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"Basic economic theory. People behave differently based on how much they think something's worth. Because everyone got their chips for free, people made huge bets on every hand-no matter what they were holding. People who play with everything on the line-for real-don't act like that."
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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 Elle Lothlorien
"I believe the phrase you're looking for is 'too much money and not enough things to spend it on."
"Okay then, I suppose you get a pass on poker intimidation for the glasses, little brother. But everyone else is wearing them at the tables too, and they're all just sitting there, looking all serious, like they're birthing the Grand Theory of Everything."
"Alice, you might be the product of the biggest ball of ignorance, confidence, and good fortune the universe has ever manufactured. But if you're thinking that you can take your results at the virtual tables and your grand tactic of Ignorance Is Bliss, and make that work for the Main Event, forget it-it WON'T."
"You know what Munny said to me, right before we left? She said, 'Watching someone die is hard work. Go to Australia and watch Faye fall in love with some dude named Rabbit. That should be fun."
"Did you think your boyfriend was going to stick around and watch you do THAT? If we weren't related, I would've left too. Actually—is it already too late for me to leave?"
"I try not to laugh too loud, afraid a bark-like noise will be mistaken by any great whites lurking in the area as the distress call of a juvenile seal."
"Aw, you're nothing but heart, Mako. Nice valentine in your skull, by the way. Is that temporary or did the Tanaka-kai change their daimon to attract the Powerpuff Girls crowd?"
"As you know, the International Poker Tour, by its own admission, knows very little about poker games, one of which ended tragically last week when an IPT-sanctioned tournament aboard a yacht in Australia accidentally used tarot cards instead of playing cards. That's right, it's true! Apparently no one noticed until someone laid down a full house and the dealer died."
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