Share on Facebook Share on Twitter Comment on this quoteShare via Email Print this Page Daily Quotes Archives2024-03-05 Mar 5, 2024There is no means of avoiding the final collapse of a boom brought about by credit expansion. The alternative is only whether the crisis should come sooner as a result of a voluntary abandonment of further credit expansion, or later as a final or total catastrophe of the currency system involved.~ Ludwig von MisesInflation is always and everywhere a monetary phenomenon in the sense that it is and can be produced only by a more rapid increase in the quantity of money than in output.~ Milton FriedmanHundreds of thousands of rouble notes are being issued daily by our treasury. This is done, not in order to fill the coffers of the State with practically worthless paper, but with the deliberate intention of destroying the value of money as a means of payment. ... Experience has taught us it is impossible to root out the evils of capitalism merely by confiscation and expropriation… The simplest way to exterminate the very spirit of capitalism is therefore to flood the country with notes of a high face-value without financial guarantees of any sort. …[T]he great illusion of the value and power of money, on which the capitalist state is based will have been definitely destroyed.~ Vladimir Ilyich Lenin Mar 4, 2024Without the confidence factor, many believe a paper money system is liable to collapse eventually.~ Federal Reserve Bank of PhiladelphiaThe banks -- commercial banks and the Federal Reserve -- create all the money of this nation and its people pay interest on every dollar of that newly created money. Which means that private banks exercise unconstitutionally, immorally, and ridiculously the power to tax the people. For every newly created dollar dilutes to some extent the value of every other dollar already in circulation.~ Jerry VoorhisLenin is said to have declared that the best way to destroy the Capitalist System was to debauch the currency. By a continuing process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens. … 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 is able to diagnose.~ John Maynard Keynes Mar 1, 2024Spending by government currently amounts to about 45 percent of national income. By that test, government owns 45 percent of the means of production that produce the national income. The U.S. is now 45 percent socialist.~ Milton FriedmanIn 1983 $21 billion was spent in agricultural subsidies—almost equal to the net income of all American farmers.~ Patrick DetchesIt would take little more than $50 billion to raise every poor person above the official poverty line, yet the percentage of the population classified as poor hardly budges, while annual welfare spending amounts to four times that much. Where's the money going?~ Robert Higgs Feb 29, 2024He that goes a borrowing goes a sorrowing.~ Benjamin FranklinNo one spends someone else’s money as carefully as he spends his own.~ Mark SkousenA depression is a large-scale decline in production and trade... there is nothing in the nature of a free-market economy to cause such an event.~ Nathaniel Branden Feb 28, 2024Today government touches everything in America and harms almost everything it touches. Federal, state, and local governments together spend 42 out of every 100 dollars we earn. Those who do the taxing and spending have long since ceased to work for the people as a whole. Rather, they work for themselves and for their clients—the education industry, the welfare culture, public-employee unions, etc..~ Malcolm WallopIf you put the federal government in charge of the Sahara Desert, in 5 years there'd be a shortage of sand.~ Milton FriedmanI am for a government rigorously frugal and simple. Were we directed from Washington when to sow, when to reap, we should soon want bread.~ Thomas Jefferson Previous week's quotes Next week's quotes Share on Facebook Tweet Email Print