"In order to calculate the size of the cake which will be left for civilian consumption, we have to estimate the maximum current output that we are capable of organising from our resources of men and plant and materials, how fast we can safely draw on our foreign reserves by importing more than we export, how much of all this will be used up by our war effort."

“I see us free, therefore, to return to some of the most sure and certain principles of religion and traditional virtue – that avarice is a vice, that the exaction of usury is a misdemeanour, and the love of money is detestable, that those walk most truly in the paths of virtue and sane wisdom who take least thought for the morrow. We shall once more value ends above means and prefer the good to the useful. We shall honour those who can teach us how to pluck the hour and the day virtuously and well, the delightful people who are capable of taking direct enjoyment in things, the lilies of the field who toil not, neither do they spin.”

“Markets can remain irrational longer than you can remain solvent.”

“The glory of the nation you love is a desirable end, — but generally to be obtained at your neighbor's expense.”

“This is a nightmare, which will pass away with the morning. For the resources of nature and men's devices are just as fertile and productive as they were. The rate of our progress towards solving the material problems of life is not less rapid. We are as capable as before of affording for everyone a high standard of life … and will soon learn to afford a standard higher still. We were not previously deceived. But to-day we have involved ourselves in a colossal muddle, having blundered in the control of a delicate machine, the working of which we do not understand. The result is that our possibilities of wealth may run to waste for a time — perhaps for a long time.”

“The general character of our solution must be, therefore, that it withdraws from expenditure a proportion of the increased earnings. This is the only way, apart from shortages of goods or higher prices, by which we can secure a balance between money to be spent and goods to be bought.”

“There is a time for helpless acquiescence and a time for action. But to-day is it not the duty of the United States and of the British Empire and the other 23 nations to warn Japan that they will sever all trade relations with her unless she mends her ways, with an undertaking of mutual assistance against any reprisals on her part? There are at least nine chances in 10 that such a threat would be effective; and its success would have great value for the future as well as for the present. If the United States were to decline our proposal, we could not help it. But we cannot escape blame unless we take some initiative towards positive action.”