John Maynard Keynes

In the long run we are all dead.

A study of the history of opinion is a necessary preliminary to the emancipation of the mind.

Americans are apt to be unduly interested in discovering what average opinion believes average opinion to be.

Education: the inculcation of the incomprehensible into the indifferent by the incompetent.

The avoidance of taxes is the only intellectual pursuit that still carries any reward.

Successful investing is anticipating the anticipations of others. 

Most men love money and security more, and creation and construction less, as they get older.

The importance of money flows from it being a link between the present and the future.

There is no harm in being sometimes wrong - especially if one is promptly found out.

Words ought to be a little wild, for they are the assaults of thoughts on the unthinking.

For at least another hundred years we must pretend to ourselves and to every one that fair is foul and foul is fair; for foul is useful and fair is not. Avarice and usury and precaution must be our gods for a little longer still.

I work for a Government I despise for ends I think criminal.

Capitalism is the astounding belief that the most wickedest of men will do the most wickedest of things for the greatest good of everyone.

Like Odysseus, the President looked wiser when he was seated.

The decadent international but individualistic capitalism in the hands of which we found ourselves after the war is not a success. It is not intelligent. It is not beautiful. It is not just. It is not virtuous. And it doesn't deliver the goods.

The best way to destroy the capitalist system is to debauch the currency. By a continuing process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens.

I think that one merits a repeat.

By a continuing process of inflation, government can confiscate, secretly and unobserved, an important part of the wealth of their citizens.

If economists could manage to get themselves thought of as humble, competent people on a level with dentists:  that would be splendid.

So anyway, I'm at a fundraiser last night for one of the local guys running for a local office, just standing around minding my own business and only about half listening to the conversation when somebody says, "How the hell is GDP calculated anyway?"

And then then they all turn and look at me.

Huh?

So ...... being me, I made something up about total industrial something plus savings and something but really all that matters is something having to do with always making sure they do it the same way every time.

Then I said something about the cannolis being really good and I'm going to go over and get me another one.

That was a close one.

So ..... still being me, I got up at 4:10 this morning and looked it up.

Just to make sure this kind of thing never happens to you.

Say, "Thank you Uncle Roany."

GDP = C + I + G + (X-M)

Where GDP is Gross Domestic Product.

C is consumption.

I is Investment.

G is Government Spending.

X is Exports.

M is Imports (The I having been already taken).

You're welcome.

"The great virtue is consumption, extravagance, improvidence.

The great vice is saving, thrift and ‘financial prudence ...

... If there are no savings there is no private money for investment.

Without private investors the government must provide investment capital.

If the government provides for investment, it has the power to dictate the conduct and processes of those who need investment capital."

The above quote was taken from Zygmund Dobbs' book, "Keynes at Harvard"

The economic theory's of John Maynard Keynes are those that are being practiced by all of the governments presently in power throughout the entire western world and much of the east including Japan.

It came to my attention in an email blast that evidently I must subscribe to from Brian Hicks at Energy and Capital ominously titled'

"Obama Wants to Spend Your Retirement Money".

Which by the way, I believe.

If I've said it once, I've said it a thousand times,

"The fact of my paranoia is in no way evidence that they're not out to get me."