A Quote by John Maynard Keynes
I know of only three people who really understand money. A professor at another university. One of my students. And a rather junior clerk at the Bank of England.
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I was a mere 29-year-old instructor at Kyoto, enjoying daily research work with some young students. Nothing had prepared me to be a professor at a major national university. Being too young and inexperienced to be a Full Professor, I was first appointed Associate Professor of Chemistry.
My father was a university professor and his thing was tenure. Any time I hear a university professor say tenure, I hear the word dinosaur. You're not supposed to be getting tenure. You're supposed to be figuring out how you can teach more students at a better price and more effectively. That's your job.
At first I wanted to go to university, but I really didn't dare to. I was too self-conscious, being a working-class kid. It was really difficult. I was going to study history, but the professor asked me some questions I didn't understand, and I didn't dare to ask what they meant. I left university and went to work in the Post.
I'm a very happy university professor... the best thing about being a university professor is that you see young people as they're being shaped and molded toward their own future, and you have a chance to be a part of that.
If everybody was a bank clerk, then I would be a rebel. But if everyone was a rebel, then I promise you I would go out of my way to be a bank clerk.
So: if the chronic inflation undergone by Americans, and in almost every other country, is caused by the continuing creation of new money, and if in each country its governmental "Central Bank" (in the United States, the Federal Reserve) is the sole monopoly source and creator of all money, who then is responsible for the blight of inflation? Who except the very institution that is solely empowered to create money, that is, the Fed (and the Bank of England, and the Bank of Italy, and other central banks) itself?
By 1954, as an assistant professor with a group of three graduate students, I was able to initiate more complex experimental projects, dealing with the structure, stereochemistry and synthesis of natural products. As a result of the success of this research, I was appointed in 1956, at age twenty-seven, as professor of chemistry.
It is generally believed that it is the students who derive benefit by working under the guidance of a professor. In reality, the professor benefits equally by his association with gifted students working under him.
Contrary to what most people think, bank money is much more important than state money. In Greece, for example, bank money makes up 84.26% of the total money supply.
In 1952, I was appointed Professor at the University of Bonn and Director of the Physics Institute, with very good students waiting for a thesis advisor.
When I was at the University of California at Berkeley, I went to some classes that must have had more than four hundred students in them. I almost always sat in the far back of the auditorium so I could read the newspaper. I remember that I stayed late one day to ask the professor a question, and when I got up to him, all I could think to myself was, 'So this is what the professor looks like.
The States is run by the Federal Reserve, an institution that answers only to itself and to a few large banks. It's modelled on the Bank of England. Ben Franklin said that one of the main reasons America revolted was to get away from the Bank of England, the mother of all central banks - the most pernicious and insidious of all.
A professor was telling students about his colleagues class. Students in the other class had taken to tossing erasers at the clock. Each precise hit caused it to jump ahead one minute. Before class one morning they succeeded in advancing the clock by ten minutes. Since the new time indicated that the professor was beyond the accepted starting time, the class left. The professor never said a word about the incident. However, he presented the class with a killer of a final exam. As the students labored to finish in the allotted time, the professor amused himself by tossing erasers at the clock.
Whereas students minds used to be the chief concern of colleges and universities, it is now more their bank accounts (more accurately, that of their parents and of the taxpayers). If students happen to learn anything useful while enrolled, that's good, but if not, as long as they've paid their bills, that's not the university's problem.
A much more radical conclusion . . . that, so far as I know, is shared by only a very few students of public choice [is]: that government employees or people who draw the bulk of their income from government by other means should be deprived of the vote . . . It is another example of the opening up of alternatives for investigation and the presentation of new conceivable policy options characteristic of public choice, rather than a policy that all its students favor.
Why did the people think [Vietnam war] was fundamentally wrong and immoral? The guys who ran the polls, John E. Rielly, a professor at the University of Chicago, a liberal professor, he said what that means is that people thought too many Americans had being killed. Another possibility is they didn't like the fact that we were carrying out the worst crime since the Second World War. But that's so inconceivable that wasn't even offered as a possible reason.
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