Karl

“Eternal vigilance is the price of an open mind.”
― Henry Hazlitt, Thinking as a Science

“Friendship is not born in conditions of need or trouble. Literary fairy tales tell of ‘difficult’ conditions which are an essential element in forming any friendship, but such conditions are simply not difficult enough. If tragedy and need brought people together and gave birth to their friendship, then the need was not extreme and the tragedy not great. Tragedy is not deep and sharp if it can be shared with friends. Only real need can determine one’s spiritual and physical strength and set the limits of one’s physical endurance and moral courage.”
― Varlam Shalamov, Kolyma Tales

“He that has more Knowledge than Judgment, is made for another Man’s use more than his own.”
― William Penn

“for in every country of the world, I believe, the avarice and injustice of princes and sovereign states, abusing the confidence of their subjects, have by degrees diminished the real quantity of metal, which had been originally contained in their coins. The Roman as, in the latter ages of the republic, was reduced to the twenty-fourth part of its original value, and, instead of weighing a pound, came to weigh only half an ounce. The English pound and penny contain at present about a third only; the Scots pound and penny about a thirty-sixth; and the French pound and penny about a sixty-sixth part of their original value. By means of those operations, the princes and sovereign states which performed them were enabled, in appearance, to pay their debts and fulfil their engagements with a smaller quantity of silver than would otherwise have been requisite. It was indeed in appearance only; for their creditors were really defrauded of a part of what was due to them. All other debtors in the state were allowed the same privilege, and might pay with the same nominal sum of the new and debased coin whatever they had borrowed in the old. Such operations, therefore, have always proved favourable to the debtor, and ruinous to the creditor, and have sometimes produced a greater and more universal revolution in the fortunes of private persons, than could have been occasioned by a very great public calamity.”
― Adam Smith, The Wealth of Nations