HAROLD WILSON, BRITISH PRIME MINISTER 1967
“It does not mean that the pound here in Britain, in your pocket or purse or in your bank, has been devalued.”
The prior day Wilson had devalued the British pound vs a basket of world currencies.
JOSE LOPEZ PORTILLO, PRESIDENT OF MEXICO 1976 – 1982
‘Defenderé el peso como un perro’! – “I will defend the peso like a dog!”
10 days after this speach the Mexican Peso was devalued by 50% vs the US$.
“Being a successful trader also takes courage; the courage to try, the courage to fail, the courage to succeed, and the courage to keep going when the going gets tough”
“Experienced traders control risk, inexperienced traders chase gains.”
“It’s not whether you’re right or wrong that’s important, but how much money you make when you’re right and how much you lose when you’re wrong.” (2008)
‘During times of universal deceit, telling the truth becomes a revolutionary act’.
‘Early in life I had noticed that no event is ever correctly reported in a newspaper’.
‘Who controls the past controls the future. Who controls the present controls the past’.
‘Whoever is winning at the moment will always seem to be invincible’.
’People will come to love their oppression. To adore the technologies that undo their capacities to think’
ALAN GREENSPAN – FORMER FED CHAIRMAN
‘In the absence of the gold standard, there is no way to protect savings from confiscation through inflation. There is no safe store of value. The financial policy of the welfare state requires that there be no way for the owners of wealth to protect themselves. Deficit spending is simply a scheme for the confiscation of wealth. Gold stands in the way of this insidious process. It stands as a protector of property rights. If one grasps this, one has no difficulty in understanding the statists’ antagonism toward the gold standard’.
“It’s very dangerous in life to be right when the governments are wrong”.
“When a country embarks on deficit financing & inflationism you wipe out the middle class & wealth is transferred from the middle class and the poor to the rich.”
“The federal government is sending each of us a $600 rebate. If we spend that money at Wal-Mart, the money goes to China. If we spend it on gasoline it goes to the Arabs. If we buy a computer/Software it will go to India. If we purchase fruit and vegetables it will go to Mexico, Honduras and Guatemala. If we purchase a good car it will go to Germany. If we purchase useless crap it will go to Taiwan and none of it will help the American economy. The only way to keep that money here at home is to spend it on prostitutes and beer, since these are the only products still produced in US. I’ve been doing my part’. 2008
JEAN CLAUDE JUNKER 2011
‘Monetary policy is a serious issue. We should discuss thisin secret, in the Eurogroup [...] I’m ready to be insultedas being insuciently democratic, but I want to be serious.. I am for secret, dark debates”
LORD ACTON 1834-1902
‘Everything secret degenerates, even the administration of justice; nothing is safe that does not show how it can bear discussion and publicity’.
‘There are many things the government can’t do, many good purposes it must renounce. It must leave them to the enterprise of others. It cannot feed the people. It cannot enrich the people. It cannot teach the people. It cannot convert the people’.
GIDEON GONO – (CENTRAL BANK OF ZIMBABWE) CHAIRMAN
‘We should never underestimate monetary authorities’ ability to deal with adversity. Send a message to the world that Zimbabwe is a country that serious investors can do business with’. 2006
Official inflation rate:
“To ensure that my people survive, I had to print money,” Gono told Newsweek. “I found myself doing extraordinary things that aren’t in the textbooks. Then the IMF asked the U.S. to please print money. The whole world is now practicing what they have been saying I should not. I decided that God had been on my side and had come to vindicate me.”
ROTHSCHILD BROTHERS OF LONDON 1863
“The few who understand the system, will either be so interested from it’s profits or so dependent on it’s favors, that there will be no opposition from that class.”
‘It is well 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’.
YEH SHIH (A.D. 1150-1223),
“The men who do not inquire into the fundamental cause simply think that paper should be used when money is scarce. But as soon as paper is employed, money becomes still less. Therefore, it is not only that the sufficiency of goods cannot be seen, but also that the sufficiency of money cannot be seen.”
R.H. TAWNEY (1926)
“Bankruptcies of governments have, on the whole, done less harm to
mankind than their ability to raise loans.”
‘The trouble with socialism is that you eventually run out of other people’s money’
M.KING – GOVERNOR OF THE BANK OF ENGLAND
‘Households face the most dramatic squeeze in living standards since the 1920s. In 2011, real wages are likely to be no higher than they were in 2005. One has to go back to the 1920s to find a time when real wages fell over a period of six years. 2011
“To be without some of the things you want is an indispensable part of happiness.”
EMMANUEL MUNYUKWI – CEO ZIMBABWE STOCK EXCHANGE
‘Negative interest rates and inflation had caused a stampede for assets, which had driven share prices to record highs, even in real terms. It’s quite embarrassing because the exchange is supposed to mirror the reality of the economy. We have benefited from the distortion of the market.”
“There is a great difference between knowing and
understanding: you can know a lot about something and not
really understand it.”
BEN BERNAKE – FED CHAIRMAN
“The U.S. government has a technology, called a printing press (or today, its electronic equivalent), that allows it to produce as many U.S. dollars as it wishes at no cost.” 2002
“The financial crisis appears to be mostly behind us, and the economy seems to have stabilized and is expanding again.” 2008
“People know that inflation erodes the real value of the government’s debt and, therefore, that it is in the interest of the government to create some inflation.”
‘Under a fiat (that is, paper) money system, a government (in practice, the central bank in cooperation with other agencies) should always be able to generate increased nominal spending and inflation, even when the short-term nominal interest rate is at zero’. 2002
‘Under a paper-money system, a determined government can always generate higher spending and hence positive inflation’. 2002
PAUL KRUGMAN 2010
“All the perplexities, confusion and distress in America arise, not from defects in their Constitution or Confederation, not from want of honor or virtue, so much as from the downright ignorance of the nature of coin, credit and circulation.” 1789
MAYER AMSCHEL BAUER ROTHSCHILD
“Give me control of a nation’s money and I care not who makes it’s laws” 1782
J.A.GARFIELD, PRESIDENT OF THE UNITED STATES
“Whoever controls the volume of money in any country is absolute master of all industry and commerce.”
“It’s not the strongest of the species that survive, nor the most intelligent, but the one most responsive to change.”
“History repeats itself, first as tragedy, second as farce.
‘When speculators anticipate more inflation and monetary
depreciation they endeavor to sell the depreciating currency
and buy goods or foreign exchange that do not depreciate. They are
preserving their working capital. Thus they are promoting their
own interests but also those of society, which benefits from the preservation of productive capital’.
LUDWIG VON MISES
“If there is not full employment, this means that there are people who are asking too much for their employment. It means there are people who overrate themselves…and this is not something very rare.” 1970
“Look, you could take all the gold that’s ever been mined, and it would fill a cube 67 feet in each direction. For what that’s worth at current gold prices, you could buy all — not some — all of the farmland in the United States. Plus, you could buy 10 Exxon Mobils, plus have $1 trillion of walking-around money. Or you could have a big cube of metal. Which would you take? Which is going to produce more value?”
HOWARD BUFFET (Warren’s dad)
‘Human Freedom Rests on Gold Redeemable Money’
It is literally true that the millions come easier to a trader after he knows how to trade than hundreds did in the days of his ignorance’.
‘And right here let me say one thing: After spending many years in wall street and after making and losing millions of dollars I want to tell you one this; It never was my thinking that made the big money for me. It always was my sitting. Got that?’
‘He should accumulate his line on the way up. Let him buy one-fifth of his full line. If that does not show him a profit he must not increase his holdings because he has obviously begun wrong; he is wrong temporarily and there is no profit in being wrong at any time’.
‘When i see a bubble forming, i buy’.
‘Abolishing the governments monopoly on the issuance of money would deprive governments of the possibility of perusing monetary policy. That is what i want to see but most people believe monetary policy is an essential tool of government’.
‘To aim always at the maximum of employment achievable by monetary means is a policy which is certain in the end to defeat its own purposes. It tends to lower the productivity of labour and thereby constantly increases the proportion of the working population which can be kept employed at present wages only by artificial means’.
Hayek’s famous speech when he received the nobel prize for economics in 1974:http://nobelprize.org/nobel_prizes/economics/laureates/1974/hayek-lecture.html
J.YELLEN – FED 2010
“If it were possible to take interest rates into negative territory I would be voting for that”.
R.ZOELLICK – PRESIDENT OF THE WORLD BANK
“Although textbooks may view gold as the old money, markets are using gold as an alternative monetary asset today. Leading economies should consider employing gold as an international reference point of market expectations about inflation, deflation and future currency values.” 2010
‘Success is the ability to go from one failure to another with no loss of enthusiasm’.
‘Personally I’m always ready to learn, although i do not always like being taught’.
“There are just four kinds of bets. There are good bets, bad bets, bets that you win, and bets that you lose. Winning a bad bet can be the most dangerous outcome of all, because a success of that kind can encourage you to take more bad bets in the future. You can also lose a good bet, but if you keep placing good bets, over time, the law of averages will be working for you.”
“You only have power over people so long as you don’t take everything away from them. But when you’ve robbed a man of everything, he’s no longer in your power – he’s free again.”
“In politics stupidity is not a handicap.”
“Make the lie big, make it simple, keep saying it, and eventually they will believe it”
‘Fascism should more appropriately be called Corporatism because it is a merger of state and corporate power’.
“Think of the press as a great keyboard on which the government can play.”
“If you tell a lie big enough and keep repeating it, people will eventually come to believe it. The lie can be maintained only for such time as the State can shield the people from the political, economic and/or military consequences of the lie. It thus becomes vitally important for the State to use all of its powers to repress dissent, for the truth is the mortal enemy of the lie, and thus by extension, the truth is the greatest enemy of the State.”