A Quote by Garet Garrett

The spectacle of a great, solvent government paying a fictitious price for gold it did not want and did not need and doing it on purpose to debase the value of its own paper currency was one to astonish the world.

Garet Garrett

Quote Topics

Astonish Currency Did Doing Fictitious Gold Government Great Need Own Paper Paying Price Purpose Solvent Spectacle Value Want World

Quote Author

Garet Garrett
American - Journalist
February 19, 1878 - November 6, 1954

When you own gold you're fighting every central bank in the world. That's because gold is a currency that competes with government currencies and has a powerful influence on interest rates and the price of government bonds. And that's why central banks long have tried to suppress the price of gold. Gold is the ticket out of the central banking system, the escape from coercive central bank and government power.

James Rickards

The available supply of gold and silver being wholly inadequate to permit the issuance of coins of intrinsic value or paper currency convertible into coin of intrinsic value or paper currency convertible into coin in the volume required to serve the needs of the People, some other basis for the issue of currency must be developed, and some means other than that of convertibility into coin must be developed to prevent undue fluctuation in the value of paper currency or any other substitute for money intrinsic value that may come into use.

Abraham Lincoln

Most governments, not all of them, but most, certainly don't want their citizens using gold. They want them in the currency that they are creating. When they are debasing money, or printing money, they are spending it and they want it to have as much value as possible when they originally spend it. Of course once they spend it, it will lose value for them and everyone else that holds it. But they need demand for their currency. They need as many people as possible holding it and transacting it. The more people that use gold, the harder it makes it.

Peter Schiff

Most paper money initially existed as a substitute for gold. That's what gave it value. But right now what gives a currency value is other currency. Most countries hold reserves and the reserves are other currencies. If you are a backing up the euro with the dollar, what's backing up the dollar? I don't think it is going to go to a point where all you have is coins and bars of gold, but I do think that we are going to have to go back to a monetary system based in gold, not based on paper.

Peter Schiff

When I was on tour, people would say "We don't need a value-based currency, we can go out and buy gold and silver with US dollars now." I mean that it is so utterly brain dead, because they miss the whole point: the reason we need to have a gold and silver based currency is to bring discipline to the financial system so the government can't go out and do all sorts of bad things.

Bernard von NotHaus

For anything worth having one must pay the price; and the price is always work, patience, love, self-sacrifice - no paper currency, no promises to pay, but the gold of real service.

John Burroughs

Gold is unique because it has the age-old aspect of being viewed as a store of value. Nevertheless, it’s still a commodity and has no tangible value, and so I would say that gold is a speculation. But because of my fear about the potential debasing of paper money and about paper money not being a store of value, I want some exposure to gold.

Seth Klarman

It is absurd to say that our country can issue $30,000,000 in bonds and not $30,000,000 in currency. Both are promises to pay; but one promise fattens the usurer (banker), and the other helps the people. If the currency issued by the Government were no good, then the bonds issued would be no good either. It is a terrible situation when the Government, to increase the national wealth, must go into debt and submit to ruinous interest charges at the hands of men who control the fictitious values of gold.

Thomas A. Edison

The mine owners did not find the gold, they did not mine the gold, they did not mill the gold, but by some weird alchemy all the gold belonged to them!

Bill Haywood

The value of money comes from the private sector in the form of price for product, services rendered, what people are willing to pay for something they want or need. That's where value happens. Government has nothing to do with that.

Rush Limbaugh

When not only gold but all commodities are available for the redemption of the paper currency, its volume is limited only by the value of all the wealth of the country, and it can never become insecure up to this limit.

John Buchanan Robinson

Experience, however, shows that neither a state nor a bank ever have [sic] had the unrestricted power of issuing paper money without abusing that power; in all states, therefore, the issue of paper money ought to be under some check and control; and none seems so proper for that purpose as that of subjecting the issuers of paper money to the obligation of paying their notes either in gold coin or bullion.

David Ricardo

To measure prices by a currency that is called by the same names as gold, but that is really inferior in value to gold, and then - because those prices are nominally higher than gold prices - to say that they are inflated, relatively to gold, is a perfect absurdity.

Lysander Spooner

Back in 1960, the paper dollar and the silver dollar both were the same value. They circulated next to each other. Today? The paper dollar has lost 95% of its value, while the silver dollar is worth $34, and produced a 2-3 times rise in real value. Since we left the gold standard in 1971, both gold and silver have become superior inflation hedges.

Mark Skousen

It is a terrible situation when the Government, to insure the National Wealth, must go in debt and submit to ruinous interest charges, at the hands of men, who control the fictitious value of gold. Interest is the invention of Satan.

Thomas A. Edison

I see a great future for gold and silver coins as the currency people may increasingly turn to when paper currencies begin to disintegrate.