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Money Quotes

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Money Quotes

“Money is like fire, an element as little troubled by moralizing as earth, air and water. Men can employ it as a tool or they can dance around it as if it were the incarnation of a god. Money votes socialist or monarchist, finds a profit in pornography or translations from the Bible, commissions Rembrandt and underwrites the technology of Auschwitz. It acquires its meaning from the uses to which it is put.”

“But for money and the need of it, there would not be half the friendship in the world. It is powerful for good if divinely used. Give it plenty of air and it is sweet as the hawthorn; shut it up and it cankers and breeds worms.”

“With its array of gadgets and machines, all powered by energies that are destructive of land or air or water, and connected to work, market, school, recreation, etc., by gasoline engines, the modern home is a veritable factory of waste and destruction. It is the mainstay of the economy of money. But within the economies of energy and nature, it is a catastrophe. It takes in the world's goods and converts them into garbage, sewage, and noxious fumes-for none of which have we found a use.”

“The Fed has one power that is unique to it alone: it enables the creation of money out of thin air. Sometimes it makes vast new amounts. Sometimes it makes lesser amounts. The money takes a variety of forms and enters the system in various ways. And the Fed does this through techniques such as open-market operations, changing reserve ratios, and manipulating interest rates, operations that all result in money creation.”

“First reason is, it's not authorized in the Constitution, it's an illegal institution. The second reason, it's an immoral institution, because we have delivered to a secretive body the privilege of creating money out of thin air; if you or I did it, we'd be called counterfeiters, so why have we legalized counterfeiting? But the economic reasons are overwhelming: the Federal Reserve is the creature that destroys value.”

“At the base of the Fed pyramid, and therefore of the bank system's creation of "money" in the sense of deposits, is the Fed's power to print legal tender money. But the Fed tries its best not to print cash but rather to "print" or create demand deposits, checking deposits, out of thin air, since its demand deposits constitute the reserves on top of which the commercial banks can pyramid a multiple creation of bank deposits, or "checkbook money."”