A Quote by Lloyd Blankfein
I read a lot of history, and I know that once upon a time, a coin was worth $5 if it had $5 worth of gold in it. Now we have paper that is just backed by fiat... Maybe in the new world, something gets backed by consensus.
Related Quotes
We were not foolish enough to try to make a currency [backed by] gold of which we had none, but for every mark that was issued we required the equivalent of a mark's worth of work done or goods produced ... we laugh at the time our national financiers held the view that the value of a currency is regulated by the gold and securities lying in the vaults of a state bank.
It is not worth the paper it is written on unless it is backed by the kind of force that will make the other side consider the penalties too heavy to break the agreement.
A vision is something worth living for, and it is something worth dying for. In fact, if it is not worth dying for, it is not worth living for. Brave, godly martyrs throughout history have proven time and again that what we as Christians live for is worth dying for.
I believe the world economy will crash when Russia or China moves to a gold-backed currency. They know that when this thing blows, the old law returns: he with most gold makes the rules.
Money is not something you just print. It must be backed by something, either good economy or gold.
If a thing is worth doing, it is worth doing well. If it is worth having, it is worth waiting for. If it is worth attaining, it is worth fighting for. If it is worth experiencing, it is worth putting aside time for.
I had a couple of million dollars' worth of... stock once. And now it's not worth much more than wallpaper. I guess I just wasn't born to be rich.
In 1971, the U.S. 'closed the gold window,' starting an era of global fiat money reference-pricing that has been unprecedented in history. Never before had the world operated on the basis of no country anywhere having a currency tied to something with intrinsic value like gold.
I am disillusioned enough to know that no man's opinion on any subject is worth a damn unless backed up with enough genuine information to make him really know what he's talking about.
It is with government paper, and bank paper, as it is with the paper of private persons; that is, it is worth just what can be delivered in redemption of it, and no more. We all understand that the notes of the Astors, and Stewarts, and Vanderbilts, though issued by millions, and tens of millions, are really worth their nominal values.
Gold was an objective value, an equivalent of wealth produced. Paper is a mortgage on wealth that does not exist, backed by a gun aimed at those who are expected to produce it.
We now have cultural machines so powerful that one singer can reach everybody in the world, and make all the other singers feel inferior because they're not like him. Once that gets started, he gets backed by so much cash and so much power that he becomes a monstrous invader from outer space, crushing the life out of all the other human possibilities. My life has been devoted to opposing that tendency.
Well, I'm backed by a very rich Jew. Yeah!! Yes, I am! His Name is Jesus. I'm backed by Him.
Dhoni backed Jadeja to play aggressively and backed Ishant to bowl short. I have not seen a better Indian captain than him.
I mean, you can explain the fact that these are depressed prices, you know. We think these assets are going to be worth a lot more. And I think that case can be made in certain situations. But I think to just say, you know, we're going to say a dollar of cash is worth $2 all of a sudden, it isn't worth $2. It's worth a dollar today.
To write you had to read so I backed into reading.
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