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"The doctrine of the importance of hoards for stabilizing the objective exchange-value of money has gradually lost its adherents with the passing of time. Nowadays its supporters are few."
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"The hardest thing to understand in the world is the income tax."
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Personal Development
"Asean is obviously a very important association for us. Over the past 30 years Asean has made great strides in regional cooperation covering a number of areas, although recently it has been under strain because of the financial crisis and other challenges."
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Personal Development
"He became convinced that ordinary commercial financing could be done for a service charge plus an insurance fee amounting to much less that the current rates of interest charged by banks, whose rates were based on supply and demand, treating money as a commodity rather than as a sovereign state's means of exchange."
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Personal Development
"For the past ten years I have had no financial problems."
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Personal Development
"A man with nothing to lend should refrain from borrowing."
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Personal Development
"When individuals are exchanging present goods against future goods they do not take account in their valuations of Variations in the objective exchange-value of money. Lenders and borrowers are not in the habit of allowing for possible future fluctuations in the objective exchange-value of money."
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Personal Development
"Wealth isn't about money. It's about options...and you always have options. Choose wisely. Live wealthy."
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Personal Development
"Thirty to 40 years ago, most financial decisions were fairly simple."
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Personal Development
"Actually criminal sanctions that are given could be up to five years for violating the rules and regulations under the campaign finance reform. This is like the Alien and Sedition Act of years and years ago, decades ago."
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Personal Development
"When buying shares, ask yourself, would you buy the whole company?"
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"Whoever wants peace among nations must seek to limit the state and its influence most strictly."
Peace
"Inequality of wealth and incomes is an essential feature of the market economy. It is the implement that makes the consumers supreme in giving them the power to force all those engaged in production to comply with their orders. It forces all those engaged in production to the utmost exertion in the service of the consumers. It makes competition work. He who best serves the consumers profits most and accumulatesriches."
Economics
"Most of us have no sympathy with the rich idler who spends his life in pleasure without ever doing any work. But even he fulfills a function in the life of the social organism. He sets an example of luxury that awakens in the multitude a consciousness of new needs and gives industry the incentive to fulfill them."
Sociology
"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."
Economics
"The balance-of-payments theory forgets that the volume of foreign trade is completely dependent upon prices, that neither exportation nor importation can occur if there are no differences in prices to make trade profitable."
Economics
"When individuals are exchanging present goods against future goods they do not take account in their valuations of Variations in the objective exchange-value of money. Lenders and borrowers are not in the habit of allowing for possible future fluctuations in the objective exchange-value of money."
Finance
"The collapse of an inflation policy carried to its extreme -- as in the United States in 1781 and in France in 1796 -- does not destroy the monetary system, but only the credit money or fiat money of the State that has overestimated the effectiveness of its own policy. The collapse emancipates commerce from etatism and establishes metallic money again."
Currency
"By 'the objective exchange-value of money' we are accordingly to understand the possibility of obtaining a certain quantity of other economic goods in exchange for a given quantity of money, and by 'the price of money' this actual quantity of other goods."
Economics
"Against what is stupid, nonsensical, erroneous, and evil, [classical] liberalism fights with the weapons of the mind, and not with brute force and repression."
Politics
"The error in this conclusion may be most simply demonstrated by means of an actual example. Let us select for this purpose the monetary history of Austria, which Laughlin also uses as an illustration. From 1859 onwards the Austrian National Bank was released from the obligation to convert its notes on demand into silver, and nobody could tell when the State paper-money issued in 1866 would be redeemed, or even if it would be redeemed at all. It was not until the later 'nineties that the transition to metallic money was completed by the actual resumption of cash payments on the part of the Austro-Hungarian Bank."
History
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