In The Long Run We Are All

It Is Preferable To Regard Labour, Including, Of Course, The Personal Services Of The Entrepreneur, And His Assistants, As The Sole Factor Of Production, Operating In A Given Environment Of Technique, Natural Resources, Capital Equipment And Effective Demand. This Is Why We Have Been Able To Take Labour As The Sole Physical Unit Which We Require In Our Economic System, Apart From Units Of Money And Of Time.

Of The Maxims Of Orthodox Finance None, Surely, Is More Anti-social Than The Fetish Of Liquidity, The Doctrine Of That It Is A Positive Virtue On The Part Of Investment Institutions To Concentrate Their Resources Upon The Holding Of 'liquid' Securities. It Forgets That There Is No Such Thing As Liquidity Of Investment For The Community As A Whole.

A Sound Banker, Alas, Is Not One Who Foresees Danger And Avoids It, But One Who, When He Is Ruined, Is Ruined In A Conventional And Orthodox Way Along With His Fellows, So That No One Can Really Blame Him. It Is Necessarily Part Of The Business Of A Banker To Maintain Appearances, And To Confess A Conventional Respectability, Which Is More Than Human. Life-long Practices Of This Kind Make Them The Most Romantic And The Least Realistic Of Men.

In Truth, The Gold Standard Is Already A Barbarous Relic. All Of Us, From The Governor Of The Bank Of England Downwards, Are Now Primarily Interested In Preserving The Stability Of Business, Prices, And Employment, And Are Not Likely, When The Choice Is Forced On Us, Deliberately To Sacrifice These To Outworn Dogma, Which Had Its Value Once, Of 3 Pounds, 17 Shill Ings, 10 1/2 Pence Per Ounce. Advocates Of The Ancient Standard Do Not Observe How Remote It Now Is From The Spirit And The Requirements Of The Age. A Regulated Nonmetallic Standard Has Slipped In Unnoticed. It Exists.

Canada Is A Place Of Infinite Promise. We Like The People, And If One Ever Had To Emigrate, This Would Be The Destination, Not The U.s.a. The Hills, Lakes And Forests Make It A Place Of Peace And Repose Of The Mind, Such As One Never Finds In The U.s.a.