While speaking in New Hampshire last month, Mitt Romney tried to explain away his flip-flopping over the years.
“Winston Churchill said, ‘When the facts change, I change too, Madam,'” said Romney. That attribution was an error and everyone rushed to point out that it was Keynes.
However, it turns out Keynes didn’t make the comment either.
For your Sunday afternoon pleasure, we put together a quiz with quotes from and hints about past and contemporary economists. Some will be more obvious than others.
Just how well do you know your favourite economists?
'US balance sheet recession may be deeper than Japan's. In one respect the US balance sheet recession is far more severe than Japan's. Even though real interest rates--nominal rates adjusted for inflation--are far lower in the US than they were in Japan at end-1997, they have yet to elicit any reaction from the US economy.'
Talking of 'a perfect storm' brewing the economist said:
'There are already elements of fragility,
'The irony is that the Fed is creating all this liquidity with the hope that it will revive the American economy. ...It's doing nothing for the American economy, but it's causing chaos over the rest of the world. It's a very strange policy that they are pursuing.'
'The best way to destroy the capitalist system is to debauch the currency. By a continuing process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens.'
'So that the record of history is absolutely crystal clear. That there is no alternative way, so far discovered, of improving the lot of the ordinary people that can hold a candle to the productive activities that are unleashed by a free enterprise system.'
'By now everyone knows the sad tale of Bernard Madoff's duped investors. They looked at their statements and thought they were rich. But then, one day, they discovered to their horror that their supposed wealth was a figment of someone else's imagination.
Unfortunately, that's a pretty good metaphor for what happened to America as a whole in the first decade of the 21st century.'