Infamous financial/economic quotes from the past (capitalism, transaction, complaint)
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"But let’s just go to the heart of the matter: the stock market, there is a floor there. You know that the Fed and others are pounding away to minimize the risk in the stock market, and that’s a good thing. That’s for our economy.” – House Speaker Nancy Pelosi on CNBC’s Mad Money with Jim Cramer, July 22, 2020
“Would I say there will never, ever be another financial crisis?” “You know probably that would be going too far but I do think we’re much safer and I hope that it will not be in our lifetimes and I don’t believe it will be,” – Janet Yellen, London, June 27, 2017
“We are in a big, fat, ugly bubble.” – Donald Trump – 9/26/16
“Investors know that we are there to prevent serious losses” – Jay Powell 2012
“At this juncture, the impact on the broader economy and financial markets of the problems in the subprime market seems likely to be contained.” – Fed chairman, Ben Bernanke, Congressional testimony, March, 2007
“There is no housing bubble” – Ben Bernanke 2006
‘We will not have any more crashes in our time.’ – John Maynard Keynes, 1927
“Under the Federal Reserve System we shall have no more financial panics.” – Charles Hamlin,
the first head of the Federal Reserve in 1915.
“One of the great mistakes is to judge policies and programs by their intentions rather than their results.” – Milton Friedman
The surest way to destroy a nation is to debauch its currency.” – Vladimir Ilyich Lenin
“The way to crush the bourgeoisie is to grind them between the millstones of taxation and inflation.” – Vladimir Ilyich Lenin
“The establishment of a central bank is 90% of communizing a nation.” – Vladimir Ilyich Ulyanov Lenin
“There is nothing more difficult to carry out, nor more doubtful of success, nor more dangerous to handle, than to initiate a new order of things. For the reformer has enemies in all those who profit by the old order, and only lukewarm defenders in all those who would profit by the new order, this lukewarmness arising partly from the fear of their adversaries who have the laws in their favor, and partly from the incredulity of mankind, who do not truly believe in anything new until they have had the actual experience of it.” – Niccolo Machiavelli
Balzac, “Behind every great fortune is a great crime.”, I find the French to English translation even better, “The secret of a great success for which you are at a loss to account is a crime that has never been found out, because it was properly executed.”
“I wish it were possible to obtain a single amendment to our constitution taking from the Federal Government the power of borrowing” – Thomas Jefferson
The liberties of a people never were, nor ever will be, secure, when the transactions of their rulers may be concealed from them." - Patrick Henry
“Of all the enemies to public liberty, war is, perhaps, the most to be dreaded because it comprises and develops the germ of every other. War is the parent of armies; from these proceed debts and taxes. And armies, and debts, and taxes are the known instruments for bringing the many under the domination of the few. “In War, too, the discretionary power of the executive is extended. Its influence in dealing out offices, honors, and emoluments is multiplied; and all the means of seducing the minds, are added to those of subduing the force of the people. “The same malignant aspect of republicanism may be traced in the inequality of fortunes, and the opportunities of fraud, growing out of a state of war…and in the degeneracy of manners and morals, engendered by both. No Nation could preserve its freedom in the midst of continual warfare.”: James Madison, April 20, 1795
"Allow me to control the issue of the nation's money and I care not who makes its laws!" - Mayer Rothschild
“If my sons did not want war, there would be none” – Gutle Schnapper Rothschild
“The few who understand the system will be so interested in its profits, or so dependent on its favors, that there will be no opposition from that class, while on the other hand, the great body of the people are mentally incapable of comprehending the tremendous advantage that derives from the system, will bear its burdens without complaint, and perhaps without even suspecting that the system is inimical to their interests” – Rothschild Bros of London to Sen. John Sherman and the brothers Rothschild to start a new Central Bank in America, June 1863.
“Whoever controls the volume of money in any country is absolute master of all industry and commerce, and when you realize that the entire system is very easily controlled, one way or another, by a few powerful men at the top, you will not have to be told how periods of inflation and depression originate.” - James Garfield 20th president, within a few weeks of making this statement he was assassinated.
“The urge to save humanity is almost always a false face for the urge to rule it” - H.L. Mencken
“A State divided into a small number of rich and a large number of poor will always develop a government manipulated by the rich to protect the amenities represented by their property.”: Harold Laski (1930)
“Those fighting for free enterprise and free competition do not defend the interests of those rich today. They want a free hand left to unknown men who will be the entrepreneurs of tomorrow…” – Ludwig von Mises
“Hidden behind the façade of pompous jargon and noble affections, there is more sheer larceny per square foot on the floor of the New York Stock Exchange than any place else in the world”.- Richard Ney author of The Wall Street Jungle – 1970 and The Wall Street Gang. “Money is the sixth sense that makes the other five more enjoyable”
“I am a most unhappy man. I have unwittingly ruined my country. A great industrial nation is controlled by its system of credit. Our system of credit is concentrated. The growth of the nation, therefore, and all our activities are in the hands of a few men. We have come to be one of the worst ruled, one of the most completely controlled and dominated Governments in the civilized world no longer a Government by free opinion, no longer a Government by conviction and the vote of the majority, but a Government by the opinion and duress of a small group of dominant men.” -Woodrow Wilson
“It is well enough that people of the nation do not understand our banking and money system, for if they did, I believe there would be a revolution before tomorrow morning.” Henry Ford
“Whoever controls the volume of money in any country is absolute master of all industry and commerce, and when you realize that the entire system is very easily controlled, one way or another, by a few powerful men at the top, you will not have to be told how periods of inflation and depression originate.” - James Garfield 20th president, within a few weeks of making this statement he was assassinated.
JFK knew this as well, and began printing currency backed by silver; to payoff our national debt.
We all know how that ended, 6 months later in Dallas.
The problem with socialism is that you eventually run out of other people's money.
Replace "socialism" with "government", "bureaucrats", or "Washington DC" and it holds just as true.
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