“[Central banks might have to intervene to counter "perverse" or "grossly excessive" speculation. ] By such means, the monetary authorities can attempt to make the market for foreign exchange approximate toward what it would have been if there had been free competitive speculation with correct foresight of future movements. In this case all that the authorities have to do is to anticipate more correctly than private speculators the future course of exchange rates. And in so far as they do so they will make a profit at the expense of the private speculator.”

— James Meade

James Meade (1951), The theory of international economic policy, Vol. 1, p. 224; as cited in: Peter B. Kenen (1994), Exchange Rates and the Monetary System, p. 74

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James Meade 15

British economist 1907–1995

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“As a result of uncertainties caused by the French referendum, massive speculative flows have continued to disrupt the functioning of the exchange rate mechanism. As Chairman of Ecofin I have tonight called an urgent meeting of the EC's monetary committee to consider how stability might be restored to the markets over the next few days.
In the meantime the Government has decided that Britain's best interests would be best secured by suspending our membership of the ERM with immediate effect. As a result, the second of the two interest rate rises announced today will not take effect.”

Norman Lamont (1942) British politician

Larry Elliott, Will Hutton and Julie Wolf, " Pound drops out of ERM http://politics.guardian.co.uk/euro/story/0,,506405,00.html", The Guardian, 17 September 1992.
Speech outside the Treasury on 'Black Wednesday' (16 September 1992) announcing the ERM withdrawal.

“The paper develops a simple macroeconomic framework for the study of exchange rate movements. The purpose is to develop a theory that is suggestive of the observed large fluctuations in exchange rates while at the same time establishing that such exchange rate movements are consistent with rational expectations formation. In developing a formal model we draw on the role of asset markets, capital mobility, and expectations that have been emphasized in recent literature.”

Rudiger Dornbusch (1942–2002) German economist

Rudiger Dornbusch, "Expectations and exchange rate dynamics." The journal of political economy (1976): 1161-1176. p. 1161

“Worrying about what might go wrong may not be as glamorous a job as speculating about the future, but it is a more essential job right now.”

Nicholas Carr (1959) American writer

Why IT Doesn't Matter Anymore http://hbswk.hbs.edu/archive/3520.html, Harvard Business Review, June 9, 2003.

“In addition to relative indifference to the fate of the euro area, Britain is more protected because of speculation the central bank may intervene directly to finance the debt … Europe is not a cash box, let alone a cashpoint.”

François Hollande (1954) 24th President of the French Republic

As quoted in "New French leader fires a broadside at Britain: You only care about the City of London, says President Hollande" http://www.dailymail.co.uk/news/article-2141040/Francois-Hollande-French-president-says-Britain-cares-City.html (8 May 2012), Daily Mail.

“It is impossible to know what words like liberation or enlightenment mean until you realize them for yourself. This being so, it is of no use to speculate about what enlightenment is; in fact, doing so is a major hindrance to its unfolding. As a guiding principle, to progressively realize what is not absolutely True is of infinitely more value than speculating about what is.”

Adyashanti (1962) Spiritual teacher

The Way of Liberation (2012)

“Hypocrisy, of course, delights in the most sublime speculations; for, never intending to go beyond speculation, it costs nothing to have it magnificent.”

Edmund Burke book Reflections on the Revolution in France

Reflections on the Revolution in France (1790)

“The most serious criticism of EMU is that by abandoning exchange rate adjustments it transfers to the labor market the task of adjusting for competitiveness and relative prices… losses in output and employment (and pressure on the European central bank to inflate) will predominate.”

Rudiger Dornbusch (1942–2002) German economist

Euro fantasies, 1996

“Ever since the early '80s I have applied feathers to many of the small dinosaurs, and never did smaller theropods without them. I did so because birds evolved from small theropods, and the evidence for the latter having the high metabolic rates that would have promoted the evolution of insulation was solid. I used to receive endless grief for this. The counter-argument was that no feathers had been found on any dinosaurs, and scales had, so I was engaging in unfounded speculation. But these points were actually not scientific. Scales had been discovered only on large dinosaurs, so illustrating small ones with scales was no less speculative than putting feathers on them. It would be like illustrating little mammals with naked skin if all we had was elephants and rhinos to base mammal integument on. I knew that my thesis was logical, so I bided my time.”

Gregory Scott Paul (1954) U.S. researcher, author, paleontologist, and illustrator

Autobiography, part III http://gspauldino.com/part3.html, gspauldino.com

“I make no apologies for this view now, nor do I intend to do so in the future. I have now been on the court for seven terms. For the most part, it has been much like other endeavors in life. It has its challenges and requires much of the individual to master the workings of the institution. We all know that. It is, I must say, quite different from what I might have anticipated if I had the opportunity to do so.”

Clarence Thomas (1948) Associate Justice of the Supreme Court of the United States

1990s, I Am a Man, a Black Man, an American (1998)

“Economic and monetary union…is incompatible with independent sovereign states with control over their own fiscal and monetary policies. It would be impossible…to have irrevocably fixed exchange rates while individual countries retained independent monetary policies…such a system could never have the credibility necessary to persuade the market that there was no risk of realignment. Thus EMU inevitably implies a single European currency, with monetary decisions…taken not by national Governments and/or central banks, but by a European Central Bank. Nor would individual countries be able to retain responsibility for fiscal policy. With a single European monetary policy there would need to be central control over the size of budget deficits and, particularly, over their financing. New European institutions would be required, to determine overall Community fiscal policy and agree the distribution of deficits between individual Member States…It is clear that Economic and Monetary Union implies nothing less than European Government…and political union: the United States of Europe. That is simply not on the agenda now, nor will it be for the forseeable future.”

Nigel Lawson (1932) British Conservative politician and journalist

Speech to the Royal Institute for International Affairs, Chatham House (25 January 1989), quoted in The View from No. 11: Memoirs of a Tory Radical (London: Bantam, 1992), p. 910.

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James Meade 15

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