John Kenneth Galbraith Simple Quotations

The process by which banks create money is so simple that the mind is repelled.

Simple minds, presumably, are the easiest to manage.

But there is merit even in the mentally retarded legislator. He asks the questions that everyone is afraid to ask for fear of seeming simple.

Do not be alarmed by simplification, complexity is often a device for claiming sophistication, or for evading simple truths.

All writers know that on some golden mornings they are touched by the wand; they are on intimate terms with poetry and cosmic truth. I have experienced these moments myself. Their lesson is simple: It's a total illusion. And the danger in the illusion is that you will wait for those moments.

Then came the second Amsterdam discovery, although the principle was known elsewhere. Bank deposits...did not need to be left idly in the bank. They could be lent. The bank then got interest. The borrower then had a deposit that he could spend. But the original deposit still stood to the credit of the original depositor. That too could be spent. Money, spendable money, had been created. Let no one rub his or her eyes. It's still being done-every day. The creation of money by a bank is as simple as this, so simple, I've often said, that the mind is slightly repelled.

One must always have in mind one simple fact - there is no literate population in the world that is poor, and there is no illiterate population that is anything but poor.

The study of money, above all other fields in economics, is one in which complexity is used to disguise truth or to evade truth, not to reveal it. The process by which banks create money is so simple the mind is repelled. With something so important, a deeper mystery seems only decent.