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135,473. Our economic systems were not built for a world driven by technology where prices keep falling. They were built for a pre-technology era when labour and capital were inextricably linked, an era that counted on growth and inflation, an era where we made money from scarcity and inefficiency. That era is over. But we keep on pretending that those economic systems still work. Jeff Booth, The Price of Tomorrow: Why Deflation is the Key to an Abundant Future
42,246. It was presented scientifically. But then they always present it scientifically. As being the only way of doing it; there is no alternative. And this gripped people. But at the same time you must never forget that politics is in pursuit of an interest and an ideological ... So the conflict between as it were Milton Friedman and Keynes was a political conflict. (Economics & Business & Money & Finance) Tony Benn, televised interview
42,247. These United States are confronted with an economic affliction of great proportions. (Economics & Reagan) Ronald Reagan
42,248. The economy will get worse. (Economics & Reagan) Ronald Reagan
42,250. The 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. And if it stops moving, subsidise it. (Economics & Reagan) Ronald Reagan
42,341. The economic ills have come upon us over several decades. They will not go away in days, weeks or months. But they will go away. (Economics & Reagan) Ronald Reagan
42,342. I regret to say that we are in the worst economic mess since the great depression. (Economics & Reagan) Ronald Reagan
42,249. What a country calls its vital economic interests are not the things which enable its citizens to live, but the things which enable it to make war. (Economics & War) Simone Weil
42,251. Conventional economics is a form of brain damage. Economics is so fundamentally disconnected form the real world it is destructive. David Suzuki, geneticist and activist
42,252. On 16th September 1992 John Major faced meltdown in the City. A massive devaluation of the pound exposed the fragility of our economy. The country plunged into recession. The price of oil crashed. Crude Britannia: The Story of North Sea Oil 3/3
42,253. Unlimited economic progress in a world of finite natural resources doesn’t make sense. It is a pattern that is bound to collapse. Jane Goodall
42,254. Our whole economy is based on planned obsolescence. Brooks Stevens
42,255. Economics is the science which studies human behavior as a relationship between ends and scarce means which have alternative uses. Lionel Robbins, Essay on the Nature and Significance of Economic Science 1932
42,256. We let the special interests put their thumbs on the economic scales. We’ve excused and even embraced an ethic of greed. (Economics & Greed) Barack Obama, Cooper Union speech
42,257. A free market was never meant to be a free licence to take whatever you can get whenever you can get it. (Economics & Market) ibid.
42,258. In 1961 the Conservative Government set up Neddy – The National Economic Development Council, in what had been a gentlemen’s club in Westminster ... They saw themselves as followers of the economist Maynard Keynes. (Economics & Money) Adam Curtis, Pandora’s Box
42,259. Keith Joseph toured the country translating monetarism into a political programme. The primary job of economics was no longer to create employment, he said, it was to reduce inflation. (Economics & Money & Employment & Inflation) ibid.
42,260. Then in March 1976 Britain fell into the abyss. Foreign investors led by American bankers panicked. The pound began to slide against the dollar. And nothing would stop it. Britain faced bankruptcy. In desperation Labour turned to the International Monetary Fund for a loan. And the IMF team came to London. They were determined that the only way to restore confidence was for the British government to adopt monetarist policies. (Economics & Money & IMF) ibid.
42,261. Money now became a commodity traded for itself. It was managed by young technicians in the dealing rooms. Economists who once thought they could control money became its servants. (Economics & Money) ibid.
42,262. I work for a government I despise for ends I think criminal. (Economics & Government) John Maynard Keynes
42,263. In truth the gold standard is already a barbarous relic. (Economics & Gold) John Maynard Keynes, Monetary Reform 1924 p172
42,264. This is a nightmare, which will pass away with the morning. For the resources of nature and men’s devices are just as fertile and productive as they were. The rate of our progress towards solving the material problems of life is not less rapid. John Maynard Keynes, re great depression
42,265. 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. (Economics & Money) John Maynard Keynes
42,266. The decadent international but individualistic capitalism in the hands of which we found ourselves after the war is not a success. It is not intelligent. It is not beautiful. It is not just. It is not virtuous. And it doesn't deliver the goods. In short we dislike it, and we are beginning to despise it. But when we wonder what to put in its place, we are extremely perplexed. (Economics & Capitalism) John Maynard Keynes
42,267. 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
42,268. The immense accumulations of fixed capital which, to the great benefit of mankind, were built up during the half century before the war, could never have come about in a Society where wealth was divided equitably. (Economics & Wealth) John Maynard Keynes, The Economic Consequences of the Peace 1919
42,269. Lenin is said to have declared that the best way to destroy the capitalist system was to debauch the currency. By a continuing process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens. By this method they not only confiscate, but they confiscate arbitrarily; and, while the process impoverishes many, it actually enriches some. The sight of this arbitrary rearrangement of riches strikes not only at security, but at confidence in the equity of the existing distribution of wealth. Those to whom the system brings windfalls, beyond their deserts and even beyond their expectations or desires, become ‘profiteers’, who are the object of the hatred of the bourgeoisie, whom the inflationism has impoverished, not less than of the proletariat. As the inflation proceeds and the real value of the currency fluctuates wildly from month to month, all permanent relations between debtors and creditors, which form the ultimate foundation of capitalism, become so utterly disordered as to be almost meaningless; and the process of wealth-getting degenerates into a gamble and a lottery.
Lenin was certainly right. 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 is able to diagnose. (Inflation & Economics & Capitalism & Currency & Money & Debt & Wealth) ibid. VI: 235-236 1919
42,271. Capitalism, wisely managed, can probably be made more efficient for attaining economic ends than any alternative system yet in sight, but that in itself it is in many ways extremely objectionable. (Economics & Capitalism) John Maynard Keynes, The End of Laissez-Faire 1926