![[A]s long as the rate is fixed the speculator is on a one-way option. As soon as the rate is determined by the market, speculation is equal and opposite at the market rate. One has only to imagine what would be the position-and it is not an entirely out-of-the-way analogy-if there were to be fixed rates on the Stock Exchange. Everyone would know when they were false and did not correspond with the realities. The consequence would be that from time to time we should have to unpeg the fixed rates, with catastrophic changes of value, instead of the market rates being determined by the judgments of all who participate in the market. The same happens with a floating rate for a currency. (Enoch Powell)](https://cdn.quotesdtb.com/img/quotes_images_webp/00/enoch-powell-consequence-currency-1013200.webp)
[A]s long as the rate is fixed the speculator is on a one-way option. As soon as the rate is determined by the market, speculation is equal and opposite at the market rate. One has only to imagine what would be the position-and it is not an entirely out-of-the-way analogy-if there were to be fixed rates on the Stock Exchange. Everyone would know when they were false and did not correspond with the realities. The consequence would be that from time to time we should have to unpeg the fixed rates, with catastrophic changes of value, instead of the market rates being determined by the judgments of all who participate in the market. The same happens with a floating rate for a currency.
Enoch PowellRelated topics
currency equal everyone false floating market should speculation speculator valueRelated quotes
The more I think about colour, the more convinced I become that this reflected half-tint is the principle that must predominate, because it is this that gives the true tone, the tone that constitutes the value, the thing that matters in giving life and character to the object. Light, to which the schools teach us to attach equal importance and which they place on the canvas at the same time as the half-tint and shadow, is really only an accident. Without grasping this principle, one cannot understand true colour, I mean the colour that gives the feeling of thickness and depth and of that essential difference that distinguishes one object from another.
Eugène Delacroix
How can you worship leeks and onions? we shall suppose a SORBONNIST to say to a priest of SAIS. If we worship them, replies the latter; at least, we do not, at the same time, eat them. But what strange object of adoration are cats and monkeys? says the learned doctor. They are at least as good as the relics or rotten bones of martyrs, answers his no less learned antagonist. Are you not mad, insists the Catholic, to cut one another's throat about the preference of a cabbage or a cucumber? Yes, says the pagan; I allow it, if you will confess, that those are still madder, who fight about the preference among volumes of sophistry, ten thousand of which are not equal in value to one cabbage or cucumber.
David Hume
Nothing carries so much authority today as science, but there is actually no such thing as ‘the scientific world-view'. Science is a method of inquiry, not a view of the world. Knowledge is growing at accelerating speed; but no advance in science will tell us whether materialism is true or false, or whether humans possess free will. The belief that the world is composed of matter is metaphysical speculation, not a testable theory. Science may succeed in explaining events in terms of causes and effects. In some accounts it may be able to formulate laws of nature. But what does it mean for something to cause something else and what is a law of nature? These are questions for philosophy or religion, not for science.
John N. Gray
The spirit of our National Socialist idea has to overpower the spirit of liberalism and false democracy if there is to be a third Reich at all! Deeply rooted in organic life, we have realized that the false belief in the equality of man is the deadly threat with which liberalism destroys people and nation, culture and morals. violating the deepest levels of our being! We have to reject with fanatical zeal the frequent lie that people are basically equal and equal in regard to their influence in the state and their share of power! People are unequal, they are unequal from birth, become more unequal in life and are therefore to be valued unequally in their positions in society and in the state!
Gregor Strasser
You can think of the curriculum as the shadows cast on a wall by the light of education itself as it shines over, under, around, and through the myriad phases of our experience. It is a mistake to be sure to take these shadows for the reality, but they are something that helps us find or grasp or intuit that reality. The false notions that there is a fixed curriculum, that there is a list of things that an educated person ought to know, and that the shadow-exercises on the wall themselves are the content of education-these false notions all come from taking too seriously what was originally a wise recognition-the recognition that the shadows do in fact provide a starting point in our attempt to fully envision reality.
Andrew Abbott