Monetary Quotes

• Earth is abundant with plentiful resources. Our practice of rationing resources through monetary control is no longer relevant and is counter-productive to our survival.

  Jacque Fresco

  Practice, Survival, Earth

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• 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.

  Henry Ford

  Money, Morning, Believe

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

  Ralph George Hawtrey

  Mean, Creating, Historical

  "National Economy and the Banking System of the United States". Book by Robert Latham Owen, p. 102, 1939.

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• Whoever controls the volume of money in any country is absolute master of all industry and commerce.

  James A. Garfield

  Country, Money, Democracy

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

  John Kenneth Galbraith

  Simple, Mind, Bankers

  John Kenneth Galbraith (2017). “Money: Whence It Came, Where It Went”, p.22, Princeton University Press

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

  Robert W. Hemphill

  Money, Commercial Banks, Bankers

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• 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.

  John Kenneth Galbraith

  Money, Simple, Mind

  "Money: Whence it came, where it went". Book by John Kenneth Galbraith, pp. 15, 29, 1975.

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• Inflation is always and everywhere a monetary phenomenon.

  Milton Friedman

  Economics, Economist, Monetary Policy

  Milton Friedman, Rose Friedman (1990). “Free to Choose: A Personal Statement”, p.272, Houghton Mifflin Harcourt

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• Domestic inflation reflects domestic monetary policy.

  Martin Feldstein

  Monetary Policy, Inflation, Domestic Policy

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• Money will cease to be master and become the servant of humanity. Democracy will rise superior to the money power.

  Abraham Lincoln

  Humanity, Democracy, Money Power

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• In our time, the curse is monetary illiteracy, just as inability to read plain print was the curse of earlier centuries.

  Ezra Pound

  Inability, Literature, Pounds

  Ezra Pound (1952). “Guide to Kulchur”, p.196, New Directions Publishing

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• The major economic policy challenges facing the nation today - pick your favorites among the usual suspects of low public and household savings, concerns about educational quality and achievement, high and rising income inequality, the large imbalances between our social insurance commitments and resources - are not about monetary policy.

  Timothy Geithner

  Educational, Commitment, Economic Inequality

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• As financial markets continue to broaden and deepen, the behavior of asset prices will play an important role in the formulation of monetary policy going forward, perhaps a more important role than in the past.

  Timothy Geithner

  Past, Play, Important

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• So just as I want pilots on the planes that I fly, when it comes to monetary policy, I want to think that there is someone with sound judgement at the controls.

  Martin Feldstein

  Thinking, Judgement, Sound

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• 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

  Life, Money, Men

  "Economic Sophisms". Book by Frédéric Bastiat, Second series, 1848.

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• 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.

  Thomas Jefferson

  Believe, Army, Names

  Thomas Jefferson (1829). “Memoir, Correspondence, and Miscellanies: From the Papers of Thomas Jefferson”, p.277

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• Inflation is always and everywhere a monetary phenomenon in the sense that it is and can be produced only by a more rapid increase in the quantity of money than in output... A steady rate of monetary growth at a moderate level can provide a framework under which a country can have little inflation and much growth. It will not produce perfect stability; it will not produce heaven on earth; but it can make an important contribution to a stable economic society.

  Milton Friedman

  Country, Perfect, Heaven

  "The Counter-Revolution in Monetary Theory". Book by Milton Friedman, June 1, 1970.

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• Inflation is always and everywhere a monetary phenomenon in the sense that it is and can be produced only by a more rapid increase in the quantity of money than in output.

  Milton Friedman

  Investing, Output, Rapids

  Milton Friedman (1994). “Money Mischief: Episodes in Monetary History”, p.63, Houghton Mifflin Harcourt

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• During the last campaign I knew what was happening. You know, they mocked me for my foreign policy and they laughed at my monetary policy. No more. No more.

  Ron Paul

  Campaigns, Lasts, Foreign Policy

  "Austan Goolsbee and Ron Paul on "State of the Union"". "State of the Union" with Candy Crowley, www.realclearpolitics.com. June 5, 2011.

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• The money problem facing the country from 1789 to 1896 existed because Congress never exercised is authority to "coin money or regulate the value thereof" - but rather delegated that authority, sometimes by charter and sometimes by default, to the banking system. This despite the provision in the Constitution that charged Congress with the power to 'coin money, regulate the value thereof, and of foreign Coin, and fix the Standards of weight and Measures.'

  William Jennings Bryan

  Country, Banking, Coins

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• Price, taken by itself, is nothing but the monetary expression of value.

  Karl Marx

  Taken, Expression, Values

  Karl Marx, Hugh Griffith, F. Engels (2009). “Karl Marx & Friedrich Engels”, p.102, Collector's Library

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• 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.

  Jacque Fresco

  War, Significant Change, Suffering

  "Zeitgeist: Addendum". Documentary, History, War, www.imdb.com. 2008.

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• However, in spite of the general perception that monetary policy should be conducted so as to avert deflation, a central bank cannot lower interest rates below the zero lower bound.

  Toshihiko Fukui

  Zero, Perception, Should

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• In principle, there are only three main components of spending that much matter to monetary policy: consumer spending, business investment and exports and trade.

  Evan Davis

  Principles, Three, Matter

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• We already have a federation. The 11, soon to be 12, member States adopting the euro have already given up part of their sovereignty, monetary sovereignty, and formed a monetary union, and that is the first step towards a federation.

  Joschka Fischer

  Europe, Unions, Firsts

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