A Quote by Ron Paul

First reason is, it's not authorized in the Constitution, it's an illegal institution. The second reason, it's an immoral institution, because we have delivered to a secretive body the privilege of creating money out of thin air; if you or I did it, we'd be called counterfeiters, so why have we legalized counterfeiting? But the economic reasons are overwhelming: the Federal Reserve is the creature that destroys value.

Ron Paul

Quote Topics

Air Authorized Because Body Constitution Creating Creature Delivered Destroys Did Economic Federal Federal Reserve First Illegal Immoral Institution Money Out Overwhelming Privilege Reason Reasons Reserve Second Secretive Thin Thin Air Value Why

Quote Author

Ron Paul
American - Politician
Born: August 20, 1935

Unlike the days of the gold standard, it is impossible for the Federal Reserve to go bankrupt; it holds the legal monopoly of counterfeiting (of creating money out of thin air) in the entire country.

Murray Rothbard

Commercial banks - that is, fractional reserve banks - create money out of thin air. Essentially, they do it in the same way as counterfeiters.

Murray Rothbard

The dollar represents a one dollar debt to the Federal Reserve System. The Federal Reserve Banks create money out of thin air to buy Government Bonds from the U.S. Treasury...and has created out of nothing a ... debt which the American people are obliged to pay with interest.

Wright Patman

The reason I invest in technology is it's the only work humans do that actually is creative. All other types of economic activity are just moving money from one pool to another, whereas technology is what allows us to create value out of thin air.

D.A. Wallach

A corporation is a state created institution, state supported institution, its concentration of private power, there is no reason why it should have the rights of persons.

Noam Chomsky

The Fed's policy choices can always be debated, but the quality and commitment of the Federal Reserve as a public institution is second to none, and I am proud to lead it.

Ben Bernanke

It is perfectly clear, in the first place, that the constitution of the United States did not, of itself, create or establish slavery as a new institution; or even give any authority to the state governments to establish it as a new institution. The greatest sticklers for slavery do not claim this.

Lysander Spooner

The institution of marriage should be re-examined because of its overwhelming claustrophobia. The odds are stacked against spontaneity and effervescence. It's an institution that was brought about for the sake of family and children, but biologically, it's very unnatural. It's masochism and torture the way it's been organized.

Peter Beard

There's a lot of me in it. But the character is more egotistical. I'm also egotistical, but not the way the character is. This guy is successful, he has everything, but his wife has left him. The most important value - love - is missing. What is wrong with this institution called 'marriage'? What is wrong with this institution called 'the pursuit of happiness'?

Paulo Coelho

According to Adams, Jefferson proposed that he, Adams, do the writing [pf the Declaration of Independence], but that he declined, telling Jefferson he must do it. Why?" Jefferson asked, as Adams would recount. Reasons enough," Adams said. What can be your reasons?" Reason first: you are a Virginian and a Virginian ought to appear at the head of this business. Reason second: I am obnoxious, suspected and unpopular. You are very much otherwise. Reason third: You can write ten times better than I can.

David McCullough

The reason inflation was brought down to manageable levels, by the time of Ronald Reagan's re-election, was directly attributable to Jimmy Carter's very courageous act, hiring a Federal Reserve chair, with the charge to induce a recession. That recession was probably the reason he didn't win a second term.

Rick Perlstein

Perhaps more to the point for TBTF (Too Big To Fail bank), if a SIFI (Systemically Important Financial Institution) does fail I have little doubt that private investors will in fact bear the losses-even if this leads to an outcome that is messier and more costly to society than we would ideally like. Dodd-Frank is very clear in saying that the Federal Reserve and other regulators cannot use their emergency authorities to bail out an individual failing institution

Jeremy C. Stein

An idea or institution may arise for one reason and be maintained for quite a different reason.

Joseph McCabe

It is therefore our business to restore economic freedom through the restoration of the only institution under which it flourishes, which institution is Property. The problem before us is, how to restore Property so that it shall be, as it was not so long ago, a general institution.