Quotes About Monetary

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.

If you increase the quantity of money, you bring about the lowering of the purchasing power of the monetary unit.

the fact that it [the US] can, at will, drop bombs with only a few hours' notice, at absolutely any point on the surface of the planet. No other government has ever had anything remotely like this sort of capacity. In fact, a case could well be made that it is this very power that holds the entire world monetary system, organized around the dollar, together

To the extent that these Treasury IOUs are being built into the world's monetary base they will not have to be repaid, but are to be rolled over indefinitely. This feature is the essence of America's free financial ride, a tax imposed at the entire globe's expense.15

To this day, this loan has never been paid back. It cannot be. If it ever were, the entire monetary system of Great Britain would cease to exist.

In fact, our standard account of monetary history is precisely backwards. We did not begin with barter, discover money, and then eventually develop credit systems. It happened precisely the other way around. What we now call virtual money came first. Coins came much later, and their use spread only unevenly, never completely replacing credit systems. Barter, in turn, appears to be largely a kind of accidental byproduct of the use of coinage or paper money.

As Marx amusingly put it elsewhere, in boom economies everybody acts like a Protestant—they act on pure faith. When the crash comes, though, everyone dives for cover in the "Catholicism" of the monetary base, real gold.

The rise of monetary exchange leads to socially necessary labor-time becoming the guiding force within a capitalistic mode of production. Therefore, value as socially necessary labor-time is historically specific to the capitalist mode of production. It arises only in a situation where market exchange is doing the requisite job.

The most important thing to remember is that inflation is not an act of God, that inflation is not a catastrophe of the elements or a disease that comes like the plague. Inflation is a policy.

[Gresham's Law]: Bad money drives out good money.

The natural tendency of government, once in charge of money, is to inflate and to destroy the value of the currency.

Governments cannot assume or expect that the ECB will always facilitate their funding independently of the achievement of their fiscal and other policy objectives.

What economic calculation requires is a monetary system whose functioning is not sabotaged by government interference.

If the governments devalue the currency in order to betray all creditors, you politely call this procedure 'inflation'.

Low inflation and government prudence may be harmful for economic development.

The Government will not abandon the free conversion of the rouble

The government can indefinitely control both short-term and long-term interest rates.

If you don't own Gold, you know neither history nor economics.

The Fed is the greatest hedge fund in history.

We cannot hope to achieve full employment and sustain it until we have mastered inflation.

The Robert Mugabe school of economics provides a salutary warning about uncontrolled monetary expansion in generating hyper-inflation. The road to Harare is not as long as we might hope.

Whether through blind luck or sound business sense, Blum ended up buying the whole set of soup cans for $1,000, paying $100 per month till it was paid off. In 1999 he sold them to the Museum of Modern Art for $7 million in cash and a $7 million tax deduction.

The harder a government, such as a dictatorship, tries to maintain monetary policy autonomy, the more it must either limit the movement of capital into and outside of the country, or the more it must compromise exchange-rate stability.

Financial repression returned to the West after 2008. Short-term rates in the United States and Europe were held below the level of inflation and remained negative in real terms for years on end.