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|  John Adams | All the perplexities, confusion and distress in America arise not from defects in their Constitution or Confederation, nor from want of honor or virtue, so much as downright ignorance of the nature of coin, credit, and circulation. | |
| John Adams | The consequences arising from the continual accumulation of public debts in other countries ought to admonish us to be careful to prevent their growth in our own. | |
| Aesop | It is thrifty to prepare today for the wants of tomorrow. | |
| Aesop | Do not count your chickens before they are hatched. | |
| Aesop | While I see many hoof marks going in, I see none coming out. It is easier to get into the enemy's toils than out again. | |
| Aesop | A crust eaten in peace is better than a banquet partaken in anxiety. | |
| Isaiah Berlin | But to manipulate men, to propel them toward goals which you – the social reformers – see, but they may not, is to deny their human essence, to treat them as objects without wills of their own, and therefore to degrade them. | |
| Tom Bethel | No government has ever commanded the resources at the disposal of our ungodly Leviathan, which consumes about 25 percent of the product of the world’s richest country. It is driven by a voracious alliance of government’s own employees, and those who receive benefits from the state. At least 90 million Americans either depend directly on government handouts or jobs, and each private worker must support not only himself and his family, but also carry a government worker on his shoulders. | |
| James Bilbray | Our U.S. government each year spends roughly 30 percent more money than it takes in. It took 39 Presidents and 200 years to accumulate a debt of $1 trillion dollars. But it has taken only the past 12 years for that debt to triple to more than $5.9 trillion. Interest payments on the deficit alone add up to more than what our government pays for unemployment compensation, veteran's benefits, postal operations, housing, education, and highways combined. Saddled with this tremendous burden, it is impossible for our businesses to invest, harder for families to afford homes and medical care, and difficult for the United States to play its role in matters of national and international economic security. | |
| Samuel L. Blumenfeld | What is so mind boggling is that all of this is being financed by the American people themselves through their own taxes. In other words, the American people are underwriting the destruction of their own freedom and way of life by lavishly financing through federal and state grants the very social scientists who are undermining our national sovereignty and preparing our children to become the dumbed-down vassals of the new world order. | |
| Napoleon Bonaparte | While I live I will never resort to irredeemable paper. | |
| Bill Bonner | The trouble with gold is that it turns its back on world improvers, empire builders and do-gooders. | |
| Bill Bonner | The entire world economy rests on the consumer; if he ever stops spending money he doesn't have on things he doesn't need -- we're done for. | |
| Kenneth Boulding | Anyone who believes in indefinite growth in anything physical, on a physically finite planet, is either mad or an economist. | |
| Brutus | I can scarcely contemplate a greater calamity that could befall this country, than be loaded with a debt exceeding their ability ever to discharge. If this be a just remark, it is unwise and improvident to vest in the general government a power to borrow at discretion, without any limitation or restriction. | |
| Patrick J. Buchanan | We are thus in the position of having to borrow from Europe to defend Europe, of having to borrow from China and Japan to defend Chinese and Japanese access to Gulf oil, and of having to borrow from Arab emirs, sultans and monarchs to make Iraq safe for democracy. We borrow from the nations we defend so that we may continue to defend them. To question this is an unpardonable heresy called 'isolationism.' | |
| Marcus Tullius Cicero | The budget should be balanced, the Treasury should be refilled, public debt should be reduced, the arrogance of officialdom should be tempered and controlled, and the assistance to foreign lands should be curtailed lest Rome become bankrupt. People must again learn to work, instead of living on public assistance. | |
| Marcus Tullius Cicero | We are taxed in our bread and our wine, in our incomes and our investments, on our land and on our property not only for base creatures who do not deserve the name of men, but for foreign nations, complaisant nations who will bow to us and accept our largesse and promise us to assist in the keeping of the peace - these mendicant nations who will destroy us when we show a moment of weakness or our treasury is bare, and surely it is becoming bare! We are taxed to maintain legions on their soil, in the name of law and order and the Pax Romana, a document which will fall into dust when it pleases our allies and our vassals. We keep them in precarious balance only with our gold. Is the heartblood of our nation worth these? Were they bound to us with ties of love, they would not ask our gold. They take our very flesh, and they hate and despise us. And who shall say we are worthy of more? ... When a government becomes powerful it is destructive, extravagant and violent; it is an usurer which takes bread from innocent mouths and deprives honorable men of their substance, for votes with which to perpetuate itself. | |
| Marcus Tullius Cicero | Endless money forms the sinews of war. | |
| Marcus Tullius Cicero | The arrogance of officialdom should be tempered and controlled, and assistance to foreign hands should be curtailed, lest Rome fall. | |
| Auguste Comte | Social positivism only accepts duties, for all and towards all. Its constant social viewpoint cannot include any notion of rights, for such notion always rests on individuality. We are born under a load of obligations of every kind, to our predecessors, to our successors, to our contemporaries. These obligations then increase or accumulate, for it is some time before we can return any service. ... Any human right is therefore as absurd as immoral. Since there are no divine rights anymore, this concept must therefore disappear completely as related only to the preliminary regime and totally inconsistent with the final state where there are only duties based on functions. | |
| Confucius | He who will not economize will have to agonize. | |
| John C. Danforth | I have never seen more senators express discontent with their jobs. ... I think the major cause is that, deep down in our hearts, we have been accomplices to doing something terrible and unforgivable to this wonderful country. Deep down in our hearts, we know that we have bankrupted America and that we have given our children a legacy of bankruptcy. ... We have defrauded our country to get ourselves elected. | |
| William Richardson Davie | So low and hopeless are the finances of the United States, that, the year before last Congress was obliged to borrow money even, to pay the interest of the principal which we had borrowed before. This wretched resource of turning interest into principal, is the most humiliating and disgraceful measure that a nation could take, and approximates with rapidity to absolute ruin: Yet it is the inevitable and certain consequence of such a system as the existing Confederation. | |
| Perry de Havilland | A large number of people, certainly the majority of the political looter class, think the best way to deal with the rapidly deepening economic crisis is via 'stimulus packages' with money plucked off the magic money tree... which is to say, by trying to re-inflate the credit bubble that actually caused the crisis. This is a bit like treating alcoholics by urging them to buy more whiskey. | |
| Anthony de Jasay | In the process of helping some (perhaps most) people to more utility and justice, the state imposes on civil society a system of interdictions and commands. | |
| Charles de Montesquieu | Republics end through luxury; monarchies through poverty.
[Fr., Les republiques finissent par le luxe; les monarchies, par la pauvrete.] | |
| Bo Diddley | Don't let your mouth write no check that your tail can't cash. | |
| Everett Dirksen | A billion here, a billion there, sooner or later it adds up to real money. | |
| Benjamin Disraeli | If you establish a democracy, you must in due time reap the fruits of a democracy. You will in due season have great impatience of the public burdens, combined in due season with great increase of the public expenditure. You will in due season have wars entered into from passion and not from reason; and you will in due season submit to peace ignominiously sought and ignominiously obtained, which will diminish your authority and perhaps endanger your independence. You will in due season find your property is less valueable, and your freedom less complete. | |
| W. E. B. Du Bois | It is the growing custom to narrow control, concentrate power, disregard and disfranchise the public; and assuming that certain powers by divine right of money-raising or by sheer assumption, have the power to do as they think best without consulting the wisdom of mankind. | |
| Sam Ewing | The government deficit is the difference between the amount of money the government spends and the amount it has the nerve to collect. | |
| Richard Feynman | There are 10^11 stars in the galaxy. That used to be a huge number. But it's only a hundred billion. It's less than the national deficit! We used to call them astronomical numbers. Now we should call them economical numbers. | |
| Benjamin Franklin | But what madness must it be to run in debt for these superfluities! We are offered, by the terms of this vendue, six months' credit; and that perhaps has induced some of us to attend it, because we cannot spare the ready money, and hope now to be fine without it. But, ah, think what you do when you run in debt; you give to another power over your liberty. If you cannot pay at the time, you will be ashamed to see your creditor; you will be in fear when you speak to him, you will make poor pitiful sneaking excuses, and by degrees come to lose you veracity, and sink into base downright lying; for, as Poor Richard says, the second vice is lying, the first is running in debt. And again to the same purpose, lying rides upon debt's back. | |
| Benjamin Franklin | When you run in debt; you give to another power over your liberty. | |
| Benjamin Franklin | He that goes a borrowing goes a sorrowing. | |
| Benjamin Franklin | Your creditor has authority at his pleasure to deprive you of your liberty, by confining you in gaol for life, or to sell you for a servant, if you should not be able to pay him! When you have got your bargain, you may, perhaps, think little of payment; but creditors, Poor Richard tells us, have better memories than debtors, and in another place says, creditors are a superstitious sect, great observers of set days and times. The day comes round before you are aware, and the demand is made before you are prepared to satisfy it. Or if you bear your debt in mind, the term which at first seemed so long, will, as it lessens, appear extreamly short. Time will seem to have added wings to his heels as well as shoulders. | |
| Norm Franz | Gold is the money of kings; silver is the money of gentlemen; barter is the money of peasants; but debt is the money of slaves. | |
| Milton Friedman | The Great Depression, like most other periods of severe unemployment, was produced by government mismanagement rather than by any inherent instability of the private economy. ... Roosevelt's policies were very destructive. Roosevelt's policies made the depression longer and worse than it otherwise would have been. | |
| Milton Friedman | 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. | |
| Buckminster Fuller | To expose a 4.2 Trillion dollar ripoff of the American people by the stockholders of the 1000 largest corporations over the last one-hundred years will be a tall order of business. | |
| James A. Garfield | The chief duty of the National Government in connection with the currency of the country is to coin money and declare its value. Grave doubts have been entertained whether Congress is authorized by the Constitution to make any form of paper money legal tender. The present issue of United States notes has been sustained by the necessities of war; but such paper should depend for its value and currency upon its convenience in use and its prompt redemption in coin at the will of the holder, and not upon its compulsory circulation. These notes are not money, but promises to pay money. If the holders demand it, the promise should be kept. | |
| James A. Garfield | The prosperity which now prevails is without parallel in our history. Fruitful seasons have done much to secure it, but they have not done all. The preservation of the public credit and the resumption of specie payments, so successfully attained by the Administration of my predecessors, have enabled our people to secure the blessings which the seasons brought. | |
| James A. Garfield | The chief duty of the National Government in connection with the currency of the country is to coin money and declare its value. Grave doubts have been entertained whether Congress is authorized by the Constitution to make any form of paper money legal tender. The present issue of United States notes has been sustained by the necessities of war; but such paper should depend for its value and currency upon its convenience in use and its prompt redemption in coin at the will of the holder, and not upon its compulsory circulation. These notes are not money, but promises to pay money. If the holders demand it, the promise should be kept. | |
| James A. Garfield | The refunding of the national debt at a lower rate of interest should be accomplished without compelling the withdrawal of the national-bank notes, and thus disturbing the business of the country. | |
| James A. Garfield | By the experience of commercial nations in all ages it has been found that gold and silver afford the only safe foundation for a monetary system. Confusion has recently been created by variations in the relative value of the two metals, but I confidently believe that arrangements can be made between the leading commercial nations which will secure the general use of both metals. Congress should provide that the compulsory coinage of silver now required by law may not disturb our monetary system by driving either metal out of circulation. If possible, such an adjustment should be made that the purchasing power of every coined dollar will be exactly equal to its debt-paying power in all the markets of the world. | |
| Barry Goldwater | Most Americans have no real understanding of the operation of the international money lenders. The accounts of the Federal Reserve System have never been audited. It operates outside of the control of Congress and manipulates the credit of the United States. | |
| Grace Commission | 100% of what is collected is absorbed solely by interest on the Federal Debt ... all individual income tax revenues are gone before one nickel is spent on the services taxpayers expect from government. | |
| Alan Greenspan | Deficit spending is simply a scheme for the hidden confiscation of wealth. | |
| Alan Greenspan | Gold still represents the ultimate form of payment in the world. | |
| Alan Greenspan | In the absence of the gold standard, there is no way to protect savings from confiscation through inflation. ... This is the shabby secret of the welfare statists' tirades against gold. Deficit spending is simply a scheme for the confiscation of wealth. Gold stands in the way of this insidious process. It stands as a protector of property rights. If one grasps this, one has no difficulty in understanding the statists' antagonism toward the gold standard. | |
| G. Edward Griffin | Inflation has now been institutionalized at a fairly constant 5% per year. This has been determined to be the optimum level for generating the most revenue without causing public alarm. A 5% devaluation applies, not only to the money earned this year, but to all that is left over from previous years. At the end of the first year, a dollar is worth 95 cents. At the end of the second year, the 95 cents is reduced again by 5%, leaving its worth at 90 cents, and so on. By the time a person has worked 20 years, the government will have confiscated 64% of every dollar he saved over those years. By the time he has worked 45 years, the hidden tax will be 90%. The government will take virtually everything a person saves over a lifetime. | |
| Alexander Hamilton | Allow a government to decline paying its debts and you overthrow all public morality. | |
| Alexander Hamilton | Allow a government to decline paying its debts and you overthrow all public morality — you unhinge all the principles that preserve the limits of free constitutions. Nothing can more affect national prosperity than a constant and systematic attention to extinguish the present debt and to avoid as much as possible the incurring of any new debt. | |
| Sara Hammond | Americans will spend more this year per capita on taxes than on food ($2,693), clothing ($1,404) and shelter ($5,833) combined. The single highest spending item is federal taxes, at $7,026 ... Arizonans’ per-capita bite is $9,041, a combination of federal and state taxes. | |
| Friedrich August von Hayek | To be controlled in our economic pursuits means to be controlled in everything. | |
| Robert Hemphill | Someone has to borrow every dollar we have in circulation, cash or credit. | |
| Patrick Henry | Let Mr. Madison tell me when did liberty ever exist when the sword and the purse were given up from the people? Unless a miracle shall interpose, no nation ever did, nor ever can retain its liberty after the loss of the sword and the purse. | |
| Eric Hoffer | To the frustrated, freedom from responsibility is more attractive than freedom from restraint. They are eager to barter their independence for relief from the burdens of willing, deciding and being responsible for inevitable failure. They willingly abdicate the directing of their lives to those who want to plan, command and shoulder all responsibility. | |
| Jacob G. Hornberger | [D]ecade after decade, through taxes and regulations, governments at all levels took ever-increasing control over people’s lives, wealth, and property. The control grew exponentially, decade after decade. The rationale was that the control was necessary -- for society, for the poor, for the nation, even for freedom itself. Americans continued living their life of the lie: they continued believing that the more control government exercised over their lives and property, the freer they became. | |
| John Hospers | An 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. | |
| Jorg Guido Hulsmann | Fiat-money systems tend to make people insatiable in their quest for ever higher monetary returns on their investments, | |
| Jorg Guido Hulsmann | You can imagine, then, how this inflation and debt-based system, over time, will begin to change the culture of a society and its behavior.
We become more materialistic than under a natural monetary system. We can’t just sit on our savings anymore, and we have to watch our investments constantly, and think about revenue constantly, because if it is not earning enough, we are actively getting poorer. | |
| Jorg Guido Hulsmann | In a fiat money society you are more likely to increase your returns by remaining in debt and continuing to chase monetary revenue indefinitely by leveraging more and more funds. | |
| Aldous Huxley | Armaments, universal debt and planned obsolescence - those are the three pillars of Western prosperity. | |
| Andrew Jackson | I am one of those who do not believe that a national debt is a national blessing, but rather a curse to a republic; inasmuch as it is calculated to raise around the administration a moneyed aristocracy dangerous to the liberties of the country. | |
| Andrew Jackson | It is apparent from the whole context of the Constitution as well as the history of the times which gave birth to it, that it was the purpose of the Convention to establish a currency consisting of the precious metals. These were adopted by a permanent rule excluding the use of a perishable medium of exchange, such as certain agricultural commodities recognized by the statutes of some States as tender for debts, or the still more pernicious expedient of paper currency. | |
| Andrew Jackson | Gentlemen, I have had men watching you for a long time and I am convinced that you have used the funds of the bank to speculate in the breadstuffs of the country. When you won, you divided the profits amongst you, and when you lost, you charged it to the bank. You tell me that if I take the deposits from the bank and annul its charter, I shall ruin ten thousand families. That may be true, gentlemen, but that is your sin! Should I let you go on, you will ruin fifty thousand families, and that would be my sin! You are a den of vipers and thieves. | |
| Thomas Jefferson | But with respect to future debt; would it not be wise and just for that nation to declare in the constitution they are forming that neither the legislature, nor the nation itself can validly contract more debt, than they may pay within their own age, or within the term of 19 years. | |
| Thomas Jefferson | And I sincerely believe, with you, that banking establishments are more dangerous than standing armies; and that the principle of spending money to be paid by posterity, under the name of funding, is but swindling futurity on a large scale. | |
| Thomas Jefferson | The system of banking we have both equally and ever reprobated. I contemplate it as a blot left in all our constitutions, which, if not covered, will end in their destruction, which is already hit by the gamblers in corruption, and is sweeping away in its progress the fortunes and morals of our citizens. Funding I consider as limited, rightfully, to a redemption of the debt within the lives of a majority of the generation contracting it; every generation coming equally, by the laws of the Creator of the world, to the free possession of the earth he made for their subsistence, unincumbered by their predecessors, who, like them, were but tenants for life. | |
| Thomas Jefferson | I place economy among the first and most important virtues and public debt as the greatest dangers to be feared ... We must not let our rulers load us with perpetual debt. We must make our choice between economy and liberty or profusion and servitude ... The same prudence which in private life would forbid our paying money for unexplained projects, forbids it in the disposition of public money. We are endeavoring to reduce the government to the practice of rigid economy to avoid burdening the people ... | |
| Thomas Jefferson | I, however, place economy among the first and most important republican virtues, and public debt as the greatest of the dangers to be feared. | |
| Thomas Jefferson | The mass of mankind has not been born with saddles on their backs, nor a favored few booted and spurred, ready to ride them legitimately, by the grace of God. | |
| Thomas Jefferson | To lay taxes to provide for the general welfare of the United States, that is to say, 'to lay taxes for the purpose of providing for the general welfare.' For the laying of taxes is the power, and the general welfare the purpose for which the power is to be exercised. They are not to lay taxes ad libitum for any purpose they please; but only to pay the debts or provide for the welfare of the Union. | |
| Jesus of Nazareth | Every kingdom divided against itself is brought to desolation; and a house divided against a house falleth. | |
| Jesus of Nazareth | Beware of false prophets, which come to you in sheep's clothing, but inwardly they are ravening wolves. | |
| Jesus of Nazareth | And forgive us our debts, as we forgive our debtors. | |
| John F. Kennedy | Our practical choice is not between a tax-cut deficit and a budgetary surplus. It is between two kinds of deficits: a chronic deficit of inertia, as the unwanted result of inadequate revenues and a restricted economy; or a temporary deficit of transition, resulting from a tax cut designed to boost the economy, increase tax revenues, and achieve -- and I believe this can be done -- a budget surplus. The first type of deficit is a sign of waste and weakness; the second reflects an investment in the future. | |
| Captain Henry Kerby | That this House considers that the continued issue of all the means of exchange -- be they coin, bank-notes or credit, largely passed on by cheques -- by private firms as an interest-bearing debt against the public should cease forthwith; that the Sovereign power and duty of issuing money in all forms should be returned to the Crown, then to be put into circulation free of all debt and interest obligations... | |
| William Lyon Mackenzie King | Once a nation parts with the control of its currency and credit,
it matters not who makes the nations laws. Usury, once in control,
will wreck any nation. Until the control of the issue of currency
and credit is restored to government and recognized as its most sacred
responsibility, all talk of the sovereignty of parliament and
of democracy is idle and futile. | |
| Karen Kwiatkowski | Farce, gross incompetence, and tragedy is the hallmark of big centralized government, wherever it develops. Big centralized government has developed in the United States year after year since the 1930s, and it has both solidified and metastasized since 9-11. Today, we live at the will and by the grace of a dystopian and grasping government. There is not an exceptional amount of time left before this government collapses, but before it does, we the people will suffer far more than we have suffered to date. Banking collapses, mortgage fraud at the highest levels, government bailouts, currency printing, and inflation in food and energy are just a foretaste of the future, led by the same Washington public-private cartel we have suffered for decades. . . .<br><br>
I believe our government -- outdated, unrestrained by the Constitution and soon to default on every debt it has taken on in our name -- cannot long endure. But unlike those who run and benefit from our modern American nationalism, corporatism and socialism, I do not fear average Americans seeking self-government, rule of law and liberty.<br><br>
That's why on Sept. 11, I will not be celebrating America's undeclared wars on countries that had nothing to do with the Sept. 11 attacks 10 years ago. I will not be attending remembrances of victims of that day, because those remembrances refuse to count American liberty, rule of law and freedom of trade and movement uppermost on that list of the sacrificed. I will not attend any program offered by a religious or political organization that seeks to ride a federal government bandwagon to confirm some imperative of war against Islam halfway around the world, or that seeks to promote the false concept of a culture war as somehow God's intent for America.<br><br>
On this 10-year anniversary, I intend to go about my business as usual, and say a prayer of gratitude for the small freedoms I have left. In the afternoon, I'll be in Charlottesville, Va., learning about local apprenticeship and crafts demonstrations. In the evening, I'll check the livestock and gather the eggs. I won't allow what I personally experienced that day in the Pentagon, nor the subsequent government drumbeats for war, waving the Sept. 11 banner, to diminish my awareness of the meaning of liberty.<br><br>
The real battle for Americans today is a battle to reassert our independence from an overbearing and unsustainable state. Today, we can all celebrate that there are fundamental cracks in the federal state's veneer, and we can be grateful for the options we still have in our own lives to live free, to practice charity and faith, creativity and productivity and to rediscover our own power as individuals and communities. | |
| G. Gordon Liddy | A liberal is someone who feels a great debt to his fellow man; a debt he proposes to pay off with your money. | |
| Abraham Lincoln | I see in the near future a crisis approaching that unnerves me and causes me to tremble for the safety of my country; corporations have been enthroned, an era of corruption in High Places will follow, and the Money Power of the Country will endeavor to prolong its reign by working upon the prejudices of the People, until the wealth is aggregated in a few hands, and the Republic is destroyed. I feel at this moment more anxiety for the safety of my country than ever before, even in the midst of war | |
| James Madison | Of all the enemies to public liberty war is, perhaps, the most to be dreaded because it comprises and develops the germ of every other. War is the parent of armies; from these proceed debts and taxes...known instruments for bringing the many under the domination of the few.… No nation could preserve its freedom in the midst of continual warfare. | |
| James Madison | I go on the principle that a public debt is a public curse, and in a Republican Government a greater curse than any other. | |
| James Madison | History records that the money changers have used every form of abuse, intrigue, deceit, and violent means possible to maintain their control over governments by controlling the money and its issuance. | |
| James Madison | But the mild voice of reason, pleading the cause of an enlarged and permanent interest, is but too often drowned, before public bodies as well as individuals, by the clamors of an impatient avidity for immediate and immoderate gain. | |
| James Madison | It is a principle incorporated into the settled policy of America, that as peace is better than war, war is better than tribute. | |
| James Madison | There is not a more important and fundamental principle in legislation, than that the ways and means ought always to face the public engagements; that our appropriations should ever go hand in hand with our promises. To say that the United States should be answerable for twenty-five millions of dollars without knowing whether the ways and means can be provided, and without knowing whether those who are to succeed us will think with us on the subject, would be rash and unjustifiable. Sir, in my opinion, it would be hazarding the public faith in a manner contrary to every idea of prudence. | |
| James Madison | I cannot undertake to lay my finger on that article of the Constitution which granted a right to Congress of expending, on the objects of benevolence, the money of their constituents. | |
| Brian Maher | Only a debt-backed system of paper money could finance the great wars, the social improvements and the fevered dreams of the 20th century. | |
| Luther Martin | By the power to lay and collect imposts Congress may impose duties on any or every article of commerce imported into these states to what amount they please. By the power to lay excises, a power very odious in its nature, since it authorizes officers to examine into your private concerns, the Congress may impose duties on every article of use or consumption: On the food that we eat, on the liquors we drink, on the clothes that we wear, the glass which enlighten our houses, or the hearths necessary for our warmth and comfort. By the power to lay and collect taxes, they may proceed to direct taxation on every individual either by a capitation tax on their heads or an assessment on their property. By this part of the section, therefore, the government has a power to tax to what amount they choose and thus to sluice the people at every vein as long as they have a drop of blood left. | |
| G. D. McDaniel | If, as it appears, the experiment that was called 'America' is at an end ... then perhaps a fitting epitaph would be ... 'here lies America the greatest nation that might have been had it not been for the Edomite bankers who first stole their money, used their stolen money to buy their politicians and press and lastly deprived them of their constitutional freedom by the most evil device yet created --- The Federal Reserve Banking System.' | |
| Louis McFadden | The Federal Reserve Bank of New York is eager to enter into close relationship with the Bank for International Settlements.... The conclusion is impossible to escape that the State and Treasury Departments are willing to pool the banking system of Europe and America, setting up a world financial power independent of and above the Government of the United States.... The United States under present conditions will be transformed from the most active of manufacturing nations into a consuming and importing nation with a balance of trade against it. | |
| Patrick McGoohan | I am not a number, I am a free man! | |
| Reginald McKenna | I am afraid that the ordinary citizen will not like to be told that the banks can and do create and destroy money. And they who control the credit of a nation direct the policy of governments, and hold in the hollow of their hands the destiny of the people. | |
| Justice John McLean | That distinct sovereignties could exist under one government, emanating from the same people, was a phenomenon in the political world, which the wisest statesmen in Europe could not comprehend; and of its practicability many in our own country entertained the most serious doubts. Thus far the friends of liberty have had great cause of triumph in the success of the principles upon which our government rests. But all must admit that the purity and permanency of this system depend on its faithful administration. The states and the federal government have their respective orbits, within which each must revolve. If either cross the sphere of the other, the harmony of the system is destroyed, and its strength is impaired. It would be as gross usurpation on the part of the federal government, to interfere with state rights, by an exercise of powers not delegated; as it would be for a state to interpose its authority against a law of the union. | |
| Justice John McLean | All questions of power, arising under the constitution of the United States, whether they relate to the federal or a state government, must be considered of great importance. The federal government being formed for certain purposes, is limited in its powers, and can in no case exercise authority where the power has not been delegated. The states are sovereign; with the exception of certain powers, which have been invested in the general government, and inhibited to the states. No state can coin money, emit bills of credit, pass ex post facto laws, or laws impairing the obligation of contracts, &c. If any state violate a provision of the constitution, or be charged with such violation to the injury of private rights, the question is made before this tribunal; to whom all such questions, under the constitution, of right belong. In such a case, this court is to the state, what its own supreme court would be, where the constitutionality of a law was questioned under the constitution of the state. And within the delegation of power, the decision of this court is as final and conclusive on the state, as would be the decision of its own court in the case stated. | |
| J. P. Morgan | Capital must protect itself in every way... Debts must be collected and loans and mortgages foreclosed as soon as possible. When through a process of law the common people have lost their homes, they will be more tractable and more easily governed by the strong arm of the law applied by the central power of leading financiers. People without homes will not quarrel with their leaders. This is well known among our principle men now engaged in forming an imperialism of capitalism to govern the world. By dividing the people we can get them to expend their energies in fighting over questions of no importance to us except as teachers of the common herd. | |
| Henry Morgenthau, Jr. | We can hardly expect the nation-state to make itself superfluous, at least not overnight. Rather what we must aim for is really nothing more than caretakers of a bankrupt international machine which will have to be transformed slowly into a new one. The transition will not be dramatic, but a gradual one. People will still cling to national symbols. | |
| Barack Hussein Obama | Of course, there's been a real debate about where to invest and where to cut, and I'm committed to working with members of both parties to cut our deficits and debt. But we can't simply cut our way to prosperity. | |
| Barack Hussein Obama | The problem is that the way [President] Bush has done it over the last eight years is to take out a credit card from the Bank of China in the name of our children, driving up our national debt from $5 trillion dollars for the first 42 presidents -- number 43 added $4 trillion dollars by his lonesome -- so that we now have over $9 trillion dollars of debt that we are going to have to pay back. [That's] $30,000 for every man, woman and child. That's irresponsible. It's unpatriotic. | |
| Barack Hussein Obama | The fact that we are here today to debate raising America's debt limit is a sign of leadership failure. It is a sign that the U.S. government can't pay its own bills. It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our government's reckless fiscal policies. ... Increasing America's debt weakens us domestically and internationally. Leadership means that 'the buck stops here.' Instead, Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren. America has a debt problem and a failure of leadership. Americans deserve better. | |
| Thomas Paine | Government ought to be as much open to improvement as anything which appertains to man, instead of which it has been monopolized from age to age, by the most ignorant and vicious of the human race. Need we any other proof of their wretched management, than the excess of debts and taxes with which every nation groans, and the quarrels into which they have precipitated the world? | |
| Wright Patman | I have never yet had anyone who could, through the use of logic and reason, justify the Federal Government borrowing the use of its own money. I believe the time will come when people will demand that this be changed. I believe the time will come in this country when they will actually blame you and me and everyone else connected with the Congress for sitting idly by and permitting such an idiotic system to continue. | |
| Wright Patman | [I]t is absolutely wrong for the Government to issue interest-bearing obligations. It is not only wrong: it is extravagant. It is not only extravagant, it is wasteful. It is absolutely unnecessary. | |
| Dr. Ron Paul | The greatest threat facing America today is the disastrous fiscal policies of our own government, marked by shameless deficit spending and Federal Reserve currency devaluation. It is this one-two punch -- Congress spending more than it can tax or borrow, and the Fed printing money to make up the difference -- that threatens to impoverish us by further destroying the value of our dollars. | |
| Dr. Ron Paul | Welfarism and excessive spending and deficits and socialism divide us, because everybody has to go to Washington. Those who have the biggest clout, those who are the best lobbyists, those who go and they grab. And whether it's the medical industrial complex, or the banking industry, or the military industrial complex, that's who ends up controlling our government... For so long, conservatives and constitutionalists have lost the argument, they lost the moral high ground. Because those who want to give things away, not talking about where they steal it from, but they want to give things and take care of people, they get the moral high ground and they come by as being compassionate. And we who believe in liberty, we lack compassion. But the truth is, there's only one compassionate system known to man, and that is freedom and personal responsibility, then there's enough wealth, and then we will all have personal responsibility to use this compassion that we have, first to take care of our families and friends and neighbors, and there would be so much wealth that we could spread this wealth around the world. | |
| Gov. Tim Pawlenty | We 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. | |
| Ezra Pound | Wars in old times were made to get slaves. The modern implement of imposing slavery is debt. | |
| Proverbs | The rich ruleth over the poor, and the borrower is servant to the lender. | |
| Vladimir Putin | Our anti-crisis policy is directed to internal demand support, social security of citizens and creation of new jobs. Like many other countries, we are reducing taxes on production, investing money in the economy. We are optimising state expenses. | |
| Vladimir Putin | We must seek support in the moral values that have ensured the progress of our civilization. Honesty and hard work, responsibility and faith in our strength are bound to bring us success. There should be no place for despondency. The crisis can and must be fought by uniting our intellectual, spiritual and material resources. | |
| Vladimir Putin | I think that the 21st-century economy is an economy of people, not of factories. The intellectual aspect in the global economic development has grown immensely. That’s why we plan to concentrate on creating additional opportunities for our people to realise their potential. | |
| Vladimir Putin | Let us be frank: provoking military-political instability and other regional conflicts is also a convenient way of deflecting people’s attention from mounting social and economic problems. Regrettably, further attempts of this kind cannot be ruled out. | |
| Vladimir Putin | Unfortunately, more and more often we hear that increasing military spending will help solve today’s social and economic problems. The logic here is quite simple. Additional allocations for military needs create new jobs.
For reference:
The growth of military spending:
USA—$529 billion in 2006, $555 billion in 2007, and $583 billion in 2008. Experts expect $606 billion in 2009.
Great Britain—£27 billion in 2006, £31 billion in 2007, £34 billion in 2008, and £35.2 billion planned for 2009.
Germany—€23 billion in 2006, €24 billion in 2007, and €25 billion in 2008.
China—$38 billion in 2006, $44 billion in 2007, $58 billion in 2008, and a 17% increase in 2009 (around $66 billion).
Georgia (according to the Stockholm International Peace Research Institute)—$49 million in 2002, $80 million in 2004, $362 million in 2006, $592 million in 2007, and $1.104 billion in 2008.
At a glance, it seems to be merely a method to fight the crisis and unemployment. Perhaps, in the short run, such a measure may yield some results. But in reality, instead of solving the problem, militarisation pushes it to a deeper level. It draws away from the economy immense financial and material resources, which could have been used much more efficiently elsewhere. | |
| Vladimir Putin | One must not allow oneself to skid down to isolationism and unbridled economic egoism. ... The second possible mistake would be excessive interference into the economic life of the country. And the absolute faith into the all-mightiness of the state. | |
| Vladimir Putin | During the time of the Soviet Union the role of the state in economy was made absolute, which eventually lead to the total non-competitiveness of the economy. That lesson cost us very dearly. I am sure nobody would want history to repeat itself.
We should also be aware that for during the last months, we have been witnessing the washout of the entrepreneurship spirit. That includes the principle of the personal responsibility – of a businessman, an investor or a share-holder – for his or her own decisions. There are no grounds to suggest that by putting the responsibility over to the state, one can achieve better results.
Another thing – handling crisis must not turn into financial populism, into rejecting a responsible macro-economic policy. Unreasonable expansion of the budget deficit, accumulation of the national debt – are as destructive as an adventurous stock market game. | |
| Amilcare Puviani | If a government were trying to squeeze as much money as possible out of a population, what would it do?\\
1. The use of indirect rather than direct taxes, so that the tax is hidden in the price of goods. \\
2. Inflation, by which the state reduces the value of everyone else's currency. \\
3. Borrowing, so as to postpone the necessary taxation. \\
4. Gift and luxury taxes, where the tax accompanies the receipt or purchase of something special, lessening the annoyance of the tax.\\
5. “Temporary” taxes, which somehow never get repealed when the emergency passes.\\
6. Taxes that exploit social conflict, by placing higher taxes on unpopular groups.\\
7. The threat of social collapse or withholding monopoly government services if taxes are reduced.\\
8. Collection of the total tax burden in relatively small increments over time, rather than in a yearly lump sum.\\
9. Taxes whose exact incidence cannot be predicted in advance, thus keeping the taxpayer unaware of just how much he is paying.\\
10. Extraordinary budget complexity to hide the budget process from public understanding.
11. The use of generalized expenditure categories to make it difficult for outsiders to assess the individual components of the budget.\\ | |
| Carroll Quigley | The powers of financial capitalism had another far-reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent meetings and conferences. The apex of the systems was to be the Bank for International Settlements in Basel, Switzerland, a private bank owned and controlled by the world's central banks which were themselves private corporations. Each central bank...sought to dominate its government by its ability to control Treasury loans, to manipulate foreign exchanges, to influence the level of economic activity in the country, and to influence cooperative politicians by subsequent economic rewards in the business world. | |
| Ayn Rand | Whenever destroyers appear among men, they start by destroying money, for money is men’s protection and the base of a moral existence. Destroyers seize gold and leave to its owners a counterfeit pile of paper. This kills all objective standards and delivers men into the arbitrary power of an arbitrary setter of values. Gold was an objective value, an equivalent of wealth produced. Paper is a mortgage on wealth that does not exist, backed by a gun aimed at those who are expected to produce it. Paper is a check drawn by legal looters upon an account which is not theirs: upon the virtue of the victims. Watch for the day when it bounces, marked: "Account Overdrawn. | |
| John W. Raper | We have plenty of freedom in this country but not a great deal of independence. | |
| Ronald Reagan | Are you entitled to the fruits of your labor or does government have some presumptive right to spend and spend and spend? | |
| Ronald Reagan | Have we the courage and the will to face up to the immorality and discrimination of the progressive tax, and demand a return to traditional proportionate taxation? ... Today in our country the tax collector's share is 37 cents of every dollar earned. Freedom has never been so fragile, so close to slipping from our grasp. | |
| Ronald Reagan | Government does not tax to get the money it needs; government always finds a need for the money it gets. | |
| Ronald Reagan | I just wanted to speak to you about something from the Internal Revenue Code. It is the last sentence of section 509A of the code and it reads: 'For purposes of paragraph 3, an organization described in paragraph 2 shall be deemed to include an organization described in section 501C-4, 5, or 6, which would be described in paragraph 2 if it were an organization described in section 501C-3.' And that's just one sentence out of those fifty-seven feet of books. | |
| Charley Reese | If we could manage our own finances the way the Congress does the nation’s, we’d all be living in high cotton and eating high on the hog. | |
| Ralph Reiland | At each and every stop, in items large and small, the greedy hand of government has its sticky fingers in every pocket. With bread, a recent study by Price Waterhouse shows that 30 different taxes imposed on the production and sale of a loaf of bread account for 27 percent of the average retail price. Buy some new tires and it’s $36 on every $100 that goes to the taxman. On the price of a new car, an Americans for Tax Reform study shows that the total taxes reach 45 percent of the showroom sticker price. Add some gas and 54 percent of what you pay for a fill-up goes for 43 different federal, state and local taxes rather than to the oil producer and retailer. | |
| Will Rogers | That's what a Congressman or a Senator is for -- to see that too much money don't accumulate in the national Treasury. | |
| Will Rogers | Don't let yesterday use up too much of today. | |
| Roman Proverb | Felix qui nihil debet. (Happy is he who owes nothing.) | |
| Baron Nathan Mayer Rothschild | Either the application for renewal of the charter (for the First Bank of the United States) is granted, or the United States will find itself involved in a most disastrous war. | |
| Michael Rowbotham | The surest way to ruin a promising career in economics, whether professional or academic, is to venture into the 'cranks and crackpots' world of suggestions for reform of the financial system. | |
| Warren Rudman | The blame for [the national debt] lies with the Congress and the President, with Democrats and Republicans alike, most all of whom have been unwilling to make the hard choices or to explain to the American people that there is no such thing as a free lunch. | |
| John Ruskin | Large fortunes are all founded either on the occupation of land, or lending or the taxation of labor. | |
| Dr. Mary J. Ruwart | In 1847, Marx and Engels proposed ten steps to convert the Western nations to Communist countries without firing a shot. Most of these ideas have been successfully implemented in our own country with little, if any, resistance! ...
One of the ten steps called for "centralization of credit in the hands of the state, by means of a national bank with state capital and an exclusive monopoly" just like our own Federal Reserve! ...
Another of the ten steps called for instituting "a heavy progressive or graduated income tax" just like our own federal income tax! ...
Another step proposed by Marx and Engels was "abolition of all right of inheritance," which we come ever closer to as inheritance taxes increase. Taking wealth at gunpoint, if necessary that one person has created and given to another person is theft. Whether the wealth creator is alive or dead, the act and the impact are the same.
Another step was "free education for all children in public schools." Although our country still has many private schools in addition to the public ones, the content of both is dictated by aggression-through-government, to teach aggression.
Marx and Engels also recommended the "extension of factories and instruments of production owned by the state." In the past century, more and more services have become exclusive, subsidized government monopolies (e.g., garbage collection, water distribution, mass transit, etc.). As a result, we pay twice as much for lower quality service!
Marx also called for the "centralization of the means of communications and transport in the hands of the state." Television and radio stations are licensed by the Federal Communications Commission. A station that does not pursue programming considered "in the public interest" is stopped at gunpoint, if necessary from further broadcast. ...
Radio stations have an elite ownership as well. Those who benefit from aggression-through-government have little incentive to tell the public that licensing is a tool of the rich! ...
Another of the ten steps calls for "confiscation of the property of all emigrants and rebels" ...
[O]ur law enforcement agents can seize the wealth of anyone suspected of drug crimes without a trial! [T]he Internal Revenue Service (IRS) has also been seizing the assets of taxpayers without a trial if the IRS thinks they might have underpaid their taxes! The wealth we have created can be taken from us at gunpoint, if necessary without a formal accusation or a chance to defend ourselves! ...
In addition, Marx and Engels called for "abolition of property in land and application of all rents of land to public purposes." In other words, land would not be privately owned. No homesteading would be permitted.
Our federal and local governments have title to 42% of the land mass of the United States. Most of the remaining land is under government control as well. For example, today's homeowners can pay off their mortgages, but must still pay property taxes to the local government. If they stop payments, their property is taken from them. They are, in essence, renting their home from the local government. | |
| Eric Schaub | It's worth what it's worth when it's worth it. | |
| Eric Schaub | Freedom has never been free.
Sometimes it costs everything you've got. | |
| Eric Schaub | Our inalienable rights cannot shield us from our own follies. | |
| Irwin Schiff | If you want irresponsible politicians to spend less, you must give them less to spend. | |
| Lucius Annaeus Seneca | Enjoy present pleasures in such a way as not to injure future ones. | |
| Lucius Annaeus Seneca | A golden bit does not make a better horse. | |
| Lucius Annaeus Seneca | A trifling debt makes a man your debtor; a large one makes him an enemy. | |
| Lucius Annaeus Seneca | He who receives a benefit with gratitude, repays the first installment of it. | |
| George Bernard Shaw | A socialist is somebody who doesn't have anything, and is ready to divide it up equally among everybody. | |
| Malcolm Sinclair | Our whole monetary system is dishonest, as it is debt-based... We did not vote for it. It grew upon us gradually but markedly since 1971 when the commodity-based system was abandoned. | |
| L. Neil Smith | Nine tenths of everything is tax. Everything you buy has a complicated history of robbery: land, raw materials, energy, tools,
buildings, transport, storage, sales, profits. Don’t forget the share you contribute toward the personal income tax of every worker who has anything to
do with the process. Inflation by taxation: there are a hundred taxes on a loaf of bread. What kind of living standard would we enjoy if
everything cost a tenth of what it does? What kind of world? Think of your home, your car, your TV, your shoes, your supper—all at a 90%
discount! Government can’t fight poverty—poverty is its proudest achievement! | |
| Herbert Spencer | A man’s liberties are none the less aggressed upon because those who coerce him do so in the belief that he will be benefited. | |
| Lysander Spooner | And the men who loan money to governments, so called, for the purpose of enabling the latter to rob, enslave, and murder their people, are among the greatest villains that the world has ever seen. And they as much deserve to be hunted and killed (if they cannot otherwise be got rid of) as any slave traders, robbers, or pirates that ever lived. | |
| Lysander Spooner | The Rothschilds, and that class of money-lenders of whom they are the representatives and agents - men who never think of lending a shilling to their next-door neighbors, for purposes of honest industry, unless upon the most ample security, and at the highest rate of interest - stand ready, at all times, to lend money in unlimited amounts to those robbers and murderers, who call themselves governments, to be expended in shooting down those who do not submit quietly to being robbed and enslaved. | |
| Mark Steyn | The salient feature of America in the Age of Obama is a failed government class institutionally committed to living beyond its means, and a citizenry too many of whom are content to string along. | |
| William Graham Sumner | The great foe of democracy now and in the near future is plutocracy. Every year that passes brings out this antagonism more distinctly. It is to be the social war of the twentieth century. In that war militarism, expansion and imperialism will all favor plutocracy. In the first place, war and expansion will favor jobbery, both in the dependencies and at home. In the second place, they will take away the attention of the people from what the plutocrats are doing. In the third place, they will cause large expenditures of the people’s money, the return for which will not go into the treasury, but into the hands of a few schemers. In the fourth place, they will call for a large public debt and taxes, and these things especially tend to make men unequal, because any social burdens bear more heavily on the weak than on the strong, and so make the weak weaker and the strong stronger. Therefore expansion and imperialism are a grand onslaught on democracy. | |
| William Graham Sumner | No scheme which has ever been devised by them has ever made a collapsed boom go up again. | |
| R. H. Tawney | Bankruptcies of governments have, on the whole, done less harm to mankind than their ability to raise loans. | |
| Margaret Thatcher | Look, I think you're tackling public expenditure from the wrong end, if I might say so. Why don't you look at it as any housewife has to look at it? She has to look at her expenditure every week or every month, according to what she can afford to spend, and if she overspends one week or month, she's got to economise the next. Now governments really ought to look at it from the viewpoint of "What can we afford to spend?" They've already put up taxes, and yet the taxes they collect are not enough for the tremendous amount they're spending. They're having to borrow to a greater extent than ever before, and future generations will have to repay. Now, if anyone tells me that a Chancellor of the [Denis Healey] Exchequer can put up public expenditure in two years by -- and it's a tremendous figure -- twenty thousand million pounds, and he doesn't know where to get it down by about three thousand million pounds, then he ought never to have been in charge of the nation's finances ... never! | |
| The Times of London | If that mischievous financial policy which had its origin in the North American Republic [i.e., honest Constitutionally authorized debt-free money] should become indurated down to a fixture, then that government will furnish its own money without cost. It will pay off its debts and be without a debt (to the International Bankers). It will have all the money necessary to carry on its commerce. It will become prosperous beyond precedent in the history of the civilized governments of the world. The brains and wealth of all countries will go to North America. That government must be destroyed or it will destroy every monarchy on the globe! | |
| Henry David Thoreau | That man is richest whose pleasures are cheapest. | |
| Theodore R. Thoren | The creation of money exclusively as debt is the critical, destabilizing flaw in the American Economy. | |
| Leo Nikolaevich Tolstoi | Money is a new form of slavery, and distinguishable
from the old simply by the fact that it is impersonal --
that there is no human relation between master and slave. | |
| Mark Twain | I wasn't worth a cent two years ago, and now I owe two million dollars. | |
| U. S. Currency | Series 1863-1934 U.S. Gold Certificate - This is to certify that there have been deposited in the treasury of The United States of America [denomination face value, i.e. Ten Dollars] in gold coin payable to the bearer on demand.<br>
Series 1886-1963 U.S. Silver Certificate - This certifies that there is on deposit in the treasury of The United States of America [denomination face value, i.e. Ten Dollars] in silver payable to the bearer on demand.<br>
Series 1913-1934 Federal Reserve Note - Redeemable in gold on demand at the United States Treasury or in gold or lawful money at any Federal Reserve Bank.<br>
Series 1934-1963 Federal Reserve Note - This note is legal tender for all debts public and private and is redeemable in lawful money at the United States Treasury or at any Federal Reserve Bank.<br>
Series 1963- Federal Reserve Note - This note is legal tender for all debts, public and private.<br> | |
| U.S. Constitution, Article I, Section 8 | The Congress shall have power to lay and collect taxes, duties, imposts and excises to pay the debts and provide for the common defense and general welfare of the United States. | |
| U.S. Supreme Court | 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. | |
| Ludwig von Mises | There 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. | |
| Jerry Voorhis | The 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. | |
| James Paul Warburg | We shall have World Government, whether or not we like it. The only question is whether World Government will be achieved by conquest or consent. | |
| George Washington | No pecuniary consideration is more urgent, than the regular redemption and discharge of the public debt: on none can delay be more injurious, or an economy of time more valuable. | |
| George Washington | As a very important source of strength and security, cherish public credit. One method of preserving it is to use it as sparingly as possible, avoiding occasions of expense by cultivating peace, but remembering also that timely disbursements to prepare for danger frequently prevent much greater disbursements to repel it, avoiding likewise the accumulation of debt, not only by shunning occasions of expense, but by vigorous exertion in time of peace to discharge the debts which unavoidable wars may have occasioned, not ungenerously throwing upon posterity the burden which we ourselves ought to bear. The execution of these maxims belongs to your representatives, but it is necessary that public opinion should co-operate. | |
| George Washington | Avoid occasions of expense ... and avoid likewise the accumulation of debt not only by shunning occasions of expense but by vigorous exertions to discharge the debts, not throwing upon posterity the burden which we ourselves ought to bear. | |
| Walter E. Williams | Many politicians and pundits claim that the credit crunch and high mortgage foreclosure rate is an example of market failure and want government to step in to bail out creditors and borrowers at the expense of taxpayers who prudently managed their affairs. These financial problems are not market failures but government failure. ... The credit crunch and foreclosure problems are failures of government policy. | |
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