A Quote by Mal Fletcher
Confidence, not paper or digital money, is the key currency in a capitalist system.
Quote Topics
Quote Author
Related Quotes
It's important to understand how Coinbase thinks about regulation and compliance in the digital currency space. As an exchange, we view compliance as key to digital currency's success.
Earlier, physical currency used to dominate. Now, mobile currency or digital currency is dominating. For digital currency, fintech is very crucial.
Many countries are looking at the virtual currency and the digital currency. Now, the issue is a virtual currency by the government, digital currency by the government that is one area to look but on the other hand, there are private cryptocurrencies as well.
The regulator banned cryptocurrency... then there was an order from the Supreme Court. So, in the absence of any strong law, it was very important for us to come out with a comprehensive law-one for the private digital currency and second for the government for its digital form of currency, or the virtual currency.
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.
Gold, unlike all other commodities, is a currency...and the major thrust in the demand for gold is not for jewelry. It's not for anything other than an escape from what is perceived to be a fiat money system, paper money, that seems to be deteriorating.
The best way to destroy the capitalist system is to debauch the currency.
What's happening is there's transfer of wealth from the poor and the middle class to the wealthy. This comes about because of the monetary system that we have. When you inflate a currency or destroy a currency, the middle class gets wiped out, so the people who get to use the money first, which is created by the Federal Reserve System, benefit, so the money gravitates to the banks and to Wall Street. That's why you have more billionaires than ever before.
Gold is not less but more rational than paper money. Money holds value so long as it is in limited supply; gold will always be in limited supply, and would require real resources to produce even from the sea; paper and printing ink are not in limited supply. The gold system is much closer to a modern automatic scientific control system than the crude and relatively unstable system of paper.
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.
An attempt by the Mongols to introduce paper money in Persia in the twelfth and thirteenth centuries flopped because no one would accept it. The public had no confidence in the paper money despite the awesomely coercive decrees that always marked Mongol rule.
Capitalism is very far from a perfect system, but so far we have yet to find anything that clearly does a better job of meeting human needs than a regulated capitalist economy coupled with a welfare and health care system that meets the basic needs of those who do not thrive in the capitalist economy. If we ever do find a better system, I'll be happy to call myself an anti-capitalist.
Lenin is said to have declared that the best way to destroy the Capitalist System was to debauch the currency. By a continuing process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens. By this method they not only confiscate, but they confiscate arbitrarily; and, while the process impoverishes many, it actually enriches some. The sight of this arbitrary rearrangement of riches strikes not only at security, but at confidence in the equity of the existing distribution of wealth.
We have designed a capitalist system wrong. We assume human beings are one-dimensional, all they do is make money, so we've created a money-centric world.
I do think some digital currency will end up being the reserve currency of the world. I see a path where that's going to happen.
American money was never more sound, or banking more free, than 200 years ago. Since then, it's been a long steady decline from the gold standard and competitive banking to our Fed-run system of inflated paper currency, deposit insurance, and perpetually shaky banks on the dole.
Related Authors
Brian Tracy Quotes
American
Author
Cassandra Clare Quotes
American
Author
Frederick Lenz Quotes
American
Author
Henry David Thoreau Quotes
American
Author
J. K. Rowling Quotes
English
Author
Jodi Picoult Quotes
American
Author
John Green Quotes
American
Author
Joyce Meyer Quotes
American
Author
Marianne Williamson Quotes
American
Author
Neil Gaiman Quotes
British
Author
Richelle Mead Quotes
American
Author
Rick Riordan Quotes
American
Author
Robert Kiyosaki Quotes
American
Author
Stephen King Quotes
American
Author
Terry Pratchett Quotes
English
Author
Virginia Woolf Quotes
British
Author