... we conclude that the [Federal] Reserve Banks are not federal ... but are independent privately owned and locally controlled corporations... without day to day direction from the federal government.more 9th Circuit Court quotes
The issue which has swept down the centuries and which will have to be fought sooner or later is the people versus the banks.more Lord Acton quotes
There are plenty of good five-cent cigars in the country. The trouble is they cost a quarter. What this country needs is a good five-cent nickel.more Franklin P. Adams quotes
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.more John Adams quotes
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.more John Adams quotes
Capitalism and communism stand at opposite poles. Their essential difference is this: The communist seeing the rich man and his fine home says, “No man should have so much.” The capitalist seeing the same thing says, “All men should have as much.”more Phelps Adams quotes
It is in the character of very few men to honor without envy a friend who has prospered.more Aeschylus quotes
Thinking to get at once all the gold the goose could give, he killed it and opened it only to find - nothing.more Aesop quotes
History is replete with examples of empires mounting impressive military campaigns on the cusp of their impending economic collapse.more Eric Alterman quotes
Liberty has never lasted long in a democracy, nor has it ever ended in anything better than despotism.more Fisher Ames quotes
When a government takes over a people’s economic life it becomes absolute, and when it has become absolute it destroys the arts, the minds, the liberties and the meaning of the people it governs.more Maxwell Anderson quotes
The modern banking system manufactures “money” out of nothing; and the process is, perhaps, the most, astounding piece of “sleight of hand” that was ever invented. In fact, it was not invented. It merely “grew”. ... Banks in fact are able to create (and cancel) modern “deposit money”, just as much as they were originally able to create, or call in, their own original forms of private notes. They can, in fact, inflate and deflate, i.e., mint, and un-mint the modern “ledger-entry” currency. more Major L. L. B. Angas quotes
The trade of the petty usurer is hated with most reason: it makes a profit from currency itself, instead of making it from the process which currency was meant to serve. Their common characteristic is obviously their sordid avarice.more Aristotle quotes
The cardinal maxim is, that any aid to a present bad Bank is the surest mode of preventing the establishment of a future good Bank.more Walter Bagehot quotes
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.more George Bancroft quotes
[E]conomic liberty and creative entrepreneurship are the basis of any solution to today’s social and economic difficulties. Blaming business, setting wages, and attempting to run the economy by decree from Washington only exacerbates the problems. Consider the minimum wage. It seems so simple: Tell business to pay its workers more. But a hike in the minimum wage is essentially a tax, punishing precisely those companies that hire workers with the least skills.more Doug Bandow quotes
A man must pay the fiddler. In my case it so happened that a whole symphony orchestra often had to be subsidized.more John Barrymore quotes
Democrats will play the old Washington game of calling reductions in the rate of growth of spending for any program a 'cut'.more Bruce Bartlett quotes
Nothing did more to spur the boom in stocks than the decision made by the New York Federal Reserve bank, in the spring of 1927, to cut the rediscount rate. Benjamin Strong, Governor of the bank, was chief advocate of this unwise measure, which was taken largely at the behest of Montagu Norman of the Bank of England....At the time of the Banks action I warned of its consequences....I felt that sooner or later the market had to break.more Bernard Baruch quotes
It is impossible to introduce into society a greater change and a greater evil than this: the conversion of the law into an instrument of plunder.more Frederic Bastiat quotes
Thus, if there exists a law which sanctions slavery or monopoly, oppression or robbery, in any form whatever, it must not even be mentioned. For how can it be mentioned without damaging the respect which it inspires? Still further, morality and political economy must be taught from the point of view of this law; from the supposition that it must be a just law merely because it is a law.
Another effect of this tragic perversion of the law is that it gives an exaggerated importance to political passions and conflicts, and to politics in general.more Frederic Bastiat quotes
When plunder becomes a way of life for a group of men living together in society, they create for themselves in the course of time a legal system that authorizes it and a moral code that glorifies it.more Frederic Bastiat quotes
Men naturally rebel against the injustice of which they are victims. Thus, when plunder is organized by law for the profit of those who make the law, all the plundered classes try somehow to enter -- by peaceful or revolutionary means -- into the making of laws. According to their degree of enlightenment, these plundered classes may propose one of two entirely different purposes when they attempt to attain political power: Either they may wish to stop lawful plunder, or they may wish to share in it.more Frederic Bastiat quotes
No legal plunder: This is the principle of justice, peace, order, stability, harmony, and logic.
Until the day of my death, I shall proclaim this principle
with all the force of my lungs (which alas! is all too inadequate).more Frederic Bastiat quotes
But how is this legal plunder to be identified? Quite simply. See if the law takes from some persons what belongs to them, and gives it to other persons to whom it does not belong. See if the law benefits one citizen at the expense of another by doing what the citizen himself cannot do without committing a crime.more Frederic Bastiat quotes
The war against illegal plunder has been fought since the beginning of the world. But how is... legal plunder to be identified? Quite simply. See if the law takes from some persons what belongs to them, and gives it to other persons to whom it does not belong. See if the law benefits one citizen at the expense of another by doing what the citizen himself cannot do without committing a crime. Then abolish this law without delay ... If such a law is not abolished immediately it will spread, multiply and develop into a system.more Frederic Bastiat quotes
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.more James Bilbray quotes
The Federal Reserve Bank is nothing but a banking fraud and an unlawful crime against civilization. Why? Because they "create" the money made out of nothing, and our Uncle Sap Government issues their "Federal Reserve Notes" and stamps our Government approval with NO obligation whatever from these Federal Reserve Banks, Individual Banks or National Banks, etc.more H. L. Birum, Sr. quotes
Protectionism is a misnomer. The only people protected by tariffs, quotas and trade restrictions are those engaged in uneconomic and wasteful activity. Free trade is the only philosophy compatible with international peace and prosperity.more Dr. Walter Block quotes
You cannot bring about prosperity by discouraging thrift.
You cannot help small men by tearing down big men.
You cannot strengthen the weak by weakening the strong.
You cannot lift the wage-earner by pulling down the wage-payer.
You cannot help the poor man by destroying the rich.
You cannot keep out of trouble by spending more than your income.
You cannot further the brotherhood of man by inciting class hatred.
You cannot establish security on borrowed money.
You cannot build character and courage by taking away men's initiative and independence.
You cannot help men permanently by doing for them what they could and should do for themselves.more William Boetcker quotes
When a government is dependent upon bankers for money, they and not the leaders of the government control the situation, since the hand that gives is above the hand that takes. Money has no motherland; financiers are without patriotism and without decency; their sole object is gain.more Napoleon Bonaparte quotes
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.more Bill Bonner quotes
When you or I write a check there must be sufficient funds in our account to cover that check, but when the Federal Reserve writes a check, it is creating money.more Boston Federal Reserve Bank quotes
This [audit] was made extremely difficult because [IRS] existing Systems were not designed to provide reliable financial information... on their operations.more Charles A. Bowsher quotes
In a small Swiss city sits an international organization so obscure and secretive....Control of the institution, the Bank for International Settlements, lies with some of the world's most powerful and least visible men: the heads of 32 central banks, officials able to shift billions of dollars and alter the course of economies at the stroke of a pen.more Keith Bradsher quotes
A 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.more Nathaniel Branden quotes
Historians and economists are very good at creating and perpetuating myths that justify increasing the power placed in the hands of government.more Reuven Brenner quotes
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.'more Patrick J. Buchanan quotes
Concepts of justice must have hands and feet or they remain sterile abstractions. The hands and feet we need are efficient means and methods to carry out justice in every case in the shortest possible time and at the lowest possible cost.more Justice Warren E. Burger quotes
Democracy is, by the nature of it, a self-canceling buisness: and gives in the long run a net result of zero.more Thomas Carlyle quotes