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All crises have involved debt that, in one fashion or another, has become dangerously out of scale in relation to the underlying means of payment.
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
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Scales
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Debt
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More quotes by John Kenneth Galbraith
The notion that you would initiate a new product without preparing the way by persuasion and advertising and salesmanship is fantastic. It's an integral part of the system.
John Kenneth Galbraith
In the assumption that power belongs as a matter of course to capital, all economists are Marxians.
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In the affluent society, no useful distinction can be made between luxuries and necessities.
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Nothing so weakens government as persistent inflation.
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Conscience is better served by a myth.
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To see economic policy as a problem of choice between rival ideologies is the greatest error of our time.
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In the United States all business not transacted over the telephone is accomplished in conjunction with alcohol or food, often under conditions of advanced intoxication. This is a fact of the utmost importance for the visitor of limited funds... for it means that the most expensive restaurants are, with rare exceptions, the worst.
John Kenneth Galbraith
The present age of contentment will come to an end only when and if the adverse developments that it fosters challenge the sense of comfortable well-being
John Kenneth Galbraith
I think the role of the Federal Reserve is enormously exaggerated.
John Kenneth Galbraith
A point must be repeated: only the pathological weakness of the financial memory...allows us to believe that the modern experience of....debt...is in any way a new phenomenon.
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For the sake of The Progressive, I will say that [Robert] La Follette was relevant, but he was the last.
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Of all classes the rich are the most noticed and the least studied.
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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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There is little that can be said about most economic goods. A toothbrush does little but clean teeth. Aspirin does little but dull pain. Alcohol is important mostly for making people more or less drunk ... There being so little to be said, much is to be invented.
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I've long believed alas, that in highly organized industrial societies, capitalist or socialist, the stronger tendency is to converge - that if steel or automobiles are wanted and must be made on a large scale, the process will stamp its imprint on the society, whether that me be Magnitogorsk or Gary, Indiana.
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Authorship of any sort is a fantastic indulgence of the ego.
John Kenneth Galbraith
More die in the United States of too much food than of too little.
John Kenneth Galbraith
No solution [to the problem of poverty] is so effective as providing income to the poor. Whether in the form of food, housing, health services, education or money, income is an excellent antidote for deprivation. No truth has spawned so much ingenious evasion.
John Kenneth Galbraith
In dealing with Mr. Nixon, it is not easy to be unfair. He invites and justifies all available criticism.
John Kenneth Galbraith
In any great organization it is far, far safer to be wrong with the majority than to be right alone.
John Kenneth Galbraith
