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2009 February 20
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"As long as we issue fiat currency, I see no alternative to a legal tender law." |
"The actual process of money creation takes place in commercial banks. As noted earlier, demand liabilities of commercial banks are money." |
"Because of 'fractional' reserve system, banks, as a whole,
can expand our money supply several times, by making loans and investments." |
"Without the confidence factor, many believe a paper money system is liable to collapse eventually." |
"A welfare state is frightened of every poor person who tries to get in and every rich person who tries to get out." |
"It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning." |
"Three groups spend other people's money:
children, thieves, politicians.
All three need supervision." |
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2009 February 19
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"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." |
"Everyone wants to live at the expense of the state.
They forget that the state lives at the expense of everyone." |
"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..." |
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2009 February 18
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"When you see that trading is done, not by consent, but by compulsion - when you see that in order to produce, you need to obtain permission from men who produce nothing - when you see that money is flowing to those who deal, not in goods, but in favors - when you see that men get richer by graft and by pull than by work, and your laws don't protect you against them, but protect them against you - when you see corruption being rewarded and honesty becoming a self-sacrifice - you may know that your society is doomed." |
"For you see, the world is governed by very different personages
from what is imagined by those who are not behind the scenes." |
"The more one considers the matter, the clearer it becomes that redistribution is in effect far less a redistribution of free income from the richer to the poorer, as we imagined, than a redistribution of power from the individual to the State." |
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2009 February 17
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"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." |
"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." |
"The real destroyer of the liberties of the people
is he who spreads among them bounties, donations and benefits." |
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2009 February 16
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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 decrease in purchasing power incurred by holders of money
due to inflation imparts gains to the issuers of money..." |
"Paper money eventually returns to its intrinsic value -- zero." |
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