Monetary System Quotes

In a monetary system, most of us live near our work with a house, car, and lifestyle we can afford (or, all too often, cannot afford), rather than the one we prefer. We are only as free as our purchasing power permits. Even many wealthy people today select a residence mainly to impress others with their status. Lacking a true sense of self worth, many live to impress others.

Paper money eventually returns to its intrinsic value - zero.

The first requisite of a sound monetary system is that it put the least possible power over the quantity or quality of money in the hands of the politicians.

A gold standard is the ideal monetary system for those who create wealth through ingenuity, entrepreneurship, and hard work. Gold standards are disfavored by those who do not create wealth but instead seek to extract wealth from others through inflation, inside information, and market manipulation.

If you make people uniform, you can control them. If you teach people to read, and think, and question things, you lose control. So, the best idea is to separate people if you wish to maintain a monetary system. It's called divide and conquer. By dividing people, they're not a threat, you can control them.

A private enterprise system needs some measuring rod, it needs something, it needs money to make its transactions. You can't run a big complicated system through barter, through converting one commodity into another. You need a monetary system to operate. And the instability in that monetary system is devastating to the performance of the economy.

During the thousands of years of monetary system, most workers have been paid just enough to make it necessary that they return to work, even when higher wages have been possible. How else can the wage-payer keep the workers coming back?

Look at any financial institution, at any bank. They're all photocopies of each other. There's no diversity of institutions and even less diversity of currency. Therefore, just as you say its very logical that an ecosystem like this will collapse, it's very predictable a monetary system like this will collapse, too. And it hasn't finished collapsing, by the way.

Right after the Civil War there was considerable talk about reviving Lincoln's brief experiment with the Constitutional monetary system. Had not the European money-trust intervened, it would have no doubt become an established institution.

Once public opinion is convinced that the increase in the quantity of money will continue and never come to an end, and that consequently the prices of all commodities will not cease to rise, everybody becomes eager to buy as much as possible and restrict his cash holdings to minimum size... If the credit expansion is not stopped in time, the boom turns to crack-up boom: the flight into real values begins, and the whole monetary system founders.

The American people have no idea they are paying the bill.  They know that someone is stealing their hubcaps, but they think it is the greedy businessman who raises prices or the selfish laborer who demands higher wages or the unworthy farmer who demands too much for his crop or the wealthy foreigner who bids up our prices.  They do not realize that these groups also are victimized by a monetary system which is constantly being eroded in value by and through the Federal Reserve System.

Take Milton Friedman, he sits at his desk pontificating about such bunk as the monetary system being the answer to our problems. The monetary system is a legal contrivance. Property, not money, is real wealth. It's physical, not legal.

If the practice persists of covering government deficits with the issue of notes, then the day will come without fail, sooner or later, when the monetary systems of those nations pursuing this course will break down completely. The purchasing power of the monetary unit will decline more and more, until finally it disappears completely.

People who will not turn a shovel full of dirt on the project (Muscle Shoals Dam) nor contribute a pound of material, will collect more money from the United States than will the People who supply all the material and do all the work. This is the terrible thing about interest.

If the Nation can issue a dollar bond it can issue a dollar bill. The element that makes the bond good makes the bill good also. The difference between the bond and the bill is that the bond lets the money broker collect twice the amount of the bond and an additional 20%. Whereas the currency, the honest sort provided by the Constitution pays nobody but those who contribute in some useful way. It is absurd to say our Country can issue bonds and cannot issue currency. Both are promises to pay, but one fattens the usurer and the other helps the People.

It is a terrible situation when the Government, to insure the National Wealth, must go in debt and submit to ruinous interest charges, at the hands of men, who control the fictitious value of gold. Interest is the invention of Satan.

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.

Some people think the Federal Reserve Banks are United States Government Institutions. They are private credit monopolies which prey upon the people of the United States for the benefit of themselves and their foreign customers.

Lenin is said to have declared that the best way to destroy the Capitalistic System was to debauch the currency. . . Lenin was certainly right. There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction, and does it in a manner which not one man in a million can diagnose.

When plunder becomes a way of life, men create for themselves a legal system that authorizes it and a moral code that glorifies it.

There are two ways to aquire the niceties of life: 1) To produce them or 2) To plunder them. 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.

Deficit spending is simply a scheme for the confiscation of wealth.

We are in danger of being overwhelmed with irredeemable paper, mere paper, representing not gold nor silver; no sir, representing nothing but broken promises, bad faith, bankrupt corporations, cheated creditors and a ruined people.

If congress has the right under the Constitution to issue paper money, it was given them to use themselves, not to be delegated to individuals or corporations.

The modern banking system manufactures money out of nothing.

I see in the near future a crisis approaching that unnerves me and causes me to tremble for the safety of my country.

We have come to be one of the worst ruled, one of the most completely controlled and dominated Governments in the world.

While boasting of our noble deeds we're careful to conceal the ugly fact that by an iniquitous money system we have nationalized a system of oppression which, though more refined, is not less cruel than the old system of chattel slavery.

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.

A power has risen up in the government greater than the people themselves, consisting of many and various powerful interests, combined in one mass, and held together by the cohesive power of the vast surplus in banks.

The issuing power [of money] should be taken from the banks and restored to the people, to whom it properly belongs.

Thus, our national circulating medium is now at the mercy of loan transactions of banks, which lend, not money, but promises to supply money they do not possess

Someone has to borrow every dollar we have in circulation, cash or credit.

The modern banking system manufactures money out of nothing. The process is perhaps the most astounding piece of sleight-of-hand that was ever invented.

The death of Lincoln was a disaster for Christendom. There was no man in the United States great enough to wear his boots and the bankers went anew to grab the riches. I fear that foreign bankers with their craftiness and tortuous tricks will entirely control the exuberant riches of America and use it to systematically corrupt civilization.

I am afraid the ordinary citizen will not like to be told that the banks can, and do, create money...And they who control the credit of the nation direct the policy of Governments and hold in the hollow of their hands the destiny of the people.

The study of money, above all other fields in economics, is one in which complexity is used to disguise truth or to evade truth, not to reveal it. The process by which banks create money is so simple the mind is repelled.

The process by which banks create money is so simple that the mind is repelled.

The bank hath benefit of interest on all moneys which it creates out of nothing.

Banks lend by creating credit. They create the means of payment out of nothing.

I am a most unhappy man. I have unwittingly ruined my country. A great industrial nation is controlled by its system of credit. Our system of credit is concentrated. The growth of the nation, therefore, and all our activities are in the hands of a few men. We have come to be one of the worst ruled, one of the most completely controlled and dominated Governments in the civilized world - no longer a Government by free opinion, no longer a Government by conviction and the vote of the majority, but a Government by the opinion and duress of a small group of dominant men.

The presently existing global financial and monetary system will disintegrate during the near term. The collapse might occur this spring, or summer, or next autumn; it could come next year; it will almost certainly occur during President William Clinton's first term in office; it will occur soon. That collapse into disintegration is inevitable, because it could not be stopped now by anything but the politically improbable decision by leading governments to put the relevant financial and monetary institutions into bankruptcy reorganization.

People say that the monetary system produces incentive.  This may be true in limited areas, but it also produces greed, embezzlement, corruption, pollution, jealousy, anger, crime, war, poverty, tremendous scarcity, and unnecessary human suffering.  You have to look at the entire picture.

We must not let our rulers load us with perpetual debt.

I sincerely believe 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.

The dreams of "leaving it up to the market" or of returning to a politically neutral gold standard cannot succeed because the nature of the monetary system has a profound impact on the interests of powerful groups and states. Affected groups and states will always try to intervene in the operation of the system to make it serve their interests.

The Government should create, issue, and circulate all the currency and credits needed to satisfy the spending power of the Government and the buying power of consumers. By the adoption of these principles, the taxpayers will be saved immense sums of interest. Money will cease to be master and become the servant of humanity.

I believe that banking institutions are more dangerous to our liberties than standing armies.

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 money and it's issuance.

In the absence of the gold standard, there is no way to protect savings from confiscation through inflation. There is no safe store of value.