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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
Non-Fiction Writer
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John K. Galbraith
Money
Economics
Monetary
Truth
Deeper
Bankers
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Banking
Used
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Study
Disguise
Mind
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Evade
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There is a common tendency to ignore the poor or to develop some rationalisation for the good fortune of the fortunate.
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In the world of minor lunacy the behaviour of both the utterly rational and the totally insane seems equally odd.
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Consumer wants can have bizarre, frivolous, or even immoral origins, and an admirable case can still be made for a society that seeks to satisfy them. But the case cannot stand if it is the process of satisfying wants that create the wants.
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One can relish the varied idiocy of human action during a panic to the full, for, while it is a time of great tragedy, nothing is being lost but money.
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In fact, the wage-price spiral is the functional counterpart of unemployment. The latter occurs when there is insufficient demand the spiral operates when there is too much and also,unfortunately, when there is just enough.
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Educators have yet to realize how deeply the industrial system is dependent upon them.
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In the early days of the crash it was widely believed that Jesse L. Livermore, a Bostonian with a large and unquestionably exaggerated reputation for bear operations, leading a syndicate that was driving the market down.
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It would be foolish to suggest that government is a good custodian of aesthetic goals. But, there is no alternative to the state.
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But it can be laid down as a rule that those who speak most of liberty are least inclined to use it.
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