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Almost every aspect of its (Federal Reserve) history should be approached with a discriminating disregard for what is commonly taught or believed.
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
Politician
University Teacher
John K. Galbraith
Federal
Investing
Believed
Discriminating
Aspect
Approached
Taught
Reserve
Almost
Disregard
History
Commonly
Every
Reserves
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I am for a close global association in trade and financial matters, rather than the opposite possibility of excessive nationalism, as manifested in the two world wars.
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I react to what is necessary. I would like to eschew any formula.
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We all agree that pessimism is a mark of superior intellect.
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Unemployment is rarely considered desirable except by those who have not experienced it.
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The seminar in economic theory conducted by Hayek at the L.S.E. in the 1930s was attended, it came to seem, by all of the economists of my generation - Nicky Kaldor , Thomas Balogh, L. K. Jah, Paul Rosenstein-Rodan, the list could be indefinitely extended. The urge to participate (and correct Hayek) was ruthlessly competitive.
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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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It takes some skill to spoil a breakfast - even the English can't do it.
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At best, in such depression times, monetary policy is a feeble reed on which to lean.
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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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American university presidents are a nervous breed I have never thought well of them as a class.
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It was not hard to persuade people that the market was sound as always in such times they asked only that the dispiriting voices of doubt be muted and that there should be tolerably frequent expressions of confidence.
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All of the great leaders have had one characteristic in common: it was the willingness to confront unequivocally the major anxiety of their people in their time. This, and not much else, is the essence of leadership.
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Franklin Delano Roosevelt and J.F Kennedy were Presidents in very different times.
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In any great organization it is far, far safer to be wrong with the majority than to be right alone.
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It is my guiding confession that I believe the greatest error in economics is in seeing the economy as a stable, immutable structure.
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The myth that holds that the great corporation is the puppet of the market, the powerless servant of the consumer, is, in fact one of the devices by which its power is perpetuated.
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Happiness does not require an expanding economy
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Ralph [ Nader] is an old friend of mine, and he does a useful job in displaying a position.
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Those days [of the Vietnam War] you couldn't get on a bus going to the South without expecting a riot over something or the other. All of that has disappeared thanks to Lyndon Johnson.
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