Federal Reserve Bank Of New York, Federal Reserve Bank Of St. Louis, Voltaire

[♦ nivek ♦]

"Commercial banks create checkbook money whenever they grant a loan,

simply by adding new deposit dollars in accounts on their books

in exchange for a borrower's IOU."

-- Federal Reserve Bank of New York

Source: I Bet You Thought, p.19

http://quotes.liberty-tree.ca/quote_blog/F...York.Quote.2BCB

 

 

"The decrease in purchasing power incurred by holders of money

due to inflation imparts gains to the issuers of money..."

-- Federal Reserve Bank of St. Louis

Source: Review, Nov. 1975, p.22

http://quotes.liberty-tree.ca/quote_blog/F...ouis.Quote.2BC8

 

 

"Paper money eventually returns to its intrinsic value -- zero."

-- Voltaire

[François Marie Arouet] (1694-1778)

http://quotes.liberty-tree.ca/quote_blog/Voltaire.Quote.2BC6