Monetary System Quotes

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  • The bank hath benefit of interest on all moneys which it creates out of nothing.

  • The dreams of "leaving it up to the market" or of returning to a politically neutral gold standard cannot succeed because the nature of the monetary system has a profound impact on the interests of powerful groups and states. Affected groups and states will always try to intervene in the operation of the system to make it serve their interests.

    Dream   Powerful   Impact  
    "The Political Economy of International Relations". Book by Robert Gilpin, 1987.
  • We are in danger of being overwhelmed with irredeemable paper, mere paper, representing not gold nor silver; no sir, representing nothing but broken promises, bad faith, bankrupt corporations, cheated creditors and a ruined people.

    Daniel Webster, Edward Everett (1860). “Speeches in Congress”, p.413
  • Someone has to borrow every dollar we have in circulation, cash or credit.

  • The problem is that people really just don't care and they have been "educated" not to care about the monetary system: that it's boring, it's difficult to understand, we need to have high minded people like "Greenscum" and Bernanke to do things like this (and don't forget Volker, there's the whole cast of them). The thing is that people have been educated or miseducated or brainwashed into believing that this is wayyyy too complicated for regular people to understand and that we need to let PhD economists guide us along in terms of what's right... and that's all bull.

    Believe   People   Needs  
    Source: www.wherestherage.com
  • War, poverty, corruption, hunger, misery, human suffering will not change in a monetary system. That is, there will be very little significant change. It’s going to take the redesign of our culture and values.

    "Zeitgeist: Addendum". Documentary, History, War, www.imdb.com. 2008.
  • It is a terrible situation when the Government, to insure the National Wealth, must go in debt and submit to ruinous interest charges, at the hands of men, who control the fictitious value of gold. Interest is the invention of Satan.

    Men   Hands   Gold  
  • I am afraid the ordinary citizen will not like to be told that the banks can, and do, create money...And they who control the credit of the nation direct the policy of Governments and hold in the hollow of their hands the destiny of the people.

  • From the inception of our nation our American ancestors intended for the United States to operate under a precious-metals monetary system or, more specifically, under a monetary system in which people used gold and silver coins rather than paper money as the media of exchange.

    Media   People   Gold  
  • It's hard in a monetary system to trust people.

    Trust   Money   People  
  • I am a most unhappy man. I have unwittingly ruined my country. A great industrial nation is controlled by its system of credit. Our system of credit is concentrated. The growth of the nation, therefore, and all our activities are in the hands of a few men. We have come to be one of the worst ruled, one of the most completely controlled and dominated Governments in the civilized world - no longer a Government by free opinion, no longer a Government by conviction and the vote of the majority, but a Government by the opinion and duress of a small group of dominant men.

    Country   Men   Nwo  
  • Once public opinion is convinced that the increase in the quantity of money will continue and never come to an end, and that consequently the prices of all commodities will not cease to rise, everybody becomes eager to buy as much as possible and restrict his cash holdings to minimum size... If the credit expansion is not stopped in time, the boom turns to crack-up boom: the flight into real values begins, and the whole monetary system founders.

  • I hope we shall . . . crush in [its] birth the aristocracy of our monied corporations.

    Thomas Jefferson (2010). “The Works of Thomas Jefferson: Correspondence and Papers, 1816-1826”, p.44, Cosimo, Inc.
  • The Government should create, issue, and circulate all the currency and credits needed to satisfy the spending power of the Government and the buying power of consumers. By the adoption of these principles, the taxpayers will be saved immense sums of interest. Money will cease to be master and become the servant of humanity.

  • The more I travel around the world, the more I see people want the same thing - to be happy. We wouldn't be in a monetary system if we didn't have to work, so if my music can contribute to happiness, then that's my main responsibility.

  • Banks lend by creating credit. They create the means of payment out of nothing.

    "National Economy and the Banking System of the United States". Book by Robert Latham Owen, p. 102, 1939.
  • Paper money has had the effect in your State that it ever will have, to ruin commerce, oppress the honest, and open a door to every species of fraud and injustice.

    Doors   Paper   Ruins  
    "The writings of George Washington from the original manuscript sources, 1745-1799".
  • What's happening is there's transfer of wealth from the poor and the middle class to the wealthy. This comes about because of the monetary system that we have. When you inflate a currency or destroy a currency, the middle class gets wiped out, so the people who get to use the money first, which is created by the Federal Reserve System, benefit, so the money gravitates to the banks and to Wall Street. That's why you have more billionaires than ever before.

    Money   Wall   Class  
    Republican Presidential debate in Dearborn, Mich., www.nytimes.com. October 9, 2007.
  • Deficit spending is simply a scheme for the confiscation of wealth.

    Money   Gold   Wealth  
    "Gold and Economic Freedom" by Alan Greenspan, www.constitution.org. 1966.
  • Paper money eventually returns to its intrinsic value - zero.

    Zero   Historical   Paper  
  • A gold standard is the ideal monetary system for those who create wealth through ingenuity, entrepreneurship, and hard work. Gold standards are disfavored by those who do not create wealth but instead seek to extract wealth from others through inflation, inside information, and market manipulation.

    James Rickards (2014). “The Death of Money: The Coming Collapse of the International Monetary System”, p.156, Penguin
  • If the Nation can issue a dollar bond it can issue a dollar bill. The element that makes the bond good makes the bill good also. The difference between the bond and the bill is that the bond lets the money broker collect twice the amount of the bond and an additional 20%. Whereas the currency, the honest sort provided by the Constitution pays nobody but those who contribute in some useful way. It is absurd to say our Country can issue bonds and cannot issue currency. Both are promises to pay, but one fattens the usurer and the other helps the People.

    "Student Loans: The Government Is Now Officially in the Banking Business" by Ellen Brown, www.huffingtonpost.com. May 31, 2010.
  • Lenin is said to have declared that the best way to destroy the Capitalistic System was to debauch the currency. . . Lenin was certainly right. There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction, and does it in a manner which not one man in a million can diagnose.

    Mean   Men   Law  
    John Maynard Keynes (2016). “The Economic Consequences of the Peace: The Economist”, p.124, 北戴河出版
  • The study of money, above all other fields in economics, is one in which complexity is used to disguise truth or to evade truth, not to reveal it. The process by which banks create money is so simple the mind is repelled.

    Money   Simple   Mind  
    "Money: Whence it came, where it went". Book by John Kenneth Galbraith, pp. 15, 29, 1975.
  • My agency in promoting the passage of the National Banking Act was the greatest mistake of my life. It has built up a monopoly which affects every interest in the country

  • The modern banking system manufactures money out of nothing.

  • If all the bank loans were paid, no one could have a bank deposit, and there would not be a dollar of coin or currency in circulation. This is a staggering thought. We are completely dependent on the commercial banks. Someone has to borrow every dollar we have in circulation, cash, or credit. If the banks create ample synthetic money we are prosperous; if not, we starve. We are absolutely without a permanent money system. When one gets a complete grasp of the picture, the tragic absurdity of our hopeless situation is almost incredible - but there it is.

  • Nevertheless, if we contemplate a society with a somewhat stable wage-unit, with national characteristics which determine the propensity to consume and the preference for liquidity, and with a monetary system which rigidly links the quantity of money to the stock of the precious metals, it will be essential for the maintenance of prosperity that the authorities should pay close attention to the state of the balance of trade. For a favourable balance, provided it is not too large, will prove extremely stimulating; whilst an unfavourable balance may soon produce a state of persistent depression.

    John Maynard Keynes (2006). “General Theory Of Employment , Interest And Money”, p.307, Atlantic Publishers & Dist
  • The American people have no idea they are paying the bill. They know that someone is stealing their hubcaps, but they think it is the greedy businessman who raises prices or the selfish laborer who demands higher wages or the unworthy farmer who demands too much for his crop or the wealthy foreigner who bids up our prices. They do not realize that these groups also are victimized by a monetary system which is constantly being eroded in value by and through the Federal Reserve System.

  • And who can suffer injury by just taxation, impartial laws and the application of the Jeffersonian doctrine of equal rights to all and special privileges to none? Only those whose accumulations are stained with dishonesty and whose immoral methods have given them a distorted view of business, society and government. Accumulating by conscious frauds more money than they can use upon themselves, wisely distribute or safely leave to their children, these denounce as public enemies all who question their methods or throw a light upon their crimes.

    Light   Enemy   Bankers  
    Speech at Madison Square Garden, New York, August 30, 1906.
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