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  Quotations - General  
[Quote No.30849] Need Area: Money > General
"What is remarkable is that for as long as there was no Federal Reserve Board - that is between 1800 and 1913, the purchasing power of the dollar was more or less constant. However, as soon as the Fed was formed in 1913, the purchasing power began to decline - in fact by 92% over the last 100 years or so." - Dr. Marc Faber
Famed investment advisor
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[Quote No.30862] Need Area: Money > General
"Politically, I drifted to the Left [towards socialism] and embraced the ideology that business and corporations were essentially 'evil' because they sought profits. I believed that government was 'good' (if the 'right' people had control of it) because it altruistically worked for the public interest. [I'd been taught that] business and capitalism were based on exploitation: exploitation of consumers, workers, society and the environment. I believed that 'profit' was a necessary evil at best and certainly not a desirable goal for society as a whole. However, becoming an entrepreneur completely changed my life. Everything I believed about business was proven to be wrong. No one is forced to trade with a business; customers have competitive alternatives in the marketplace; employees have competitive alternatives for their labor; investors have different alternatives and places to invest their capital. Investors, labor, management, suppliers — they all need to cooperate to create value for their customers. In other words, business is not a zero-sum game with a winner and a loser. It is a win, win, win, win game." - John Mackey
founder and CEO, Whole Foods Market
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[Quote No.30863] Need Area: Money > General
"Capitalism should not be condemned [due to the scandal of Enron, etc], since we haven't had capitalism. A system of capitalism presumes sound money, not fiat money manipulated by a central bank. Capitalism cherishes voluntary contracts and interest rates that are determined by savings, not credit creation by a central bank. It's not capitalism when the system is plagued with incomprehensible rules regarding mergers, acquisitions, and stock sales, along with wage controls, price controls, protectionism, corporate subsidies, international management of trade, complex and punishing corporate taxes, privileged government contracts to the military-industrial complex, and a foreign policy controlled by corporate interests and overseas investments. Add to this centralized federal mismanagement of farming, education, medicine, insurance, banking and welfare. This is not capitalism! To condemn free-market capitalism because of anything going on today makes no sense. There is no evidence that capitalism exists today. We are deeply involved in an interventionist-planned economy that allows major benefits to accrue to the politically connected of both political spectrums. One may condemn the fraud and the current system, but it must be called by its proper names – Keynesian inflationism, interventionism, and corporatism." - Ron Paul
U.S. Congressman. Quote from his 'Has Capitalism Failed?'," speech before the U.S. House of Representatives, July 9, 2002.
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[Quote No.30868] Need Area: Money > General
"The capitalist system of production is an economic democracy in which every penny gives a right to vote. The consumers are the sovereign people. The capitalists, the entrepreneurs, and the farmers are the peoples mandatories." - Ludwig von Mises
Famous Austrian economist
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[Quote No.30869] Need Area: Money > General
"Capitalism is not a system, but rather the result of free individuals taking economic actions without interference by government. A true capitalist economy is neither planned by bureaucrats nor steered by regulators." - Ron Paul
U.S. Congressman
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[Quote No.30871] Need Area: Money > General
"The basic idea [of libertarianism] is that freedom works. In fact, it works miracles. It is a precondition to maximizing human potential. Its economic reflection – the [capitalist] free market – creates harmony and abundance. Its prerequisites are individual liberty, voluntary exchange, private property and sound money. The corollary to this idea is that [government] interference doesn’t work. Coercion doesn’t work. Central planning doesn’t work as it subverts the plans of individuals. The result of all of this meddling in the market process is scarcity and chaos. The more the meddling, the worse things will be." - Kevin Duffy
December 13, 2007
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[Quote No.30872] Need Area: Money > General
"The old-style classical liberals reveled in the fact that all these 'impersonal forces' [of the market economy] worked without anyone really being aware of them, or having to understand them. The checkout lady at the store just shows up, pushes buttons, gets paid, and stays or leaves based on her assessment of her own well-being. Everyone else does the same. The pursuit of self-interest generates this amazing global matrix that benefits everyone. The old liberals reveled in the fact that no one had to understand it, but then the system itself came under attack, and needed defense. It had to be understood to be explained, and explained in order to be preserved. This is why Ludwig von Mises set out to revise liberal [capitalistic economic] doctrine. It is not enough that people participate unknowingly in the market economy. They must understand it, and see how, and precisely how, their smallest and selfish contribution leads to the general good, and, moreover, they must desire that general good. All of which is to say that in an enlightened world, it would be a good thing for that cashier to understand economics from the point of view of those who pay her. It would be good for striking workers to understand how they are harming not only their bosses but also themselves. It would be good for voters to see how supporting government benefits for themselves harms society at large. An economically literate public is the foundation for keeping that amazing and wild machine called the market working and functioning for the benefit of the whole of humanity." - Jeffrey A. Tucker

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[Quote No.30873] Need Area: Money > General
"If one rejects laissez faire [free market capitalism] on account of man's fallibility and moral weakness, one must for the same reason also reject every kind of government action." - Ludwig von Mises
Famous Austrian economist. Quote from his book, 'Planning For Freedom', p. 44.
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[Quote No.30874] Need Area: Money > General
"The desire for an increase of wealth can be satisfied through exchange, which is the only method possible in a capitalist economy, or by violence and petition as in a militarist society, where the strong acquire by force, the weak by petitioning." - Ludwig von Mises
Famous Austrian economist. Quote from his book, 'Socialism', p. 335.
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[Quote No.30889] Need Area: Money > General
"... the new [Obama] administration and [U.S.] Congress are promising a big increase in federal spending, ignoring the fact that historically when government spending rises as a percentage of gross domestic product, growth falters and vice versa [exactly opposite to government's rhetoric about Keynesian economic stimulus spending to compensate for drops in consumer and business spending in a recession]. A major reason growth has been relatively weak during George W. Bush's term [2000- 2008] is that, unlike Ronald Reagan and Bill Clinton, he allowed (by not using his veto pen) government spending to grow more rapidly than the economy." - Richard Rahn
a senior fellow at the Cato Institute and chairman of the Institute for Global Economic Growth. Quoted from 'The Washington Times', December 31, 2008.
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[Quote No.30891] Need Area: Money > General
"In any economy when competition is reduced it is reasonable to assume that levels of innovation and service will drop while costs may rise higher than they otherwise would. It is therefore wise for governments to ensure robust competition so that their constituents are both given wider choice and better products and services. One of the best ways for governments to achieve this is through robust support of the capitalist free market economic system while strongly ensuring each citizen's freedom and property rights." - Seymour@imagi-natives.com

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[Quote No.30922] Need Area: Money > General
"If you want to be wealthy... find out how wealthy people think. Find out what they read. Find out how they spend their time. Study their lives, read their stories and autobiographies, and listen to their words when they are interviewed and on tape. The more you find out about what financially successful people think and talk about most of the time - and do the same things - the more rapidly you will enjoy the same rewards that they do... When you think of something that you want or need that you don't have the money for at the time, the only question to ask is 'How?' How can you get it? What can you do to achieve it? What are your options? How can you get from where you are to where you want to be? " - Brian Tracy
Business consultant and author
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[Quote No.30978] Need Area: Money > General
"He who knows when he has got enough is rich." - Lao Tzu
From the 'Tao Te Ching'.
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[Quote No.30979] Need Area: Money > General
" 'The Goal Is Freedom: 'I, Pencil' Revisited':- Leonard Read’s classic essay, 'I, Pencil,' which is now 50 years old, is justly celebrated as the best short introduction to the division of labor and undesigned [spontaneous free market economic] order ever written. Read saw an 'extraordinary miracle ... [in the] the configuration of creative human energies — millions of tiny know-hows configurating naturally and spontaneously in response to human necessity and desire and in the absence of any human master-minding!' His subject and its relation to freedom and prosperity were certainly worth capturing in such a clever, pleasing, and illuminating essay, which is why it is one of the best-known works in the popular free-market literature. But there’s another lesson in 'I, Pencil' that has been largely overlooked, perhaps by Read himself. 'I, Pencil' is also an excellent primer in the Austrian approach to capital theory. It’s worth looking at Read’s essay in that light. Early on, Read’s pencil describes his family tree, beginning with the cedars grown in northern California and Oregon that provide the wooden slats. But he doesn’t really start with the trees. He notes that turning trees into pencils requires 'saws and trucks and rope and the countless other gear used in harvesting and carting the cedar logs to the railroad siding' and those things have to be produced before a pencil can be produced. 'Think of all the persons and the numberless skills that went into their fabrication: the mining of ore, the making of steel and its refinement into saws, axes, motors; the growing of hemp and bringing it through all the stages to heavy and strong rope; the logging camps with their beds and mess halls, the cookery and the raising of all the foods. Why, untold thousands of persons had a hand in every cup of coffee the loggers drink!' What emerges here is what Austrian economists call a structure of production. This structure is characterized by two closely related elements: multiple stages (distinguished by their 'distance' from the consumer) and time. The pencil that eventually emerges at the end of the process must first proceed, in various states of incompleteness, through a series of stations at which components are transformed in ways consistent with making pencils. The stations themselves have to be prepared through earlier stages of production. Thus before trees can be cut down and turned into wooden slats, saws, trucks, rope, railroad cars, and other things must be produced first. Before steel can be used to make saws, trucks, and railroad cars, iron ore must be mined and processed. And so on. The same kind of description can be provided for each component of the pencil: the paint, the graphite, the compound that comprises the eraser, the brass ferule that holds the eraser. Tracing the pencil’s genealogy back to iron, zinc, copper, and graphite mines; hemp plants; rubber trees; castor beans; and much more demonstrates the 'roundaboutness' of production, the term of the early Austrian economist Eugen von Böhm-Bawerk. Much time and effort are spent not on making pencils but rather things that will – sooner or later – help to make pencils. Without central direction, entrepreneurs set up production this way because more, better, and cheaper pencils can be made more profitably than by some more direct process. Price Communication: Several things are worth pointing out about the structure of production. First, while no central planner is responsible for pencil production overall, entrepreneurs and workers at each stage do have plans and expectations, which they strive to coordinate with one another across stages and time periods. The key to coordination is the price system. If there’s a brass shortage, rising prices will communicate that information the ferule and pencil makers. The downstream entrepreneurs will have to adjust their plans in response to the new conditions–say, by finding a substitute material. The demand for a substitute material will in turn set appropriate processes in motion as entrepreneurs react. In the real world of disequilibrium, change is the rule, so plans are always undergoing revision. Moreover, a quantity of a resource cannot be used both at an early stage of production and a later stage simultaneously. A unit of iron could be devoted to making ferule machines or it could be used to make a machine for mining more iron – or many other things in between. Tradeoff is the rule, and consumer welfare depends on having things arranged appropriately. Time-preference and the market for loanable funds – that is, interest rates – govern coordination across time and maximize consumer satisfaction. It all works marvelously well when government stays out of the way, but alas there are many opportunities for mischief by the central bank and the Treasury. For example, artificially depressing interest rates can shift resources from later to earlier stages in defiance of consumer preferences and resource scarcity. Second, capital equipment wears out. Machines, engines, vehicles, saw blades, ropes and the rest need to be replaced. That requires money, which requires saving – that is, deferred consumption. Saving is also necessary to finance research and development so that better and cheaper machines, tools, materials, and writing implements might be created. Remember this when Keynesian politicians and economists who aspire to stimulate the economy deride saving as inimical to economic growth and increased consumption. Such derision invariably ignores the need for capital at stages of production remote from the final consumer level. That’s what inappropriate aggregation gets you. Third, the stages of the capital structure consist in discrete, specific, scarce, and complementary things – buildings, machines, tools, materials, and more – in particular places at particular times. They were put in place, as part of an entrepreneur’s plan, to work together with labor to produce other specific things. In keeping with Austrian subjectivism [as the measure of value], the plan gives meaning to the capital goods. A change in plan, for example, might convert equipment that was once complementary to the rest of the equipment into something of little or no value (besides scrap). Menger and Value: This leads to the final point. As Carl Menger, founder of the Austrian school, taught that capital goods get their value ultimately from the final consumer goods to whose production they contribute. If there were a machine that could only make pencils and if people stopped wanting pencils, the value of the machine would drop to its scrap value. Capital goods are not a lump of Play-Doh. They are specific things, which means they cannot be adapted to any use whatever. Even when they can be adapted, the conversion will likely not be costless and certainly not instantaneous. Moreover the goods are in particular places. Equipment in the wrong place is not as valuable as equipment in the right place. These facts have implications for booms and busts, which are much on people’s minds today [as the economy goes into recession]. If government policy (monetary or other) artificially induces investment in unsustainable projects that are out of alignment with true consumer preferences, the realignment that will have to be undertaken later can be neither instantaneous nor costless. Equipment that was suitable for the now - liquidated projects may not work as well–or at all – in other endeavors. Much 'investment' will be seen now as waste, and time and money will have to be spent putting things right. That’s the recession. This description of the structure of production should raise no eyebrows. We see such things all around. But anyone who has taken a standard economics course will know that capital is usually discussed as though it were a lump of malleable and homogenous Play-Doh ('K'). If you assume this about capital and think in terms of aggregates and averages, you may underrate the need for the market process, which has no rival in its ability to coordinate the plans of strangers in order to raise living standards. The Play-Doh conception of capital may fit in mathematical equations, but that’s a case of the tail wagging the dog. Economics should be a way of thinking about the world we actually confront." - Sheldon Richman
Published on the Foundation For Economic Education website [fee.org] 16 January 2009.
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[Quote No.31008] Need Area: Money > General
"A nation's economic situation can turn on a dime. For example, in November 2007 the Federal Reserve expected the U.S. economy to grow as much as 2.5 percent in 2008. In January, the Fed revised that forecast downward, a step it would take repeatedly throughout the year as gasoline prices soared and the housing market plunged. By fall, it was clear our economy was in trouble. That motivated members of both political parties to urge Washington to 'do something.' The Bush administration has already spent hundreds of billions of dollars 'doing something' in its final months. Now the incoming Obama administration wants to spend hundreds of billions more. But this is no time to throw good (borrowed) money after bad. If all this spending was going to get the economy growing, it would be working. Yet nobody expects things to improve soon. There's a lesson there, if we care to learn it. In times of uncertainty, it's natural that people will look to government for answers. Yet the long-term solutions to our current economic problems don't lie in more government spending, controls or regulations. [They lie in a better understanding of the benefits of political and economic freedom in the population at large and with their political representatives in particular. So in difficult times government has a moral and legal responsibility to uphold the constitution that limits, for good reasons, government's responses to those stated by the libertarian founding fathers and explain the truth about how capitalist free markets, without government interference, are the best means to solve economic problems; even though it appears that nothing is being done, it is being done quickest and best by the market itself, as explained by Austrian economic theory.] Consider Japan. Facing a deep recession, the Japanese implemented 10 separate spending stimulus packages between 1992 and 2000. Spending on public infrastructure was a major part of each one. Yet the Japanese economy refused to cooperate. After eight years of 'stimulus' Japan's economic growth was anemic. The Japanese economy grew only 0.6 percent annually between 1992 and 2007. During that time, eight countries surpassed Japan's per capita income. So much for infrastructure stimulus. But we do know that economic freedom generates economic growth - a fact documented for 15 straight years by the Index of Economic Freedom, published by the Heritage Foundation and the Wall Street Journal. 'Economies rated 'free' or 'mostly free' in the 2009 Index enjoy incomes that are more than double the average levels in all other countries and more than 8 times higher than the incomes of 'repressed' economies,' the editors write this year. The trends have been mostly positive. Worldwide, economic freedom has increased significantly during the years we've been measuring it. Taxes are lower. Trade barriers are down. It's no coincidence the world economy has grown during that period from about $30 trillion to well more than $50 trillion. Increased economic freedom has lifted millions from poverty and helped millions more live a better life. 'Not only are higher levels of economic freedom associated with higher per capita incomes and higher GDP growth rates,' the Index editors write in the latest edition, 'but those higher growth rates seem to create a virtuous cycle, triggering further improvements in economic freedom.' ...Instead of spending more, policymakers should learn the lesson of the Index of Economic Freedom. Government stimulus spending [interferes with the genius of the free market and therefore] can't manufacture prosperity [as efficiently, if at all]. But free people, unshackled and allowed to pursue their dreams, can." - Ed Feulner
Ed Feulner is president of the Heritage Foundation (heritage.org). Published in 'The Washington Times', January 18, 2009.
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[Quote No.31029] Need Area: Money > General
"General Motors, in January, 2009, during the current credit crisis, real estate and share market crash and deepening recession, announced that it would probably run out of money in March, 2009 and need a further bailout. Not everyone believes it deserves one as the following letter that appeared in the Manufacturing and Technology Journal shows, from someone who should know. Politicians and Management of the Big 3 [car companies -General Motors, Ford and Chrysler] are both infected with the same entitlement mentality that has spread like cancerous germs in UAW [United Auto Workers] halls for the last countless decades, and whose plague is now sweeping this nation, awaiting our new 'messiah', Pres-elect Obama, to wave his magic wand and make all our problems go away, while at the same time allowing our once great nation to keep 'living the dream'... Believe me folks, The dream is over! This dream where we can ignore the consumer for years while management myopically focuses on its personal rewards packages at the same time that our factories have been filled with the worlds most overpaid, arrogant, ignorant and laziest entitlement minded 'laborers' without paying the price for these atrocities...this dream where you still think the masses will line up to buy our products for ever and ever. Don't even think about telling me I'm wrong. Don't accuse me of not knowing of what I speak. I have called on Ford, GM, Chrysler, TRW, Delphi, Kelsey Hayes, American Axle and countless other automotive OEM's [Original Equipment Manufacturers] throughout the Midwest during the past 30 years and what I've seen over those years in these union shops can only be described as disgusting. Troy Clarke, President of General Motors North America, states: 'There is widespread sentiment throughout this country, and our government, and especially via the news media, that the current crisis is completely the result of bad management which it certainly is not.' You're right Mr. Clarke, it's not JUST management...how about the electricians who walk around the plants like lords in feudal times, making people wait on them for countless hours while they drag ass...so they can come in on the weekend and make double and triple time...for a job they easily could have done within their normal 40 hour work week. How about the line workers who threaten newbies with all kinds of scare tactics...for putting out too many parts on a shift...and for being too productive (We certainly must not expose those lazy bums who have been getting overpaid for decades for their horrific underproduction, must we?!?) Do you folks really not know about this stuff?!? How about this great sentiment abridged from Mr. Clarke's sad plea: 'over the last few years ...we have closed the quality and efficiency gaps with our competitors.' What the hell has Detroit ['motor city'] been doing for the last 40 years?!? Did we really JUST wake up to the gaps in quality and efficiency between us and them? The K car vs. the Accord? The Pinto vs. the Civic?!? Do I need to go on? What a joke! We are living through the inevitable outcome of the actions of the United States auto industry for decades. It's time to pay for your sins, Detroit. I attended an economic summit last week where brilliant economist, Alan Beaulieu, from the Institute of Trend Research, surprised the crowd when he said he would not have given the banks a penny of 'bailout money'. 'Yes,' he said, 'this would cause short term problems, but despite what people like politicians and corporate magnates would have us believe, the sun would in fact rise the next day... and the following very important thing would happen...where there had been greedy and sloppy banks, new efficient ones would pop up...that is how a free market system works...it does work...if we would only let it work... But for some nondescript reason we are now deciding that the rest of the world is right and that capitalism doesn't work - that we need the government to step in and 'save us' '...Save us my ass. Hell - we're nationalizing...and unfortunately too many of our once fine nation's citizens don't even have a clue that this is what is really happening...But, they sure can tell you the stats on their favorite sports teams...yeah - THAT'S really important, isn't it... Does it ever occur to ANYONE that the 'competition' has been producing vehicles, EXTREMELY PROFITABLY, for decades in this country?... How can that be??? Let's see... Fuel efficient... Listening to customers... Investing in the proper tooling and automation for the long haul... Not being too complacent or arrogant to listen to Dr. W. Edwards Deming [American management and manufacturing theorist who, when American companies refused to listen, went and taught his quality control methods to the Japanese manufacturers] four decades ago when he taught that by adopting appropriate principles of management, organizations could increase quality and simultaneously reduce costs. Ever increased productivity through quality and intelligent planning... Treating vendors like strategic partners, rather than like 'the enemy'... Efficient front and back offices... Non union environment... Again, I could go on and on, but I really wouldn't be telling anyone anything they really don't already know down deep in their hearts. I have six children, so I am not unfamiliar with the concept of wanting someone to bail you out of a mess that you have gotten yourself into - my children do this on a weekly, if not daily basis, as I did when I was their age. I do for them what my parents did for me (one of their greatest gifts, by the way) - I make them stand on their own two feet and accept the consequences of their actions and work through it. Radical concept, huh... Am I there for them in the wings? Of course - but only until such time as they need to be fully on their own as adults. I don't want to oversimplify a complex situation, but there certainly are unmistakable parallels here between the proper role of parenting and government. Detroit and the United States need to pay for their sins. Bad news people - it's coming whether we like it or not. The newly elected Messiah really doesn't have a magic wand big enough to 'make it all go away.' I laughed as I heard Obama 'reeling it [his election promises, especially those about fixing the economy] back in' almost immediately after the final vote count was tallied...'we really might not do it in a year...or in four...' Where the Hell was that kind of talk when he was RUNNING for office. Stop trying to put off the inevitable folks ... That house in Florida really isn't worth $750,000... People who jump across a border really don't deserve free health care benefits... That job driving that forklift for the Big 3 really isn't worth $85,000 a year... That couple whose combined income is less than $50,000 really shouldn't be living in that $485,000 home... Let the market correct itself folks - it will. Yes it will be painful, but it's gonna' be painful either way, and the bright side of my proposal is that on the other side of it all, is a nation that appreciates what it has...and doesn't live beyond its means...and gets back to basics..." - Gregory J. Knox
President, Knox Machinery, Inc. Franklin, Ohio
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[Quote No.31077] Need Area: Money > General
"Preoccupation with money is the great test of small natures, but only a small test of great ones." - Sebastien-Roch Nicolas De Chamfort

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[Quote No.31092] Need Area: Money > General
"The theory of aggregate production that is the goal of the following book ['The General Theory of Employment, Interest and Money' that forms the basis for the pro big government school of Keynesian economics and therefore is the darling of politicians during recessions] can be much more easily applied to the conditions of a totalitarian state than [it can] under the conditions of free competition and a considerable degree of laissez-faire." - John Maynard Keynes
Preface to the German-language edition of 'The General Theory of Employment, Interest and Money' (1936)
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[Quote No.31094] Need Area: Money > General
"[When you hear of a Nobel Prize winning economist supporting state intervention in economics, similar to Keynesian economic theory, do not take their word blindly.] Paul Krugman was the 2008 recipient of The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel (commonly and misleadingly called the Nobel Prize in Economics). That’s right, Virginia: there simply is no 'Nobel Prize in Economics.' Instead, there’s a Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel. Since the beginning of the 20th century, the Nobel Foundation has endowed prizes in Chemistry, Medicine, Literature, Peace and Physics; since 1969, on the other hand, Sweden’s central bank has awarded its prize in Economics. Given that central banks are bulwarks of statism, and ignite the booms that cause the busts, it’s hardly a surprise that the Bank of Sweden typically awards its prize to people who worship the state and champion disastrous policies of government intervention. Friedrich Hayek, who was awarded the prize in 1974, is only a partial exception to this rule: much to his irritation, he was a co-winner with the unrepentant socialist Gunnar Myrdal." - Chris Leithner
Fund manager with Leithner and Co. Pty Ltd. Quoted from his 'Leithner Letter' No. 111-113, 26 March - 26 May 2009.
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[Quote No.31095] Need Area: Money > General
"The appearance of periodically recurring economic crises [booms and busts] is the necessary consequence of repeatedly renewed attempts to reduce the 'natural' [determined by free market competition] rates of interest on the market by means of [central] banking policy. The crises will never disappear so long as men have not learned to avoid such pump-priming, because an artificially stimulated boom must inevitably lead to crisis and depression ... All attempts to emerge from the crisis by new interventionist measures are completely misguided. There is only one way out of the crisis: Forgo every attempt to prevent the impact of market prices on production. Give up the pursuit of policies which seek to establish interest rates, wage rates and commodity prices different from those the market indicates." - Ludwig von Mises
Famous economist from the Austrian School of economics. Quote from 'The Causes of the Economic Crisis', 1931
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[Quote No.31103] Need Area: Money > General
"The idea of government intervening in the market, contrary to free market capitalism, is a popular idea among communist, socialist and totalitarian leaning politicians at all times, and the general population when the economy is in recession and people fear for their jobs. They cite the work of the economist John Maynard Keynes (1883-1946), in particular his famous book 'The General Theory of Employment, Interest and Money' (1936). Besides many of his ideas being tried and not working during the Great Depression (1929-39) and, in fact making the depression last longer by several years, people still like his ideas about government borrowing and spending more to make up the shortfall in consumer and business spending during recessions. There is a simplistic logic to it. However it has been shown to be wrong and counterproductive in many different ways, both practically and theoretically. The famous economist, Ludwig von Mises, from the Austrian School of economics, wrote extensively about the problems with it. So have many other economists. For those interested in reading about its fallicies I recommend the book, 'The Failure of the 'New Economics' An Analysis of the Keynesian Fallacies' by Henry Hazlitt (1959). Ludwig von Mises read the draft and offered invaluable suggestions. It can be read for free on the internet at www.mises.org/books/failureofneweconomics.pdf." - Seymour@imagi-natives.com

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[Quote No.31111] Need Area: Money > General
"In the early stages of the Keynesian revolution, macroeconomists emphasized fiscal policy as the most powerful and balanced remedy for demand management. Gradually, shortcomings of fiscal policy became apparent. The shortcomings stem from timing, macroeconomic theory, and the deficit itself." - Paul Samuelson
Economist. From 'Economics' (15th ed.) [1995]
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[Quote No.31115] Need Area: Money > General
"The Troubling Return of Keynesianism: Federal policymakers are moving ahead with a huge $800 billion stimulus plan to return the U.S. economy to growth. Will it work? Decades of macroeconomic research suggest that it won’t. Indeed, the revival of old-fashioned Keynesianism to fight the recession seems to stem more from political expediency than modern economic theory or historical experience. The Errors of Keynes: The idea of using fiscal policy to boost the economy during a downturn was championed by John Maynard Keynes in the 1930s. Keynes argued that market economies can get stuck in a deep rut and that only large infusions of government stimulus can revive growth. He posited that high unemployment in the Great Depression was due to 'sticky wages' and other market problems that prevented the return of full-employment equilibrium. Interestingly, Keynes did not offer any evidence that sticky wages were a serious problem, and later research indicated that wages actually fell substantially during the 1930s. Instead, one needs to look at a range of government interventions to explain why the downturn lasted so long. Despite the flaws in Keynes’ analysis, his prescription of fiscal stimulus to increase aggregate demand during recessions became widely accepted. Governments came to believe that by manipulating spending or temporary tax breaks they could scientifically manage the economy and smooth out business cycles. Many economists thought that there was a trade-off between inflation and unemployment that could be exploited by skilled policymakers. If unemployment was rising, the government could stimulate aggregate demand to reduce it, but with the side-effect of somewhat higher inflation. Keynesians thought that fiscal stimulus would work by counteracting the problem of sticky wages. Workers would be fooled into accepting lower real wages as price levels rose. Rising nominal wages would spur added work efforts and increased hiring by businesses. However, later analysis revealed that the government can’t routinely fool private markets because people have foresight and they are generally rational. Keynes erred in ignoring the actual microeconomic behavior of individuals and businesses. The dominance of Keynesianism ended in the 1970s. Government spending and deficits ballooned, but the result was higher inflation [in fact stagflation = high inflation and low growth], not lower unemployment. These events, and the rise in monetarism led by Milton Friedman, ended the belief in an unemployment-inflation trade-off. Keynesianism was flawed and its prescription of active fiscal intervention was misguided. Indeed, Friedman’s research showed that the Great Depression was caused by a failure of government monetary policy, not a failure of private markets, as Keynes had claimed. Even if a government stimulus were a good idea, policymakers probably wouldn’t implement it the way Keynesian theory would suggest. To fix a downturn, policymakers would need to recognize the problem early and then enact a counter-cyclical strategy quickly and efficiently. But U.S. history reveals that past stimulus actions have been too ill-timed or ill-suited to have actually helped. Further, many policymakers are driven by motives at odds with the Keynesian assumption that they will diligently pursue the public interest. Rational Expectations and Long-Run Growth: The end of simplistic Keynesianism in the 1970s created a void in macroeconomics that was filled by 'rational expectations' theory developed by John Muth, Robert Lucas, Thomas Sargent, Robert Barro, and others. By the 1980s, old-fashioned Keynesian was dead, at least among the new leaders of macroeconomics. Rational expectations theorists held that people make reasoned economic decisions based on their expectations of the future. They cannot be systematically fooled by the government into taking actions that leave them worse off. For example, people know that a Keynesian-style stimulus might lead to higher inflation, and so they will adjust their behavior accordingly, which has the effect of nullifying the stimulus plan. A spending stimulus will put the government further into debt, but it will not increase real output or income on a sustained basis. It is difficult to find a macroeconomics textbook these days that discusses Keynesian fiscal stimulus as a policy tool without serious flaws, which is why the current $800 billion proposal has taken many macroeconomists by surprise. John Cochrane of the University of Chicago recently noted that the idea of fiscal stimulus is 'taught only for its fallacies' in university courses these days. Thomas Sargent of New York University noted that 'the calculations that I have seen supporting the stimulus package are back-of-the-envelope ones that ignore what we have learned in the last 60 years of macroeconomic research.' It is true that Keynesian theory has been updated in recent decades, and it now incorporates ideas from newer schools of thought. But the Obama administration’s claim that its stimulus package will create up to four million jobs is outlandish. Certainly, many top macroeconomists are critical of the plan including Harvard University’s Greg Mankiw and Stanford University’s John Taylor, who have been leaders in reworking the Keynesian model. Taylor noted that 'the theory that a short-run government spending stimulus will jump-start the economy is based on old-fashioned, largely static Keynesian theories.' One result of the rational expectations revolution has been that many economists have changed their focus from studying how to manipulate short-run business cycles to researching the causes of long-run growth. It is on long-run growth that economists can provide the most useful advice to policymakers, on issues such as tax reform, regulation, and trade. Politicians Are Short-Term Oriented: While many economists have turned their attention to long-run growth, politicians unfortunately have shorter time horizons. They often combine little knowledge of economics with a large appetite for providing quick fixes to crises and recessions. Their demand for solutions is often matched by the supply of dubious proposals by overeager economists. Many prominent economists pushed for the passage of the $170 billion stimulus act in early 2008, but that stimulus turned out to be a flop. The lesson is that politicians should be more skeptical of economists claiming to know how to solve recessions with various grand schemes. Economists know much more about the factors that generate long-run growth, and that should be the main policy focus for government reform efforts. Conclusions: The current stimulus plan would impose a large debt burden on young Americans, but would do little, if anything, to help the economy grow. Indeed, it could have similar effects as New Deal programs, which Milton Friedman concluded 'hampered recovery from the contraction, prolonged and added to unemployment, and set the stage for ever more intrusive and costly government.' A precedent will be created with this plan, and policymakers need to decide whether they want to continue mortgaging the future or letting the economy adjust and return to growth by itself, as it has always done in the past. Unfortunately, President Obama has proposed no long-run fiscal reforms, and like his predecessor seems to have a short-run Keynesian outlook. The tax cuts of 2001 and 2003 were generally sold as temporary stimulus measures, and President Bush hailed the 2008 tax rebates as providing a 'booster shot' for the economy. It is not clear whether Keynesian beliefs or political factors are the main driver for the $800 billion stimulus plan. But as Harvard University’s Robert Barro noted in disapproval of the stimulus plan, just because the economy is in crisis, it does 'not invalidate everything we have learned about macroeconomics since 1936.' " - Ike Brannon and Chris Edwards
Ike Brannon, Former Senior Advisor, U.S. Treasury, and Chris Edwards, Cato Institute. Tax and Budget Bulletin, Cato Institute, No. 52 • January 2009.
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[Quote No.31116] Need Area: Money > General
"Even if regulators are as smart as Leonardo da Vinci and as incorruptible as Mother Teresa, they can never have as much knowledge as the decentralized, competitive market process, so planned economies and planned industries fall further and further behind free-market systems. But in reality, even if they're smart, they're not incorruptible. Political influence always comes into play. ...Government planners claim to be able to aggregate all the available information and make informed decisions for the whole society. But market economies clearly produce far more economic growth than planned economies. It isn't just the United States versus the Soviet Union or East Germany versus West Germany. Consider the customer service and technological advances you get from FedEx versus the post office, or Microsoft and Apple versus the DMV." - David Boaz
Executive vice president of the Cato Institute and author of 'The Politics of Freedom' and 'Libertarianism: A Primer'.
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[Quote No.31117] Need Area: Money > General
"The Optimum Government: If you knew economic growth and new job creation begin to slow when total government spending is larger than about 25 percent of the economy, and you knew total government spending in the United States is about 36 percent of gross domestic product (GDP), would you propose policies to make government larger or smaller to create more jobs and boost economic growth? Over the last few decades, many economists have done studies on the 'optimum' size of government. A new study just completed shows the optimum size of government is less than 25 percent of GDP. Optimum is defined as that point just before government becomes so large as to reduce the rate of economic growth and job creation. Governments are created to protect people and property. A government too small to establish the rule of law and protect people and their property from both foreign and domestic enemies is less than optimal. The American Founding Fathers also believed government had public health functions (as contrasted with spending on private health), such as draining swamps where malaria-infected mosquitos thrived; and some public works functions (e.g. building and maintaining roads, and ensuring basic education - but not necessarily state-operated schools). The American Founding Fathers also understood that government could easily become too large, which would diminish the liberties of the people and discourage them from engaging in productive activity. The socialist utopians were in denial of the basics of human nature, which scholars like Adam Smith and the American Founders well understood. Nevertheless, countless socialist schemes to enlarge the size of government have been sold to naive people. After two centuries of experimentation and the unnecessary loss of hundreds of millions of human lives, most of mankind now understands that pure socialism leads to tyranny and economic stagnation. The question remains: Between the extremes of virtually no government and a pure communist state, how much government is necessary and desirable, and when does it become a drag on both liberty and economic well-being? Economists have tried to quantify the question by looking at the experience of countries (and economic/political entities) over time as the size of their government grew or contracted, and by making comparisons of governments of various sizes. Most studies measure the size of government as a share of GDP (realizing it is an imperfect measure because it does not measure counterproductive regulation, restrictions on liberty and other factors, but is a reasonable approximation). Wise observers have well understood that free markets and uncontrolled prices do a far better job in allocating resources (labor and productive investment) than politicians, who tend to resort to deciding what they believe is best for other people and, of course, rewarding their friends. Most of the studies of the optimum size of government made by reputable scholars in recent decades have indicated that total government spending (federal plus state plus local) should be no lower than 17 percent, nor larger than about 30 percent of GDP. In a just completed paper, economists at the Institute for Market Economics in Sofia, Bulgaria, have provided new estimates of the optimum size of government, using standard models, with the latest data from a broader spectrum of countries than had been previously available. Their conclusion is that there is a 95 percent probability that the optimal size of government is less than 25 percent of GDP. Between the extremes of virtually no government and a pure communist state, how much government is necessary and desirable...? Because most governments are - and have been for many years - larger than the optimal, there are insufficient data to give a point estimate as to the best size, other than it is less than 25 percent. Other studies have shown small-population homogeneous countries, such as Finland, may have slightly higher optimal government sizes than heterogeneous countries, such as Switzerland and the United States. The ramifications of this study and previous ones are important for the current debate going on in the United States and many other countries, about having the government spend more to 'stimulate' the economy - i.e. create jobs and increase growth rates. Rather than increasing the size of government, the empirical evidence shows that sharply reducing taxes, regulations, and government spending down to at least 25 percent of GDP would do the most to spur economic growth and create more jobs over the long run. There is virtually no empirical evidence - in the United States or anywhere else - to support the belief of economists of the Keynesian school that a big increase in government spending will make matters better, rather than worse. Economists of the Austrian school have, in general, supported smaller government as a way to achieve higher levels of both prosperity and individual freedom, and the empirical evidence shows them to be correct. In the United States, periods of rapid economic growth, such as 1983-89 and 1992-99, have been associated with a reduction in the total size of government. During the 1970s and much of the last decade, total (federal, state and local) government spending grew to a post-World War II record (36 percent), and these periods were associated with lower economic growth. In recent decades, many European countries have greatly increased government spending as a percentage of GDP, and as a result most of them experienced lower growth rates and much higher rates of unemployment than the United States. Those members of Congress and parliamentarians in other countries who vote for a 'stimulus package' that increases the size of government will be voting for slower economic recovery and higher rates of unemployment over the long run, based on both solid empirical evidence and theory." - Richard W. Rahn
a senior fellow at the Cato Institute and chairman of the Institute for Global Economic Growth. This article appeared in the Washington Times on January 29, 2009
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[Quote No.31121] Need Area: Money > General
"True individual freedom cannot exist without economic security and independence." - Franklin D. Roosevelt
U.S. President
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[Quote No.31139] Need Area: Money > General
"Capitalism is the worst [economic] system except for all those others that have been tried." - Nouriel Roubini
Famed professor of economics at New York University who accurately predicted the 2008 worldwide credit crisis. The quote is a variation of Winston Churchill's quote, 'Democracy is the worst [political] system except for all those others that have been tried.'
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[Quote No.31143] Need Area: Money > General
"The true perfection of man[kind] lies, not in what man has, but in what man is [character]." - Oscar Wilde
(1856 - 1900), British author and wit
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[Quote No.31157] Need Area: Money > General
"[In recessions it is important to remember that cities and states as well as the country as a whole suffers and that is one more reason why governments increase spending on infrastructure during downturns as a way to support local governments and their constituents.] More than eight in ten cities [in the U.S.] are in financial trouble, up from 64% six months ago, according to a survey released Wednesday. The recession is straining cities' ability to meet their financial needs, according to the National League of Cities. Some 84% of cities reported facing fiscal difficulties, the highest percentage since the group starting doing surveys in 1985. The nation's cities are counting on billions of dollars from the economic stimulus package [to try to stimulate the economy in accordance with Keynesian economic theory] now being debated in the Senate. Mayors gathered in Washington, D.C., to meet with White House advisers and House Speaker Nancy Pelosi, D-Calif., on Wednesday to urge Congress to pass the recovery bill. The mayors are eager to get funding for transportation and infrastructure projects that will put their residents to work. While most of those meeting Wednesday have budget deficits, they are not looking for federal money to close those gaps. 'If we're going to invest to stimulate our economy, we need to invest in our cities,' said Miami Mayor Manny Diaz. 'Cities are ready to go. This money comes in and goes right back out to create jobs.' The mayors have put together a 'Ready to Go' report that details 18,750 local infrastructure projects in 779 cities that can be started as soon as funding is received. The projects, which represent an investment of $150 billion, would create 1.6 million jobs in 2009 and 2010 and range from creating bridge guardrails in Bessemer, Ala., to renovating elementary schools in Norfolk, Va. The economic stimulus package sets aside billions of dollars for highway construction, transit improvements, school modernization and community development block grants. 2009 not looking better: Things will remain tough in 2009. Some 92% of the cities surveyed expected to have trouble meeting their city needs during this year. To cope, they are implementing hiring freezes and layoffs, delaying capital expenditures and instituting service cuts. Some 69% have instituted hiring freezes or layoffs, while 42% are delaying or canceling infrastructure projects. Another 22% have instituted across the board cuts. Cities are seeing their tax revenues decline as property values drop, shopping slows and unemployment rises. On top of that, nearly one in two city finance officers report difficulties in access to credit and/or bond [municipal bond] financing. To bring in more revenue, they are adding to raising fees. Nearly half are increasing charges for services, while 28% are increasing the number of fees. Fewer are raising taxes. Some 14% have increased property taxes, while 6% have hikes sales taxes. 'Cities are responding as best they can,' said Donald Borut, the league's executive director. 'Their citizens have increasing needs for services just at the same time that revenues are declining.' City finances tend to lag the overall economy by 12 to 24 months, the league said. The weakening economic conditions will be felt by cities through 2009 and likely through most of 2010, the league said." - Tami Luhby
CNNMoney.com senior writer. Published February 4, 2009.
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[Quote No.31174] Need Area: Money > General
"Riches are a stronghold in the imagination of a rich man." - Solomon

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[Quote No.31202] Need Area: Money > General
"[Contrary to popular but ill-informed opinion, politicians and bureaucrats are not good at managing economies. The belief that they are is a triumph of hope over experience, promulgated by self-important politicians and bureaucrats, who lack a deep understanding of history and economics.] Were we directed from Washington when to sow, and when to reap, we should soon want bread." - Thomas Jefferson
(1743 – 1826), the principal author of the U.S. Declaration of Independence and the third President of the United States between 1801 and 1809. From his 'Autobiography' (1821).
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[Quote No.31207] Need Area: Money > General
"Money frees you from doing [some] things you dislike. Since I dislike doing nearly everything, money is handy." - Groucho Marx
American comedian
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[Quote No.31223] Need Area: Money > General
"[Free market capitalist economies are always more efficient and effective than state run economies, whether socialist, communist or fascist, because of the vastly more immediate price signals they give to the whole economy and the freedom each person and business enjoys, which allows them to adapt, in a way that suits their specific needs, to make the best of these changing circumstances.] Prices are important not because money is considered paramount but because prices are a fast and effective conveyor of information through a vast society in which fragmented knowledge must be coordinated." - Thomas Sowell
(1930 - ), American economist, social commentator, and author of dozens of books.
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[Quote No.31249] Need Area: Money > General
"What our generation has forgotten is that the system of private property [capitalism] is the most important guaranty of freedom, not only for those who own property, but scarcely less for those who do not. It is only because the control of the means of production is divided among many people acting independently that nobody has complete power over us, that we as individuals can decide what to do with ourselves. If all the means of production were vested in a single hand, whether it be nominally that of 'society' as a whole [socialism and communism] or that of a dictator, whoever exercises this control has complete power over us." - Friedrich A. Hayek
Famous economist. Quoted from his book, 'The Road to Serfdom' (1944).
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[Quote No.31292] Need Area: Money > General
"1. To Grow Rich Is Glorious. 2. Yi bu fen ren, qian fu qi lai. [Translation: If you want the country to prosper, you must let a few people at a time get rich. You CANNOT make everyone rich at the same time.] " - Deng Xiao Ping
(1904 – 1997), prominent Chinese revolutionary, politician, pragmatist and reformer, as well as the late leader of the Communist Party of China (CPC). He never held office as the head of state or government, but served as the de facto leader of the People's Republic of China from 1978 to the early 1990s.
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[Quote No.31293] Need Area: Money > General
"China changed direction when they stopped redistributing the wealth and did as [the Communist Party leader at the time] Deng Xiao Ping advised. What did he advise? Two things: 1. To Grow Rich Is Glorious. 2. Yi bu fen ren, qian fu qi lai. Translation for #2: If you want the country to prosper, you must let a few people at a time get rich. You CANNOT make everyone rich at the same time. Deng realized that prosperity 'trickles down.' Some people get wealthy. They, in turn, inspire more to do likewise. And the next batch inspires more. And so on. But if you [envy others success rather than letting it inspire you and decide to] punish the rich, if you spread the wealth [regardless of personal effort]... the country loses and no one wins. [except perhaps the politicians who gain the power to decide who gets helped] Now let me be even clearer about something. I am NOT saying we should leave Bernie Madoff [who in 2009 we discovered swindled 50 billion dollars from investors] alone. I am also NOT thinking of him when I think of capitalism. Nor am I am thinking of anyone else who is corrupt. Some people have the misguided notion that capitalism and corruption go hand in hand. No they don't. That's why we have laws. Yes, there are those who will use capitalism in illegal ways. But their crimes are nothing compared to the crimes of those who steal your dignity and humanity in favor of making everything 'fair.' [regardless of personal effort or responsibility] The other day my wife, Zhannie, told me something I didn't know about her early days in China - before we married: 'When I worked in the factory in China, before the government opened the door and let people make money,' she said, 'everyone got the same pay, no matter what. It was 35 dollars a month. So we took our knitting needles to work. And everyone knitted when they were supposed to be working. Everyone in my family can knit. Blankets, sweaters, clothes, you name it. And we'd go home for lunch and stay too long. Or we'd sneak outside and play around. We did as little as possible. Everyone was this way. NO ONE worked hard. Everyone told you NOT to do your best because it didn't matter anyway. You got paid the same no matter what. [This is what usually happens when people lose the freedom to create their own circumstances and that is why it is vital to allow people to receive the benefit of their efforts because without it they do not even try to live up to their full potential and therefore the world is less than it could be for them and for us all.] When it came to money, China used to have no self-image [and their people were poor]. But when it changed [and people were given the economic freedom to create their own circumstances]... look what happened. [...the country grew dramatically and many people were lifted out of poverty and mediocrity, who previously would have had no hope, except for some handout from the government.]" - Matt Furey

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[Quote No.31295] Need Area: Money > General
"[The choice between big government - statism, socialism and communism - and free market capitalism, is the choice between] 'The Visible Handout' vs. 'The Invisible Hand'." - George Gilder
Quoted from 'The Claremont Review'.
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[Quote No.31297] Need Area: Money > General
"Competition [free markets] is the only way to ensure the consumer receives the best value. No ifs or buts. No exceptions." - Kris Sayce
Editor of 'Morning Money'.
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[Quote No.31300] Need Area: Money > General
"A fool and her money are soon courted." - Helen Rowland

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[Quote No.31301] Need Area: Money > General
"Poverty is the worst form of violence." - Mahatma Gandhi

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[Quote No.31332] Need Area: Money > General
"Inflation is reigniting. The U.S. Bureau of Labor Statistics announced last week that consumer prices, which had declined from November and December, rose 0.4% between December and January, an inflation rate of 4.9% on an annualized basis. The bureau announced earlier that producer prices rose 0.8% in the same period, a 10% annual rate of inflation. Why is this happening? The answer is painfully clear. From the end of January 2008 to the end of January 2009, the Federal Reserve's monetary liabilities, the sum of currency and bank reserves known as the 'monetary base,' more than doubled. This is a year-over-year expansion unprecedented in the Fed's history. During the last three months of that period alone, the base grew an incredible 50%. (At that pace, it would have quintupled in a year's time.) The base has thankfully receded a bit in February. A fall in inflated asset prices does not a general deflation make. Broader measures of the money stock reflect the rapid growth in the base. The M1 measure (the sum of the public's currency and checking deposits) has grown at an annualized rate of 23% over the last six months, while the broader M2 measure has grown at 15%. As standard theory predicts, this rapid money growth has pushed short-term interest rates to historic lows. For the last 10 weeks 12-month Treasury bills have been trading at yields below 0.6%. For perspective, flash back to the early years of the Great Depression. Between 1929 and 1932, runs on the banking system led to a sharp decline in the money stock, leading in turn to a general deflation. The best-known historians of the event, Milton Friedman and Anna J. Schwartz, faulted the Federal Reserve system for not using its money-creation powers to stop the decline. In a 2002 speech at a conference honoring Milton Friedman on his 90th birthday, Ben Bernanke promised that the Fed would never again commit that error. Today, as chairman of the Fed, Bernanke is so eager to fulfill his promise that he is erring strongly on the side of monetary overexpansion. Chairman Bernanke is quite right to want to avoid a collapse of the money stock, because when that happens, economic activity contracts needlessly. Certainly the Fed should not sit idly by while the money stock shrinks. But today's money stock is not collapsing--not by a long shot. Moreover, while asset prices have fallen over the past year due to the bursting of real estate and stock market bubbles inflated by years of excessive money growth, the prices of consumer goods and services have not. The decline of asset prices thus does not represent a general deflation. Instead, it represents the correction of a relative price distortion. The reduction in asset prices is actually the beginning of recovery; thus, an effort to prop up asset prices delays recovery. Asset prices rose more quickly than the prices of goods and services during the money-fueled expansion, because interest rates were artificially low. It is impossible to keep interest rates artificially low forever, so the relative price of those assets was set to return to normalcy in one of two ways: either by a fall in asset prices or by an increase in the prices of goods and services. Chairman Bernanke's strategy is seemingly staving off a further decline in nominal asset prices by expanding the money stock. Equilibrium will have to be re-established in the only other way possible--through a general inflation of consumer prices. Despite the dramatic reversal in real estate prices, and the Dow Jones industrial average of stock prices having lost 40% of its nominal value from the high point of the past 12 months, the sky has not fallen. The real output of goods and services in the fourth quarter of 2008 (according to the revised estimates of the Bureau of Economic Analysis released last week) was less than 1% below the level of Q4 2007, having grown modestly over the first half of 2008 and declined modestly over the second half. Consumer prices are not plummeting. Despite several months of slight declines during the second half of the year, the 2008 average Consumer Price Index was up 3.8% from the previous year. The December 2008 CPI was up 0.1% over December 2007. As previously noted, January 2009 is up over December 2008. The fact that consumer prices are not yet rising as fast as the stock of money is growing indicates that the 'velocity' of money, or the annual consumer spending per dollar of money balances held, has temporarily declined. The huge additions to the monetary aggregates are currently being mostly absorbed into 'idle' cash balances, but like a sponge, cash balances will only absorb so much. With continued Fed expansion, money balances will exceed the amounts people want to hold. Velocity will begin returning to normal. As spending begins to catch up with money growth, the Fed will face a difficult choice: either slam on the money brakes and risk having the recovery stall out, or continue its current pedal-to-the-metal policy and cause accelerating inflation. This is not a new situation. In 1973 to '75, the U.S. had a deep recession. Rather than let the effects of the Arab oil embargo run its course, the Fed attempted to soften the blow with expansionary monetary policy. Though there was little inflation to start, it took off as the economy began expanding and velocity began to rise. Inflation as measured by the CPI grew from 5.8% to 6.5% to 7.6% to 11.3% to 13.5% between 1976 and 1980. Extricating the economy from the distortions built up during that long period of monetary expansion required the sharp Reagan-Volcker recession of 1981 to 1983. [where interest rates went into double digits!!] Then Fed Chairman Greenspan warned that the stock market was exhibiting 'irrational exuberance' in 1996, even as he oversaw a rapid increase in the money stock. He took comfort in the fact that although asset prices were rising rapidly, there was little inflation as measured by the CPI. He overlooked the effects monetary expansion was having on asset prices. Greenspan should have worried more about asset prices then, and Bernanke should worry less about them now. A fall in inflated asset prices does not a general deflation make. It is, in fact, the first step on the road to recovery. The sooner asset prices find their bottom, the sooner they can begin to rebound--and that is the key to restoring investor confidence." - David C. Rose and Lawrence H. White
David C. Rose is a professor of economics at the University of Missouri-St. Louis. Lawrence H. White is the F.A. Hayek professor of economic history at the University of Missouri-St. Louis and an adjunct scholar of the Cato Institute. This article appeared in 'Forbes' magazine on March 10, 2009.
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[Quote No.31336] Need Area: Money > General
"The most important single central fact about a free market [capitalism] is that no exchange takes place unless both parties benefit [win-win]." - Milton Friedman
Famous economist
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[Quote No.31352] Need Area: Money > General
"Never forget when a person, company or industry asks for government help, the old saying, 'He who pays the piper calls the tune.' This is only to be expected but many who ask for help don't consider this until it is too late and they discover to their shame that they sold their precious freedom, that their forefathers and mothers fought and died to give them, for a pittance!" - Seymour@imagi-natives.com

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[Quote No.31371] Need Area: Money > General
"If the welfarist-socialist-inflationist- trend of recent years continues in this country, the outlook is dark. It is a prospect of mounting taxation, snowballing expenditures, chronic deficits, a budget out of control, an accelerating rate of inflation of the kind endemic in Latin America (at least for the last generation), a collapse of the dollar, increasing world currency chaos, and more and more ruthless price, wage, and exchange controls, leading toward a regimented economy and dictatorship. And if this trend is interrupted temporarily, it may be by riots, assassinations, and a breakdown of law and order." - Henry Hazlitt
From his book, 'Man vs. The Welfare State' (1969).
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[Quote No.31377] Need Area: Money > General
"Prosperity is not without many fears and distastes; and adversity is not without comforts and hopes." - Sir Francis Bacon

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[Quote No.31396] Need Area: Money > General
"A wooden bed is better than a golden coffin." - Russian Proverb

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[Quote No.31420] Need Area: Money > General
"When [capitalist free] markets are allowed to work, they often make mistakes - especially when government is fixing interest rates. Periods of growth are punctuated by crises - including sharp breaks in business activity and bouts of 'creative destruction.' Like forest fires, these episodic conflagrations burn off the dead wood, permitting new growth. But when government [thinks it, rather than the people involved, knows best, which is the hallmark of socialism, and] allocates capital and resources, it is almost always a soggy disaster from beginning to end. The dead wood never gets cleared away. Instead, it is protected...propped up...leaving the new shoots to struggle in the shade. Not much growth, in other words. We repeat: there were only two examples of major depressions in the last century. Both came after a huge run-up in debt. And both were met with [socialist, big government] programs that economists should be ashamed of - bailouts, stimulus, loans, props, safety nets and hooks. In both cases - the '30s in the United States and the '90s in Japan - the depressions continued, on and off, for many years. WWII brought an end to the first one - 12 years after it began. The second one continues - nearly 20 years after the crash of the Tokyo stock market. [It is a shame that the economists that advise short-sighted, power-hungry politicians fail to give the frank and fearless advice about the lessons from history that would persuade politicians and the people about the dangers of market intervention.]" - Bill Bonner
From 'The Daily Reckoning - Australia', 24th March, 2009.
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[Quote No.31443] Need Area: Money > General
"There is a reason it used to be a crime in the Confederate states to teach a slave to read: Literacy is power. In the age of the CDS and CDO, most of us are financial illiterates. [and therefore we are financially less powerful. To make informed financial and political choices it is the responsibility of each individual to keep themselves adequately informed and not to rely on others having their best interests at heart, which is the triumph of hope over experience.]" - Matt Taibbi
Published in the magazine, 'Rolling Stone', March 2009.
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[Quote No.31444] Need Area: Money > General
"Prices are important not because money is considered paramount but because prices are a fast and effective conveyor of information through a vast society in which fragmented knowledge must be coordinated. [A capitalist free market is preferrable to government controlled prices because it more effectively tells entrepreneurs and capitalists where demand is as people vote with their money.]" - Thomas Sowell

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[Quote No.31482] Need Area: Money > General
"Where socialism sought totalitarian control of a society's economic processes through direct state operation of the means of production, fascism sought that control indirectly, through domination of nominally private owners. Where socialism nationalized property explicitly, fascism did so implicitly, by requiring owners to use their property in the 'national interest' —that is, as the autocratic authority conceived it. (Nevertheless, a few industries were operated by the state.) Where socialism abolished all market relations outright, fascism left the appearance of market relations while planning all economic activities. Where socialism abolished money and prices, fascism controlled the monetary system and set all prices and wages politically. In doing all this, fascism denatured the marketplace. Entrepreneurship was abolished. State ministries, rather than consumers, determined what was produced and under what conditions. [It was only through free market capitalism that government authorities took a back seat and people's lives and happiness were believed to be best understood by them and therefore, with freedom, their own responsibility - for success or failure. Individuals succeeded in free market capitalism, within its strict property law and enforcement, by developing their interests and talents into skills to help others and then better meeting the needs of others while still being able to make a fair profit for the risks and difficulties involved. Out of this success, individuals were then able to help their families and others out of love and their compassion for those less fortunate through no fault of their own.]" - Sheldon Richman
The Concise Encyclopedia of Economics [2002]
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