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Quote by Robert B. Anderson

“When a bank makes a loan, it simply adds to the borrower's deposit account by the amount of the loan. It does not take this money from anyone else's deposit; it was not previously paid in to the bank by anyone. It's new money, created by the bank for the use of the borrower.”

Quote by Robert B. Anderson

Author

Robert B. Anderson

Robert B. Anderson (June 4, 1910 – August 14, 1989) was an American politician, lawyer, and businessman who served as the 56th United States Secretary of the Treasury from 1957 to 1961 under President Dwight D. Eisenhower. Born in Burleson, Texas, he began his career in law and later held positions as Texas Tax Commissioner and Secretary of the Navy. Known for his conservative fiscal policies, Anderson played a key role in post-war economic expansion and the maintenance of the Bretton Woods system. After leaving office, he pursued business ventures but faced legal controversies in his later years. more

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