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The study of money, above all other fields in economics, is one in which complexity is used to disguise truth or to evade truth, not to reveal it. The process by which banks create money is so simple the mind is repelled.
John Kenneth Galbraith
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John Kenneth Galbraith
Age: 97 †
Born: 1908
Born: October 15
Died: 2006
Died: April 29
Diplomat
Economist
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John K. Galbraith
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Banks
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Disguise
Create
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Money
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Banking
More quotes by John Kenneth Galbraith
There is something wonderful in seeing a wrong-headed majority assailed by truth.
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I accept the global complex and global trade more than do some of my liberal colleagues because I consider this a wise alternative to national tension and conflict.
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At best, in such depression times, monetary policy is a feeble reed on which to lean.
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The inborn instability of capitalism has been part of the history of the system for several hundred years.
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Even the word depression itself was the terminological product of an effort to soften the connotation of deep trouble. In the last century, the term crisis was normally employed. With time, however, this acquired the connotation of the misfortune it described.
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Very important functions can be performed very wastefully and often are.
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Of all classes the rich are the most noticed and the least studied.
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The first goal of the technostructure is its own security.
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The only function of economic forecasting is to make astrology look respectable.
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In the conventional wisdom of conservatives, the modern search for security is regularly billed as the greatest single threat to economic progress.
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Anyone who says he won't resign four times, will.
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What was needed was a policy that increased the supply of money available for use and then ensured its use. Then the state of trade would have to improve.
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I do the best with what exists.
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The modern corporation must manufacture not only goods but the desire for the goods it manufactures.
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Hermann Goering, Joachim von Ribbentrop, Albert Speer, Walther Frank, Julius Streicher and Robert Ley did pass under my inspectionand interrogation in 1945 but they only proved that National Socialism was a gangster interlude at a rather low order of mental capacity and with a surprisingly high incidence of alcoholism.
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In public administration good sense would seem to require that public expectation be kept at the lowest possible level in order to minimize eventual disappointment.
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Power is not something that can be assumed or discarded at will like underwear.
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A very complicated mass of things influences the economy - the speculative effect, government policy, consumer borrowing and spending, the level of technical innovation (which I concede, although everyone emphasizes it too much), and much more - including, of course, the rate of inflation.
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Inflation does not lubricate trade but by rescuing traders from their errors of optimism or stupidity.
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