When plunder becomes a way of life, men create for themselves a legal system that authorizes it and a moral code that glorifies it.— Frederic Bastiat
Useful Monetary System quotations
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.
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.
War, poverty, corruption, hunger, misery, human suffering will not change in a monetary system. That is, there will be very little significant change. It’s going to take the redesign of our culture and values.
You are a den of vipers and thieves. I intend to rout you out, and by the eternal God, I will rout you out.
The bank hath benefit of interest on all moneys which it creates out of nothing.
Bankers own the earth. Take it away from them, but leave them the power to create money and control credit, and with a flick of a pen they will create enough to buy it back.
Having examined the nature of fractional reserve and of central banking, and having seen how the questionable blessings of Central Banking were fastened upon America, it is time to see precisely how the Fed, as presently constituted, carries out its systemic inflation and its control of the American monetary system.
My agency in promoting the passage of the National Banking Act was the greatest mistake of my life. It has built up a monopoly which affects every interest in the country
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.
Paper money has had the effect in your State that it ever will have, to ruin commerce, oppress the honest, and open a door to every species of fraud and injustice.
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
Paper money eventually returns to its intrinsic value - zero.
The issuing power [of money] should be taken from the banks and restored to the people, to whom it properly belongs.
I hope we shall . . . crush in [its] birth the aristocracy of our monied corporations.
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?
It's hard in a monetary system to trust people.
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.
Monetary inflation not only raises prices and destroys the value of the currency unit; it also acts as a giant system of expropriation.
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.
Does a population have informed consent when that population is not taught the inner workings of its monetary system, and then is drawn, all unknowing, into economic adventures?
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.
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.
It strengthens the bonds between nations to have the same civil laws and the same monetary system.
We have come to be one of the worst ruled, one of the most completely controlled and dominated Governments in the world.
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.
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.
Few policies are more calculated to destroy the existing basis of a free society than the debauching of its currency. And few tasks, if any, are more important to the champion of freedom than creation of a sound monetary system.
Of all the contrivances for cheating the laboring classes of mankind, none has been more effective than that which deludes them with paper money.
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.
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.
The Great Depression was not a sign of the failure of monetary policy or a result of the failure of the market system as was widely interpreted. It was instead a consequence of a very serious government failure, in particular a failure in the monetary authorities to do what they'd initially been set up to do.
Deficit spending is simply a scheme for the confiscation of wealth.
The essence of the contemporary monetary system is creation of money, out of nothing, by private banks’ often foolish lending.
Of course I've already taken a very modest position on the monetary system, I do take the position that we should just end the Fed.