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2026 April 29
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"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." |
"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." |
"About all a Federal Reserve note can legally do is wipe out one debt and replace it with itself another debt, a note that promises nothing. If anything's been paid, the payment occurs only in the minds of the parties..." |
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2026 April 28
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"As long as we issue fiat currency, I see no alternative to a legal tender law." |
"There can be no doubt that besides the regular types of the circulating medium, such as coin, notes and bank deposits, which are generally recognised to be money or currency, and the quantity of which is regulated by some central authority or can at least be imagined to be so regulated, there exist still other forms of media of exchange which occasionally or permanently do the service of money. Now while for certain practical purposes we are accustomed to distinguish these forms of media of exchange from money proper as being mere substitutes for money, it is clear that, other things equal, any increase or decrease of these money substitutes will have exactly the same effects as an increase or decrease of the quantity of money proper, and should therefore, for the purposes of theoretical analysis, be counted as money." |
"[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." |
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2026 April 27
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"We must not permit our respect for the dead or our sympathy for the living to lead us into an act of injustice to the balance of the living. I will not attempt to prove that Congress has no power to appropriate this money as an act of charity. Every member upon this floor knows it. We have the right as individuals to give away as much of our own money as we please in charity; but as members of congress we have no right to appropriate a dollar of the public money." |
"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." |
"Economic necessity cannot justify a disregard of cardinal constitutional guarantee." |
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