you realize that the entire system is very easily controlled, one way or another, by few powerful men at the top, you will not have to be told how periods of inflation and depression originate." -– President James Garfield, 2 weeks before his assassination "One America burdens the earth much more than twenty Bangladeshes. This is a terrible thing to say, in order to stabilize world population, we must eliminate 350,000 people per day. It is a horrible thing to say, but it's just as bad not to say it." -- Jacques Cousteau, UNESCO Representative “A total population of 250-300 million people, a 95% decline from present levels, would be ideal.” -- Ted Turner, founder of CNN "A reasonable estimate for an industrialized world society at the present North American material standard of living would be 1 billion. At the more frugal European standard of living, 2 to 3 billion would be possible" ( a reduction of the global population by 4 to 6 billion people)." -- United Nations, Global Biodiversity Assessment "Global Sustainability requires the deliberate quest of poverty,reduced resource consumption, and set levels of mortality control." -- Maurice King, "The Club of Rome" Think Tank. "Nothing but widespread suffering will produce any effect on Congress" -- Nicholas Biddle "Never in the history of the world has there been a situation so bad that the government can’t make it worse." -- Henry Morganthau Jr., 1939 "The displacement of the idea that facts and evidence matter by the idea that everything boils down to subjective interests and perspectives is -- second only to American political campaigns -- the most prominent and pernicious manifestation of anti-intellectualism in our time."  -- Larry Laudan "There is no worse tyranny than to force a man to pay for what he does not want merely because you think it would be good for him." -- Robert Heinlein "Being right too soon is socially unacceptable." -- Robert Heinlein "Any government will work if authority and responsibility are equal and coordinate. This does not insure "good" government; it simply insures that it will work. But such governments are rare -- most people want to run things but want no part of the blame. This used to be called the "backseat-driver syndrome."  -- Robert Heinlein "...Secrecy is the keystone of all tyranny. Not force, but secrecy... censorship. When any government, or any church for that matter, undertakes to say to its subjects, 'This you may not read, this you must not see, this you are forbidden to know,' the end result is tyranny and oppression, no matter how holy the motives."  -- Robert A. Heinlein, -If This Goes On "What is supposed to happen in a democracy is that each sovereign citizen will always vote in the public interest for the safety and welfare of all. But what does happen is that he votes his own self-interest as he sees it ... which for the majority translates as 'Bread and Circuses'," said Jubal Harshaw in "Stranger in a Strange Land" -- Robert Heinlein "Violence is the last refuge of the incompetent." -- Isaac Asimov "There is a cult of ignorance in the United States, and there always has been. The strain of anti-intellectualism has been a constant thread winding its way through our political and cultural life, nurtured by the false notion that democracy means that “my ignorance is just as good as your knowledge." -- Isaac Asimov, column in Newsweek (21 January 1980) "Political tags - such as royalist, communist, democrat, populist, fascist, liberal, conservative, and so forth - are never basic criteria. The human race divides politically into those who want people to be controlled and those who have no such desire. The former are idealists acting from highest motives for the greatest good of the greatest number. The latter are surly curmudgeons, suspicious and lacking in altruism. But they are more comfortable neighbors than the other sort." -- Robert A. Heinlein "Nothing, in my opinion, is more deserving of our attention than the intellectual and moral associations of America. The political and industrial associations of that country strike us forcibly; but the others elude our observation, or if we discover them, we understand them imperfectly because we have hardly ever seen anything of the kind. It must be acknowledged, however, that they are as necessary to the American people as the former, and perhaps more so. In democratic countries the science of association is the mother of science; the progress of all the rest depends upon the progress it has made. Among the laws that rule human societies there is one which seems to be more precise and clear than all others. If men are to remain civilized or to become so, the art of associating together must grow and improve in the same ratio in which the equality of conditions is increased." ... "It would seem that if despotism were to be established among the democratic nations of our days, it might assume a different character; it would be more extensive and more mild; it would degrade men without tormenting them. I do not question that, in an age of instruction and equality like our own, sovereigns might more easily succeed in collecting all political power into their own hands and might interfere more habitually and decidedly with the circle of private interests than any sovereign of antiquity could ever do. ... After having thus successively taken each member of the community in its powerful grasp, and fashioned them at will, the supreme power then extends its arm over the whole community. It covers the surface of society with a net-work of small complicated rules, minute and uniform, through which the most original minds and the most energetic characters cannot penetrate, to rise above the crowd. The will of man is not shattered, but softened, bent, and guided: men are seldom forced by it to act, but they are constantly restrained from acting: such a power does not destroy, but it prevents existence; it does not tyrannize, but it compresses, enervates, extinguishes, and stupefies a people, till each nation is reduced to be nothing better than a flock of timid and industrious animals, of which the government is the shepherd. I have always thought that servitude of the regular, quiet, and gentle kind which I have just described, might be combined more easily than is commonly believed with some of the outward forms of freedom; and that it might even establish itself under the wing of the sovereignty of the people." -- Alexis de Tocqueville Source "You have been given the choice between war and dishonor. You have chosen dishonor, and you will have war." -- Winston Churchill to the English Parliament, 1938 after the English Parliament's 1938 appeasement in Czechoslovakia "The evils of this deluge of paper money are not to be removed until our citizens are generally and radically instructed in their cause and consequences, and silence by their authority the interested clamors and sophistry of speculating, shaving, and banking institutions. Till then, we must be content to return quoad hoc to the savage state, to recur to barter in the exchange of our property for want of a stable common measure of value, that now in use being less fixed than the beads and wampum of the Indian, and to deliver up our citizens, their property and their labor, passive victims to the swindling tricks of bankers and mountebankers." --Thomas Jefferson to John Adams, 1819. ME 15:185 Thomas Jefferson on Money & Banking  "There is nothing which I dread so much as a division of the republic into two great parties, each arranged under its leader, and concerting measures in opposition to each other. This, in my humble apprehension, is to be dreaded as the greatest political evil under our Constitution." -- John Adams Source "[It was] the poverty caused by the bad influence of the English bankers on the Parliament which has caused in the colonies hatred of the English and . . . the Revolutionary War." -- Benjamin Franklin "Experience is a dear teacher, but fools will learn at no other" -- Benjamin Franklin "[T]he creation and circulation of bills of credit by revolutionary assemblies…coming as they did upon the heels of the strenuous efforts made by the Crown to suppress paper money in America [were] acts of defiance so contemptuous and insulting to the Crown that forgiveness was thereafter impossible . . . [T]here was but one course for the crown to pursue and that was to suppress and punish these acts of rebellion…Thus the Bills of Credit of this era, which ignorance and prejudice have attempted to belittle into the mere instruments of a reckless financial policy were really the standards of the Revolution. they were more than this: they were the Revolution itself." - Historian Alexander Del Mar "The British Parliament took away from America its representative money, forbade any further issue of bills of credit, these bills ceasing to be legal tender, and ordered that all taxes should be paid in coins … Ruin took place in these once flourishing Colonies . . . discontent became desperation, and reached a point . . . when human nature rises up and asserts itself." -- British historian John Twells "In politics, nothing happens by accident. If it happens, you can bet it was planned that way." -- Franklin D. Roosevelt "It is common sense to take a method and try it. If it fails, admit it frankly and try another. But above all, try something." -- Franklin D. Roosevelt "Political power grows out of the barrel of a gun." -- Mao Tse-tung "Everything for the State. Nothing against the State. Nothing outside the State." -- Benito Mussolini "Fascism should more appropriately be called corporatism because it is the merger of state and corporate power.” -- Benito Mussolini "The money power preys upon the nation in times of peace and conspires against it in times of adversity. It is more despotic than monarchy, more insolent than autocracy, more selfish than bureaucracy."  -- Abraham Lincoln "The first truth is that the liberty of a democracy is not safe if the people tolerate the growth of private power to a point where it becomes stronger than their democratic state itself. That, in essence, is fascism - ownership of government by an individual, by a group, or by any other controlling power. Among us today a concentration of private power without equal in history is growing."  -– President Franklin Roosevelt "If you tell a lie big enough and keep repeating it, people will eventually come to believe it. The lie can be maintained only for such time as the State can shield the people from the political, economic and/or military consequences of the lie." -- Joseph Goebbels "It is the absolute right of the state to supervise the formation of public opinion." -- Joseph Goebbels "The measure of the wealth of a nation is indicated by the measure of its protection of its industry; the measure of the poverty of a nation is marked by the degree in which it neglects and abandons the care of its own industry, leaving it exposed to the action of foreign powers." -- Congressman Henry Clay, 1824 "The old parties are husks, with no real soul within either, divided on artificial lines, boss-ridden and privilege-controlled, each a jumble of incongruous elements, and neither daring to speak out wisely and fearlessly on what should be said on the vital issues of the day." --Theodore Roosevelt "The issue which has swept down the centuries and which will have to be fought sooner or later is the people versus the banks." -- Lord Acton "Every thing secret degenerates, even the administration of justice; nothing is safe that does not show how it can bear discussion and publicity." -- Lord Acton "And remember, where you have a concentration of power in a few hands, all too frequently men with the mentality of gangsters get control. History has proven that." -- Lord Acton "To know what Fascism really is we must first of all know what it is we are fighting, what the Fascist regimes really are and do, who puts up the money and backs Fascism in every country, and who owns the nations under such regimes, and why the natives of all Fascist countries must be driven into harder work, less money, reduced standards of living, poverty and desperation so that the men and corporations who found, subsidize and own Fascism can grow unbelievably rich." -- George Seldes, 1943 "Men are so simple of mind, and so much dominated by their immediate needs, that a deceitful man will always find plenty who are ready to be deceived." -- Niccolo Machiavelli "Gold will not always get you good soldiers, but good soldiers can get you gold." -- Niccolo Machiavelli "God is not willing to do everything, and thus take away our free will and that share of glory which belongs to us." -- Niccolo Machiavelli "Men judge more from appearances than from reality. All men have eyes, but few have the gift of insight." -- Niccolo Machiavelli "If ye love wealth better than liberty, the tranquility of servitude better than the animating contest of freedom, go home from us in peace. We ask not your counsels or your arms. Crouch down and lick the hands which feed you. May your chains set lightly upon you, and may posterity forget that ye were our countrymen."  -- Samuel Adams "Necessity is the plea for every infringement of Human freedom. It is the argument of tyrants; it is the creed of slaves." -- William Pitt, Colonial America sympathesizer, British House of Commons, November 18, 1783 "If goods do not cross borders, armies will." -- Frederic Bastiat, economist in the early 1800s "It is impossible to introduce into society a greater change and a greater evil than this: the conversion of the law into an instrument of plunder." -- Frederic Bastiat "When plunder becomes a way of life for a group of men in a society, over the course of time they create for themselves a legal system that authorizes it and a moral code that glorifies it." -- Frederic Bastiat, 1850 "In the economic sphere an act, a habit, an institution, a law produces not only one effect, but a series of effects. Of these effects, the first alone is immediate; it appears simultaneously with its cause; it is seen. The other effects emerge only subsequently; they are not seen; we are fortunate if we foresee them. There is only one difference between a bad economist and a good one: the bad economist confines himself to the visible effect; the good economist takes into account both the effect that can be seen and those effects that must be foreseen. Yet this difference is tremendous; for it almost always happens that when the immediate consequence is favorable, the later consequences are disastrous, and vice versa. Whence it follows that the bad economist pursues a small present good that will be followed by a great evil to come, while the good economist pursues a great good to come, at the risk of a small present evil." -- Frederic Bastiat, "That Which Is Seen and That Which Is Unseen", 1850 "Treat all economic questions from the viewpoint of the consumer, for the interests of the consumer are the interests of the human race." -- Frederic Bastiat, 1850 "We (French candlemakers) are suffering from the ruinous competition of a foreign rival who apparently works under conditions so far superior to our own for the production of light that he is flooding the domestic market with it at an incredibly low price; for the moment he appears, our sales cease, all the consumers turn to him, and a branch of French industry whose ramifications are innumerable is all at once reduced to complete stagnation. This rival, which is none other thadn the sun. We ask you to be so good as to pass a law requiring the closing of all windows, dormers, skylights, inside and outside shutters, curtains, casements, bull's-eyes, deadlights, and blinds — in short, all openings, holes, chinks, and fissures through which the light of the sun is wont to enter houses, to the detriment of the fair industries with which, we are proud to say, we have endowed the country, a country that cannot, without betraying ingratitude, abandon us today to so unequal a combat." -- Frederic Bastiat "Men and nations behave wisely once they have exhausted all the other alternatives." -- Abba Eban (1915-2002) "There does exist, and has existed for a generation, an international Anglophile network which operates, to some extent, in the way the radical Right believes the Communists act. In fact, this network, which we may identify as the Round Table Group has no aversion to cooperating with the Communists, or any other groups, and frequently does so. I know of the operations of this network because I have studied it for twenty years and was permitted for two years, in the early 1960's, to examine its papers and secret records. I have no aversion to it...but in general my chief difference of opinion is that it wishes to remain unknown, and I believe its role in history is significant enough to be known." -- Carroll Quigley (Bill Clinton's professor at Georgetown), "Tragedy and Hope" "A government that is big enough to give you all you want is big enough to take it all away." -- Barry Goldwater "Unrestricted laissez faire capitalism allocates resources in a most efficient way to satisfy human wants without regard to the rationality or morality of those desires. The difference between Libertarian and Conservative is that Conservatives understand this, and know that unregulated capitalism will eventually end with human meat sold in market places, and slavery. Alas, many Conservatives think that everything has to be regulated and controlled.  -- Dr. Jerry Pournelle The Economic Policies of Hitler "By the mid thirties there was also in existence an advanced demonstration of the Keynesian system. This was the economic policy of Adolf Hitler and the Third Reich. It involved large-scale borrowing for public expenditures, and at first this was principally for civilian works - railroads, canals and the Autobahnen. The result was a far more effective attack on unemployment than in any other industrial city. By 1935, German unemployment was minimal. 'Hitler had already found how to cure unemployment before Keynes was finished explaining why it occurred.'(17) In 1936, as prices and wages came under upward pressure, Hitler took the further step of combining an expansive employment policy with comprehensive price controls. "The Nazi economic policy, it should be noted, was an ad hoc response to what seemed over-riding circumstance. The unemployment position was desperate. So money was borrowed and people put to work. When rising wages and prices threatened stability, a price ceiling was imposed. Although there had been much discussion of such policy in pre-Hitler Germany, it seems doubtful if it was highly influential. Hitler and his cohorts were not a bookish log. Nevertheless the elimination of unemployment in Germany during the Great Depression without inflation - and with initial reliance on essentially civilian activities - was a signal accomplishment. It has rarely been praised and not much remarked. The notion that Hitler could do no good extends to his economics as it does, more plausibly, to all else." -- John Kenneth Galbraith, "Money: Whence it came, where it went", Page 237 "We were not foolish enough to try to make a currency [backed by] gold of which we had none, but for every mark that was issued we required the equivalent of a mark's worth of work done or goods produced ... we laugh at the time our national financiers held the view that the value of a currency is regulated by the gold and securities lying in the vaults of a state bank." -- Adolf Hitler, quoted in "Hitler's Monetary System", citing C. C. Veith, Citadels of Chaos (Meador, 1949) "Stop quoting laws to us. We carry swords." -- Gnaeus Pompeius Magnus "Corporations have neither bodies to be punished, nor souls to be condemned, they therefore do as they like." -- Edward Thurlow, Attorney General and Lord Chancellor of England "Every thing secret degenerates, even the administration of justice; nothing is safe that does not show how it can bear discussion and publicity." -- John Dalberg Lord Acton "Work is pushing matter around. Politics is pushing people around." -- Thomas Szasz "Life shrinks or expands in proportion to one's courage." -- Anaïs Nin "False greatness is unsociable and remote: conscious of its own frailty, it hides, or at least averts its face, and reveals itself only enough to create an illusion and not be recognized as the meanness that it really is. True greatness is free, kind, familiar and popular; it lets itself be touched and handled, it loses nothing by being seen at close quarters; the better one knows it, the more one admires it." -- Jean de la Bruyere "I propose getting rid of conventional armaments and replacing them with reasonably priced hydrogen bombs that will be distributed equally throughout the world." -- Rev. Dr. President Idi Amin "The ultimate effect of shielding man from the effects of folly is to fill the world with fools." -- Herbert Spenser "The hardest thing for any liberator to face is the fact that a large percentage of the people he was trying to free wanted desperately to be slaves. And it’s broken the heart of every liberator to date. To date. Hardly any exception. A man would have to be awfully stupid not to see that. But he would be pretty dull if he didn’t see this too: Sure, sure – but the guys he did liberate were worth liberating." "The FDA calls certain substances "controlled." But there are no "controlled substances," there are only controlled citizens." -- Thomas Szasz "His primary rules were: never allow the public to cool off; never admit a fault or wrong; never concede that there may be some good in your enemy; never leave room for alternatives; never accept blame; concentrate on one enemy at a time and blame him for everything that goes wrong; people will believe a big lie sooner than a little one; and if you repeat it frequently enough people will sooner or later believe it." -- United States Office of Strategic Services, Adolf Hitler, p.51 "The price good men pay for indifference to public affairs is to be ruled by evil men." -- Plato "Dictatorship naturally arises out of democracy, and the most aggravated form of tyranny and slavery out of the most extreme liberty." -- Plato "Whereas the truth is that the State in which the rulers are most reluctant to govern is always the best and most quietly governed, and the State in which they are most eager, the worst...You must contrive for your future rulers another and a better life than that of a ruler, and then you may have a well-ordered State; for only in the State which offers this, will they rule who are truly rich, not in silver and gold, but in virtue and wisdom, which are the true blessings of life. Whereas if they go to the administration of public affairs, poor and hungering after their own private advantage, thinking that hence they are to snatch the chief good, order there can never be; for they will be fighting about office, and the civil and domestic broils which thus arise will be the ruin of the rulers themselves and of the whole State." -- Plato, The Republic "… the good are not willing to rule either for the sake of money or of honor. They do not wish to collect pay openly for their service of rule and be styled hirelings nor to take it by stealth from their office and be called thieves, nor yet for the sake of honor, for they are not covetous of honor. So there must be imposed some compulsion and penalty to constrain them to rule if they are to consent to hold office. That is perhaps why to seek office oneself and not await compulsion is thought disgraceful. But the chief penalty is to be governed by someone worse if a man will not himself hold office and rule. It is from fear of this, as it appears to me, that the better sort hold office when they do, and then they go to it not in the expectation of enjoyment nor as to a good thing, but as to a necessary evil and because they are unable to turn it over to better men than themselves or to their like. For we may venture to say that, if there should be a city of good men only, immunity from office-holding would be as eagerly contended for as office is now." -- Plato, Republic I, 347 "Crime, once exposed, has no refuge but in audacity." -- Tacitus, Annals "The end move in politics is always to pick up a gun." -- R. Buckminster Fuller "You know you get a lot more with a kind word and a gun then you do with a kind word alone." -- Al Capone "The desire for safety stands against every great and noble enterprise." The more corrupt the republic, the more numerous the laws.  -- Tacitus "In a world of businessmen and financial intermediaries who aggressively seek profit, innovators will always outpace regulators; the authorities cannot prevent changes in the structure of portfolios from occurring. What they can do is keep the asset-equity ratio of banks within bounds by setting equity-absorption ratios for various types of assets. If the authorities constrain banks and are aware of the activities of fringe banks and other financial institutions, they are in a better position to attenuate the disruptive expansionary tendencies of our economy."  -- Hyman Minsky, 1986 "A foolish consistency is the hobgoblin of little minds, adored by little statesmen and philosophers and divines." -- Ralph Waldo Emerson "The desire of gold is not for gold. It is for the means of freedom." -- Ralph Waldo Emerson "Progress is impossible without change, and those who cannot change their minds cannot change anything." -- Ralph Waldo Emerson "It is incumbent on every generation to pay its own debts as it goes. A principle which if acted on would save one-half the wars of the world." -- Thomas Jefferson "Being against the military because you are against war is like being against the Fire Department because you are against fire." -- Retired Marine Major Jim McDonough "I find it hard to understand why those who demand Unitary Education by the State do not also demand a Unitary Press by the State... Either the State is infallible, in which case we could not do better than to submit to it the entire domain of intelligent thought, or it is not, in which case it is no more rational to hand over education to it than the press."  -- Frederic Bastiat "Cum catapultae proscriptae erunt tum soli proscript catapultas habebunt. (When catapults are outlawed, only outlaws will have catapults.)"  -- Unknown "None are so hopelessly enslaved as those who falsely believe they are free." -- Johann Wolfgang von Goethe (1749 - 1832) "When ideas fail, words come in very handy." -- J. W. von Goethe "The deepest, the only theme of human history, compared to which all others are of subordinate importance, is the conflict of skepticism with faith." -- J. W. von Goethe "There is nothing more frightening than ignorance in action." -- J. W. von Goethe "There are nine requisites for contented living: health enough to make work a pleasure; wealth enough to support your needs; strength to battle with difficulties and overcome them; grace enough to confess your sins and forsake them; patience enough to toil until some good is accomplished; charity enough to see some good in your neighbor; love enough to move you to be useful and helpful to others; faith enough to make real the things of God; hope enough to remove all anxious fears concerning the future." -- J. W. von Goethe "Men show their characters in nothing more clearly than in what they think laughable." -- J. W. von Goethe "Until one is committed, there is hesitancy, the chance to draw back, always ineffectiveness. Concerning all acts of initiative ( and creation), there is one elementary truth the ignorance of which kills countless ideas and splendid plans: that the moment one definitely commits oneself, then providence moves too. All sorts of things occur to help one that would never otherwise have occurred. A whole stream of events issues from the decision, raising in one's favour all manner of unforeseen incidents and meetings and material assistance, which no man could have dreamed would have come his way.Whatever you can do or dream you can, begin it. Boldness has genius, power and magic in it. Begin it now." -- J. W. von Goethe "If they can get you to ask the wrong questions then the answers don’t matter." -- Thomas Pynchon "The real art of governing consists, so far as possible, in doing nothing." -- Lao Tzu "How can you govern a country which has 246 varieties of cheese?" -- Charles De Gaulle, in "Les Mots du General", 1962 - French general & politician (1890 - 1970) "The onset of one religion can be resisted only by another." -- C. Northcote Parkinson "A government big enough to give us everything we want is a government big enough to take from us everything we have." -- President Gerald Ford "The budget should be balanced, the Treasury should be refilled, public debt should be reduced, the arrogance of officialdom should be tempered and controlled, and the assistance to foreign lands should be curtailed lest Rome become bankrupt!" -- Marcus Tullinus Cicero, Roman Senator, 63 B.C.  "If one morning I walked on top of the water across the Potomac River, the headline that afternoon would read: "President Can't Swim."  -- Lyndon B. Johnson "The 'private sector' of the economy is, in fact, the voluntary sector; and...the 'public sector' is, in fact, the coercive sector." -- Henry Hazlitt (1778 - 1830) "When a thing ceases to be a subject of controversy, it ceases to be a subject of interest." -- Henry Hazlitt (1778 - 1830) "Life is the art of being well deceived; and in order that the deception may succeed it must be habitual and uninterrupted." -- William Hazlitt "Support your country always and your government when it deserves it." -- Mark Twain "I never can think of Judas Iscariot without losing my temper. To my mind Judas Iscariot was nothing but a low, mean, premature, Congressman." -- Mark Twain "The single most prevalent form of child abuse in this country is the act of sending a child to a government school. We worry incessantly about the separation of church and state. We would do well to devote half as much attention to the separation of government and education."  -- Neal Boortz "A society of sheep must in time beget a government of wolves." -- Bertrand de Jouvenel "The work of science has nothing whatever to do with consensus. Consensus is the business of politics. Science, on the contrary, requires only one investigator who happens to be right, which means that he or she has results that are verifiable by reference to the real world. In science consensus is irrelevant. What is relevant is reproducible results. The greatest scientists in history are great precisely because they broke with the consensus." -- Michael Crichton "We want a society where people are free to make choices, to make mistakes, to be generous and compassionate. This is what we mean by a moral society; not a society where the state is responsible for everything, and no one is responsible for the state." -- Margaret Thatcher Source "The problem with socialism is that you eventually run out of other people’s money." -- Margaret Thatcher, to Parliament on February 22, 1990 "Any woman who understands the problems of running a home will be nearer to understanding the problems of running a country." -- Margaret Thatcher Source "The diversity in the faculties of men, from which the rights of property originate, is not less an insuperable obstacle to a uniformity of interests. The protection of these faculties is the first object of government. From the protection of different and unequal faculties of acquiring property, the possession of different degrees and kinds of property immediately results; and from the influence of these on the sentiments and views of the respective proprietors, ensues a division of the society into different interests and parties." -- James Madison, Federalist 10 "I always cheer up immensely if an attack is particularly wounding because I think, well, if they attack one personally, it means they have not a single political argument left." -- Margaret Thatcher Source "It is natural for man to indulge in the illusions of hope. We are apt to shut our eyes against a painful truth, and listen to the song of that siren till she transforms us into beasts... For my part, whatever anguish of spirit it may cost, I am willing to know the whole truth, to know the worst, and to provide for it." -- Patrick Henry  "The liberties of people never were, or never will be secure, when the transactions of their rulers may be concealed from them." -- Patrick Henry  "The liberties of a people never were, nor ever will be, secure, when the transactions of their rulers may be concealed from them." -- Patrick Henry  "If ye love wealth better than liberty, the tranquility of servitude better than the animating contest of freedom, go home from us in peace. We ask not your counsels or arms. Crouch down and lick the hands which feed you. May your chains set lightly upon you, and may posterity forget that ye were our countrymen." -- Samuel Adams, speech at the Philadelphia State House, August 1, 1776. "The basic tool for the manipulation of reality is the manipulation of words. If you can control the meaning of words, you can control the people who must use the words." -- Philip K. Dick "Tricks and treachery are the practice of fools that don't have brains enough to be honest." -- Benjamin Franklin  "A Republic, if you can keep it." -- Benjamin Franklin, after having been asked at the close of the Constitutional Convention in 1787 - "Well, Doctor, what have we got—a Republic or a Monarchy?" "Give me the money that has been spent in war and I will clothe every man, woman, and child in an attire of which kings and queens will be proud. I will build a schoolhouse in every valley over the whole earth. I will crown every hillside with a place of worship consecrated to peace." -- Charles Sumner "In war the first casualty is the truth." -- Aeschylus "When the rich wage war it is the poor who die."  -- Jean-Paul Sartre "When politicians presume to do God's work, they do not become divine but diabolical." -- Joseph Cardinal Ratzinger "Any people anywhere, being inclined and having the power, have the right to rise up and shake off the existing government, and form a new one that suits them better. This is most valuable, a most sacred right--a right which we hope and believe is to liberate the world. Nor is this right confined to cases in which the whole people of an existing government may choose to exercise it. Any portion of such people, that can, may revolutionize, and make their own of so much of the territory as they inhabit." --Abraham Lincoln, January 12, 1848 "Throughout history, poverty is the normal condition of man. Advances which permit this norm to be exceeded- here and there, now and then- are the work of an extremely small minority, frequently despised, often condemned, and almost always opposed by all right-thinking people. Whenever this tiny minority is kept from creating, or (as sometimes happens) is driven out of a society, the people then slip back into abject poverty. This is known as "bad luck".  -- Robert A. Heinlein "Those who are too smart to engage in politics are punished by being governed by those who are dumber." -- Plato (427 BC - 347 BC) "There is no worse mistake in public leadership than to hold out false hopes soon to be swept away. The British people can face peril or misfortune with fortitude and buoyancy, but they bitterly resent being deceived or finding that those responsible for their affairs are themselves dwelling in a fool's paradise."  -- Winston Churchill "I am convinced that we can do for guns what we've done with drugs: create a multi-billion dollar underground market over which we have absolutely no control." -- George L. Roman "Self-regulation stands in relation to regulation the way self-importance stands in relation to importance." -- Willem Buiter of the London School of Economics "Politics is the art of looking for trouble, finding it everywhere,diagnosing it incorrectly, and applying the wrong remedies." -- Groucho Marx "Being a leader is like being a lady - if you have to go around telling people you are one, you aren't." -- Margaret Thatcher ""War is a racket. It always has been. It is possibly the oldest, easily the most profitable, surely the most vicious. It is the only one international in scope. It is the only one in which the profits are reckoned in dollars and the losses in lives. A racket is best described, I believe, as something that is not what it seems to the majority of the people. Only a small 'inside' group knows what it is about. It is conducted for the benefit of the very few, at the expense of the very many. Out of war a few people make huge fortunes. There are only two things we should fight for. One is the defense of our homes and the other is the Bill of Rights. War for any other reason is simply a racket. I spent 33 years and four months in active military service and during that period I spent most of my time as a high class muscle man for Big Business, for Wall Street and the bankers. In short, I was a racketeer, a gangster for capitalism. I helped make Mexico and especially Tampico safe for American oil interests in 1914. I helped make Haiti and Cuba a decent place for the National City Bank boys to collect revenues in. I helped in the raping of half a dozen Central American republics for the benefit of Wall Street. I helped purify Nicaragua for the International Banking House of Brown Brothers in 1902-1912. I brought light to the Dominican Republic for the American sugar interests in 1916. I helped make Honduras right for the American fruit companies in 1903. In China in 1927 I helped see to it that Standard Oil went on its way unmolested. Looking back on it, I might have given Al Capone a few hints. The best he could do was to operate his racket in three districts. I operated on three continents." -- Marine Major General Smedley Butler "I spent 33 years and four months in active military service and during that period I spent most of my time as a high class thug for Big Business, for Wall Street and the bankers. In short, I was a racketeer, a gangster for capitalism. I helped make Mexico and especially Tampico safe for American oil interests in 1914. I helped make Haiti and Cuba a decent place for the National City Bank boys to collect revenues in. I helped in the raping of half a dozen Central American republics for the benefit of Wall Street. I helped purify Nicaragua for the International Banking House of Brown Brothers in 1902-1912. I brought light to the Dominican Republic for the American sugar interests in 1916. I helped make Honduras right for the American fruit companies in 1903. In China in 1927 I helped see to it that Standard Oil went on its way unmolested. Looking back on it, I might have given Al Capone a few hints. The best he could do was to operate his racket in three districts. I operated on three continents." -- General Smedley Butler "War is never economically beneficial except for those in position to profit from war expenditures. The moral and constitutional obligations of our representatives in Washington are to protect our liberty, not coddle the world, precipitating no-win wars, while bringing bankruptcy and economic turmoil to our people.” -- Ron Paul "“Every gun that is made, every warship launched, every rocket fired signifies, in the final sense, a theft from those who hunger and are not fed, those who are cold and are not clothed. This world in arms is not spending money alone. It is spending the sweat of its laborers, the genius of its scientists, the hopes of its children. The cost of one modern heavy bomber is this: a modern brick school in more than 30 cities. It is two electric power plants, each serving a town of 60,000 population. It is two fine, fully equipped hospitals. It is some 50 miles of concrete highway. We pay for a single fighter with a half million bushels of wheat. We pay for a single destroyer with new homes that could have housed more than 8,000 people. This, I repeat, is the best way of life to be found on the road the world has been taking. This is not a way of life at all, in any true sense. Under the cloud of threatening war, it is humanity hanging from a cross of iron." -- Dwight D. Eisenhower, April 16 1953 "Although a soldier by profession, I have never felt any sort of fondness for war, and I have never advocated it, except as a means of peace." -- Ulysses S. Grant "Wars can be prevented just as surely as they can be provoked, and we who fail to prevent them, must share the guilt for the dead." -- Omar N. Bradley "Only a virtuous people are capable of freedom. As nations become corrupt and vicious, they have more need of masters." -- Benjamin Franklin "I must study war and politics so that my children shall be free to study commerce, agriculture and other practicalities, so that their children can study painting, poetry and other fine things." -- John Adams, U.S. President  "Nothing in all the world is more dangerous than sincere ignorance or conscientious stupidity."  -- Martin Luther King Jr. "Why of course the people don't want war. Why should some poor slob on a farm want to risk his life in a war when the best he can get out of it is to come back to his farm in one piece? Naturally, the common people don't want war: neither in Russia, nor in England, nor for that matter in Germany. That is understood. After all, it is the leaders of the country who determine the policy, & it's always a simple matter to drag the people along whether it's a democracy, a fascist dictatorship, a parliament or a communist dictatorship…the people can always be brought to the bidding of the leaders.  All you have to do is tell them they are being attacked, and denounce the pacifists for lack of patriotism, & exposing the country to greater danger." -- Hermann Goering, Nazi, Nuremberg trials in 1945 "Everything that needs to be said has already been said. But since no one was listening, everything must be said again." -- Andre Gide "No Congress of the United States ever assembled, on surveying the state of the Union, has met with a more pleasing prospect than that which appears at the present time. In the domestic field there is tranquillity and contentment, harmonious relations between management and wage earner, freedom from industrial strife, and the highest record of years of prosperity." -- Calvin Coolidge, State of the Union Address, December 4, 1928 "We have four boxes with which to defend our freedom: the soap box, the ballot box, the jury box, and the cartridge box." -- unknown, but sometimes attributed to Congressman Larry P. McDonald "Among a people generally corrupt, liberty cannot long exist." -- Edmund Burke ""Men are qualified for civil liberty in exact proportion to their disposition to put moral chains upon their own appetites; in proportion as their love to justice is above their rapacity; in proportion as their soundness and sobriety of understanding is above their vanity and presumption; in proportion as they are more disposed to listen to the counsels of the wise and good, in preference to the flattery of knaves. Society cannot exist unless a controlling power upon will and appetite be placed somewhere, and the less of it there is within, the more there must be without. It is ordained in the eternal constitution of things that men of intemperate minds cannot be free. Their passions forge their fetters."" -- Edmund Burke (During World War II, Joseph Stalin) was once asked by an American writer, according to Professor Dean Russell, how he could justify conscripting all the property of all the people for use by the government to fight the war. Stalin answered by asking why they considered it more immoral and illogical to conscript lifeless property than to conscript life itself, as was being done in the United States and all other capitalistic countries. His American challenger had no answer, because there was no answer. -- "Freedom Under Seige", Ron Paul "The secret of happiness is freedom. The secret of freedom is courage."  -- Thucydides (c. 460 BC – c. 395 BC) "As a result of the war, corporations have been enthroned and an era of corruption in high places will follow, and the money power of the country will endeavor to prolong its reign by working upon the prejudices of the people until all wealth is aggregated in a few hands, and the Republic is destroyed. I feel at this moment more anxiety for the safety of my country than ever before, even in the midst of war. God grant that my suspicions may prove groundless." -- Abraham Lincoln, from a November 21, 1864 letter to Colonel William F. Elkins "The more corrupt the state, the more numerous the laws." -- Publius Cornelius Tacitus, Senator of Rome "When you recall that one of the first moves by Lenin, Mussolini, and Hitler was to outlaw individual ownership in gold, you begin to sense that there may be some connection between money, redeemable in gold, and the rare prize known as human liberty." -- Congressman Howard Buffett (Father of Warren Buffett) from a 1948 issue of the Commercial and Financial Chronicle "In order to become the master, the politician poses as the servant."  -- Charles de Gaulle "A man generally has two reasons for doing a thing. One that sounds good, and a real one." -- J.P. Morgan "A curious thing about Ugu the Shoemaker was that he didn’t suspect in the least that he was wicked. He wanted to be powerful and great, and he hoped to make himself master of all the Land of Oz that he might compel everyone in that fairy country to obey him, His ambition blinded him to the rights of others, and he imagined anyone else would act just as he did if anyone else happened to be as clever as himself." -- Frank Baum "I am for freedom of the press, and against all violations of the Constitution to silence by force and not by reason the complaints or criticisms, just or unjust, of our citizens against the conduct of their agents."  -- Thomas Jefferson 1799. ME 10:78  "A democracy cannot exist as a permanent form of government. It can only exist until the voters discover that they can vote themselves largesse from the public treasury. From that moment on, the majority always votes for the candidates promising the most benefits from the public treasury with the result that a democracy always collapses over loose fiscal policy, always followed by a dictatorship. The average age of the world's greatest civilizations has been 200 years. Great nations rise and fall. The people go from bondage to spiritual truth, to great courage, from courage to liberty, from liberty to abundance, from abundance to selfishness, from selfishness to complacency, from complacency to apathy, from apathy to dependence, from dependence back again to bondage."  -- Attributed to Alexander Fraser Tytler, Lord Woodhouselee. Unverified per the US Library of Congress. "There is no cause so good or noble that it will not attract fuggheads; and the fuggheads will get all the press." -- (Larry) Niven's Law "... the dangers of loose fiscal policy were stated as follows: "A democracy cannot exist as a permanent form of government. It can only exist until the voters discover they can vote themselves largess out of the public treasury."  -- Attributed to the French author, Alexis de Tocqueville "Those who would give up essential Liberty, to purchase a little temporary Safety, deserve neither Liberty nor Safety." -- Benjamin Franklin, 1755 "If tyranny and oppression come to this land, it will be in the guise of fighting a foreign enemy. Of all the enemies to public liberty, war is perhaps the most to be dreaded because it comprises and develops the germ of every other. War is the parent of armies; from these proceed debts and taxes; and armies, and debts, and taxes are the known instruments for bringing the many under the domination of the few. The loss of liberty at home is to be charged to the provisions against danger, real or imagined, from abroad." -- James Madison "War prosperity is like the prosperity that an earthquake or a plague brings." -- Ludwig von Mises (1881-1973) "There remains, however, one other kind of harmful action that is generally thought desirable to prevent and which at first might seem distinct. This is fraud and deception. Yet, though it would be straining the meaning of words to call them ‘coercion,’ on examination it appears that the reasons why we want to prevent them are the same as those applying to coercion. Deception, like coercion, is a form of manipulating the data on which a person counts, in order to make him do what deceiver wants him to do. Where it is successful, the deceived becomes in the same manner the unwilling tool, serving another man’s ends without advancing his own. Though we have no single word to cover both, all we have said of coercion applies equally to fraud and deception. With this correction, it seems that freedom demands no more than that coercion and violence, fraud and deception, be prevented, except for the use of coercion by government for the sole purpose of enforcing known rules intended to ensure the best conditions under which the individual may give his activities a coherent, rational pattern... Liberty not only means that the individual has both the opportunity and the burden of choice; it also means that he must bear the consequences of his actions…. Liberty and responsibility are inseparable. " -- Ludwig von Mises, "The Constitution of Liberty" "War...is harmful, not only to the conquered but to the conqueror." -- Ludwig von Mises (1881-1973) "Civilization is the progress toward a society of privacy." -- Ayn Rand (1905- 1982) "When money ceases to become the means by which men deal with one another, then men become the tools of other men. Blood, whips and guns--or dollars. Take your choice--there is no other."  -- Ayn Rand (1905- 1982) "I can’t compete and when I do, the rules of engagement change in the middle of the game. I’ll let the powers that be vanquish themselves and return in three to five years to sift through the remains." -- Ayn Rand, "" "Whenever destroyers appear among men, they start by destroying money, for money is men’s protection and the base of a moral existence. Destroyers seize gold and leave to its owners a counterfeit pile of paper. This kills all objective standards and delivers men into the arbitrary power of an arbitrary setter of values. Gold was an objective value, an equivalent of wealth produced. Paper is a mortgage on wealth that does not exist, backed by a gun aimed at those who are expected to produce it. Paper is a check drawn by legal looters upon an account which is not theirs: upon the virtue of the victims. Watch for the day when it bounces, marked: 'Account Overdrawn.'" -- Ayn Rand, "" "You think that’s air you’re breathing?" -- Morpheus to Neo, "The Matrix" "Change is not reform." -- John Randolph (1773 - 1833), both Representative and Senator from Virginia ...one Greek city state had a fundamental law: anyone proposing revisions to the constitution did so with a noose around his neck. If his proposal lost he was instantly hanged. -- Aristotle "Persuasion is clearly a sort of demonstration, since we are most fully persuaded when we consider a thing to have been demonstrated Of the modes of persuasion furnished by the spoken word there are three kinds. Ethos: Persuasion is achieved by the speaker’s personal character when the speech is so spoken as to make us think him credible. Pathos: Secondly, persuasion may come through the hearers, when the speech stirs their emotions. Logos: Thirdly, persuasion is effected through the speech itself when we have proved a truth or an apparent truth by means of the persuasive arguments suitable to the case in question." -- ARISTOTLE, “Rhetoric“, 350 BCE "These capitalists generally act harmoniously and in concert to fleece the people, and now that they have got into a quarrel with themselves, we are called upon to appropriate the people’s money to settle the quarrel." -- Abraham Lincoln, speech to Illinois legislature, January 1837 "Quis custodiet ipsos custodes?", variously translated in colloquial English as "Who watches the watchmen?", "Who watches the watchers?", "Who will guard the guards?" -- The Roman poet Juvenal "Treason doth never prosper; what's the reason? For if it prosper, none dare call it treason."  -- Sir John Harrington, 1561-1612 "It is a truism that almost any sect, cult, or religion will legislate its creed into law if it acquires the political power to do so, and will follow it by suppressing opposition, subverting all education to seize early the minds of the young, and by killing, locking up, or driving underground all heretics."  -- Robert A. Heinlein "Instruct regulators to look for the newest fad in the industry and examine it with great care. The next mistake will be a new way to make a loan that will not be repaid." -- William Seidman, in his memoir from 1993 "Great nations are never impoverished by private, though they sometimes are by public prodigality and misconduct. The whole, or almost the whole public revenue, is in most countries employed in maintaining unproductive hands. . . . Those unproductive hands . . . may consume so great a share of the whole revenue, and thereby oblige so great a number to encroach upon their capitals, upon the funds destined for the maintenance of productive labour, that all the frugality and good conduct of individuals may not be able to compensate the waste and degradation of produce occasioned by this violent and forced encroachment." -- Adam Smith, Wealth of Nations "It is easier for a government to kill a million people than to control a million people." -- Zbigniew Brzezinski, Chatham House. Nov. 2008 speech  "The way to crush the bourgeoisie is to grind them between the millstones of taxation and inflation." -— Vladimir Ilyich Lenin "In the councils of government, we must guard against the acquisition of unwarranted influence, whether sought or unsought, by the military industrial complex. The potential for the disastrous rise of misplaced power exists and will persist. " -- President Eisenhower, January 1961 "Every gun that is made, every warship launched, every rocket fired signifies in the final sense, a theft from those who hunger and are not fed, those who are cold and are not clothed. This world in arms is not spending money alone. It is spending the sweat of its laborers, the genius of its scientists, the hopes of its children. This is not a way of life at all in any true sense. Under the clouds of war, it is humanity hanging on a cross of iron." -- General Dwight Eisenhower "To say Congress is spending like drunken sailors is an insult to drunken sailors." -- Ronald Reagan Attacking the Shorts The turmoil that led to the 1934 turning point and Roosevelt’s confiscation was again a frontal attack upon the financial markets. This time, the Senate also lauched investigations that Herbert Hoover also apologjzed for in his Memoirs. There Are those that reject looking at history claiming that was them - today is different. That is just stupid. For the common reaction in every financial crisis is to attack the "short" players. Short-selling was outlawed briefly aftar the Panic of 1907. During the 1930s, everyone of size was subpoEnaed before the Senate and interrogated as to whether they "short" as if that was proof of being a traitor. The stock market fell by about 90% into the 1932 low. This decline was massive because of the interrogations of the Senate. Who in their right mind would take a short position knowing they would be publicly questioned? The famous culprit is always the short seller. But what Government and academics with no real world experience fail to get is that when a market is crashing, only the short player has the courage to buy during during a decline to take a profit. Short-covering provides the appearance of buying for the reason of actual bullishness. When the short Cover rally comes, even goverrnment cheers, but like a fool, they delight in they delight in their own applause. Shorts provide the balance and can also create rallies when there are none. The witch hunts will begin. Every time there is a decline the Government looks for the shorts. They hate them. To be short becomes reason in their mind, which of course cannot understand how the markets work and usually become more of a bull in a china shop. Law number 1: NEVER OUTLAW SHORT SELLING Herbert Hoover apologized for the investigations. The treatment of those in the financial markets that included brokers and investors alike, was deplorable. You quickly find out that the Constitution means very little. Hoover wrote; “Sometimes when a government becomes enraged, it burns down the barn to get the rat". -- Martin Armstring, "It's just time" page 52 "It has long ... been my opinion ... that the germ of dissolution of our Federal government is in the constitution of the federal judiciary; an irresponsible body, (for impeachment is scarcely a scarecrow,) working like gravity by night and by day, gaining a little today and a little tomorrow, and advancing its noiseless step like a thief, over the field of jurisdiction, until all shall be usurped from the States, and the government of all be consolidated into one." -- The Writings of Thomas Jefferson, Chapter 15 page 331-2 "The first casualty of war is the truth." -- Aeschylus "He that would make his own liberty secure, must guard even his enemy from oppression; for if he violates this duty he establishes a precedent that will reach himself."  -- Thomas Paine  "When a man has so far corrupted and prostituted the chastity of his mind as to subscribe his professional belief to things he does not believe, he has prepared himself for the commission of every other crime." -- Thomas Paine  "Reason obeys itself. Ignorance submits to what is dictated to it." -- Thomas Paine  "Diplomacy is the art of saying 'Nice doggie' until you can find a rock." -- Will Rogers "If there must be trouble, let it be in my day, that my child may have peace." -- Thomas Paine  "When the rich plunder the poor of his rights, it becomes an example for the poor to plunder the rich of his property, for the rights of the one are as much property to him as wealth is property to the other, and the little all is as dear as the much. It is only by setting out on just principles that men are trained to be just to each other; and it will always be found, that when the rich protect the rights of the poor, the poor will protect the property of the rich. But the guarantee, to be effectual, must be parliamentarily reciprocal." -- Thomas Paine  (The government) “should cultivate the view also among the propertyless classes of the population, those who are the most numerous and the least educated, that the state is not only an institution of necessity but also of welfare. By recognizable and direct advantages they must be led to look upon the state not as an agency devised solely for the protection of the better-situated classes of society but also as one serving their needs and interests." -- Otto von Bismarck, 1881 "Over grown military establishments are under any form of government inauspicious to liberty, and are to be regarded as particularly hostile to republican liberty.”" -- George Washington "Governmentt is not reason; it’s not eloquence; it is force. Like fire, it’s a dangerous servant and a fearful master." -- George Washington "If they are too big to fail, make them smaller." -- Treasury Secretary George Shultz "Government is the entertainment division of the military industrial complex." -- Frank Zappa "There is no worse tyranny than to force a man to pay for what he does not want merely because you think it would be good for him."  -- Robert Heinlein "The more we do to you, the less you seem to believe we are doing it." -- Dr. Josef Mengele "Government’s view of the economy could be summed up in a few short phrases: If it moves, tax it. If it keeps moving, regulate it. If it stops moving, subsidize it." -– Ronald Reagan "The actions of [pathocracy] affect an entire society, starting with the leaders and infiltrating every town, business, and institution. The pathological social structure gradually covers the entire country creating a “new class” within that nation. This privileged class [of pathocrats] feels permanently threatened by the “others”, i.e. by the majority of normal people. Neither do the pathocrats entertain any illusions about their personal fate should there be a return to the system of normal man." -- Andrew M. Lobaczewski, (Ponerology) "Experience demands that man is the only animal which devours his own kind, for I can apply no milder term to the general prey of the rich on the poor." -- Thomas Jefferson "And the prophecy I make is this. To nine out of ten of you the choice which could lead to scoundrelism will come, when it does come, in no very dramatic colors. Obviously bad men, obviously threatening or bribing, will almost certainly not appear. Over a drink or a cup of coffee, disguised as a triviality and sandwiched between two jokes, from the lips of a man, or woman, whom you have recently been getting to know rather better and whom you hope to know better still -- just at the moment when you are most anxious not to appear crude, or naif, or a prig -- the hint will come. It will be the hint of something which is not quite in accordance with the technical rules of fair play: something which the public, the ignorant, romantic public, would never understand: something which even the outsiders in your own profession are apt to make a fuss about: but something, says your new friend, which "we" -- and at the word "we" you try not to blush for mere pleasure -- something "we always do." And you will be drawn in, if you are drawn in, not by desire for gain or ease, but simply because at that moment, when the cup was so near your lips, you cannot bear to be thrust back again into the cold outer world. It would be so terrible to see the other man's face -- that genial, confidential, delightfully sophisticated face -- turn suddenly cold and contemptuous, to know that you had been tried for the Inner Ring and rejected. And then, if you are drawn in, next week it will be something a little further from the rules, and next year something further still, but all in the jolliest, friendliest spirit. It may end in a crash, a scandal, and penal servitude: it may end in millions, a peerage and giving the prizes at your old school. But you will be a scoundrel." -- C.S. Lewis "I am a most unhappy man. I have unwittingly ruined my country. A great industrial nation is controlled by its system of credit. Our system of credit is concentrated. The growth of the nation, therefore, and all our activities are in the hands of a few men. No longer a government by free opinion, no longer a government by conviction and vote of majority, but a government by the opinion and duress of a small group of dominant men." -- President Woodrow Wilson (regretting signing into law the Federal Reserve Act in 1913) "After having thus successively taken each member of the community in its powerful grasp and fashioned him at will, the supreme power then extends its arm over the whole community. It covers the surface of society with a network of small, complicated rules, minute and uniform, through which the most original minds and the most energetic characters cannot penetrate, to rise above the crowd. The will of man is not shattered, but softened, bent, and guided; men are seldom forced by it to act, but they are constantly restrained from acting. Such a power does not destroy, but it prevents existence; it does not tyrannize, but it compresses, enervates, extinguishes, and stupefies a people, till each nation is reduced to nothing better than a flock of timid and industrious animals, of which the government is the shepherd." -- Alexis de Tocqueville Democracy in America - 1835 Bastiat's Moral Law "See if the law takes from some persons what belongs to them; and gives it to persons to whom it does not belong. See if the law benefits one citizen at the expense of another by doing what the citizen cannot do without committing a crime. Then abolish this law without delay, for it is not only an evil in itself, but also is a fertile source for further evils, for it invites reprisals. If such a law is not abolished immediately, it will spread, multiply and develop into a system. -- Frederic Bastiat "If those in charge of our society - politicians, corporate executives, and owners of press and television - can dominate our ideas, they will be secure in their power. They will not need soldiers patrolling the streets. We will control ourselves." -- Howard Zinn "The law has been perverted, and the powers of the state have become perverted along with it. The law has not only been turned from its proper function, but made to follow an entirely contrary purpose. The law has become a tool for every kind of greed. Instead of preventing crime, the law itself is guilty of the abuses it is supposed to punish. If this is true, it is a serious matter, and moral duty requires me to call the attention of my fellow-citizens to it."  -- Frederic Bastiat, The Law, 1853 "Since ancient times, credit markets have undergone periodic booms and busts. In 594 BC, for example, the Greek state of Attica found itself under severe economic stress because of the massive debt incurred by many of its citizens. The ensuing civil disorder resulted in a handover of power to Solon, one of the ‘seven wise men’ of Greece . Solon took radical steps to restore balance to the economy, such as canceling debts, freeing those enslaved for failing to repay their loans, and devaluing the currency by 25 percent." -- FDIC Outlook, Summer 2006 "Fascism is a system of political authority and social order intended to reinforce the unity, energy, and purity of communities in which liberal democracy stands accused of producing division and decline. ... "a form of political behavior marked by obsessive preoccupation with community decline, humiliation or victimhood and by compensatory cults of unity, energy and purity, in which a mass-based party of committed nationalist militants, working in uneasy but effective collaboration with traditional elites, abandons democratic liberties and pursues with redemptive violence and without ethical or legal restraints goals of internal cleansing and external expansion." -- Robert Paxton, historian, in a 1998 paper in "The Journal of Modern History" "Single acts of tyranny may be ascribed to the accidental opinion of a day; but a series of oppressions, begun at a distinguished period and pursued unalterably through every change of ministers, too plainly prove a deliberate, systematic plan of reducing a people to slavery." -- Thomas Jefferson "Government has coddled, accepted, and ignored white collar crime for too long. It is time the nation woke up and realized that it's not the armed robbers or drug dealers who cause the most economic harm, it's the white collar criminals living in the most expensive homes who have the most impressive resumes who harm us the most. They steal our pensions, bankrupt our companies, and destroy thousands of jobs, ruining countless lives." -- Harry Markopolos, Madoff Investigation Congressional Testimony "One of the penalties for refusing to participate in politics is that you end up being governed by your inferiors." -- Plato "I used to think that if there was reincarnation, I wanted to come back as the president or the pope or as a .400 baseball hitter. But now I would like to come back as the bond market. You can intimidate everybody." -- James Carville (former Bill Clinton Political Advisor) "Only a crisis - actual or perceived - produces real change. When that crisis occurs, the actions that are taken depend on the ideas that are lying around. That, I believe, is our basic function: to develop alternatives to existing policies, to keep them alive and available until the politically impossible becomes politically inevitable." -- Milton Friedman "To announce that there must be no criticism of the president, or that we are to stand by the president, right or wrong, is not only unpatriotic or servile, but morally treasonable to the American public." -- Teddy Roosevelt, U.S. President "Our government...teaches the whole people by its example. If the government becomes the lawbreaker, it breeds contempt for law; it invites every man to become a law unto himself; it invites anarchy." -- Supreme Court Justice Louis D. Brandeis "Necessity is the plea for every infringement of human freedom. It is the argument of tyrants; it is the creed of slaves." -- William Pitt (1759-1806) "Those who want the Government to regulate matters of the mind and spirit are like men who are so afraid of being murdered that they commit suicide to avoid assassination." -- Harry Truman "The only thing new in the world is the history you don't know." -- Plain Speaking : An Oral Biography of Harry S Truman (1974) "Carry the battle to them. Don't let them bring it to you. Put them on the defensive and don't ever apologize for anything." -- Harry Truman "And so, my fellow Americans: ask not what your country can do for you — ask what you can do for your country. My fellow citizens of the world: ask not what America will do for you, but what together we can do for the freedom of man." -- John F. Kennedy, 1960 Inauguration speech "There is nothing which I dread so much as a division of the republic into two great parties, each arranged under its leader, and concerting measures in opposition to each other. This, in my humble apprehension, is to be dreaded as the greatest political evil under our Constitution." -- John Adams "The alternate domination of one faction over another, sharpened by the spirit of revenge, natural to party dissension, which in different ages and countries has perpetrated the most horrid enormities, is itself a frightful despotism. But this leads at length to a more formal and permanent despotism. The disorders and miseries, which result, gradually incline the minds of men to seek security and repose in the absolute power of an individual; and sooner or later the chief of some prevailing faction, more able or more fortunate than his competitors, turns this disposition to the purposes of his own elevation, on the ruins of Public Liberty. Without looking forward to an extremity of this kind, (which nevertheless ought not to be entirely out of sight,) the common and continual mischiefs of the spirit of party are sufficient to make it the interest and duty of a wise people to discourage and restrain it. It serves always to distract the Public Councils, and enfeeble the Public Administration. It agitates the Community with ill-founded jealousies and false alarms; kindles the animosity of one part against another, foments occasionally riot and insurrection. It opens the door to foreign influence and corruption, which find a facilitated access to the government itself through the channels of party passions. Thus the policy and the will of one country are subjected to the policy and will of another. There is an opinion, that parties in free countries are useful checks upon the administration of the Government, and serve to keep alive the spirit of Liberty. This within certain limits is probably true; and in Governments of a Monarchical cast, Patriotism may look with indulgence, if not with favor, upon the spirit of party. But in those of the popular character, in Governments purely elective, it is a spirit not to be encouraged. From their natural tendency, it is certain there will always be enough of that spirit for every salutary purpose. And, there being constant danger of excess, the effort ought to be, by force of public opinion, to mitigate and assuage it. A fire not to be quenched, it demands a uniform vigilance to prevent its bursting into a flame, lest, instead of warming, it should consume." -- George Washington, from his farewell presidential speech "A revolution is coming — a revolution which will be peaceful if we are wise enough; compassionate if we care enough; successful if we are fortunate enough — But a revolution which is coming whether we will it or not. We can affect its character; we cannot alter its inevitability." -- Robert F. Kennedy, 9 May 1966 "One-fifth of the people are against everything all the time."  -- Robert F. Kennedy "The Revolution was effected before the War commenced. The Revolution was in the minds and hearts of the people; a change in their religious sentiments of their duties and obligations ... This radical change in the principles, opinions, sentiments, and affections of the people was the real American Revolution."  -- John Adams :Whenever the economic life of a nation becomes pre¬carious, the central government is forced to assume additional responsibilities for the general welfare. It must work out elaborate plans for dealing with a criti-cal situation; it must impose ever greater restrictions upon the activities of its subjects; and if, as is very likely, worsening economic conditions result in polit¬ical unrest, or open rebellion, the central government must intervene to preserve public order and its own authority. More and more power is thus concentrated in the hands of the executives and their bureaucratic managers. But the nature of power is such that even those who have not sought it, but have had it forced upon them, tend to acquire a taste for more. "Lead us not into temptation," we pray -- and with good reason; for when human beings are tempted too enticingly or too long, they generally yield. A democratic constitu¬tion is a device for preventing the local rulers from yielding to those particularly dangerous temptations that arise when too much power is concentrated in too few hands." -- Aldous Huxley, Brave New World Revisited "And that", put in the Director sententiously, "that is the secret of happiness and virtue — liking what you’ve got to do. All conditioning aims at that: making people like their un-escapable social destiny." -– Aldous Huxley, Brave New World" "It is not the critic who counts; not the man who points out how the strong man stumbles, or where the doer of deeds could have done them better. The credit belongs to the man who is actually in the arena, whose face is marred by dust and sweat and blood; who strives valiantly; who errs, who comes short again and again, because there is no effort without error and shortcoming; but who does actually strive to do the deeds; who knows great enthusiasms, the great devotions; who spends himself in a worthy cause; who at the best knows in the end the triumph of high achievement, and who at the worst, if he fails, at least fails while daring greatly, so that his place shall never be with those cold and timid souls who neither know victory nor defeat." -- Theodore Roosevelt, Sorbonne, 23 April 1910 "Far better is it to dare mighty things, to win glorious triumphs, even though checkered by failure... than to rank with those poor spirits who neither enjoy nor suffer much, because they live in a gray twilight that knows not victory nor defeat." -- Theodore Roosevelt "Let us resolve to be masters, not the victims, of our history, controlling our own destiny without giving way to blind suspicions and emotions."  -- John Fitzgerald Kennedy "Those who make peaceful evolution impossible make violent revolution inevitable." -- John Fitzgerald Kennedy "A man may die, nations may rise and fall, but an idea lives on." -- John Fitzgerald Kennedy "The control of information is something the elite always does, particularly in a despotic form of government. Information, knowledge, is power. If you can control information, you can control people." -- Tom Clancy "My efforts to prevent closing of the gold window--working through Connally, Volcker, and Shultz--do not seem to have succeeded. The gold window may have to be closed tomorrow because we now have a government that is incapable, not only of constructive leadership, but of any action at all. What a tragedy for mankind!" - Arthur Burns, Federal Reserve Chairman, Aug. 12, 1971, The Secret Diary of Arthur Burns "I never bought a man who wasn't for sale." -- Senator Clark, Montana, 1899 "Political language is designed to make lies sounds truthful and murder respectable, and to give the appearance of solidity to pure wind." -- George Orwell "The power of holding two contradictory beliefs in one's mind simultaneously, and accepting both of them....To tell deliberate lies while genuinely believing in them, to forget any fact that has become inconvenient, and then, when it becomes necessary again, to draw it back from oblivion for just so long as it is needed, to deny the existence of objective reality and all the while to take account of the reality which one denies — all this is indispensably necessary. Even in using the word doublethink it is necessary to exercise doublethink. For by using the word one admits that one is tampering with reality; by a fresh act of doublethink one erases this knowledge; and so on indefinitely, with the lie always one leap ahead of the truth."  -- George Orwell "In a system...where the entire continuity of the...process rests upon credit, a crisis must obviously occur -- a tremendous rush for means of payment -- when credit suddenly ceases and only cash payments have validity. At first glance, therefore, the whole crisis seems to be merely a credit and money crisis. And in fact it is only a question of the convertibility of bills of exchange into money. But the majority of these bills represent actual sales and purchases, whose extension far beyond the needs of society is, after all, the basis of the whole crisis. At the same time, an enormous quantity of these bills of exchange represents plain swindle, which now reaches the light of day and collapses; furthermore, unsuccessful speculation with the capital of other people; finally, commodity-capital which has depreciated or is completely unsaleable, or returns that can never more be realized again. The entire artificial system of forced expansion of the [economy] cannot, of course, be remedied by having some bank, like the Bank of England, give to all the swindlers the deficient capital by means of its paper and having it buy up all the depreciated commodities at their old nominal values. Incidentally, everything here appears distorted, since in this paper world, the real price and its real basis appear nowhere, but only bullion, metal coin, notes, bills of exchange, securities. Particularly in centers where the entire money business of the country is concentrated, like London...the entire process becomes incomprehensible." -- Karl Marx, "Capital", Volume 3, Chapter 30, "Money-Capital and Real Capital"  "Winston worked in the RECORDS DEPARTMENT (a single branch of the Ministry of Truth) editing and writing for The Times. He dictated into a machine called a Speakwrite. Winston would receive articles or news-items which for one reason or another it was thought necessary to alter, or, in Newspeak, rectify. If, for example, the Ministry of Plenty forecast a surplus, and in reality the result was grossly less, Winston’s job was to change previous versions so the old version would agree with the new one." -- George Orwell, 1984 "All animals are equal, but some animals are more equal than others." -- George Orwell, Animal Farm "All political thinking for years past has been vitiated in the same way. People can foresee the future only when it coincides with their own wishes, and the most grossly obvious facts can be ignored when they are unwelcome. Political language... is designed to make lies sound truthful and murder respectable, and to give an appearance of solidity to pure wind." -- George Orwell "We’re in the integrity business: People pay us to be objective, to be independent and to forcefully tell it like it is." (Reference: Ratings Trouble, Institutional Investor, October 1995: 245) -- John Bohn Jr., former Moody’s President "This slow and awful self-hypnotism of error is a process that can occur not only with individuals, but also with whole societies. It is hard to pick out and prove; that is why it is hard to cure. But this mental degeneration may be brought to one test, which I truly believe to be a real test. A nation is not going mad when it does extravagant things, so long as it does them in an extravagant spirit. But whenever we see things done wildly, but taken tamely, then the State is growing insane... For madness is a passive as well as an active state: it is a paralysis, a refusal of the nerves to respond to the normal stimuli, as well as an unnatural stimulation. There are commonwealths, plainly to be distinguished here and there in history, which pass from prosperity to squalor or from glory to insignificance, or from freedom to slavery, not only in silence, but with serenity." -- Gilbert Keith Chesterton, National Madness, 1910 "When a man ceases to believe in God, he does not then believe in nothing. He will believe in anything." -- G.K. Chesterton "Democracy means government by the uneducated, while aristocracy means government by the badly educated." -- G.K. Chesterton >li>"No society can survive the socialist fallacy that there is an absolutely unlimited number of inspired officials and an absolutely unlimited amount of money to pay them." -- G.K. Chesterton "If you argue with a madman, it is extremely probable that you will get the worst of it...The madman is not the man who has lost his reason. The madman is the man who has lost everything except his reason." -- G.K. Chesterton "Never argue with a fool, onlookers may not be able to tell the difference" -- Mark Twain "Ambassadors are honest men sent abroad to lie for their countries." -- Henry Wotton (1568-1639) "Government’s view of the economy could be summed up in a few short phrases: If it moves, tax it. If it keeps moving, regulate it. If it stops moving, subsidize it." -- attributed to Ronald Reagan "...throughout recorded time...there have been three kinds of people in the world, the High, the Middle, and the Low...The aims of these three groups are entirely irreconcilable. The aim of the High is to remain where they are. The aim of the Middle is to change places with the High. The aim of the Low, when they have an aim -- for it is an abiding characteristic of the Low that they are too much crushed by drudgery to be more than intermittently conscious of anything outside their daily lives -- is to abolish all distinctions and create a society in which all men shall be equal. Thus throughout history a struggle which is the same in its main outlines recurs over and over again. For long periods the High seem to be securely in power, but sooner or later there always comes a moment when they lose either their belief in themselves or their capacity to govern efficiently, or both. They are then overthrown by the Middle, who enlist the Low on their side by pretending to them that they are fighting for liberty and justice. As soon as they have reached their objective, the Middle thrust the Low back into their old position of servitude, and themselves become the High. Presently a new Middle group splits off from one of the other groups, or from both of them, and the struggle begins over again. Of the three groups, only the Low are never even temporarily successful in achieving their aims. But the problems of perpetuating a hierarchical society go deeper than this. There are only four ways in which a ruling group can fall from power. Either it is conquered from without, or it governs so inefficiently that the masses are stirred to revolt, or it allows a strong and discontented Middle group to come into being, or it loses its own self-confidence and willingness to govern." -- 1984, George Orwell "Remember, democracy never lasts long. It soon wastes, exhausts, and murders itself. There never was a democracy yet that did not commit suicide." -- John Adams "If the Party could thrust its hand into the past and say this or that even, it never happened—that, surely, was more terrifying than mere torture and death." -- George Orwell, 1984, Book 1, Chapter 3 "And if all others accepted the lie which the Party imposed—if all records told the same tale—then the lie passed into history and became truth. 'Who controls the past' ran the Party slogan, 'controls the future: who controls the present controls the past.'" -- George Orwell, 1984, Book 1, Chapter 3 "Day by day and almost minute by minute the past was brought up to date. In this way every prediction made by the Party could be shown by documentary evidence to have been correct; nor was any item of news, or any expression of opinion, which conflicted with the needs of the moment, ever allowed to remain on record. All history was a palimpsest, scraped clean and reinscribed exactly as often as was necessary." -- George Orwell, 1984, Book 1, Chapter 3 by: xxxQuotes

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