A Quote by Murray Rothbard

It should be clear that modern fractional reserve banking is a shell game, a Ponzi scheme, a fraud in which fake warehouse receipts are issued and circulate as equivalent to the cash supposedly represented by those receipts.

Murray Rothbard

Quote Topics

Banking Cash Clear Equivalent Fake Fraud Game Modern Ponzi Scheme Receipts Reserve Scheme Shell Should Supposedly Those Warehouse Which

Quote Author

Murray Rothbard
American - Economist
March 2, 1926 - January 7, 1995

The Fed is pushing a variety of workarounds that would inject trillions in new money into the economy while bypassing the banking system altogether. Time will tell whether or not this will succeed. Meanwhile, a serious danger lurks around the corner. Once the recession is over, the lending will start again. With fractional-reserve banking and limitless supplies of cash on hand, we will likely see the overall price trends reversed, from deflation to inflation to possible hyperinflation.

Llewellyn Rockwell

By this means (fractional reserve banking) government may secretly and unobserved, confiscate the wealth of the people, and not one man in a million will detect the theft.

John Maynard Keynes

Having examined the nature of fractional reserve and of central banking, and having seen how the questionable blessings of Central Banking were fastened upon America, it is time to see precisely how the Fed, as presently constituted, carries out its systemic inflation and its control of the American monetary system.

Murray Rothbard

A dollar vigilante is a free market individual who protests the government monopoly and financial policies, such as fractional reserve banking and unbacked fiat currencies, by selling those same fiat currencies in favor of other assets, including gold and precious metals.

Jeff Berwick

Out of the bitter experiences of the panic of 1819 emerged the beginnings of the Jacksonian movement, dedicated to hard money, the eradication of fractional reserve banking in general, and of the Bank of the United States in particular.

Murray Rothbard

The 1984 tax trials, when he appealed his New York state and New York City audits, were about Donald Trump claiming zero revenue for his consulting business and taking over $600,000 of deductions, for which he couldn't produce any documentation, no receipts, no checks, nothing, those two elements, zero income and huge deductions, combined with his own tax guy testifying under oath, that's my signature, but I didn't prepare that tax return, those are very strong badges of fraud.

Hillary Clinton

No Ponzi schemer tells anyone exactly how it works. The purpose of a Ponzi scheme is to trick people, to take the money and run.

Mitchell Zuckoff

The receipts of cookery are swelled to a volume, but a good stomach excels them all; to which nothing contributes more than industry and temperance.

Michel de Montaigne

Fractional reserve banks are sitting ducks and are always subject to contraction. When the banks' state of inherent bankruptcy is discovered, for example, people will tend to cash in their deposits, and the contractionary, deflationary pressure could be severe.

Murray Rothbard

How were the receipts today in Madison Square Garden ?

P. T. Barnum

It's income tax time again, Americans: time to gather up those receipts, get out those tax forms, sharpen up that pencil, and stab yourself in the aorta