"The first panacea for a mismanaged nation is inflation of the currency; the second is war. Both bring a temporary prosperity; both bring a permanent ruin. But both are the refuge of political and economic opportunists"
About this Quote
The subtext is almost contemptuous about the audience’s role. Temporary prosperity is described like a stage set: wages rise on paper, factories hum, flags wave, and people mistake activity for health. That “temporary” isn’t an economic footnote; it’s the whole indictment. Hemingway implies that publics can be managed with sensations - higher numbers, heroic narratives - while structural rot deepens. “Permanent ruin” lands like a hangover you can’t sleep off: debt, distorted markets, broken institutions, traumatized bodies.
Context matters. Hemingway lived through World War I, the boom-and-bust churn of the 1920s, the Great Depression, and another world war. He watched modern states learn to mobilize mass economies and mass emotions at once. Calling inflation and war “refuge” is the moral tell: these aren’t merely bad outcomes, they’re temptations - hiding places for opportunists who thrive when accountability dissolves into emergency.
Quote Details
| Topic | War |
|---|---|
| Source | Help us find the source |
| Cite |
Citation Formats
APA Style (7th ed.)
Hemingway, Ernest. (2026, January 15). The first panacea for a mismanaged nation is inflation of the currency; the second is war. Both bring a temporary prosperity; both bring a permanent ruin. But both are the refuge of political and economic opportunists. FixQuotes. https://fixquotes.com/quotes/the-first-panacea-for-a-mismanaged-nation-is-33193/
Chicago Style
Hemingway, Ernest. "The first panacea for a mismanaged nation is inflation of the currency; the second is war. Both bring a temporary prosperity; both bring a permanent ruin. But both are the refuge of political and economic opportunists." FixQuotes. January 15, 2026. https://fixquotes.com/quotes/the-first-panacea-for-a-mismanaged-nation-is-33193/.
MLA Style (9th ed.)
"The first panacea for a mismanaged nation is inflation of the currency; the second is war. Both bring a temporary prosperity; both bring a permanent ruin. But both are the refuge of political and economic opportunists." FixQuotes, 15 Jan. 2026, https://fixquotes.com/quotes/the-first-panacea-for-a-mismanaged-nation-is-33193/. Accessed 5 Feb. 2026.






