"I am myself persuaded, on the basis of extensive study of the historical evidence, that... the severity of each of the contractions - 1920-21, 1929-33, and 1937-38 - is directly attributable to acts of commission and omission by the Reserve authorities and would not have occurred under earlier monetary and banking arrangements."
by:
Milton Friedman
(1912-2006) Nobel Prize-winning economist, economic advisor to President Ronald Reagan, "ultimate guru of the free-market system"
Source:
'Capitalism and Freedom'
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Reader comments about this quote:
In other words, recessions and depressions are contrived, they don't just happen.
 -- jim k, austin     
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     -- Kenny Edgar, Bristol England      
    Thats right. They destroy the market, forcing everyone that cant afford to hang in there to sell off everything. Then they, with the phony money buy it all up at fire sale prices. The rich get richer and the little people die in pain and suffering. They have done it before and they are doing it again. It is a crime and they need to brought to justice. Just because they have money and power dosent mean that this is not thieft. Imagine, they have been giving them selves bonus's and partys with our money, then they throw us out of our homes.
     -- Ken, Milford Pa     
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    That is why G. Soros is a Democrat. He makes big money when the market takes a down turn. Bad times=big bucks for him.
     -- warren, olathe     
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    No committee, group, or individuals making up the Reserve system can be so inept as to repeatedly make the same mistakes. If nobody can be so incompetent, it must be intentional. When too many people start collecting sufficient financial assets to make them independent, those assets must be made to evaporate away through subterfuge and theft so that those presumptuous commoners can brought down and under control.
     -- Ken, Allyn, WA     
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    I want to thank whoever put up this quote for a source. Many of the quotes are very good, but I do not like to share them without sources.
     -- v, southern Utah     
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    Another observation that a debt economy (as is averse to tangible money) is manipulatable by the creditor few.
     -- Mike, Norwalk     
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    " The House of Bondage " chains of debt for inheritance. Stealing the pennies from a dead mans eyes. Kicking your children to the curb, in favor of fleecing a new stranger on the block. Clean this @#$% house Up Now !
     -- Ronw13, Oregon     
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    Yes, yes, and yes.....
     -- robert, Somewhere in the US     
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    It's a rigged game! That IS the banking arrangement. The regulations are there to direct the hot potato to the mark. When money is created by 'borrowing' it, the principle and the interest cannot be paid back without creating more debt. It's a giant Ponzi scheme -- as long as someone keeps borrowing, the scam continues, but like all Ponzi schemes, they eventually crash. When they do, the bankers pick up all the property that was purchased with this money. It happens over and over again, with the population gradually losing all their property and essentially renting their lives in service to the nation's debt. That is what the game is designed to do!
     -- E Archer, NYC     
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