A Quote by Oliver Ellsworth
The power of collecting money from the people is not to be rejected because it has sometimes been oppressive. Public credit is as necessary for the prosperity of a nation as private credit is for the support and wealth of a family.
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The tendency of a national bank is to increase public and private credit. The former gives power to the state, for the protection of its rights and interests: and the latter facilitates and extends the operations of commerce among individuals. Industry is increased, commodities are multiplied, agriculture and manufacturers flourish: and herein consists the true wealth and prosperity of a state.
In the end, it is because the media are driven by the power and wealth of private individuals that they turn private lives into public spectacles. If every private life is now potentially public property, it is because private property has undermined public responsibility.
If we are looking for one single action which will enable the poor to overcome their poverty, I would go for credit. Money is power. I have been arguing that credit should be accepted as a human right. If we can come up with a system which allows everybody access to credit while ensuring excellent repayment - I can give you a guarantee that poverty will not last long.
Credit is a promise to deliver money. It will produce GDP but you'll create credit... So you reach a certain point that that you can't do that anymore... There are choices. And how do we best support, apportion the money? How much is going to be transferred?
Government, possessing the power to create and issue currency and credit as money and enjoying the right to withdraw both currency and credit from circulation by taxation and otherwise, need not and should not borrow capital at interest as a means of financing government work and public enterprises.
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.
It is the people who constitute the basis of Government credit. Why then cannot the people have benefit of their own gilt-edge credit by receiving non-interest bearing currency-instead of bankers receiving the benefit of the people's credit in interest-bearing bonds. If the United States Government will adopt this policy of increasing its national wealth without contributing to the interest collector-for the whole national debt is made up on interest charges-then you will see an era of progress and prosperity in this country such as could never have come otherwise.
It's been my experience that the people who gain trust, loyalty, excitement, and energy fast are the ones who pass on the credit to the people who have really done the work. A leader doesnt need any credit... He's getting more credit than he deserves anyway.
A great industrial nation is controlled by its system of credit. Our system of credit is privately concentrated. The growth of the nation, therefore, and all our activities are in the hands of a few men who, even if their action be honest and intended for the public interest, are necessarily concentrated upon the great undertakings in which their own money is involved and who necessarily, by very reason of their own limitations, chill and check and destroy genuine economic freedom.
I am certain that my family - my grandmother, mother and myself - had a credit score of zero when we arrived in 1976. There were no credit cards in the Soviet Union, and we didn't have any money.
Historically marginalized populations have already had less access to wealth and credit building opportunities, and the continued use of credit histories to set auto insurance pricing compounds racial discrimination and exacerbates wealth inequality.
The leader is a teacher who succeeds without taking credit. And, because credit is not taken, credit is received.
What we are saying is that we need to consolidate the capacity to lend support. Because, one of the problems that's mentioned with regard to the Black Empowerment process in the case of small and medium business, is shortage of credit or difficulties of accessing credit.
One day, because they realize for some reason or other that they must stop credit expansion, the banks do stop creating new credit to lend. Then the firms that have expanded cannot get credit to pay for the factors of production necessary for the completion of the investment projects which they have already committed themselves. Because they cannot pay their bills, they sell off their inventories cheap. Then comes the panic, the breakdown. And the depression starts.
Hedge funds are a very efficient way of managing money. But there are clearly some risks. Hedge funds use credit and credit is a source of instability. Transactions involving credit should be regulated.
Because the American credit reporting system relies on both good and bad reports of creditworthiness, a consumer must have some kind of credit - not just the absence of bad credit.
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