Posted by
V3 Development - Advanced Development for Innovative Thinking, on Monday, October 20, 2008 8:30:37 PM
4 of the most important quotes in economics:
1. “…the actual creation of money always
involves the extension of credit by private commercial banks.”
-
Russell L. Munk, Assistant General Counsel, Department of the Treasury
2. “Money is
created when loans are issued and debts incurred; money is extinguished when
loans are repaid.”
- John B. Henderson, Senior
Specialist in Price Economics, Congressional Research Service, Report No. 83-125 E
3. “Thus, the
money that one borrower uses to pay interest on a loan has been created
somewhere else in the economy by another loan.”
-
John M. Yetter, Attornet-Advisor, Department of the Treasury
4. “Someone has
to borrow every dollar we have in circulation, cash or credit. If the banks create ample synthetic
money we are prosperous; if not, we starve. We are absolutely without a permanent money system. When one gets a complete grasp of the
picture, the tragic absurdity of our hopeless position is almost incredible,
but there it is. It is the most
important subject intelligent persons can investigate and reflect upon.”
-
Robert H. Hemphill, Credit Manager of the Federal Reserve Bank of Atlanta