Share on Facebook Share on Twitter Comment on this quoteShare via Email Print this Page Daily Quotes Archives2024-02-22 Feb 22, 2024Foreign aid might be defined as a transfer from poor people in rich countries to rich people in poor countries.~ Douglas CaseyTerrorism is the war of the poor. War is the terrorism of the rich.~ Leon UrisSome writers have so confounded society with government, as to leave little or no distinction between them; whereas they are not only different, but have different origins. Society is produced by our wants, and government by wickedness; the former promotes our happiness positively by uniting our affections, the latter negatively by restraining our vices. The one encourages intercourse, the other creates distinctions. The first is a patron, the last a punisher. Society in every state is a blessing, but government even in its best state is but a necessary evil; in its worst state an intolerable one ...~ Thomas Paine Feb 21, 2024An economy cannot long remain prosperous by government's taxing and spending more, now absorbing national output at a rate equal to the entire income of every American living west of the Mississippi. If this trend continues, America will gradually sink into the status of a Third World nation -- more unemployment, more shackles on production, more poverty.~ John HospersAs a rule, panics do not destroy capital; they merely reveal the extent to which it has been destroyed by its betrayal into hopelessly unproductive works.~ John MillsWith the monetary system we have now, the careful saving of a lifetime can be wiped out in an eyeblink.~ Larry Parks Feb 20, 2024Never — and I mean never — blindly trust the statistics you read [or hear] about the economy.~ Don LuskinWe can't spend more than we have. ... This is no longer a matter of right versus left, liberal versus conservative, we can prove our conclusion on this by basic mathematics. The United States Federal Government from all sources, for all purposes, takes in $2.2 trillion a year. Keep that number in mind. $2.2 trillion a year. We have total unfunded liabilities of $65 trillion, $2.2 trillion in revenue, $65 trillion in total unfunded liabilities. That is more than 30 to 1 leverage. If the United States Federal Government were a bank regulated by itself, they would shut themselves down. We live in a nation where not long ago our United States Secretary of State [Hillary Clinton] was on rhetorical bended knee in communist China pleading with the Chinese to continue to buy our debt, because if they don’t buy our debt and other foreign sovereign wealth funds don’t buy our debt our beloved United States of America can’t pay its bills. The United States of America my friends is not a beggar nation.~ Gov. Tim PawlentyPoliticians say they're beefing up our economy. Most don't know beef from pork.~ Harold Lowman Feb 19, 2024When you pay social security taxes, you are in no way making provision for your own retirement. You are paying the pensions of those who are already retired. Once you understand this, you see that whether you will get the benefits you are counting on when you retire depends on whether Congress will levy enough taxes, borrow enough, or print enough money...~ W. Allen WallisPublic educators, like Soviet farmers, lack any incentive to produce results, innovate, to be efficient, to make the kinds of difficult changes that private firms operating in a competitive market must make to survive.~ Carolyn LochheadThe government should create, issue, and circulate all the currency and credit needed to satisfy the spending power of the government and the buying power of consumers. The privilege of creating and issuing money is not only the supreme prerogative of government, but it is the government’s greatest creative opportunity. The financing of all public enterprise, and the conduct of the treasury will become matters of practical administration. Money will cease to be master and will then become servant of humanity.~ Abraham Lincoln Feb 16, 2024Fiat-money systems tend to make people insatiable in their quest for ever higher monetary returns on their investments,~ Jorg Guido HulsmannIt is the very essence of despotism that it can never afford to fail. This is what distinguishes it most vitally from democracy. In a despotism there is no organized opposition which can take over the power when the Administration in office has failed. All the eggs are in one basket. Everything is staked on one coterie of men. When the going is good, they move more quickly and efficiently than democracies, where the opposition has to be persuaded and conciliated. But when they lose, there are no reserves. There are no substitutes on the bench ready to go out on the field and carry the ball. That is why democracies with the habit of party government have outlived all other forms of government in the modern world. They have, as it were, at least two governments always at hand, and when one fails they have the other. They have diversified the risks of mortality, corruption, and stupidity which pervade all human affairs. They have remembered that the most beautifully impressive machine cannot run for very long unless there is available a complete supply of spare parts.~ Walter LippmannThe Federal Reserve System is treated by nearly all economists with reverence. On no matter is their instruction of the young in the subtlety and benignity of established institutions more admiring-or, in broad effect, more successful. Corporations are flawed by an instinct for monopoly. Trade unions interfere with the market, urge trade restrictions, resist new technology and thus obstruct progress, and they can fall victim to extortionists and racketeers. The regulatory agencies of the government are notably imperfect instruments of economic guidance. The Federal Reserve System is not totally above criticism. It makes many mistakes but these are always interesting errors of judgment. they are examined not critically but respectfully to discover why men of insight went wrong. That for such error anyone should be sacked or even seriously rebuked is, for economists, nearly unthinkable. This approval goes back to the origins and can be highly negligent of circumstance. The most widely read account of the genesis of the System tells glowingly of its birth in the closing weeks of 1913 when the Federal Reserve Act was passed by Congress and signed by President Wilson.~ John Kenneth Galbraith Previous week's quotes Next week's quotes Share on Facebook Tweet Email Print