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Gold Quotes

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Gold Quotes

“When parents put gold into the hands of youth, when they should put a rod under their girdle--when instead of awe they make them past grace, and leave them rich executors of goods, and poor executors of godliness, then it is no marvel that the son being left rich by his father's will, becomes reckless by his own will.”

“Tobacco, divine, rare, superexcellent tobacco, which goes far beyond all the panaceas, potable gold, and philosophers stones, a sovereign remedy to all diseases but as it is commonly abused by most men, which take it as tinkers do ale, 'Tis a plague, a mischief, a violent purger of goods, lands, health; hellish, devilish and damned tobacco, the ruin and overthrow of body and soul.”

“A currency serves three functions: providing a means of payment, a unit of account and a store of value. Gold may be a store of value for wealth, but it is not a means of payment. You cannot pay for your groceries with it. Nor is it a unit of account. Prices of goods and services, and of financial assets, are not denominated in gold terms.”

“Like gold, U.S. dollars have value only to the extent that they are strictly limited in supply. But the U.S. government has a technology, called a printing press (or, today, its electronic equivalent), that allows it to produce as many U.S. dollars as it wishes at essentially no cost. By increasing the number of U.S. dollars in circulation, or even by credibly threatening to do so, the U.S. government can also reduce the value of a dollar in terms of goods and services, which is equivalent to raising the prices in dollars of those goods and services.”

“We were not foolish enough to try to make a currency [backed by] gold of which we had none, but for every mark that was issued we required the equivalent of a mark's worth of work done or goods produced ... we laugh at the time our national financiers held the view that the value of a currency is regulated by the gold and securities lying in the vaults of a state bank.”