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"The times are too difficult and the crisis too severe to indulge in schadenfreude. Looking at it in perspective, the fact that there would be a financial crisis was perfectly predictable: its general nature, if not its magnitude. Markets are always inefficient."
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"That policy which aims at raising the objective exchange-value of money is called, after the most important means at its disposal, restrictionism or deflationism. This nomenclature does not really embrace all the policies that aim at an increase in the value of money. The aim of restrictionism may also be attained by not increasing the quantity of money when the demand for it increases, or by not increasing it enough. This method has quite often been adopted as a way of increasing the value of money in face of the problems of a depreciated credit-money standard."
"And the reason Luke is thinking about time and free will is because he believes that money is the closest human beings have ever come to crystallizing time and free will into a compact physical form. Cash. Cash is a time crystal. Cash allows you to multiply your will, and it allows you to speed up time. Cash is what defines us as a species. Nothing else in the universe has money."
"The values of commodities are directly as the times of labour employed in their production, and are inversely as the productive powers of the labour employed."
"As a rule, however, an increase in the value of money spreads only gradually. The first of those who have to content themselves with lower prices than before for the commodities they sell, while they still have to pay the old higher prices for the commodities they buy, are those who are injured by the increase in the value of money. Those, however, who are the last to have to reduce the prices of the commodities they sell, and have meanwhile been able to take advantage of the fall in the prices of other things, are those who profit by the change."
"Money is not indefinitely divisible. Even with the assistance of money-substitutes for expressing fractional sums that for technical reasons cannot conveniently be expressed in the actual monetary material (a method that has been brought to perfection in the modern system of token coinage), it seems entirely impossible to provide commerce with every desired fraction of the monetary unit."
"A third group of inflationists do not deny that inflation involves serious disadvantages. Nevertheless, they think that there are higher and more important aims of economic policy than a sound monetary system. They hold that although inflation may be a great evil, yet it is not the greatest evil, and that the State might under certain circumstances find itself in a position where it would do well to oppose greater evils with the lesser evil of inflation."
"There is not the slightest analogy between playing games and the conduct of business within a market society. The card player wins money by outsmarting his antagonist. The businessman makes money by supplying customers with goods they want to acquire."
"It is the consumers who make poor people rich and rich people poor."
Explore more quotes by Noam Chomsky
"I think maybe the classic formulation was by David Hume in "Of the First Principles of Government," where he pointed out that "Force is always on the side of the governed." Whether it's a military society, a partially free society, or what we - not he - would call a totalitarian state, it's the governed who have the power. And the rulers have to find ways to keep them from using their power. Force has its limits, so they have to use persuasion. They have to somehow find ways to convince people to accept authority. If they aren't able to do that, the whole thing is going to collapse."
"Most problems of teaching are not problems of growth but helping cultivate growth. As far as I know, and this is only from personal experience in teaching, I think about ninety percent of the problem in teaching, or maybe ninety-eight percent, is just to help the students get interested. Or what it usually amounts to is to not prevent them from being interested. Typically they come in interested, and the process of education is a way of driving that defect out of their minds. But if children['s] ... normal interest is maintained or even aroused, they can do all kinds of things in ways we don't understand."
"The Washington leadership has put aside non-proliferation programmes and devoted its energies and resources to driving the country to war by extraordinary deceit, then trying to manage the catastrophe it created in Iraq."
"If workers are more insecure, that's very 'healthy' for the society, because if workers are insecure, they won't ask for wages, they won't go on strike, they won't call for benefits; they'll serve the masters gladly and passively. And that's optimal for corporations' economic health."
"It is probable that the most inhuman monsters, even the Himmlers and the Mengeles, convince themselves that they are engaged in noble and courageous acts."
"Both political parties have moved to the right during the neoliberal period. Today's New Democrats are pretty much what used to be called "moderate Republicans. The "political revolution that Bernie Sanders called for, rightly, would not have greatly surprised Dwight Eisenhower.The fate of the minimum wage illustrates what has been happening. Through the periods of high and egalitarian growth in the '50s and '60s, the minimum wage-which sets a floor for other wages-tracked productivity. That ended with the onset of neoliberal doctrine. Since then, the minimum wage has stagnated (in real value). Had it continued as before, it would probably be close to $20 per hour. Today, it is considered a political revolution to raise it to $15."
"It's ridiculous to talk about freedom in a society dominated by huge corporations. What kind of freedom is there inside a corporation? They're totalitarian institutions - you take orders from above and maybe give them to people below you. There's about as much freedom as under Stalinism."
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