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"The times are too difficult and the crisis too severe to indulge in schadenfreude. Looking at it in perspective, the fact that there would be a financial crisis was perfectly predictable: its general nature, if not its magnitude. Markets are always inefficient."
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"When a country has substituted credit money or fiat money for metallic money, because the legal equating of the over-issued paper and the metallic money sets in motion the mechanism described by Gresham's Law, it is often asserted that the balance of payments determines the rate of exchange. But this also is a quite inadequate explanation. The rate of exchange is determined by the purchasing power possessed by a unit of each kind of money."
"I saw the poverty, I say the prosperity. Both have fundamental problems."
"They did not suffer shipwreck because the entrepreneurs were not public-spirited, as the socialist-etatistic legend has it. They were bound to fail because the economic organization based upon division of labour and private property in the means of production can function only so long as price-determination in the market is free."
"The mistake in the argument of those who suppose that a variation in the quantity of money results in an inversely proportionate variation in its purchasing power lies in its starting-point. If we wish to arrive at a correct conclusion, we must start with the valuations of separate individuals; we must examine the way in which an increase or decrease in the quantity of money affects the value-scales of individuals, for it is from these alone that variations in the exchange-ratios of goods proceed."
"It has been proposed that monetary liabilities should be settled in terms of gold and not according to their nominal amount. If this proposal were adopted, for each mark that had been borrowed that sum would have to be repaid that could at the time of repayment buy the same weight of gold as one mark could at the time when the debt contract was entered into. The fact that such proposals are now put forward and meet with approval shows that etatism has already lost its hold on the monetary system and that inflationary policies are inevitably approaching their end. Even only a few years ago, such a proposal would either have been ridiculed or else branded as high treason."
"If the State uses this power systematically in order to force the community to accept a particular sort of money whose employment it desires for reasons of monetary policy, then it is actually carrying through a measure of monetary policy. The States which completed the transition to a gold standard a generation ago, did so from motives of monetary policy. They gave up the silver standard or the credit-money standard because they recognized that the behaviour of the value of silver or of credit money was unsuited to the economic policy they were following."
"The attempt to restrain prices within limits has to be given up. A government that sets out to abolish market prices is inevitably driven towards the abolition of private property."
"It is the consumers who make poor people rich and rich people poor."
"If you despise increase, you are a strange personality in the society."
Explore more quotes by Noam Chomsky
"International affairs is very much run like the mafia. The godfather does not accept disobedience, even from a small storekeeper who doesn't pay his protection money. You have to have obedience; otherwise, the idea can spread that you don't have to listen to the orders, and it can spread to important places."
"I am not a committed pacifist. I would not hold that it is under all imaginable circumstances wrong to use violence, even though use of violence is in some sense unjust. I believe that one has to estimate relative justices. But the use of violence and the creation of some degree of injustice can only be justified on the basis of the claim and the assessment-which always ought to be undertaken very, very seriously and with a good deal of scepticism that this violence is being exercised because a more just result is going to be achieved."
"For a privileged minority, Western democracy provides the leisure, the facilities, and the training to seek the truth lying hidden behind the veil of distortion and misrepresentation, ideology and class interest, through which the events of current history are presented to us."
"The number of people killed by the sanctions in Iraq is greater than the total number of people killed by all weapons of mass destruction in all of history."
"In 1993, Israel and North Korea were moving towards an agreement in which North Korea would stop sending any missiles or military technology to the Middle East and Israel would recognize that country. President Clinton intervened and blocked it."
"The advertising industry's prime task is to ensure that uninformed consumers make irrational choices, thus undermining market theories that are based on just the opposite."
"People who call themselves supporters of Israel are actually supporters of its moral degeneration and ultimate destruction."
"In many respects, the United States is a great country. Freedom of speech is protected more than in any other country. It is also a very free society. In America, the professor talks to the mechanic. They are in the same category."
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