Share on Facebook Share on Twitter Comment on this quote Share via Email Print this Page [21-40] of 187 Fed quotesFed QuotesFed Previous 20 quotes Next 20 quotes We are thus in the position of having to borrow from Europe to defend Europe, of having to borrow from China and Japan to defend Chinese and Japanese access to Gulf oil, and of having to borrow from Arab emirs, sultans and monarchs to make Iraq safe for democracy. We borrow from the nations we defend so that we may continue to defend them. To question this is an unpardonable heresy called 'isolationism.'~ Patrick J. Buchanan No legal tender law is ever needed to make men take good money; its only use is to make them take bad money.~ Stephen T. Byington A power has risen up in the government greater than the people themselves, consisting of many and various powerful interests, combined in one mass, and held together by the cohesive power of the vast surplus in banks.~ John C. Calhoun Our tax system is based on individual self-assessment and voluntary compliance.~ Mortimer Caplin The legal tender quality [of money] is only valuable for the purposes of dishonesty.~ Justice Salmon Chase The Act of Congress which we are impugning before you is communistic in its purposes and tendencies, and is defended here upon principles as communistic, socialistic - what shall I call them - populistic as ever have been addressed to any political assembly in the world.~ Joseph H. Choate I will no longer pay for the destruction of my country, family, and self. Damn tyranny! Damn the Federal Reserve liars and thieves! Damn all pettifogging, oath-breaking US attorneys and judges.… I will see you all in Hell and shed my blood before I will be robbed of one more dollar to finance a national policy of treason, plunder, and corruption~ Marvin Cooley The Great Depression was not caused by laissez faire but by the actions of well-intended politicians and bureaucrats. The Federal Reserve System, after all, was not created in response to the Great Depression, but in 1913. Soon thereafter it began experimenting with its awesome powers, expanding the money supply during the roaring ‘20s, propping up the pound sterling in London, extending credit so Europeans could buy American agricultural products. All the while, Congress was becoming more and more protectionist. When the Fed reversed policies in 1929 and actually shrunk the money supply by a third over the next three years and Congress culminated its protectionist tendencies with the Smoot-Hawley tariff, the collapse was underway. The fact that Hoover then raised taxes and Roosevelt kept wages artificially high guaranteed the massive unemployment that marked the 1930s. Government caused and exacerbated the Great Depression.~ Edward H. Crane ...it was the calculated 'shearing' of the public by the World-Money powers triggered by the planned sudden shortage of call money in the New York Market.~ Curtis Dall I have never seen more senators express discontent with their jobs. ... I think the major cause is that, deep down in our hearts, we have been accomplices to doing something terrible and unforgivable to this wonderful country. Deep down in our hearts, we know that we have bankrupted America and that we have given our children a legacy of bankruptcy. ... We have defrauded our country to get ourselves elected.~ John C. Danforth The American Republic will endure, until politicians realize they can bribe the people with their own money.~ Alexis de Tocqueville A billion here, a billion there, sooner or later it adds up to real money.~ Everett Dirksen It is the growing custom to narrow control, concentrate power, disregard and disfranchise the public; and assuming that certain powers by divine right of money-raising or by sheer assumption, have the power to do as they think best without consulting the wisdom of mankind.~ W. E. B. Du Bois That is what our money system is. If there were no debts in our money system, there wouldn't be any money.~ Marriner Stoddard Eccles People who will not turn a shovel full of dirt on the project (Muscle Shoals Dam) nor contribute a pound of material, will collect more money from the United States than will the People who supply all the material and do all the work. This is the terrible thing about interest.~ Thomas A. Edison 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.~ Thomas A. Edison The actual process of money creation takes place in commercial banks. As noted earlier, demand liabilities of commercial banks are money.~ Federal Reserve Bank of Chicago Commercial banks create checkbook money whenever they grant a loan, simply by adding new deposit dollars in accounts on their books in exchange for a borrower's IOU.~ Federal Reserve Bank of New York Because of 'fractional' reserve system, banks, as a whole, can expand our money supply several times, by making loans and investments.~ Federal Reserve Bank of New York Without the confidence factor, many believe a paper money system is liable to collapse eventually.~ Federal Reserve Bank of Philadelphia Previous 20 quotes Next 20 quotes Share on Facebook Tweet Email Print