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Financial food for thought

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We’ve compiled some of our favourite quotes on the subject of finance and economics – if you know of any good lines that we’ve missed, please leave them in the comments…

“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.” –Henry Ford

“The financial markets generally are unpredictable. The idea that you can actually predict what’s going to happen contradicts my way of looking at the market.” – George Soros

“Investors should remember that excitement and expenses are their enemies. And if they insist on trying to time their participation in equities, they should try to be fearful when others are greedy and greedy when others are fearful.” – Warren Buffet

“Where large sums of money are concerned, it is advisable to trust nobody.” – Agatha Christie

“I believe that banking institutions are more dangerous to our liberties than standing armies.” – Thomas Jefferson

“If investing is entertaining, if you’re having fun, you’re probably not making any money. Good investing is boring.” – George Soros

“Investors have very short memories.” – Roman Abramovich

“When a government is dependent upon bankers for money, they and not the leaders of the government control the situation, since the hand that gives is above the hand that takes… Money has no motherland; financiers are without patriotism and without decency; their sole object is gain.” – Napoleon Bonapart

“Money is worthless unless some people have it and others do not.” – Anon

“If you would know the value of money, go and try to borrow some.” – Benjamin Franklin

“The modern banking system manufactures money out of nothing. The process is, perhaps, the most, astounding piece of sleight of hand that was ever invented. Banks can in fact inflate, mint, and un-mint the modern ledger-entry currency.” – Major L. L. B. Angus

“Inflation is taxation without legislation.” – Milton Friedman

“Bankers own the earth; take it away from them but leave them with the power to create credit; and, with a flick of a pen, they will create enough money to buy it back again… If you want to be slaves of bankers and pay the cost of your own slavery, then let the bankers control money and control credit.” – Sir Josiah Stamp, Director, Bank of England, 1940

“Wall Street people learn nothing and forget everything.” – Benjamin Graham

“In all recorded history, there has not been one economist who has had to worry about where the next meal would come from.” – Peter Drucker

“The line separating investment and speculation, which is never bright and clear, becomes blurred still further when most market participants have recently enjoyed triumphs. Nothing sedates rationality like large doses of effortless money. After a heady experience of that kind, normally sensible people drift into behaviour akin to that of Cinderella at the ball. They know that overstaying the festivities – that is, continuing to speculate in companies that have gigantic valuations relative to the cash they are likely to generate in the future — will eventually bring on pumpkins and mice. But they nevertheless hate to miss a single minute of what is one helluva party. Therefore, the giddy participants all plan to leave just seconds before midnight. There’s a problem, though: They are dancing in a room in which the clocks have no hands.” – Warren Buffet

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