A Quote by G. Edward Griffin

When banks place credits into your account, they are merely pretending to lend you money. In reality, they have nothing to lend. Even the money that non-indebted depositors have placed with them was originally created out of nothing in response to someone else's loan. So what entitles the banks to collect rent on nothing? It is immaterial that men everywhere are forced by law to accept these nothing certificates in exchange for real goods and services. We are talking here not about what is legal, but what is moral.

G. Edward Griffin

Quote Topics

About Accept Account Banks Certificates Collect Created Credits Else Even Everywhere Exchange Forced Goods Goods And Services Immaterial Indebted Law Legal Lend Loan Men Merely Money Moral Nothing Originally Out Place Placed Pretending Real Reality Rent Response Services Someone Talking Them Your

Quote Author

G. Edward Griffin
American - Author
Born: November 7, 1931

If two parties, instead of being a bank and an individual, were an individual and an individual, they could not inflate the circulating medium by a loan transaction, for the simple reason that the lender could not lend what he didn't have, as banks can do. Only commercial banks and trust companies can lend money that they manufacture by lending it.

Irving Fisher

And what did the banks do to earn this perpetually flowing river of wealth? Did they lend out their own capital obtained through investment of stockholders? Did they lend out the hard-earned savings of their depositors? No, neither of these were their major source of income. They simply waved the magic wand called fiat money.

G. Edward Griffin

Banks lend by creating credit. They create the means of payment out of nothing.

Ralph George Hawtrey

Credits in your PayPal account are really just USD-backed - they are not a unique currency themselves. Other 'digital currencies,' such as Facebook Credits, can be created out of nothing and without limit, so they are not serious money.

Erik Voorhees

Thus, our national circulating medium is now at the mercy of loan transactions of banks, which lend, not money, but promises to supply money they do not possess

Irving Fisher

What you ain't never understood is that I ain't got nothing, don't own nothing, ain't never really wanted nothing that wasn't for you. There ain't nothing as precious to me...There ain't nothing worth holding on to, money, dreams, nothing else--

Lorraine Hansberry

If we want the banks to lend - and we all do - if we want the economy to expand - and we all do - do you really want to start confining the banks in their ability to make profits in order to generate more capital to lend out to the people?

Scott Garrett

When the banks create the money, they don't create the interest. They send you into the world to compete with everybody else to get the second $100,000 that never was created and bring it back to them. So if we're in a world with zero-growth population, goods, services, and money, the problem would be obvious.

Bernard Lietaer

What do the 5%, or the 1% actually use their money for? They lend it back to the economy at large, they load it down with debt. They make their money by lending to the bottom 95%, or the bottom 99%. When you give them more after-tax income, it enables them to buy even more control of government, even more control of election campaigns. They're not going to spend this money back into the goods-and-services economy.

Michael Hudson

There's nothing romantic, nothing grand, nothing heroic, nothing brave, nothing like that about drinking. It's a real coward's death.

Warren Zevon

There's nothing good, there's nothing moral about taking money from people who earn it.

Rush Limbaugh

The essence of the contemporary monetary system is creation of money, out of nothing, by private banks’ often foolish lending.

Martin Wolf

People have to pay so much money to the banks that they don't have enough money to buy the goods and services they produce. So there's not much new investment, there's not new employment (except minimum-wage "service" jobs), markets are shrinking, and people are defaulting. So many companies can't pay their banks.

Michael Hudson

Save money; never rely on other people to lend you money. We call it having 'walking the streets' money - money in your back pocket or bank account that belongs to you.

Theo Paphitis

Economically, ISIS is making money every day on the black market with their oil fields. But they are also putting money in banks. We know where those banks are. We should go after the banks and the facilitators using them.

Jack Keane

What we're talking about is the price of goods, all goods, in terms of money. That has nothing to do with unemployment, except for the fact that you get fewer goods. And when you have more money and fewer goods, the amount of dollars per good goes up. It goes up because there are fewer goods and it goes up because there is more money.

Arthur Laffer

A Quote by G. Edward Griffin

Quote Topics

Quote Author

Related Quotes

Related Authors