A Quote by Thomas Woods
The power to regulate the value of money does not involve a power to dilute the value of money by inflation, an absurd and self-serving rendering.
Related Quotes
Is it any more moral to dilute the value of the purchasing power of the money you hold in your wallet than it is for the farmer to dilute the milk supply with water?
The money problem facing the country from 1789 to 1896 existed because Congress never exercised is authority to "coin money or regulate the value thereof" - but rather delegated that authority, sometimes by charter and sometimes by default, to the banking system. This despite the provision in the Constitution that charged Congress with the power to 'coin money, regulate the value thereof, and of foreign Coin, and fix the Standards of weight and Measures.'
I have endeavoured to show that the ability to pay taxes depends, not on the gross money value of the mass of commodities, nor on the net money value of the revenue of capitalists and landlords, but on the money value of each man's revenue compared to the money value of the commodities which he usually consumes.
For the folk-community does not exist on the fictitious value of money but on the results of productive labour, which is what gives money its value.
To alter the money value of commodities, by altering the value of money, and yet to raise the same money amount by taxes, is then undoubtedly to increase the burthens of society.
The phase of the usury system which we are trying to analyze is more or less Patterson's perception that the Bank of England could have benefit of all the interest on all the money that it creates out of nothing. ... Now the American citizen can, of course, appeal to his constitution, which states that Congress shall have power to coin money or regulate the value thereof and of foreign coin. Such appeal is perhaps quixotic.
Financial security is crucial for your family, and I have a large family. Money does matter when you don't have it. When you need it, you realise the value of it. In that sense, money will always have value.
Is science of any value? I think a power to do something is of value. Whether the result is a good thing or a bad thing depends on how it is used, but the power is a value.
I think democracies are prone to inflation because politicians will naturally spend [excessively] - they have the power to print money and will use money to get votes. If you look at inflation under the Roman Empire, with absolute rulers, they had much greater inflation, so we don't set the record. It happens over the long-term under any form of government.
Because silver and gold have their value from the matter itself, they have first this privilege, that the value of them cannot be altered by the power of one, nor of a few commonwealths, as being a common measure of the commodities of all places. But base money may easily be enhanced or abased.
Money is one form of power. But what is more powerful is financial education. Money comes and goes, but if you have the education about how money works, you gain power over it and can begin building wealth. The reason positive thinking alone does not work is because most people went to school and never learned how money works, so they spend their lives working for money.
Money is not the goal. Money has no value. The value comes from the dreams money helps achieve.
If English money was of the same value then as before, Hamburgh money must have risen in value. But where is the proof of this?
If government manages to establish paper tickets or bank credit as money, as equivalent to gold grams or ounces, then the government, as dominant money-supplier, becomes free to create money costlessly and at will. As a result, this 'inflation' of the money supply destroys the value of the dollar or pound, drives up prices, cripples economic calculation, and hobbles and seriously damages the workings of the market economy.
More men are ruined by underestimating the value of money than by overestimating it. Let us, then, abandon the affectation of despising money, and frankly own its value.
You know, equality is a myth, and for some reason, everyone accepts the fact that women don't make as much money as men do. I don't understand that. Why do we have to take a backseat? I truly believe that women should be financially independent from their men. And let's face it, money gives men the power to run the show. It gives men the power to define value. They define what's sexy. And men define what's feminine. It's ridiculous.
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