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  Quotations - General  
[Quote No.33039] Need Area: Money > General
"Capitalism, while not perfect, is the most democratic, moral system on earth." - Steve Forbes

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[Quote No.33064] Need Area: Money > General
"Man - an animal that makes bargains." - Adam Smith

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[Quote No.33098] Need Area: Money > General
"A man of financial wealth who values himself by his financial net worth is poorer than the poor man who values himself by his intrinsic self worth." - Sydney Madwed

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[Quote No.33124] Need Area: Money > General
"Money is not an end in itself, it is just a vehicle. It creates freedom and options in your life." - Bob Cox
He's a self-made millionaire, in-demand business consultant, co-founder of the original home shopping channel, and he personally mentored four men who went on to become billionaires.
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[Quote No.33131] Need Area: Money > General
"A people that values its privileges [including wealth] above its principles soon loses both." - Dwight D Eisenhower

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[Quote No.33138] Need Area: Money > General
"Charity is the spice of riches." - Jewish Proverb

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[Quote No.33142] Need Area: Money > General
"The less we deserve good fortune, the more we hope for it." - Moliere

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[Quote No.33185] Need Area: Money > General
"Voluntary economic exchange is inherently fair and does not justify government intervention. Further, government intervention in voluntary economic exchange on behalf of some citizens at the expense of others is inherently unfair. Beyond the moral case for free trade is the well-established fact that when people are free to buy from, sell to, and invest with one another as they choose, they can achieve far more than when governments attempt to control economic decisions [for example with protectionist policies]. Widening the circle of people with whom we transact - including across political borders - brings benefits to consumers in the form of lower prices, greater variety, and better quality, and it allows companies to reap the benefits of innovation, specialization, and economies of scale that larger markets bring. Free markets are essential to prosperity, and expanding free markets as much as possible enhances that prosperity." - Daniel Ikenson and Sallie James
In the Trade chapter of the 'Cato Handbook for Policymakers'.
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[Quote No.33186] Need Area: Money > General
"When considering the likelihood of government bond default, and if government policies make financial sense, it is useful to consider the restraint necessary for the stability of the government finances of any country, by remembering that the European Union gives as the upper limits for any of its members in 2010:... a fiscal deficit [i.e. annual government spending beyond that year's tax revenue] of no greater than 3% of GDP and a debt-to-GDP level of no more than 60%. Otherwise the debt burden, especially if interest rates rise or its currency devalues dramatically, can put the country in jeopardy of defaulting on its bonds or raising tax rates so high there is a significant and possibly violent political and social upheaval, even endangering its own and its neighbour's sovereignty." - Seymour@imagi-natives.com

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[Quote No.33196] Need Area: Money > General
"What our generation has forgotten is that the system of private property [that is the basis of free market 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 or that of a dictator, whoever exercises this control has complete power over us." - Friedrich A. Hayek
Famous economist. Quote from his book, 'The Road to Serfdom', published 1944.
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[Quote No.33223] Need Area: Money > General
"There is a time when a man [or woman] distinguishes the idea of felicity from the idea of wealth; it is the beginning of wisdom." - Ralph Waldo Emerson

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[Quote No.33231] Need Area: Money > General
"Most people never decide to be wealthy and that is why they retire poor." - Brian Tracy

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[Quote No.33255] Need Area: Money > General
"[The essence of the beauty of Free Market Capitalism is that it ensures a win:win outcome and unambiguous price signals to the rest of the market so that limited resources can be quickly put to their most productive and rewarding uses.] Trade between two individuals, entered into freely, always results in benefits to both parties. Otherwise, why should they trade?" - W.M. Curtiss

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[Quote No.33267] Need Area: Money > General
"I place the economy among the first and most important virtues...and public debt as the great danger to be feared. To preserve your independence, we must not let our leaders load us with perpetual debt. We must make our choice between economy [living within our means and saving the surplus] and liberty...or profusion [unrestrained spending] and [debt] servitude." - Thomas Jefferson

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[Quote No.33276] Need Area: Money > General
"The allocation or ownership of property is most wisely determined in the open market; the proper functioning of the market requires policing and the protection of private property; but this does not mean protectionism or special privilege for any owner by way of government intervention. The latter amounts to a closing of the market against peaceful traders — a reversion to barbarism and war." - Paul L. Poirot

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[Quote No.33277] Need Area: Money > General
"It is the highest impertinence and presumption, therefore, in kings and ministers [and governments] to pretend to watch over the economy of private people, and to restrain their expense.... They are themselves always, and without any exception, the greatest spendthrifts in society. Let them look well after their own expense, and they may safely trust private people with theirs." - Adam Smith
Famous philosopher and economist. Quiote from his highly respected book, 'An Inquiry into the Nature and Causes of the Wealth of Nations', published 1776].
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[Quote No.33312] Need Area: Money > General
"The substance of the eminent Socialist gentleman's speech is that making a profit is a sin, but it is my belief that the real sin is taking a loss." - Sir Winston Churchill
British Prime Minister
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[Quote No.33371] Need Area: Money > General
"What Does Capitalism Mean? An economic system based on a free market, open competition, profit motive and private ownership of the means of production. Capitalism encourages private investment and business, compared to a government-controlled economy. Investors in these private companies (i.e. shareholders) also own the firms and are known as capitalists." - Investopedia.com

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[Quote No.33373] Need Area: Money > General
"Don't be born on third base and think you’ve hit a triple. [In baseball, investing, business or life, don't confuse skill with dumb luck.]" - popular American saying

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[Quote No.33402] Need Area: Money > General
"[When comparing capitalism and socialism/communism...] Mine is better than ours." - Benjamin Franklin
Poor Richard's Almanac, 1756.
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[Quote No.33420] Need Area: Money > General
"In today's financial headlines - the word Trillion is often casually thrown around. So much so, that it's easy to lose perspective on how much money this really represents. Picture a stack of $100 bills. It might surprise you to know that it only takes a stack four inches high to be worth $100,000. So $1,000,000 would be a stack of $100 bills 40 inches tall. How about a Billion? Well, you would have to stack $100 bills up to the top of the Empire State Building...twice...in order to reach a Billion. So to picture $1.25 Trillion represented by a stack of $100 bills - that stack would be 850 miles high. If you could turn that stack on its side and were able to drive alongside it, it would take you longer than 14 hours to reach the end. If you laid those $100 bills down side by side, they would travel around the world 50 times. We're talking about a lot of money here." - Barry Habib
Chairman, Mortgage Success Source
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[Quote No.33441] Need Area: Money > General
"[P]oliticians love to promote the idea that we have a free market because that means when things go wrong in the economy, they can blame the market, rather than accept blame themselves, and claim that they need more power to overcome the market’s alleged failures." - Jacob Huebert
'Exposing the Government's Lies', April 5, 2010.
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[Quote No.33448] Need Area: Money > General
"No man can tell whether he is rich or poor by turning to his ledger... He is rich according to what he is, not according to what he has." - Henry Ward Beecher

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[Quote No.33449] Need Area: Money > General
"Most of us devote a substantial percentage of our waking hours to making, spending, and having more. This desire to accumulate is natural. But when a bigger bank balance — or the things it can buy — becomes our animating purpose, disappointment generally follows. [Therefore why this book can be helpful.] In 'The Secret of Shelter Island', nationally renowned investment analyst and bestselling author Alexander Green explores the complicated relationship we all have with money and reveals the road map to a rich life. The timing could hardly be better. After more than twenty-five years of virtually uninterrupted prosperity, the U.S. economy has hit a rough patch. Yet to the extent that downturns like the current one shake up the status quo and force us to reexamine our goals and priorities, they also offer enormous opportunities. 'The Secret of Shelter Island' provides an ideal starting point. Drawing on some of today's best minds and many of history's greatest thinkers, it is both a much-needed source of inspiration and an insightful look at the role of both money and values in the pursuit of the good life. The book is arranged around four central themes. In Part I, 'A Rich Mind,' Green explores such key questions as: How important is money in your life? What is it giving you? What is it costing you? In Part II, 'What Matters Most,' he discusses how to calculate your real net worth—without using a financial statement. In Part III, 'Attitudes and Gratitude,' he offers powerful insights based on a deceptively simple philosophy of life. In the final section of the book, 'The Search for Meaning,' he delivers a refreshing take on the universal principles that guide us all-or should. The Secret of Shelter Island is full of practical wisdom. More than just a personal philosophy, it is a profound and utterly modern commentary on timeless values, the search for meaning, and what it means to be truly wealthy." - Alexander Green
'The Secret of Shelter Island: Money and What Matters' (Hardcover)[From the book's inside flap]
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[Quote No.33462] Need Area: Money > General
"In gambling, the many must lose in order that the few may win." - George Bernard Shaw

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[Quote No.33475] Need Area: Money > General
"The best economic system for improving the living standards of citizens is where individual effort and creativity is released through individual property rights to capital called capitalism. There are many examples that support this. One is a 2008 study by the World Bank, which showed that since 1950, 13 economies had managed to grow at more than 7 per cent per annum for at least 25 years. Three were city states (Hong Kong, Singapore, Malta) that offered no lessons for others. One (Oman) is oil-rich, while another (Botswana) is a diamond mine. That leaves eight. Four of them stalled (Indonesia, Thailand, Malaysia and, earlier, Brazil) while only three achieved 'first-world' status – Japan, Korea and Taiwan. The key difference between the 'stallers' and the success stories is land policy. In Japan, Korea and Taiwan almost all agricultural land was subdivided under American supervision into household plots in the wake of WWII. In South and South-east Asia, by contrast, largely ineffectual land reform attempts have kept tens of millions of landless and capital-less in dire poverty. In China the murderous campaign against landlords after 1949 led to the disaster of collectivisation and the starvation and impoverishment this caused, but in the late seventies under Deng Xiaoping, there was a transition to household farming. Now in 2010 China is using the power of capitalism by allowing farmers to get title to their lands and to use that to get financial capital, which is believed to be one reason why China is doing so well after the Great Financial Crisis of 2008-9." - Seymour@imagi-natives.com

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[Quote No.33525] Need Area: Money > General
"Short of genius, a rich man cannot even imagine poverty [nor a poor man imagine the responsibilities and difficulties of wealth]." - Charles Peguy

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[Quote No.33527] Need Area: Money > General
"Price fixing is illegal in the private sector, but unfortunately there are no rules against schemes by politicians to create oligopolies in order to prop up bad government policy." - Daniel J. Mitchell

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[Quote No.33528] Need Area: Money > General
"Prosperity is necessarily the first theme of a political campaign." - Woodrow T. Wilson

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[Quote No.33538] Need Area: Money > General
"[For those people, who despite an enormous history of government bureaucratic waste and outright failure, still believe their government will save them and that bigger government is better, it is important to reiterate why governments manage so poorly]...governmental bodies have no foreign competition and no incentives to promote productivity or efficiency... government productivity ranks with military intelligence, vegetarian vampires, beloved mothers-in-law, congressional ethics, postal service, jumbo shrimp, tax simplification, airline food, wild game management, the usual suspects, and working vacations in the realm of great oxymorons... Increased government regulation and economic involvement... are the normal results of severe economic and financial problems. [But] By curtailing risk-taking and efficiency, they [always]...impede economic growth [except for a few industries and factions of voters favoured by government largesse regardless of the greater detriment to the future wider economy and voters in general]. " - A. Gary Shilling
Dr. Shilling earned his master’s degree and doctorate in economics at Stanford University. While on the West Coast, he served on the staffs of the Federal Reserve Bank of San Francisco and the Bank of America.
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[Quote No.33544] Need Area: Money > General
"One would get the impression ... that no one had ever thought of doing anything for the poor until Franklin Roosevelt's New Deal in the 1930's, or even until President Johnson's 'war on poverty' in the 1960's. Yet private charity is as old as mankind." - Henry Hazlitt

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[Quote No.33558] Need Area: Money > General
"If you can learn anything about millionaires, it's that for many of them, their riches are not necessarily what most sets them apart from the rest of the world - it's what they did [and had to become] to earn those millions that really stands out. [They are the business world equivalent of Olympic athletes.]" - Stephanie Powers

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[Quote No.33577] Need Area: Money > General
"A poor person isn't he who has little, but he who needs a lot." - German Proverb

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[Quote No.33593] Need Area: Money > General
"Fortunes made in no time are like shirts made in no time; it's ten to one if they hang long together." - Douglas William Jerrold

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[Quote No.33637] Need Area: Money > General
"Too often I would hear men boast of the miles covered [money made or lost] that day, rarely of what they had seen [experienced]." - Louis L'Amour
Famous American author.
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[Quote No.33653] Need Area: Money > General
"More than six decades ago, policymakers and, for the most part, the economic profession as a whole, erroneously concluded that Keynes was right — fiscal stimulus works to reduce unemployment. Keynesian-style stimulus policies became a staple of the government's response to economic downturns, particularly in the 1960s and 1970s. While Keynesianism fell out of style during the 1980s and 1990s — recall that Bill Clinton's secretary of treasury Robert Rubin turned Keynesian economics completely on its head when he claimed that surpluses, not deficits, stimulate the economy — during the recessions of 2001 and 2007-09 Keynesianism has come back with a vengeance. Both Presidents Bush and Obama, along with the Greenspan/Bernanke Federal Reserve, have instituted Keynesian-style stimulus policies — enhanced government spending (Obama's $787 billion package), tax cuts to put money in people's hands to increase consumption (the Bush tax 'rebate' checks of 2001 and 2008), and loose monetary policy (the Federal Reserve's leaving its target interest rate below 2 percent for an extended period from 2001 to 2004 and cutting to near zero during the Great Recession of 2007-09 and its aftermath). What did all of this get us? A decade far less successful economically than the two non-Keynesian ones that preceded it, with declining output growth and falling real capital valuations. History clearly shows the government that stimulates the best - taxes, spends, and intrudes the least." - Jason E. Taylor and Richard K. Vedder
Jason E. Taylor is professor of economics at Central Michigan University. Richard K. Vedder is distinguished professor of economics at Ohio University and adjunct scholar at the American Enterprise Institute. 'Stimulus by Spending Cuts: Lessons from 1946', published in Cato Policy Report, May/June 2010.
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[Quote No.33667] Need Area: Money > General
"[When economic times are difficult, one thing you never hear from politicians is...] A cut in the salary of the politicians. They remain the protected elite social class in every country." - George Dagnino
Economist
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[Quote No.33673] Need Area: Money > General
"The values of the enlightenment still bring better and better lives to more and more people around the planet. Capitalism is creating a rope for millions of people to pull themselves from the mire of poverty every year in the developing world and escape a life that really was nasty, brutish and short." - Mark Carnegie
head of the Lazard Australian Private Equity business.
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[Quote No.33685] Need Area: Money > General
"Socialism (n): An economic system in which the production and distribution of goods are controlled substantially by the government rather than by private enterprise, and in which cooperation rather than competition guides economic activity. There are many varieties of socialism. Some socialists tolerate capitalism, as long as the government maintains the dominant influence over the economy; others insist on an abolition of private enterprise. All communists are socialists, but not all socialists are communists." - American Heritage Dictionary

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[Quote No.33687] Need Area: Money > General
"[Many politicians and their bureacratic economists and advisers still espouse the antiquated ideas of Keynesian economics from his book, 'The General Theory of Employment, Interest and Money'. They are actually damaging to the economy in the long run and should be resisted. The following piece goes to explaining why politicians like this economic theory so much and why it doesn't work well:] ...Keynes was the consummate politician-economist who craved and acquired fame and fortune by elevating politicians and officials to the pinnacle of economic and financial significance. Keynes exalted the political class as the guardian of employment, growth and prosperity. He also imputed to it great civic virtue, and blessed it to do what it does best: favour particular producers, oppress most consumers and all taxpayers, debase the currency and foment war at home and abroad. Keynes cloaked the old – and repeatedly refuted – doctrine that consumption and inflation beget prosperity in the new and pseudo-sophisticated garb of mathematical economics. He also purported to discover something that [fraudster and failed economist] John Law (1679-1721) first claimed – namely that there exists a source of allegedly unlimited funds that is outside and above the process of saving, investment and production, and which is ever-ready to serve government officials: the government-owned central bank... When the world’s governments reacted to the GFC [Great Financial Crisis 2007-09] by launching immense experiments along Keynesian lines, most [frightened and economically naive] people assumed that these trials were actually tried-and-true policies and that somebody had long ago demonstrated that they made theoretical and factual sense. Yet the stark reality remains: a garb of arcane mathematics obscures the fact that Keynesianism is a ramshackle grab-bag of interventionist intuitions and prejudices. It’s unsettling to discover just how utterly derivative, unsubstantiated and weak these claims are. 'Keynes,' Ludwig von Mises [the Austrian economist] noted in 'Human Action' (1949), 'did not add any new idea to the body of inflationist fallacies, a thousand times refuted by economists ... He merely knew how to cloak the plea for inflation and credit expansion in the sophisticated terminology of mathematical economics.' In 'Planning for Freedom' (1970), Mises added 'Keynes did not refute Say’s Law. He rejected it emotionally, but he did not advance a single tenable argument to invalidate its rationale.' ...Keynes’s [quantitative easing monetary] policy of creating new money in order to suppress rates of interest, and thereby to stimulate investment and economic activity [as well as increase aggregate demand through government spending - fiscal policy], ultimately backfires. First, 'the creation of new money by the central bank' and 'inflation' are synonyms. Yes, inflation may well initially place downward pressure upon [interest] rates. The trouble is that as soon as somebody borrows the new money, he will spend it. And that spending – people who hold 'old' money haven’t changed their behaviour – places upward pressure upon the prices of goods and services for which borrowers exchange their dollars. What will happen to [interest] rates once prices of many goods and services begin to rise? Lenders will notice that the money returned to them at a loan’s conclusion will not buy as much as it did at its commencement. How do lenders protect themselves against the gradual destruction of their purchasing power? Either they will lend less or they will charge more per dollar lent. Either way, their reaction to inflation will eventually place upward pressure upon rates of interest. Hence an unintended consequence of Keynesianism: policies which intend to reduce rates of interest ultimately raise them. The Swedish economist Knut Wicksell (1851-1926) initially developed this point, and Ludwig von Mises (1881-1973), Friedrich von Hayek (1891-1991) and Murray Rothbard (1926-1995) extended and elaborated it. Nobody – neither Keynes nor any of his followers – has ever refuted it. Do the years since the 1990s, when inflation has raged but the Consumer Price Index and various Producer Price Indices have been quiescent, vindicate Keynes? In these years Keynesianism begat inflation – in markets for stocks, bonds and real estate. This inflation fomented bubbles and crashes. After the recession of the early 1980s, governments once again began to print money. Consumer prices rose, but the rise was mild relative to the 1970s. As a result (virtually everybody mistakenly thinks that 'inflation' and 'annualised percentage rise of the CPI' are synonyms), in the 1990s and beyond rates of interest did not rise as the pace of the government’s inflation accelerated; on the contrary, rates tended to fall. Given the rising inflation and absent the drag of rising rates or (except in the early 1990s and late 2000s) recession, economic conditions seemed to boom. Contrary to the 1970s, in recent years central banks have injected vast amounts of new money into the economy without triggering sharp rises of consumer prices or rates of interest. Many people have concluded that these developments vindicate Keynes. For two reasons, they don’t. First, a rise of consumer prices is one of several possible consequences of inflation. But high inflation need not cause a hefty rise of consumer and producer prices. During some intervals (the 1920s was one, and the past two decades has been another) technological, logistical or other developments boost businesses’ productivity and reduce their costs. In the 1920s, mass electrification and the rise to ubiquity passenger car and truck transport were the key developments; in the 1990s, the advent of the Internet and the integration of the Chinese and ex-Soviet economies into the world economy (which placed sharp downward pressure upon the prices of money, raw materials and labour) were the triggers. All else equal, technological, logistical and other productivity-enhancing innovations place downward pressure upon prices. If prices should fall by (say) 3% per year (as they did in the latter half of the 19th century, another period of strong technological and logistical innovation) but actually rise by 3%, what’s happening? The answer is that the central bank is creating and injecting into the economy enough new money to raise prices (that is, reduce the currency’s purchasing power) by 6%. In short, technological and other developments can mask one of the possible consequences of the government’s policy of inflation. Secondly, the new money ginned by the central bank doesn’t flow solely (or even primarily) into markets for consumer goods and services. Since the mid-1990s, and unlike the 1970s, the effects of governments’ inflation haven’t, by and large, appeared in workers’ pay packets or supermarkets. Instead, during the past 20 years the new money has flowed disproportionately into stocks, bonds and real estate. To use the common (and imprecise) parlance, if the 1970s was a period of high 'consumer price inflation' then 'asset price inflation' has plagued more recent years. The problem is that inflation (whose consequences technological developments have masked) and rising prices of assets conspire to create asset price bubbles. What looks like a moderate CPI reassures lenders and thereby helps to restrain the rates of interest they charge. This, in turn, makes it easy for people to borrow ever greater sums in order to buy stocks, bonds and real estate. The demand for these assets created by the borrowed money [at government-dictated artificially low rates of interest] puts upward pressure upon these assets’ prices; as their prices rise, lenders are increasingly willing to lend; and borrowers, observing the steadily rise of prices, are increasingly willing to borrow [and assume levels of debt to equity that are dangeroud given their low-rates-inflated collateral]. Eventually, the new money channelled into these assets creates bubbles [that are ripe to burst and drop in price catastophically at any difficulty in the economy - especially rising interest rates nad thereby wipe out most, if not all, of their equity]. Newly 'printed' money, injected into the economy through the banking system by government, is inflation – properly defined and understood. But the river of inflation follows different courses during different eras. If the funny-money congregates in stocks, bonds and real estate, then bubbles inflate. Notice, then, that the boom that precedes the bust is not a creature of the free market; both are monsters created by government’s central bank. Mises, Keynes’s most systematic and devastating critic, put it this way: 'The cyclical fluctuations of business are not an occurrence originating in the sphere of the unhampered market, but [are products] of government interference with business conditions designed to lower the rate of interest below the height at which the free market would have fixed it.-[Ludwig von Mises, 'Human Action: A Treatise on Economics' (Fox & Wilkes, 1966), p. 562.] This means that, contra Keynes, artificially-low rates of interest will in the long run lead not to a quasi-permanent boom but to a cycle of boom and bust (although the path of bust may lead either through 'consumer price inflation' or 'asset price inflation'). [Further readings: ---Henry Hazlitt’s line-by-line refutation of Keynes General Theory, entitled 'The Failure of the New Economics – An Analysis of Keynesian Fallacies' (Van Nostrand, 1959); ---W.H. Hutt, 'The Keynesian Episode: A Reassessment', (Liberty Classics, 1979); ---Mark Skousen, ed., 'Dissent on Keynes: A Critical Appraisal of Keynesian Economics' (Praeger Publishers, 1992); ---Hunter Lewis 'Where Keynes Went Wrong – And Why World Governments Keep Creating Inflation, Bubbles and Busts', (Axios, 2009)" - Dr Chris Leithner
Investment fund manager. Born at Winnipeg, Manitoba, Dr Chris Leithner is a First Class Honours graduate and University Scholar of McGill University (Montréal, Quebec). He also holds Masters degrees from Queen’s University in Kingston, Ontario (where he was a Senator Frank Carroll Fellow) and The Australian National University in Canberra (which he attended as a Commonwealth Scholar for Canada). He was a David Livingston Fellow and holds a Ph.D. from the University of Strathclyde (Glasgow, Scotland). Quoted from his fund's 'Leithner Letter' No. 127-130, 26 July - 26 October 2010.
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[Quote No.33711] Need Area: Money > General
"If you laid ever economist in the country end to end you would still not reach a conclusion." - Salvador Nasello

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[Quote No.33714] Need Area: Money > General
"The honest poor can sometimes forget poverty. The honest rich can never forget it [and their greater opportunity to help]." - Gilbert K. Chesterton

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[Quote No.33724] Need Area: Money > General
"To make a short story even shorter, the Mankiw Rule [ a simple formula for setting the federal funds rate: Federal funds rate = 8.5 + 1.4 x (Core inflation - Unemployment) Here 'core inflation' is the CPI inflation rate over the previous 12 months excluding food and energy, and 'unemployment' is the seasonally-adjusted unemployment rate. For example, if core inflation is at 3 percent and unemployment is at 5 percent, the federal funds rate should be set at 5.7 percent. The parameters in this formula were chosen to offer the best fit for data from the 1990s.] suggests that the Zero Interest Rate Policy will continue for quite some time, barring dramatic changes in the inflation and/or unemployment rates. 'The Mankiw Rule' is what I call Greg Mankiw’s version of the Taylor Rule. 'Taylor Rule' is now the general term for a rule that sets a monetary policy interest rate (usually the federal funds rate in the US case) as a linear function of an inflation rate and a measure of economic slack. Such rules provide a simple way of either describing or prescribing monetary policy. Unfortunately, there are now many different versions of the Taylor Rule, which all lead to different conclusions. Not only are there many different measures of both slack and inflation; there are also an infinite number of possible coefficients that could be used to relate them to the policy interest rate. In fact, if you ask John Taylor today, he will advocate a very different set of coefficients than the ones he proposed in his original 1993 paper. Parsimony suggests that a good Taylor rule should have 3 characteristics: it should be as simple as possible; it should use robust, easily defined, and well-known measures of slack and inflation; and it should fit reasonably well to past monetary policy. Also, to have credibility, such a rule should have 'stood the test of time' to some extent: it should fit reasonably well to some subsequent monetary policy experience after it was first proposed. The Mankiw Rule has all these characteristics. It uses the unemployment rate and the core CPI inflation rate as its measures, and it applies the same coefficient to both. This setup leaves it with only two free parameters, which Greg set in a 2001 paper so as to fit the results to actual 1990’s monetary policy." - Andy Harless
Chief Economist at Atlantic Asset Management specializing in macroeconomics, with particular interests in labor and finance. Published 4th June, 2010.
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[Quote No.33759] Need Area: Money > General
"The lack of money is the root of all evil." - Mark Twain

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[Quote No.33764] Need Area: Money > General
"Success from the financial and from the prestige point of view ... is not enough; what matters even more is ... adherence to high moral and aesthetic standards." - Siegmund Warburg
(1902 – 1982), He was the founder of S. G. Warburg & Co. in 1946, which was a major British investment bank, and was the bank's managing director until the 1970s. The firm is now part of UBS AG.
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[Quote No.33792] Need Area: Money > General
"The man [or woman] who has... a million dollars in property [or owns a significant business] has a much higher interest in the government [and the well-being of the country and its economy] than the man [or woman] who has little or no property [or business and staff to protect. Also, due to the competitive nature of success - which means they would have failed if incompetent, their ideas usually have merit and therefore deserve close scrutiny.]" - Noah Webster

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[Quote No.33802] Need Area: Money > General
"The man with a toothache thinks everyone happy whose teeth are sound. The poverty-stricken man makes the same mistake about the rich man." - George Bernard Shaw
(1856 - 1950), Irish-born British dramatist.
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[Quote No.33810] Need Area: Money > General
"When we have gold we are in fear, when we have none we are in danger." - English proverb

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[Quote No.33844] Need Area: Money > General
"Fortune can take away riches, but not courage." - Seneca

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[Quote No.33867] Need Area: Money > General
"If you would know the value of money try to borrow some." - Benjamin Franklin

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