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  Quotations - General  
[Quote No.33924] Need Area: Money > General
"[Regarding government bailouts and the moral hazard this brings, where fools continue behaving foolishly believing that they will be saved again:] The ultimate result of shielding men [women, companies, etc] from the effects of folly is to fill the world with fools." - Herbert Spencer
English philosopher
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[Quote No.33927] Need Area: Money > General
"The money [and contribution to society women and] men make lives after them." - Samuel Butler

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[Quote No.33940] Need Area: Money > General
"It is the highest impertinence and presumption, therefore, in kings and ministers [governments, politicians and bureaucrats] 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
'An Inquiry into the Nature and Causes of the Wealth of Nations', 1776.
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[Quote No.33947] Need Area: Money > General
"Economically naive politicians, for egotistical, economic but primarily political reasons, want to be seen as powerful and caring in bad economic times, 'save' the people and be hailed as heroes, by using Keynesian stimulatory fiscal and monetary policies. What they, in their ignorance or duplicity, do not seem to know, follow or acknowledge is that Keynes was clear that in order to do this they MUST NOT run deficits in the good times, which they do usually to buy votes, or they will not have the necessary surpluses required in the bad times to pump prime a recovery responsibly! They won't save, but still want to spend and the results of this childish behaviour is bad in the long run whether you are a government or a private citizen." - Anon

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[Quote No.33953] Need Area: Money > General
"The wise do not call strong the fetter that is made of iron, wood, or rope; much stronger is the fetter of passion for gold and jewels... [but beware]... Wealth destroys the fool who seeks not the Beyond." - Buddha
Dhammapada 345, 355
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[Quote No.33965] Need Area: Money > General
"[The economist] Keynes championed temporary deficits to stimulate consumption during recessions. But he also insisted that deficits disappear during recoveries, so that budgets would be balanced or in surplus during most of the business cycle. [He never said that more spending on top of chronic structural deficits was a stimulus. Just the opposite, in fact. He specifically warned against structural deficits when both U.S. and British economists were pushing for them at the end of World War II, because inexorably rising debt, with no plan to curb it, isn't a stimulus at all, but a heavy depressant.]" - Steve Hanke
an economist at Johns Hopkins.
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[Quote No.33968] Need Area: Money > General
"Divine fiscal intervention: Advanced economies are facing the difficult challenge of implementing fiscal adjustment strategies without undermining a still-fragile economic recovery. Fiscal adjustment is key to high private investment and long-term growth. It may also be key, at least in some countries, to avoiding disorderly financial market conditions, which would have a more immediate impact on growth through effects on confidence and lending. But too much adjustment could also hamper growth, and this is not a trivial risk. How should fiscal strategies be designed to make them consistent with both short-term and long-term growth requirements? We offer 10 commandments to make this possible. Put simply, what advanced countries need is clarity of intent, an appropriate calibration of fiscal targets, and adequate structural reforms – with a little help from monetary policy and their (emerging market) friends. --Commandment I: You shall have a credible medium-term fiscal plan with a visible anchor (in terms of either an average pace of adjustment, or of a fiscal target to be achieved within four to five years). There is no simple one-size-fits-all rule. Our current macroeconomic projections imply that an average improvement in the cyclically-adjusted primary balance of some 1 percentage point per year during the next four to five years would be consistent with gradually closing the output gap, given current expectations on private sector demand, and would stabilise the average debt ratio by the middle of this decade. Countries with higher deficits or debt should do more; others should do less. Such a pace of adjustment must be backed up by fairly specific spending and revenue projections and supported by structural reforms (see below). --Commandment II: You shall not front-load your fiscal adjustment, unless financing needs require it. For a few countries, front-loading may be needed to maintain access to markets and finance the deficit at reasonable rates – but, in general, a steady pace of adjustment is more important than front-loading, which could undermine the recovery and be reversed. Nonetheless, a non-trivial first instalment is needed. Promises of future action will not be enough. Current fiscal consolidation plans in advanced G20 countries imply, on average, a reduction in the cyclically adjusted deficit of some 1.25 percentage points of GDP in 2011, with significant dispersion around this according to country circumstances. This seems broadly adequate, and consistent with commandment I, at least based on current projections on the recovery of aggregate demand. This said, while front-loading fiscal tightening is, in general, inappropriate, front-loading the approval of policy measures (which would become effective at a later date) will enhance the credibility of the adjustment. --Commandment III: You shall target a long-term decline in the public debt-to-GDP ratio, not just its stabilisation at post-crisis levels. High public debt tends to raise interest rates, lower potential growth, and impede fiscal flexibility. Since the early 1970s, public debt in most advanced countries has been the ultimate absorber of negative shocks, going up in bad times and not coming down in good times. In the G, average gross debt was 82 per cent of GDP in 2007, a level never reached before without a major war. The current fiscal doldrums are due not only to the crisis, but also to how fiscal policy was mismanaged during the good times. This time, it must be different: the final goal must be to lower public debt ratios, gradually but steadily. --Commandment IV: You shall focus on fiscal consolidation tools that are conducive to strong potential growth. This will require a bias towards (current) spending cuts, as spending ratios are high in advanced countries and require highly distortionary tax levels. Some cuts should be no brainers: for example, shifting from universal to targeted social transfers would involve significant savings, while protecting the poor. Containing public sector wages – which have risen faster than GDP in several advanced countries in the last decade – will be necessary. This said, nothing should be ruled out. Countries with low revenue ratios and large adjustment needs – like the US and Japan – will also have to act on the revenue side. Promising 'no new taxes,' in all countries and circumstances, is unrealistic. --Commandment V: You shall pass early pension and health care reforms as current trends are unsustainable. Increases in pension and health care spending represented over 80 per cent of the increase in primary public spending-to-GDP ratio observed in the G7 countries in the last decades. The net present value of future increases in health care and pension spending is more than ten times larger than the increase in public debt due to the crisis. Any fiscal consolidation strategy must involve reforms in both these areas. This includes Europe, where official projections largely underestimate health care spending trends. Given the magnitude of the spending increases involved, early action in these areas will be much more conducive to increased credibility than fiscal front-loading. And will not risk undermining the recovery. Indeed, some measures in this area – while politically difficult – could have positive effects on both demand and supply (for example, committing to an increase in the retirement age over time). --Commandment VI: You shall be fair. To be sustainable over time, the fiscal adjustment should be equitable. Equity has various dimensions, including maintaining an adequate social safety net and the provision of public services that allow a level playing field, regardless of conditions at birth. Fighting tax evasion is also a critical component to equity. For VAT, a tax that is relatively resilient to fraud, tax evasion averages about 15 per cent of revenues in G20 advanced countries. Evasion for other taxes is likely to be higher. --Commandment VII: You shall implement wide reforms to boost potential growth. Strong growth has a staggering effect on public debt: a one percentage point increase in potential growth – assuming a tax ratio of 40 per cent – lowers the debt ratio by 10 percentage points within five years and by 30 percentage points within 10 years, if the resulting higher revenues are saved. An acceleration of labour, product and financial market reforms will thus be critical. In the current context of weak aggregate demand, reforms that increase investment are more desirable than reforms that increase saving. While both have positive long-run effects, investment friendly reforms increase demand and output in the short run, while saving friendly reforms do the opposite. A word of caution, though: the timing and magnitude of the effects of structural reforms on growth are uncertain: fiscal adjustment plans relying on faster growth would not be credible. --Commandment VIII: You shall strengthen your fiscal institutions. Sustaining fiscal adjustment over time requires appropriate fiscal institutions. The current institutions allowed a record public debt accumulation before the crisis. They are insufficient. This requires better fiscal rules, including in Europe; better budgetary processes, including in the US, where, at least for Congress, the budget is essentially a one-year-at-a-time exercise; and better fiscal monitoring, including through independent fiscal agencies of the type recently created in the UK. --Commandment IX: You shall properly coordinate monetary and fiscal policy. If fiscal policy is tightened, interest rates should not be raised as rapidly as in other phases of economic recovery. Calls for an early monetary policy tightening in advanced economies are misplaced. --Commandment X: You shall coordinate your policies with other countries. In a number of advanced countries, the reduction in budget deficits must come with a reduction in current account deficits. Put another way, if the recovery is to be maintained, the initial adverse effects of fiscal consolidation on internal demand have to be offset by stronger external demand. But this implies that the opposite happens in the rest of the world. In a number of emerging market economies, current account surpluses must be reduced, and these countries must shift from external to internal demand. The recent decisions taken by China are, in this respect, an important and welcome step. Policy coordination will also be important in some structural areas: for example, over the medium term, it will be critical to protect fiscal revenues from rising tax competition. Obey these commandments, and chances are high that you will achieve fiscal consolidation and sustained growth." - Olivier Blanchard and Carlo Cottarelli
Olivier Blanchard is the IMF's chief economist and Carlo Cottarelli is the director of the IMF's Department of Fiscal Affairs. Originally published on www.VoxEU.org. Published in the 'Business Spectator', 30 Jun 2010.
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[Quote No.33975] Need Area: Money > General
"To combat [an economic] depression by a forced credit expansion is to attempt to cure the evil by the very means which brought it about; because we are suffering from a misdirection or production, we want to create further misdirection - a procedure which can only lead to a much more severe crisis as soon as the credit expansion comes to an end." - Fredrich Hayek
Famous economist. Quoted in 1933, in The Great Depression.
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[Quote No.33978] Need Area: Money > General
" 'Ponzi’ finance units must increase its outstanding debt in order to meet its financial obligations. A transition occurs over the course of an expansion as increasingly risky positions are validated by the booming economy that renders the built in margins of error superfluous - encouraging adoption of riskier positions. Eventually, either financing costs rise or income comes in below expectations, leading to defaults on payment commitments." - Hyman Minsky
Famous economist
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[Quote No.33979] Need Area: Money > General
"When a government is dependent upon bankers [and bond buyers] for money [because of excessive deficit spending], they and not the leaders of the government control the situation, since the hand that gives is above the hand that takes... Money has no motherland; financiers are without patriotism... their sole object is gain. [Therefore no wise government allows itself to become reliant on the financial kindness or foolishness of strangers.]" - Napoleon Bonaparte
1815
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[Quote No.33990] Need Area: Money > General
"[The famous economist Milton Friedman] has always hated the fragmentation and bickering between schools of economics, which has occurred ever since Marx detached himself from the 'classical' school of Smith and Ricardo. In 1974, when vacationing at his summer home in Vermont, Friedman spoke informally at a nearby conference about Austrian economics. He bluntly told the audience, 'There is no Austrian economics - only good economics and bad economics'." - Mark Skousen
'The Making of Modern Economics', pg 432
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[Quote No.33993] Need Area: Money > General
"[Whenever I hear governments, politicians and bureaucrats state that the answer to an economic problem is more regulation and more regulators, both of which have failed before through incompetence and neglect, I want to ask...] 'Quis custodiet ipsos custodes?' (Who will guard the guardians?)" - Juvenal

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[Quote No.33999] Need Area: Money > General
"Felix qui nihil debet. (Happy is he who owes nothing.)" - Ancient Roman Proverb

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[Quote No.34006] Need Area: Money > General
"If the governments devalue the currency in order to betray all creditors, you politely call this procedure 'inflation'." - George Bernard Shaw

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[Quote No.34033] Need Area: Money > General
"Economists suffer from a deep psychological disorder that I call ‘physics envy'. We wish that 99 percent of economic behavior could be captured by three simple laws of nature. In fact, economists have 99 laws that capture 3 percent of behavior. Economics is a uniquely human endeavor... [and human behaviour is nearly impossible to reduce to any number of rules, let alone only a few simple ones]." - Andrew Lo
A professor of finance at the Massachusetts Institute of Technology
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[Quote No.34035] Need Area: Money > General
"The purpose of studying economics is not to acquire a set of ready-made answers to economic questions, but to learn how to avoid being deceived by economists." - Joan Robinson
Cambridge University
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[Quote No.34039] Need Area: Money > General
"It is my guiding confession that I believe the greatest error in economics is in seeing the economy as a stable, immutable structure. [In fact just like the people who make up the economy, it is in an inconstant state of change. Therefore the best we can hope for is to try to constantly monitor what we consider important and realise that our knowledge and understanding will always be imperfect.]" - John Kenneth Galbraith
Famous economist. Quote from his book, 'A Journey Through Economic Time', published in 1994.
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[Quote No.34041] Need Area: Money > General
"To the economist, embezzlement is the most interesting of crimes. Alone among the various forms of larceny it has a time parameter. Weeks, months, or even years may elapse between the commission of the crime and its discovery. (This is a period, incidentally, when the embezzler has his gain and the man who has been embezzled, oddly enough, feels no loss. There is a net increase in psychic wealth.) At any given time there exists an inventory of undiscovered embezzlement in - or more precisely, not in - the country's businesses and banks. This inventory - it should perhaps be called the bezzle - amounts at any moment to many millions of dollars. It also varies in size with the business cycle. In good times people are relaxed, trusting, and money is plentiful. But even though money is plentiful, there are always many people who need more. Under these circumstances the rate of embezzlement grows, the rate of discovery falls off, and the bezzle increases rapidly. In depression this is all reversed. Money is watched with a narrow, suspicious eye. The man who handles it is assumed to be dishonest until he proves himself otherwise. Audits are penetrating and meticulous. Commercial morality is enormously improved. The bezzle shrinks." - John Kenneth Galbraith
Famous economist.
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[Quote No.34044] Need Area: Money > General
"[Here is a surprisingly frank but worrying comment that goes to the heart of the debate about the dangers of fiat backed currencies:] Like gold, U.S. dollars have value only to the extent that they are strictly limited in supply. But the U.S. government has a technology, called a printing press (or, today, its electronic equivalent), that allows it to produce as many U.S. dollars as it wishes at essentially no cost. By increasing the number of U.S. dollars in circulation, or even by credibly threatening to do so, the U.S. government can also reduce the value of a dollar in terms of goods and services, which is equivalent to raising the prices in dollars of those goods and services." - Ben Bernanke
Chairman of the Board of Governors of the Federal Reserve Bank of the United States beginning his term in 2006, in a speech he made on November 21, 2002 before the National Economist's Club in Washington, D.C. [ http://www.federalreserve.gov/boarddocs/speeches/2002/20021121/default.htm ]
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[Quote No.34045] Need Area: Money > General
"Everyone loves an early inflation. The effects at the beginning of inflation are all good. There is steepened money expansion, rising government spending, increased government budget deficits, booming stock markets, and spectacular general prosperity, all in the midst of temporarily stable prices. Everyone benefits, and no one pays. That is the early part of the cycle. In the later inflation, on the other hand, the effects are all bad. The government may steadily increase the money inflation in order to stave off the latter effects, but the latter effects patiently wait. In the terminal inflation, there is faltering prosperity, tightness of money, falling stock markets, rising taxes, still larger government deficits, and still roaring money expansion, now accompanied by soaring prices and an ineffectiveness of all traditional remedies. Everyone pays and no one benefits. That is the full cycle of every inflation.... Until 1922 and the very brink of collapse, Germans and especially foreign investors were absorbing marks in huge quantities. Only the international reputation of the Reichsmark, the faith that an economic giant like Germany could not fail, made this possible. The storage factor caused by the investors willingness to save marks kept the marks from being dumped immediately into the markets, and thereby for a long while held prices in check. The precise moment when the inflation turned sharply upward, toward its vertical climb, was undoubtedly timed by no event, but by the dawning psychological awareness of the German and foreign investor that Germany was not going to back its money. With that, the rush to get out of the mark was on. Like a damn bursting, the seas of marks flooded into the markets and drove prices beyond all bounds. The German government strove mightily to outflood the sea. The sea of marks which had been stored up by Germans and especially by trusting foreigners flooded forth and fought to buy into other investments, foreign currencies, tangible goods, almost anything but marks." - Jens O. Parssons
Quoted from 'Dying of Money: Lessons of the Great German and American Inflations'.
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[Quote No.34076] Need Area: Money > General
"Not much in the history of money supports a linear view of history, one in which the knowledge and experience from one epoch provide the intelligence for improved management in the next. Of those who give guidance on these matters history says even less. Out of the 2500 years of experience and 200 years of ardent study have come monetary systems that are as unsatisfactory as any in the peacetime past. In recent times conservatives have reacted adversely to inflation, though not with great enthusiasm to the measures for preventing it. Liberals have thought unemployment the greater affliction. In fact no economy can be successful which has either. Inflation causes discomfort and frustration for many. Unemployment causes acute suffering for a lesser number. There is no certain way of knowing which causes the most in the aggregate of pain. It was the prime lesson of the thirties that deflation and depression destroyed international order, caused each nation to try for its own salvation, indifferent to the damage that its efforts caused to neighbours. It has equally been the lesson of the late sixties and early seventies that inflation too destroys international order. Those who express or imply a preference between inflation and depression are making a fool's choice. Policy must always be against whichever one has." - John Kenneth Galbraith
Famous economist. Quote from 'Money: Whence it came, where it went', Chapter 20, published 1975.
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[Quote No.34077] Need Area: Money > General
"Nations are not ruined by one act of violence, but quite often, gradually, and almost imperceptibly, by the depreciation of their currency, through excessive quantity [inflation]." - Nicolas Copernicus
1525
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[Quote No.34101] Need Area: Money > General
"All goods must therefore be measured by some one thing ... now this unit is in truth, demand, which holds all things together ... but money has become by convention a sort of representative of demand; and this is why it has the name nomisma - because it exists not by nature, but by law (nomos) and it is in our power to change it and make it useless. ... Now the same thing happens to money itself as to goods - it is not always worth the same; yet it tends to be steadier ... money then acting as a measure makes good commensurate and equates them ... There must then be a unit, and that fixed by agreement." - Aristotle
Philosopher. Quote from his work, 'Ethics'.
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[Quote No.34112] Need Area: Money > General
"...the principle of spending money to be paid by posterity, under the name of funding [deficit spending], is but swindling futurity on a large scale." - Thomas Jefferson
letter to John Taylor, 1816
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[Quote No.34115] Need Area: Money > General
"In a country well governed, poverty is something to be ashamed of. In a country badly governed, wealth is something to be ashamed of." - Confucius

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[Quote No.34174] Need Area: Money > General
"The ideas of economists and political philosophers, both when they are right and when they are wrong, are more powerful than is commonly understood. Indeed, the world is ruled by little else. Practical men, who believe themselves to be quite exempt from any intellectual influences, are usually the slaves of some defunct economist. Madmen in authority, who hear voices in the air, are distilling their frenzy from some academic scribbler of a few years back. I am sure that the power of vested interests is vastly exaggerated compared with the gradual encroachment of ideas... [S]oon or late, it is ideas, not vested interests, which are dangerous for good or evil." - John Maynard Keynes
Famous economist and 'academic scribbler'. Quote from his book, 'The General Theory of Employment, Interest, and Money'.
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[Quote No.34178] Need Area: Money > General
"[Regarding inflation and the debasing of fiat currency...] You have a choice between the natural stability of gold and the honesty and intelligence of the members of government. And with all due respect for those gentlemen, I advise you, as long as the capitalist system lasts, vote for gold." - George Bernard Shaw

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[Quote No.34179] Need Area: Money > General
"Currency warfare is the most destructive form of economic warfare." - Harry Dexter White
US Representative to Bretton Woods, 1944
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[Quote No.34199] Need Area: Money > General
"[Free trade is vital because...] If goods do not cross borders, armies will." - Frederic Bastiat
Economist in the early 1800s
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[Quote No.34204] Need Area: Money > General
"Unrestricted laissez faire capitalism allocates resources in a most efficient way to satisfy human wants without regard to the rationality or morality of those desires." - Dr. Jerry Pournelle

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[Quote No.34209] Need Area: Money > General
"The desire of gold is not for gold. It is for the means of freedom." - Ralph Waldo Emerson

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[Quote No.34210] Need Area: Money > General
"[Deficit spending governments and politicians should remember this...] It is incumbent on every generation to pay its own debts as it goes. A principle which if acted on would save one-half the wars of the world." - Thomas Jefferson

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[Quote No.34248] Need Area: Money > General
"When you recall that one of the first moves by Lenin, Mussolini, and Hitler was to outlaw individual ownership in gold, you begin to sense that there may be some connection between money [currency], redeemable in gold, [government deficit spending as required in war, which leads to debasing the purchasing power of the money and thereby the power of individual citizens and their wealth] and the rare prize known as human liberty." - Howard Buffett
U.S. Congressman and father of highly successful businessman and share investor, Warren Buffett, from a 1948 issue of the 'Commercial and Financial Chronicle'.
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[Quote No.34253] Need Area: Money > General
"... the dangers of loose fiscal policy were stated as follows: 'A democracy cannot exist as a permanent form of government. It can only exist until the voters discover they can vote themselves largess out of the public treasury..." - Alexis de Tocqueville
French author
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[Quote No.34260] Need Area: Money > General
"Government’s view of the economy could be summed up in a few short phrases: If it moves, tax it. If it keeps moving, regulate it. If it stops moving, subsidize it." - Ronald Reagan
U.S. President
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[Quote No.34283] Need Area: Money > General
"Any society that entails the strengthening of the state apparatus by giving it unchecked control over the economy, and re-unites the polity and the economy, is an historical regression. In it there is no more future for the public, or for the freedoms it supported, than there was under feudalism." - Robert Higgs
'Crisis and Leviathan', 1987.
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[Quote No.34288] Need Area: Money > General
"Part of your heritage [rights] in this [or any free-market capitalist] society is the opportunity to become financially independent [for the good of yourself and those you love, regardless of where you began life, depending on your contribution to the wellbeing of others - through the marketplace. You also have the right and opportunity to fail, because it is usually only through many failures that life teaches most successes how to eventually succeed at making a bigger contribution to the wellbeing of society and thereby receive the rewards this enlightened self-interest brings to them and theirs]." - Jim Rohn
Philosopher, serial entrepreneur, self-made multi-millionaire, business consultant and author.
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[Quote No.34366] Need Area: Money > General
"The first lesson of economics is scarcity. There is never enough of anything to satisfy all those who want it. [Money has become the way individuals in society decide who gets what scarce things. In the past it was who was stronger and more violent or who had stronger and more violent friends. Money is an emminently more peaceful way to solve these conflicts over scarcity. It also drives humans who want the increased choices that more money brings to strive to do more for others, who repay them for their productive contribution to their lives voluntarily with money. The economic philosopher Adam Smith, called this 'enlightened self-interest' that, along with 'the invisible hand of the market', drives peaceful human progress.]" - Thomas Sowell

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[Quote No.34369] Need Area: Money > General
"How Socialism Works - A simple illustration of how socialism -forced equality - reduces incentives to work... An economics professor at a local college made a statement that he had never failed a single student before, but had once failed an entire class. That class had insisted that socialism worked and that no one would be poor and no one would be rich, a great equalizer. The professor then said, 'OK, we will have an experiment in this class.......' All grades would be averaged and everyone would receive the same grade so no one would fail and no one would receive an A. After the first test, the grades were averaged and everyone got a B. The students who studied hard were upset and the students who studied little were happy. As the second test rolled around, the students who studied little had studied even less and the ones who studied hard decided they wanted a free ride too so they studied little. The second test average was a D! No one was happy. When the 3rd test rolled around, the average was an F. The scores never increased as bickering, blame and name-calling all resulted in hard feelings and no one would study for the benefit of anyone else. All failed, to their great surprise, and the professor told them that socialism would also ultimately fail because when the reward is great, the effort to succeed is great but when government takes all the reward away, no one will try or want to succeed." - Colin Twiggs
http://www.incrediblecharts.com/economy/socialism.php
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[Quote No.34382] Need Area: Money > General
"A shoe that is too large is apt to trip one, and when too small, to pinch the feet. So it is with those whose fortune does not suit them." - Horace

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[Quote No.34390] Need Area: Money > General
"A real gentleman, even if he loses everything he owns, must show no emotion." - Fyodor Dostoevsky

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[Quote No.34466] Need Area: Money > General
"If a man is proud of his wealth, he should not be praised until it is known how he employs it." - Socrates

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[Quote No.34467] Need Area: Money > General
"Politicians say they're beefing up our economy. Most don't know beef from pork." - Hariold Lowman

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[Quote No.34487] Need Area: Money > General
"Having money is rather like being a blond. It is more fun but not vital." - Mary Quant

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[Quote No.34502] Need Area: Money > General
"Free enterprise does everything better." - John Stossel

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[Quote No.34527] Need Area: Money > General
"The reason socialists have a problem with capitalism is that it cannot make everyone wealthy. And that's true... [but it does] give individual people the tools they need to make their own money [and if they can find a way to help a lot of other people they will get rich]. " - Michael Masterson
Serial entrepreneur
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[Quote No.34547] Need Area: Money > General
"Economic depression cannot be cured by legislative action or executive pronouncement [contrary to the Keynesian economic theory popular with big statist government bureaucrats where aggregate demand is bolstered by government borrowing, spending and then increasing taxation to repay]. Economic wounds must be healed by the action of the cells of the economic body — the producers and consumers themselves. [In fact a period of dormant growth is accepted as natural in nature - we call it 'Winter' - and should be considered natural in any economy as demand and supply rebalance to what is sustain and appropriate!]" - Herbert Hoover
(1874 - 1964), U.S. President
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[Quote No.34555] Need Area: Money > General
"[The following allegory - 'Dr. Keynes Killed the Patient' - discusses the dangers of unrestrained, irresponsible government fiscal stimulus:] A morbidly obese gentleman labored into Dr. Hayek’s office suffering from severe chest pain. The patient also complained that he was unable to consume his usual 10,000 calorie-per-day diet; in fact, he was feeling so sick that he could barely scarf down 9,000 calories. He noted that his love for food remained as strong as ever, but his body just wasn’t keeping up with his demands. After having a thorough look at the patient, the good doctor could not find anything wrong outside of the patient’s extreme portliness. After a moment of reflection, he delivered to his patient a troubling diagnosis. He explained that the chest pain stemmed from the strain the patient’s 500lb body was putting on his heart, and that the lack of appetite was his body’s attempt to protect itself from this imbalance. Dr. Hayek’s prescription was simple: the patient had to dramatically reduce his consumption while undertaking a moderate exercise program, with the goal of losing 250lbs as quickly and safely as possible. Dr. Hayek was aware that it would be a physically painful and emotionally difficult process for the man, but it was the only way to avert a life of suffering – or even a heart attack. Unfortunately, our patient rebelled against such an austere program. He had grown very fond of his high-calorie and high-fat diet and didn’t think that now, when he was already depressed from dealing with all these ailments, was a good time to deny himself the few pleasures he had left. In his opinion, the doc’s prescription was just too simplistic. He thought there just had to be a way to have his cake and eat it – frequently. So, he waddled out of Dr. Hayek’s office as fast as he could, shouting over his shoulder: 'I’m getting a second opinion!' The overweight gentleman sauntered across the street, where he found the office of Dr. Keynes. He told the new doctor about his acute chest pain and lack of appetite, and complained about the previous doctor’s 'heartless' prescription. After a cursory examination, Dr. Keynes rendered his diagnosis: the patient’s condition did not stem from the fact that his gigantic frame was causing undo strain on his heart; instead, the doctor concluded, the patient’s chest pain was merely causing a temporary lack of hunger. Furthermore, Dr. Keynes argued, the stress of cutting weight at the present time would certainly prove detrimental to the man’s already weak heart. Therefore, his prescription was for the 500lb man to each as much as possible, as quickly as possible. Anything less might cause the man to suffer a heart attack, he noted. Now the doctor did concede that, at some point in the distant future, it might be a good idea for the man to shed a few pounds. But for the present, the most import thing to do would be to consume as much as he could stomach. The patient left Dr. Keynes’ office with a broad smile. After gorging at an all-you-can-eat buffet, he momentarily forgot about his chest pain. It looked like he had found his solution; except, a week later, he died." - Michael Pento

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[Quote No.34557] Need Area: Money > General
"The best loved by God are those that are rich, yet have the humility of the poor, and those that are poor and have the magnanimity of the rich." - Saadi
Famous poet.
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[Quote No.34572] Need Area: Money > General
"In prosperity [and adversity] prepare for a change." - James Burgh

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