A Quote by Paul Samuelson
In 1936, money had no important role. Interest rates were one-eighth of one-eighth of one per cent. I did some research, and I found that the interest on one million dollars of ninety-day Treasuries was $37. People didn't even bother to collect it. The Fed wasn't important.
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If we want to contrast what we have done in the past few years on delivery with what the right hon. and learned Gentleman delivered, let us remember the interest rates at 10 per cent. to 15 per cent., the 1.5 million fewer people in work, the boom and the bust and the borrowing at 8 per cent.
All we can say is that, as the result of a process which went on from the fourth century to about the eighth, a standard type of text was produced, which is found in the vast majority of the manuscripts that have come down to us. At least ninety-six per cent of the extant manuscripts of the Greek New Testament are later than the eighth century; and of those only a handful preserve traces of the other types of text which were in existence before the adoption of the standard text, and out of which it was created.
Our royalty statement has been minimal and menial. Really. We don't collect more than a per cent of a per cent of a per cent of a per cent of a per cent of a per cent of a per cent. We get maybe the seventh of 1 percent.
The underlying strategy of the Fed is to tell people, "Do you want your money to lose value in the bank, or do you want to put it in the stock market?" They're trying to push money into the stock market, into hedge funds, to temporarily bid up prices. Then, all of a sudden, the Fed can raise interest rates, let the stock market prices collapse and the people will lose even more in the stock market than they would have by the negative interest rates in the bank. So it's a pro-Wall Street financial engineering gimmick.
For people who grew up in the last four decades of the 20th century, it is hard to grasp the concept of negative interest rates. How is it even possible? If interest rates are the price of money, is the marketplace broadcasting that money is on sale? Are we just giving it away?
If we are going to have a Fed, it should not fall into the tyranny of experts with the a fatal conceit that a few wise people can determine interest rates. Interest rates should be driven by the market, and people's time preference, and we see these boom-bust cycles.
You know most people live ninety per cent in the past, seven per cent in the present, and that only leaves them three per cent for the future.
One eighth of the whole population were colored slaves, not distributed generally over the Union, but localized in the Southern part of it. These slaves constituted a peculiar and powerful interest. All knew that this interest was, somehow, the cause of the war.
I was worth about over a million dollars when I was 23 and over ten million dollars when I was 24, and over a hundred million dollars when I was 25 and... it wasn't that important — because I never did it for the money.
Sometimes it's better to come through from, say, last to eighth than staying eighth, and you've qualified eighth!
Every few seconds it changes - up an eighth, down an eighth - it's like playing a slot machine. I lose $20 million, I gain $20 million.
During the fiscal year ending in 1861, expenses of the federal government had been $67 million. After the first year of armed conflict they were $475 million and, by 1865, had risen to one billion, three-hundred million dollars. On the income side of the ledger, taxes covered only about eleven per cent of that figure. By the end of the war, the deficit had risen to $2.61 billion. That money had to come from somewhere.
Ninety per cent of the crew that work with me are there since my childhood and which is why I do not want to work too much outside - because the people I work with are as important for me as my role.
Now I am going to speak a word and this is the word and here's the word. When the clock strikes 2.08. There are eight songs in the Bible. Noah started the world over with eight people. On the eighth day the Bible says Jesus appeared. Thomas because was not a believer but on the eighth day he showed up and Thomas was a believer. Actually Jesus was resurrected on the eighth day.
There are some souls so base and filthy that they love gain and interest as noble souls love fame and virtue, knowing one pleasure only, that of making money or of not losing it; anxious and avid for their ten per cent; entirely preoccupied with what is owed them; forever concerned about the depreciation or discredit of money; buried, and as it were engulfed, amid contracts, title-deeds and parchments. Such people are neither parents, friends, citizens or Christians, nor, perhaps, even men; they merely have money.
There have been times when the Federal Reserve has restricted the money supply and raised interest rates to gain an end, which had much better been left to another Government agency or the Congress to attain. The country could have had lower interest rates without sacrificing anything else.
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