James Grant

I have unlimited faith in the American people taking care of themselves—if they are told what to do and why.

Logic makes as poor an argument against a boom as it does against a love affair.

It is a comment on the nature of economics as much as it is on the genius of Bagehot that his dicta on central banking continue to hold sway almost a century and a half after he propounded them. In the physical sciences, progress is cumulative; we stand on the shoulders of giants. In economics, the most ostensibly rigorous of the social sciences, progress - and error, too - are cyclical; we keep stepping on the same rakes.