Alan Greenspan, Federal Reserve Bank Of Chicago, Federal Reserve Bank Of New York, Federal Reserve Bank Of Philadelphia

[♦ nivek ♦]

"As long as we issue fiat currency,

I see no alternative to a legal tender law."

-- Alan Greenspan

(1926- ) Chairman of the Federal Reserve Board of Governors (1987-2006)

11/20/2003

http://quotes.liberty-tree.ca/quote_blog/A...span.Quote.2BDA

 

 

"The actual process of money creation takes place in commercial banks.

As noted earlier, demand liabilities of commercial banks are money."

-- Federal Reserve Bank of Chicago

Source: Modern Money Mechanics, p.3

http://quotes.liberty-tree.ca/quote_blog/F...cago.Quote.2BCC

 

 

"Because of 'fractional' reserve system, banks, as a whole,

can expand our money supply several times, by making loans and investments."

-- Federal Reserve Bank of New York

Source: The Story of Banks, p.5.

http://quotes.liberty-tree.ca/quote_blog/F...York.Quote.2BC9

 

 

"Without the confidence factor, many believe

a paper money system is liable to collapse eventually."

-- Federal Reserve Bank of Philadelphia

Source: Gold, p. 10

http://quotes.liberty-tree.ca/quote_blog/F...phia.Quote.2BCA

[scepticjoe]

I see you like to quote from Ayn Rand and Alan Greenspan, two members of "the collective."

http://en.wikipedia.org/wiki/The_Ayn_Rand_Collective

Does this mean you are a fan of the members of the collective? (tic)

[woodsmoke]

I think it just means these folks said some things he agrees with.