Share on Facebook Share on Twitter Comment on this quoteShare via Email Print this Page Daily Quotes Archives2023-04-04 Apr 4, 2023Because 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 YorkThus, our national circulating medium is now at the mercy of loan transactions of banks, which lend, not money, but promises to supply money they do not possess.~ Irving FisherThe Fed was largely responsible for converting what might have been a garden-variety recession, although perhaps a fairly severe one, into a major catastrophe. Instead of using its powers to offset the depression, it presided over a decline in the quantity of money by one-third from 1929 to 1933 ... Far from the depression being a failure of the free-enterprise system, it was a tragic failure of government.~ Milton Friedman Apr 3, 2023Gold still represents the ultimate form of payment in the world.~ Alan GreenspanWe make money the old fashioned way. We print it.~ Art RolnickPaper money has had the effect in your state that it will ever have, to ruin commerce, oppress the honest, and open the door to every species of fraud and injustice.~ George Washington Mar 31, 2023When you or I write a check there must be sufficient funds in our account to cover that check, but when the Federal Reserve writes a check, it is creating money.~ Boston Federal Reserve BankThe banks do create money. They have been doing it for a long time, but they didn't realise it, and they did not admit it. Very few did. You will find it in all sorts of documents, financial textbooks, etc. But in the intervening years, and we must be perfectly frank about these things, there has been a development of thought, until today I doubt very much whether you would get many prominent bankers to attempt to deny that banks create it.~ H. W. WhiteThe drive of the Rockefellers and their allies is to create a one-world government combining supercapitalism and communism under the same tent, all under their control... Do I mean conspiracy? Yes I do. I am convinced there is such a plot, international in scope, generations old in planning, and incredibly evil in intent.~ Larry P. McDonald Mar 30, 20231. Abolition of property in land and application of all rents of land to public purposes. 2. A heavy progressive or graduated income tax. 3. Abolition of all rights of inheritance. 4. Confiscation of the property of all emigrants and rebels. 5. Centralization of credit in the banks of the state, by means of a national bank with state capital and an exclusive monopoly. 6. Centralization of the means of communication and transport in the hands of the state. 7. Extension of factories and instruments of production owned by the state; the bringing into cultivation of waste lands, and the improvement of the soil generally in accordance with a common plan. 8. Equal obligation of all to work. Establishment of industrial armies, especially for agriculture. 9. Combination of agriculture with manufacturing industries; gradual abolition of all the distinction between town and country by a more equable distribution of the populace over the country. 10. Free education for all children in public schools. Abolition of children's factory labor in its present form. Combination of education with industrial production, etc.~ Karl MarxRepeal the entire Banking Act of 1933, and Austrian School economists will cheer, especially if the current system were replaced by a 100%-reserve competitive banking with no central bank. That banking reform would give us a sound money system, meaning no more business cycle, bailouts, or inflation.~ Lew RockwellGive me control of a nation's money and I care not who makes the laws.~ Mayer Amschel Rothschild Mar 29, 2023If Congress has the right under the Constitution to issue paper money, it was given to be used by themselves, not to be delegated to individuals or corporations.~ Andrew JacksonOf all contrivances for cheating the laboring classes of mankind, none has been more effective than that which deludes them with paper money.~ Daniel WebsterMonetary policy today is guided by little more than government fiat -- by the calculations, often mistaken economic theories, and whims of central bankers or, even worse, politicians. Under such a regime, inflation of three or four percent annually has come to be viewed as a stellar monetary performance. However, under a more sound monetary system -- i.e., a gold standard -- such increases in the general price level would be seen as wildly inflationary.~ Raymond J. Keating Previous week's quotes Next week's quotes Share on Facebook Tweet Email Print