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DONE 8-Feb-09
%start%%cat=Economics,Fed,Money//%quote%"With the monetary system we have now, the careful saving of a lifetime can be wiped out in an eyeblink."//%Author% Larry Parks//%Who%Executive Director, FAME //%end%
%start%%cat=Economics,Gold,Honesty,Money,Trust,Vote//%quote%"You have to choose [as a voter] between trusting to the natural stability of gold and the natural stability of the honesty and intelligence of the members of the Government. And, with due respect for these gentlemen, I advise you, as long as the Capitalist system lasts, to vote for gold."//%Author%George Bernard Shaw //%end%
%start%%cat=Economics,Fed,Money//%quote%"Paper money eventually returns to its intrinsic value -- zero."//%Author%Voltaire//%end%
%start%%cat=Economics,Fed,Money//%Source%speech in the Senate, 1833 //%quote%"We are in danger of being overwhelmed with irredeemable paper, mere paper, representing not gold nor silver; no sir, representing nothing but broken promises, bad faith, bankrupt corporations, cheated creditors and a ruined people."//%Author%Daniel Webster//%end%
%start%%cat=Economics,Fed,Money//%quote%"The decrease in purchasing power incurred by holders of money due to inflation imparts gains to the issuers of money..."//%Author%St. Louis Federal Reserve Bank//%Source%Review, Nov. 1975, p.22 //%end%
%start%%cat=Economics,Fed,Money//%quote%"Because of 'fractional' reserve system, banks, as a whole, can expand our money supply several times, by making loans and investments."//%Author%Federal Reserve Bank, New York//%Source%The Story of Banks, p.5. //%end%
%start%%cat=Economics,Fed,Money//%quote%"Without the confidence factor, many believe a paper money system is liable to collapse eventually."//%Author%Federal Reserve Bank of Philadelphia//%Source%Gold, p. 10 //%end%
%start%%cat=Economics,Fed,Money//%quote%"Commercial banks create checkbook money whenever they grant a loan, simply by adding new deposit dollars in accounts on their books in exchange for a borrower's IOU."//%Author%Federal reserve Bank of New York//%Source%I Bet You Thought, p.19//%end%
%start%%cat=Economics,Fed,Money//%quote%"The actual process of money creation takes place in commercial banks. As noted earlier, demand liabilities of commercial banks are money."//%Author%Federal Reserve Bank of Chicago//%Source%Modern Money Mechanics, p.3 //%end%
%start%%cat=Constitution,Economics,Fed,Money//%quote%"Emitting bills of credit, or the creation of money by private corporations, is what is expressly forbidden by Article 1, Section 10 of the U.S. Constitution."//%Author%U.S. Supreme Court//%Source%Craig v. Missouri, 4 Peters 410. //%end%
%start%%cat=Banking,Economics,Fed,Money//%quote%"Thus, 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."//%Author%Irving Fisher//%Source%100% Money //%end%
%start%%cat=Banking,Economics,Fed,Money//%quote%"Lenin is said to have declared that the best way to destroy the Capitalistic System was to debauch the currency. . . 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 can diagnose."//%Author%John Maynard Keynes//%Source%The Economic Consequences of the Peace, 1920, page 235ff //%end%
%start%%cat=Banking,Economics,Fed,Government,IMF,Money,Power//%quote%"Those who create and issue money and credit direct the policies of government and hold in the hollow of their hands the destiny of the people."//%Author%Reginald McKenna//%Who%former Chancellor of Exchequer, England//%end%
%start%%cat=Crimes,Economics,Fed,Money,Power//%quote%"Money power denounces, as public enemies, all who question its methods or throw light upon its crimes."//%Author%William Jennings Bryan//%end%
%start%%cat=Economics,Fed,Money//%quote%"Paper 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."//%Author%George Washington//%Source%in letter to J. Bowen, Rhode Island, Jan. 9, 1787//%end%
%start%%cat=Constitution,Economics,Fed,Money//%quote%"Madison, 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."//%Author%George Bancroft//%Source%A Plea for the Constitution (1886)//%end%
%start%%cat=Constitution,Economics,Fed,Money//%quote%"No state shall emit bills of credit, make any thing but gold and silver coin a tender in payment of debts, coin money---."//%Author%Article One, Section Ten, United States Constitution//%end%
%start%%cat=Banking,Economics,Fed,Money,IRS,Taxation//%quote%"Where would we be if we had I.O.U.'s scrip and certificates floating all around the country?" Instead he decided to "issue currency against the sound assets of the banks. [As opposed to issuing currency against gold.] The Federal Reserve Act lets us print all we'll need. And it won't frighten the people. It won't look like stage money. It'll be money that looks like real money."//%Author%Treasury Secretary Woodin//%Date%3/7/33//%Source%Source: 'Closed for the Holiday: The Bank Holiday of 1933', p20 - Federal Reserve Bank of Boston//%end%
%start%%cat=Economics,Fed,Money,Truth//%quote%"The study of money, above all other fields in economics, is one in which complexity is used to disguise truth or to evade truth, not to reveal it.//%Source%Money: Whence it came, where it went - 1975, p15//%Author%John Kenneth Galbraith//%end%
%start%%cat=Deception,Economics,Fed,Money//%quote%"The process by which banks create money is so simple that the mind is repelled."//%Source%Money: Whence it came, where it went - 1975, p29//%Author%John Kenneth Galbraith//%end%
%start%%cat=Banking,Economics,Fed,Money,IRS,Taxation,Trade//%quote%"Is there any reason why the American people should be taxed to guarantee the debts of banks, any more than they should be taxed to guarantee the debts of other institutions, including merchants, the industries, and the mills of the country?"//%Author%Senator Carter Glass//%Who%Author of the Banking Act of 1933//%end%
%start%%cat=Deception,Economics,Fed,Money//%quote%"The legal tender quality [of money] is only valuable for the purposes of dishonesty."//%Author%Salmon Chase, //%Who%Chief Justice, formerly Secretary of Treasury in President Lincoln’s administration//%Source%in dissent of Knox vs. Lee (The Legal Tender Cases, 1871)//%end%
%start%%cat=Economics,Fed,Law,Money,IRS,Taxation//%quote%"As long as we issue fiat currency, I see no alternative to a legal tender law."//%Author%Alan Greenspan//%Who%Chairman of the Federal Reserve Board of Governors//%Date%11/20/2003 //%end%
%start%%cat=Economics,Fed,Gold,Money,Power//%quote%"With the exception only of the period of the gold standard, practically all governments of history have used their exclusive power to issue money to defraud and plunder the people."//%Author%Friedrich A. Hayek//%end%
%start%%cat=Deception,Economics,Fed,Money,IRS,Taxation//%quote%"You can fool some of the people all of the time, and all of the people some of the time, and that's good enough."//%Author%Dr. Edwin Vieira//%Who%FAME Foundation Scholar//%end%
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