Monetary Reform Quotes

It is well enough that the people of the nation do not understand our banking and monetary system for, if they did, I believe there would be a revolution before tomorrow morning.

Austria, Germany and the U.S. South did not disappear as a result of their currencies' ruin. Although many people suffered, most people found a way to survive, life went on, and economic activity eventually resumed after the adoption of a 'reformed' or foreign medium of exchange.

Of course I've already taken a very modest position on the monetary system, I do take the position that we should just end the Fed.

I don't know anyone else on Wall Street who ever conducted a major currency reform. Or for that matter, who established a government.

Demonetisation is a disinflationary process. So, this will bring down prices in the long run. It will also help in bringing down interest rates.

We need to take away the government's money power. The banking industry needs its welfare check ended. The dollar's soundness depends on its being untied from the machine that can make an infinite number of copies of dollars and reduce their value to zero.

I'm largely in favor of financial reform.

Following Greece's defeat at the hands of Turkey in 1897, Greece's fiscal house was entrusted to a Control Commission. During the 20th century, the drachma was one of the world's worst currencies. It recorded the world's sixth highest hyperinflation. In October 1944, Greece's monthly inflation rate hit 13,800%.

Alexander Hamilton set of the Bank of America exactly on the model of the Bank of England which had been so successful…. It was emergency surgery and a time when America was almost expiring.

The observation that money changes induce output changes in the same direction receives confirmation in some data sets but is hard to see in others. Large-scale reductions in money growth can be associated with large-scale depressions or, if carried out in the form of a credible reform, with no depression at all.

You shall not crucify mankind upon a cross of gold.

They who have nothing to loose, are generally of the Party for Paper Money; this ought to be a strong Prejudice against it, with sober thinking Men.

You could see how money is different all of a sudden in Italy when they had the lire and now they have the euro. So they, in a revolutionary way, have gone from bad money to good money comparatively. But what about the rest of the world?

The working out of a balanced economy throughout Germany to provide the necessary means to pay for approved imports has not been accomplished, although that too is expressly required by the Potsdam Agreement.

FDR, as best as I can tell, had no kind of involvement at all in our conversion to the paper currency.

I want to be completely clear that I strongly oppose 'Audit the Fed.'

Thus those reformers, who look for a remedy by creating artificial carrying-costs for the money through the device of requiring legal-tender currency to be periodically stamped at a prescribed cost in order to retain its quality as money, or in analogous ways, have been on the right track; and the practical value of their proposals deserves consideration.

Now comes Roosevelt who seeks to render the money of the United States worthless by unlawfully declaring that it may no longer be converted into gold at the will of the holder.

When I did my research on this topic, I came to the startling conclusion that the Federal Reserve System does not need to be audited - it needs to be abolished.

It's absolutely critical that we audit the Fed so the American people can see what's going on over there. Do it from top to bottom so that we can have transparency in this entity called the Federal Reserve. Hopefully, the American people will see that we need to go back to the gold standard, which I've introduced, and get rid of the Fed.

It is not wise for us to permit a few people on the Federal Reserve Board to have life and death power over our economy. My recommendation for reducing some of that power is to repeal legal tender laws and eliminate all taxes on gold, silver and platinum transactions. That way there would be money substitutes and the government money monopoly would be reduced and hence the ability to tax - some people would say steal from - us through inflation.

There is nobody who would want, in any way, to lose what Paul Volcker won for the American people by fighting inflation and achieving price stability.

The momentum today behind the idea of a new global reserve currency reflects, in effect, the rise of the rest in world politics and economics, led by China.

The prosperity which now prevails is without parallel in our history. Fruitful seasons have done much to secure it, but they have not done all. The preservation of the public credit and the resumption of specie payments, so successfully attained by the Administration of my predecessors, have enabled our people to secure the blessings which the seasons brought.

Tell the President [Jimmy Carter] not to appoint [Paul A.] Volcker [as Federal Reserve Chairman.] If he appoints Volcker, he will be mortgaging his re-election to the Federal Reserve.