"Every reader should remember the diffidence of Socrates, and repair by his candour the injuries of time: he should impute the seeming defects of his author to some chasm of intelligence, and suppose that the sense which is now weak was once forcible"

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We used to think that you could spend your way out of a recession and increase employment by cutting taxes and boosting government spending. I tell you in all candour that that option no longer exists, and in so far as it ever did exist, it only worked on each occasion since the war by injecting a bigger dose of inflation into the economy, followed by a higher level of unemployment as the next step.

— James Callaghan