capitalist economies tend to move from a financial structure dominated by hedge finance units
to a structure in which there is a large weight to units engaged in speculative and Ponzi finance...
The greater the weight of speculative and Ponzi finance,
the smaller the overall margins of safety in the economy
and the greater the fragility of the financial structure.”
- Hyman Minsky, 1992
If we’ve been bamboozled long enough,
we tend to reject any evidence of the bamboozle.
We’re no longer interested in finding out the truth.
The bamboozle has captured us.
It’s simply too painful to acknowledge, even to ourselves, that we’ve been taken.
Once you give a charlatan power over you, you almost never get it back.
- Carl Sagan
“Sometimes the law defends plunder and participates in it.
Sometimes the law even places the whole apparatus of judges, police, prisons and gendarmes
at the service of the plunderers, and treats the victim, when he defends himself, as a criminal.
But often the masses are plundered and do not even know it.”
- Frédéric Bastiat
None are more hopelessly enslaved
than those who falsely believe they are free.
- Johann Wolfgang von Goethe
“See if the law takes from some persons what belongs to them,
and gives it to other persons to whom it does not belong.
See if the law benefits one citizen at the expense of another
by doing what the citizen himself cannot do without committing a crime.
Then abolish this law without delay.
If such a law is not abolished immediately it will spread, multiply
and develop into a system.”
- French economist Frederic Bastiat (1801-1850)
No society can surely be flourishing and happy,
of which the far greater part of the members are poor and miserable.
- Adam Smith
“Political ideas that have dominated the public mind for decades
cannot be refuted through rational arguments,
they must run their course in life and cannot collapse otherwise than in great catastrophe.”
- Ludwig Von Mises