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Should government refrain from regulation taxation, the worthlessness of the money becomes apparent and the fraud can no longer be concealed.
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When the capital development of a country becomes a by-product of the activities of a casino, the job is likely to be ill-done...
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The important thing for Government is not to do things which individuals are doing already, and to do them a little better or a little worse; but to do those things which at present are not done at all.
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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.
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The political problem of mankind is to combine three things: economic efficiency, social justice and individual liberty.
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A study of the history of opinion is a necessary preliminary to the emancipation of the mind.
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Perhaps a day might come when there would be at last be enough to go round, and when posterity could enter into the enjoyment of our labors.
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...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.
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It is a mistake to think that one limits one’s risk by spreading too much between enterprises about which one knows little and has no reason for special confidence.
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Leninism is a combination of two things which Europeans have kept for some centuries in different compartments of the soul - religion and business. We are shocked because the religion is new, and contemptuous because the business, being subordinated to the religion instead of the other way round, is highly inefficient.
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By this means fractional reserve banking government may secretly and unobserved, confiscate the wealth of the people, and not one man in a million will detect the theft.
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Thus those reformers, who look for a remedy by creating artificial carrying-costs for the money through the device of requiring legal-tender currency to be periodically stamped at a prescribed cost in order to retain its quality as money, or in analogous ways, have been on the right track; and the practical value of their proposals deserves consideration.
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So it is not an accident that the Nazi lads vent a particular fury against Einstein. He does truly stand for what they most dislike, the opposite of the blond beast intellectualist, individualist, supernationalist, pacifist, inky, plump... How should they know the glory of the free-ranging intellect and soft objective sympathy to whom money and violence, drink and blood and pomp, mean absolutely nothing?
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In peace time, that is to say, the size of the cake depends on the amount of work done. But in war time the size of the cake is fixed. If we work harder, we can fight better. But we must not consume more.
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When the accumulation of wealth is no longer of high social importance, there will be great changes in the code of morals.
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How can I adopt a creed which, preferring the mud to the fish, exalts the boorish proletariat above the bourgeois and the intelligentsia who, with whatever faults, are the quality in life and surely carry the seeds of all human advancement?
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I see, therefore, the rentier aspect of capitalism as a transitional phase which will disappear when it has done its work. And with the disappearance of its rentier aspect much else in it besides will suffer a sea-change. It will be, moreover, a great advantage of the order of events which I am advocating, that the euthanasia of the rentier, of the functionless investor, will be nothing sudden, merely a gradual but prolonged continuance of what we have seen recently in Great Britain, and will need no revolution.
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I work for a Government I despise for ends I think criminal.
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The glory of the nation you love is a desirable end, - but generally to be obtained at your neighbor's expense.
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For my part I think that 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.
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If you owe your bank manager a thousand pounds, you are at his mercy. If you owe him a million pounds, he is at your mercy.
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It is a grand book worthy of one’s hopes of you. A most powerful piece of well organized analysis with high aesthetic qualities, though written more perhaps than you see yourself for the cognoscenti in the temple and not for those at the gate. Anyhow I prefer it for intellectual enjoyment to any recent attempts in this vein.
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The appropriate time for the ultimate release of the deposits will have arrived at the onset of the first post-war slump.
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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 behavior and religion.