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


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"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




"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




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

-- Voltaire

[François Marie Arouet] (1694-1778)


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