Share on Facebook Share on Twitter Comment on this quoteShare via Email Print this Page Daily Quotes Archives May 13, 2021A major source of objection to a free economy is precisely that it ... gives people what they want instead of what a particular group thinks they ought to want. Underlying most arguments against the free market is a lack of belief in freedom itself.~ Milton FriedmanCentral bankers always try to avoid their last big mistake. So every time there's the threat of a contraction in the economy, they'll over stimulate the economy, by printing too much money. The result will be a rising roller coaster of inflation, with each high and low being higher than the preceding one.~ Milton FriedmanThe power to determine the quantity of money... is too important, too pervasive, to be exercised by a few people, however public-spirited, if there is any feasible alternative. There is no need for such arbitrary power... Any system which gives so much power and so much discretion to a few men, [so] that mistakes - excusable or not - can have such far reaching effects, is a bad system. It is a bad system to believers in freedom just because it gives a few men such power without any effective check by the body politic - this is the key political argument against an independent central bank.~ Milton Friedman May 12, 2021Madison, agreeing with the journal of the convention, records that the grant of power to emit bills of credit was refused by a majority of more than four to one. The evidence is perfect; no power to emit paper money was granted to the legislature of the United States.~ George BancroftThe Federal Reserve Bank is nothing but a banking fraud and an unlawful crime against civilization. Why? Because they "create" the money made out of nothing, and our Uncle Sap Government issues their "Federal Reserve Notes" and stamps our Government approval with NO obligation whatever from these Federal Reserve Banks, Individual Banks or National Banks, etc.~ H. L. Birum, Sr.Historically, the United States has been a hard money country. Only [since 1913] has the United States operated on a fiat money system. During this period, paper money has depreciated over 87%. During the preceding 140 year period, the hard currency of the United States had actually maintained its value. Wholesale prices in 1913... were the same as in 1787.~ Kenneth Gerbino May 11, 2021Since the federal constitution has removed all danger of our having a paper tender, our trade is advanced fifty percent. Our monied people can trust their cash abroad, and have brought their coin into circulation.~ The Pennsylvania GazetteEndless money forms the sinews of war.~ Marcus Tullius CiceroGovernment price-fixing once started, has alike no justice and no end. It is an economic folly from which this country has every right to be spared.~ Calvin Coolidge May 10, 2021Don't let your mouth write no check that your tail can't cash.~ Bo DiddleyBy virtue of exchange, one man's prosperity is beneficial to all others.~ Frederic BastiatHe who will not economize will have to agonize.~ Confucius Previous week's quotes Share on Facebook Tweet Email Print