Money Quotes
See {583710} for his grandchild’s variation.
See {617208} his grandfather’s related statement.
AI Explanation: Milton Friedman explains 4 ways to spend money: 1) Spend your money on yourself (you will be careful about both cost and quality) 2) Spend your money on others (you care about cost, less about quality) 3) Spend someone else’s money on yourself (you care about quality, not cost) 4) Spend someone else’s money on others (you care about neither) The last one is how government spending works.
The Barbary Pirates of Algiers, led and controlled by the Bey or Dey (king) had an incredible extortion racket going in the Mediterranean. If nations would pay them an annual sum each year, they would not attack and seize merchant ships of that country and sell the ships and goods while holding the sailors for ransom. The only thing that the Algerians seemed to be interested in was money and religion.
This frequent Jefferson quotation almost certainly was never written or uttered by him but was probably created by later opponents of private banks. It has never been verified from any studies of Jefferson’s prolific writings. Further the word ‘inflation” came into use in the 1860s and ‘deflation’ seems to have first been used in the 1920s. However, some ascribe it to a letter Jefferson wrote to Treasury Secretary, Albert Gallatin in 1802.
Hubbard had a business based on his self-help book, Dianetics. He turned this into a pseudo-religion called Scientology which makes large sums of money years after Hubbard died.
Leaders of nations for years only trusted as truly patriotic those man—usually nobles of the aristocracy—who owned land. If an invader came and seized their land, they would lose their wealth. However money is fungible, and a banker can easily move his money abroad and join another nation or side in a war. If the country is ruined by war, the manufacturer cannot obtain labor or raw materials, The financier depends on none of these and so hs not the vested interest in the welfare of the nation.
The actual quote, referring to Gandhi, is from Sarojini Naidu (President of the Indian National Congress), “It costs a lot of money to keep this man in poverty.” She was pointing out the high logistical costs of his austere lifestyle, such as reserving entire third-class train cars for his staff and entourage. Over time, internet memes and quote lists adapted Naidu's observation into a witty first-person statement ("I am a poor man...") and mistakenly credited it to Gandhi himself.
This quote is misattributed to Keynes. The first recorded version of this was a 1986 presentation given by Gary Shilling, an influential financial advisor twice named Wall Street’s top economist in a poll conducted by Institutional Investor magazine, as reported by The Advertiser newspaper of Montgomery, Alabama. The next recorded evidence is a Forbes article by Shilling in February, 1993. See linked quote.
