A Quote by Friedrich August von Hayek

The history of government management of money has, except for a few short happy periods, been one of incessant fraud and deception.

Friedrich August von Hayek

Quote Topics

Been Deception Except Few Fraud Government Happy History Incessant Management Money Periods Short The History Of

Quote Author

Friedrich August von Hayek
Austrian - Economist
May 8, 1899 - March 23, 1992

Fraud and deceit have been practiced since the beginning of history...Brass has been called gold; glass has been sold as diamonds; and poison has been hawked as excellent food. The story of fraud throughout the ages forms an ugly chapter of human history.

John Andreas Widtsoe

The parliamentary principle of decision by majorities only appears during quite short periods of history, and those are always periods of decadence in nations and States.

Adolf Hitler

Harvard and Yale concentrated with venture capitalists that got the best calls and brainpower. Very few firms made most of the money, and they made it in just a few periods. Everyone else returned between mediocre and lousy. When returns happened, envy rippled through institutional money management. The amount invested in venture capital went up 10 times post-1999. That later money was lost very quickly. It will happen again. I don't know anyone who successfully resists this stuff. It becomes a new orthodoxy.

Charlie Munger

I've been writing a book called The Economics of Innocent Fraud. I published part of it already in The Progressive ("Free Market Fraud," January 1999). But I've been interrupted these last few months. It deals with all of the things we do, in an innocent way, to cover up the truth.

John Kenneth Galbraith

Good money management alone isn't going to increase your edge at all. If your system isn't any good, you're still going to lose money, no matter how effective your money management rules are. But if you have an approach that makes money, then money management can make the difference between success and failure.

Monroe Trout

It's natural that you'd have more brains going into money management. There are so many huge incomes in money management and investment banking - it's like ants to sugar. There are huge incentives for a man to take up money management as opposed to, say, physics, and it's a lot easier.

Charlie Munger

Of all forms of deception self-deception is the most deadly, and of all deceived persons the self-deceived are the least likely to discover the fraud.

Aiden Wilson Tozer

Asking the government to help you for short periods of time is different than asking the government to take care of you for the rest of your life.

Donna Shalala

History teaches us that the capacity of things to get worse is limitless. Roman history suggests that the short, happy life of the American republic may be coming to its end... the US will probably maintain a facade of constitutional government and drift along until financial bankruptcy overtakes it.

Chalmers Johnson

Though the theories of plate tectonics now provide us with a modus operandi, they still seem to me to be a periodic phenomenon. Nothing is world-wide, but everything is episodic. In other words, the history of anyone part of the earth, like the life of a soldier, consists of long periods of boredom and short periods of terror.

D. V. Ager

Speeches by businessmen on social responsibility...may gain them kudos in the short run. But it helps to strengthen the already too prevalent view that the pursuit of profits is wicked.... There is one and only one social responsibility of business-to...engage in open and free competition without deception or fraud.

Milton Friedman

It has been said by church historians that in those periods of Christian history where renewal, revival, and awakening took place and the church was at its strongest, that coincidental with those periods in church history, there was a strong focus on the psalms in the life of God's people-particularly in the worship of God's people.

R. C. Sproul

The History of the world is not the theatre of happiness. Periods of happiness are blank pages in it, for they are periods of harmony--periods when the antithesis is in abeyance.