Sunday, June 6, 2010


"The long run is a misleading guide to current affairs. In the long run we are all dead. Economists set themselves too easy, too useless a task if in tempestuous seasons they can only tell us that when the storm is past the ocean is flat again."

A Tract on Monetary Reform (1923)

In truth, the gold standard is already a barbarous relic.
Monetary Reform (1924), p. 172

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