“Instability mostly comes from the interface between the fact that the banks (or shadow banks) can create credit, money, and purchasing power in infinite quantities”

If we don’t constrain them, and the fact that credit is primarily created to fund the purchase of urban real estate and land, which is somewhat fixed in supply.

All the empirical evidence suggests that the rich tend to consume a lower proportion of income than middle and lower-income people.

We don’t know how to get out of this malaise and I think we now have to consider more radical policies.

Rising inequality can create a more highly leveraged economy, and it can then make the economy vulnerable to a crash like 2008.

In economics, when you put together a highly elastic thing and a highly inelastic thing, you create extraordinary potential for turbulence, volatility, and for unstable prices.

This isn’t a stable system.

We’re not where we should be in terms of our national economies.

If your credit is going to grow at 10-15 percent per year in order to get your 5 percent GDP growth per year, eventually you’re going to have a problem.

In finance and economics, ill-designed policy is a more powerful force for harm than individual greed or error.

In absolute terms, we may have to look at restricting the number of flights people take.

The richer people, when they get another $100,000, or another million, or 10 million, don’t tend to spend it as much as the poorer people would if they got another $100 or $1,000 or $5,000.

The capitalist system is not delivering those decade-after-decade increases it promised.

We need to move beyond the demonisation of overpaid traders

The probability that we face global warming caused by fossil fuels is now so overwhelming that it is legitimate to doubt the motives of those who deny it

The issuing power should be taken from the banks and restored to the people to whom it properly belongs.

I believe that banking institutions are more dangerous to our liberties than standing armies.

If you do not see great riches in your imagination, you will never see them in your bank balance.

Entrepreneurs are always taking feedback, especially from their customers, bankers, workers, and sales force.

A bank is a place where they lend you an umbrella in fair weather and ask for it back when it begins to rain.

It should be the power of our vote, not the size of our bank accounts, that drives our democracy.

Laughing all the way to the bank, I spray flames. They cannot tame or placate the monster.

It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning.