Category: Quote of the Week

“There was an open ‘debate’ about MMT or Modern Monetary Theory. Brilliant young man economist Sam Rines took the difficult position of being pro-MMT for the sake of debate. He thinks it would be a disaster but is truly afraid we will actually pursue such a policy. There was the usual pushback, which I’ve written about more than once, but I have to admit that I was struck by the private conversations after the debate. Many smart, well-informed thinkers were almost resigned to seeing MMT actually attempted in the next decade. Mauldin take away: If we attempt MMT it will …

“Regard your good name as the richest jewel you can possibly be possessed of – for credit is like fire; when once you have kindled it you may easily preserve it, but if you once extinguish it, you will find it an arduous task to rekindle it again. The way to gain a good reputation is to endeavor to be what you desire to appear.” – Socrates

“Calling QE not-QE doesn’t make it different than QE, but it does communicate the Fed’s panicky desire to mask its stupendous injection of financial cocaine into the financial system. The Fed’s level of panic is noteworthy, as is the absurd transparency of its laughable attempt to conceal its panic. In the same fashion, the financial media is loudly declaring the current blowoff top in stocks is not a blowoff top. The delicious irony here is these denials are reliable markers of blowoff tops: the louder the denials, the greater the odds that this is in fact the blowoff top that many …

“It may be broadly stated that…..of all animals kept for the recreation of mankind the horse is alone capable of exciting a passion that shall be absolutely hopeless.” – Bret Harte

“Almost all great fortunes are based upon one cracking good idea and the guts to go with it.” – Frederick Forsyth

“We who are Jews by nature, and not sinners of the Gentiles, Knowing that a man is not justified by the works of the law, but by the faith of Jesus Christ, even we have believed in Jesus Christ, that we might be justified by the faith of Christ, and not by the works of the law: for by the works of the law shall no flesh be justified. But if, while we seek to be justified by Christ, we ourselves also are found sinners, is therefore Christ the minister of sin? God forbid. For if I build again the …

“I will stand upon my watch, and set me upon the tower, and will watch to see what he will say unto me, and what I shall answer when I am reproved. And the Lord answered me, and said, Write the vision, and make it plain upon tables, that he may run that readeth it. For the vision is yet for an appointed time, but at the end it shall speak, and not lie: though it tarry, wait for it; because it will surely come, it will not tarry. Behold, his soul which is lifted up is not upright in …

“My Creed:  I do not choose to be a common man. It is my right to be uncommon—if I can. I seek opportunity—not security. I do not wish to be a kept citizen, humbled and dulled by having the state look after me. I want to take the calculated risk; to dream and to build, to fail and to succeed. I refuse to barter incentive for a dole. I prefer the challenges of life to the guaranteed existence; the thrill of fulfillment to the stale calm of utopia. I will not trade freedom for beneficence nor my dignity for a …

“Commerce with all nations, alliance with none, should be our motto.” – Thomas Jefferson

“Talkers are usually more articulate than doers, since talk is their specialty.” – Thomas Sowell

“How to succeed: First, labor. Nothing can be had for nothing; whatever a man achieves, he must pay for it; and no favor of fortune can absolve him from duty. Secondly, patience and forbearance, which is simply dependent upon the slow justice of time. Thirdly, and important, faith. Unless a man believes in something far higher than himself, something infinitely purer and grander than he can ever become—unless he has an  instinct of an order beyond his dreams, of laws beyond his comprehension, of beauty and good and justice, beside which his own ideals are dark, he will fail in …

“The strength and power of despotism consists wholly in the fear of resistance.” – Thomas Paine

“And the fifth angel sounded, and I saw a star fall from heaven unto the earth: and to him was given the key of the bottomless pit. And he opened the bottomless pit; and there arose a smoke out of the pit, as the smoke of a great furnace; and the sun and the air were darkened by reason of the smoke of the pit. And there came out of the smoke locusts upon the earth: and unto them was given power, as the scorpions of the earth have power. And it was commanded them that they should not hurt …

“Now when these things were done, the princes came to me, saying, The people of Israel, and the priests, and the Levites, have not separated themselves from the people of the lands, doing according to their abominations, even of the Canaanites, the Hittites, the Perizzites, the Jebusites, the Ammonites, the Moabites, the Egyptians, and the Amorites. For they have taken of their daughters for themselves, and for their sons: so that the holy seed have mingled themselves with the people of those lands: yea, the hand of the princes and rulers hath been chief in this trespass. And when I …

“You cannot run away from a weakness, you must sometimes fight it out or perish. And if that be so, why not now and where you stand?” – Robert Louis Stevenson