Analysis of the Current Problems — 150 years ago

“… at particular times a great deal of stupid people have a great deal of stupid money ….  At intervals … the money of these people — the blind capital, as we call it, of the country — is particularly large and craving; it seeks for someone to devour it, and there is a ‘plethora’; it finds someone, and there is ‘speculation’; it is devoured, and there is ‘panic’.”

Bagehot, Walter. 1856. “Edward Gibbon.” National Review; in Literary Essays. vol 1. The Collected Works of Walter Bagehot. ed. Norman St. John-Stevas (London: The Economist, 1968-1986): pp. 350-95, 351.

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