When my information changes, I alter my conclusions. What do you do, sir?
If you owe your bank a hundred pounds, you have a problem. But if you owe a million, it has.
By this means the government may secretly and unobserved, confiscate the wealth of the people, and not one man in a million will detect the theft.
When somebody persuades me I am wrong, I change my mind.
Well, when I get new information, I rethink my position. What, sir, do you do with new information?
If, however, a government refrains from regulations and allows matters to take their course, essential commodities soon attain a level of price out of the reach of all but the rich, the worthlessness of the money becomes apparent, and the fraud upon the public can be concealed no longer.
By a continuing process of inflation, government can confiscate, secretly and unobserved, an important part of the wealth of their citizens.
The difficulty lies not so much in developing new ideas as in escaping from old ones.
There is no intrinsic reason for the scarcity of capital.
Practical men who believe themselves to be quite exempt from any intellectual influence, are usually the slaves of some defunct economist. Madmen in authority, who hear voices in the air, are distilling their frenzy from some academic scribbler of a few years back.
It’s not bringing in the new ideas that’s so hard; it’s getting rid of the old ones.