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The combination of the Taylor rule and a flexible gold standard should make central banking a boring occupation, which is exactly the point.
“Science promised us truth, or at least a knowledge of such relations as our intelligence can seize: it never promised us peace or happiness. Sovereignly indifferent to our feelings, it is deaf to our lamentations. It is for us to endeavour to live with science, since nothing can bring back the illusions it has destroyed.”
― The Crowd: A Study of the Popular Mind
― The Crowd: A Study of the Popular Mind
“Civilisations as yet have only been created and directed by a small intellectual aristocracy, never by crowds. Crowds are only powerful for destruction. Their rule is always tantamount to a barbarian phase. A civilisation involves fixed rules, discipline, a passing from the instinctive to the rational state, forethought for the future, an elevated degree of culture—all of them conditions that crowds, left to themselves, have invariably shown themselves incapable of realising.”
― The Crowd: A Study of the Popular Mind
― The Crowd: A Study of the Popular Mind
“Certainly it is possible that the advent to power of the masses marks one of the last stages of Western civilisation, a complete return to those periods of confused anarchy which seem always destined to precede the birth of every new society.”
― The Crowd: A Study of the Popular Mind
― The Crowd: A Study of the Popular Mind
“Indeed, as he increasingly masters his native tongue, he tries to make it conform to more logical rules than the language itself may possess, saying “buyed,” “eated,” and “goed” because, even though he has never heard such words spoken, they seem more logical to him—as indeed they are, if you stopped and thinked about it.”
― The Mother Tongue: English and How it Got that Way
― The Mother Tongue: English and How it Got that Way
“History tells us, that from the moment when the moral forces on which a civilisation rested have lost their strength, its final dissolution is brought about by those unconscious and brutal crowds known, justifiably enough, as barbarians.”
― The Crowd: A Study of the Popular Mind
― The Crowd: A Study of the Popular Mind
Damian’s 2025 Year in Books
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