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2008 October 10
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"Underlying most arguments against the free market
is a lack of belief in freedom itself." |
"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." |
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2008 October 09
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"Mr. Chairman, I see no reason why citizens of the United States should be terrorized into surrendering their property to the International Bankers who own and control the Federal Reserve." |
"It was not accidental [the 1929 stock-market “crash”].
It was a carefully contrived occurrence. ...
The international bankers sought to bring about a condition
of despair here so that they might emerge as rulers of us all." |
"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." |
"The power to determine the quantity of money... is too important, too pervasive, to be exercised by a few people, however public-spirited, if there is any feasible alternative. There is no need for such arbitrary power... Any system which gives so much power and so much discretion to a few men, [so] that mistakes - excusable or not - can have such far reaching effects, is a bad system. It is a bad system to believers in freedom just because it gives a few men such power without any effective check by the body politic - this is the key political argument against an independent central bank." |
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2008 October 08
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"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." |
"Banks have done more injury to the religion, morality, tranquility, prosperity,
and even wealth of the nation than they can have done or ever will do good." |
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2008 October 07
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"If Congress has the right under the Constitution to issue paper money,
it was given to be used by themselves, not to be delegated to individuals
or corporations." |
"The bold effort the present bank had made to control the government
... are but premonitions of the fate that await the American people
should they be deluded into a perpetuation of this institution or the
establishment of another like it." |
"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." |
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2008 October 06
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"Banking was conceived in iniquity and was born in sin.
The Bankers own the earth. Take it away from them,
but leave them the power to create deposits,
and with the flick of the pen they will
create enough deposits to buy it back again.
However, take it away from them, and
all the great fortunes like mine
will disappear and they ought to disappear, for
this would be a happier and better world to live in.
But, if you wish to remain the slaves of Bankers
and pay the cost of your own slavery,
let them continue to create deposits." |
"When the President signs this act [Federal Reserve Act of 1913],
the invisible government by the money power -- proven to exist
by the Monetary Trust Investigation -- will be legalized.
The new law will create inflation whenever the trusts want inflation.
From now on, depressions will be scientifically created." |
"The problem is, of course, that not only is economics bankrupt
but it has always been nothing more than politics in disguise ...
economics is a form of brain damage." |
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