Money creation | Quotes about the magic of money

"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."" Murray Rothbard

"I'm about as monolingual as you come, but nevertheless, I have a variety of different languages at my command, different styles, different ways of talking, which do involve different parameter settings." Noam Chomsky

"There are two fools in this world. One is the millionaire who thinks that by hoarding money he can somehow accumulate real power, and the other is the penniless reformer who thinks that if only he can take the money from one class and give it to another, all the world's ills will be cured." Henry Ford

"We want property, but property restored to its proper limits, that is to say, free distribution of the products of labour, property minus usury!" Pierre-Joseph Proudhon

"There is one good thing about Marx: he was not a Keynesian." Murray Rothbard

"Falling prices through increased production is a wonderful long-run tendency of untrammeled capitalism." Murray Rothbard

"A basic principle of modern state capitalism is that costs and risks are socialized to the extent possible, while profit is privatized." Noam Chomsky

"All my economic ideas as developed over twenty-five years can be summed up in the words: agricultural-industrial federation. All my political ideas boil down to a similar formula: political federation or decentralization." Pierre-Joseph Proudhon

"A better distribution of incomes would increase that efficiency by diverting a great fund of wealth from the useless to the useful members of society. To cut off the income of the useless will not impair their efficiency. They have none to impair. It will, in fact, compel them to acquire a useful function." Walter Lippmann

"The modern welfare state, highly touted as soaking the rich to subsidize the poor, does no such thing. In fact, soaking the rich would have disastrous effects, not just for the rich but for the poor and middle classes themselves. For it is the rich who provide a proportionately greater amount of saving, investment capital, entrepreneurial foresight, and financing of technological innovation that has brought the Unites States to by far the highest standard of living - for the mass of the people - of any country in history." Murray Rothbard

"Fascism is capitalism plus murder." Upton Sinclair

"The General Theory was not truly revolutionary at all but merely old and oft-refuted mercantilist and inflationist fallacies dressed up in shiny new garb, replete with newly constructed and largely incomprehensible jargon." Murray Rothbard

"Rich people are poor people with money." George Orwell

"Vast numbers of human beings must cooperate in this manner if they are to live together as a smoothly functioning society." Edward Bernays