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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
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John K. Galbraith
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Banks
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I think the role of the Federal Reserve is enormously exaggerated.
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The happiest time of anyone's life is just after the first divorce.
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Nothing so denies a person liberty as the total absence of money.
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Oligopoly is an imperfect monopoly. Like the despotism of the Dual Monarchy, it is saved only by its incompetence.
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There is something wonderful in seeing a wrong-headed majority assailed by truth.
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A more important antidote to American democracy is American gerontocracy. The positions of eminence and authority in Congress are allotted in accordance with length of service, regardless of quality.
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The commencement speech is not, I think, a wholly satisfactory manifestation of our culture.
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In the assumption that power belongs as a matter of course to capital, all economists are Marxians.
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The urge to consume is fathered by the value system which emphasizes the ability of the society to produce.
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The size of General Motors is in the service not of monopoly or the economies of scale but of planning.
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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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