A Quote by Milton Friedman
There have been unions based on gold or silver, but not on fiat money - money tempted to inflate - put out by politically independent entities.
Related Quotes
Gold and silver are constituted, by the nature of things, money, and universal money, independent of all convention, and of all laws.
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.
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.
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.
Monetary reform, if it is to be genuine and successful, must sever money and banking from politics. That's why a modern gold standard must have: no central bank; no fixed rations between gold and silver; no bail-outs; no suspension of gold payments or other bank frauds; no monetization of debt; and no inflation of the money supply, all of which have proved so disastrous in the past.
To walk in money through the night crowd, protected by money, lulled by money, dulled by money, the crowd itself a money, the breath money, no least single object anywhere that is not money. Money, money everywhere and still not enough! And then no money, or a little money, or less money, or more money but money always money. and if you have money, or you don't have money, it is the money that counts, and money makes money, but what makes money make money?
It would be too ridiculous to go about seriously to prove that wealth does not consist in money, or in gold and silver; but in what money purchases, and is valuable only for purchasing. Money no doubt, makes always a part of the national capital; but it has already been shown that it generally makes but a small part, and always the most unprofitable part of it.
Gold still represents the ultimate form of payment in the world. Fiat money in extremis is accepted by nobody. Gold is always accepted.
Although gold and silver are not by nature money, money is by nature gold and silver.
The problem with fiat money is that it rewards the minority that can handle money, but fools the generation that has worked and saved money.
Under the gold standard gold is money and money is gold. It is immaterial whether or not the laws assign legal tender quality only to gold coins minted by the government.
If your bank took bailout money, take your money out of that bank and put it in a credit union. Credit unions are owned by the people who have their money in the credit union.
And of course most non-Catholics imagine that the Church is immensely rich, and that all Catholic institutions make money hand over fist, and that all the money is stored away somewhere to buy gold and silver dishes for the Pope and cigars for the College of Cardinals.
Follow the money, Washington reporters like to say. The money is this case comes from taxpayers, present and future, who are the source of every penny of dues paid to public employee unions, who in turn spend much of that money on politics, almost all of it for Democrats. In effect, public employee unions are a mechanism by which every taxpayer is forced to fund the Democratic Party.
The Congress should not be creating money out of thin air, which is what Lincoln did when he created greenbacks. But it is a congressional responsibility to maintain gold and silver as a legal tender.
Civilized countries generally adopt gold or silver or both as money.
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