I see now more clearly than ever before that even our greatest troubles spring from something that is as admirable and sound as it is dangerous-from our impatience to better the lot of our fellows.

I am speaking this evening to explain the systematic cause of our present economic, fiscal and therefore social crisis: excessively cheap money.

I don’t doubt that those who have managed our present social system meant well but they have operated a system which is unavoidably harmful, irrespective of good intentions. Likewise those who still propose Keynesian remedies: their prescriptions would make matters even worse, later.

If we are serious about bettering the lot of our fellows, we need to create the right social system and learn patience. That means social responsibility, not state control: a Big Society, not Big Government.

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