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"We can't get to the $4 trillion in savings that we need by just cutting the 12 percent of the budget that pays for things like medical research and education funding and food inspectors and the weather service. And we can't just do it by making seniors pay more for Medicare."
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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."
"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."
"A third group of inflationists do not deny that inflation involves serious disadvantages. Nevertheless, they think that there are higher and more important aims of economic policy than a sound monetary system. They hold that although inflation may be a great evil, yet it is not the greatest evil, and that the State might under certain circumstances find itself in a position where it would do well to oppose greater evils with the lesser evil of inflation."
"A metallic money, the augmentation or diminution of the quantity of metal available for which is independent of deliberate human intervention, is becoming the modern monetary ideal. The significance of adherence to a metallic-money system lies in the freedom of the value of money from State influence that such a system guarantees."
"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."
"The moneyprice of any commodity in any place, under the assumption of completely unrestricted exchange and disregarding the differences arising from the time taken in transit, must be the same as the price at any other place, augmented or diminished by the money-cost of transport."
Explore more quotes by Barack Obama
"It's not just absolute power that the Founders sought to prevent. Implicit in its structure, in the very idea of ordered liberty, was a rejection of absolute truth, the infallibility of any idea or ideology or theology or "ism, any tyrannical consistency that might lock future generations into a single, unalterable course, or drive both majorities and minorities into the cruelties of the Inquisition, the pogrom, the gulag, or the jihad. The Founders may have trusted in God, but true to the Enlightenment spirit, they also trusted in the minds and senses that God had given them. They were suspicious of abstraction and liked asking questions, which is why at every turn in our early history theory yielded to fact and necessity."
"And we can see the positive impacts right here at Solyndra. Less than a year ago, we were standing on what was an empty lot. But through the Recovery Act, this company received a loan to expand its operations. This new factory is the result of those loans."
"Millions of us, myself included, go back generations in this country, with ancestors who put in the painstaking work to become citizens. So we don't like the notion that anyone might get a free pass to American citizenship."
"We also can't try to take over and rebuild every country that falls into crisis. That's not leadership; that's a recipe for quagmire, spilling American blood and treasure that ultimately weakens us. It's the lesson of Vietnam, of Iraq - and we should have learned it by now."
"Although the principle of equality has always been self-evident, it has never been self-executing."
"I find comfort in the fact that the longer I'm in politics the less nourishing popularity becomes, that striving for power and rank and fame seems to betray a poverty of ambition, and that I am answerable mainly to the steady gaze of my own conscience."
"We, the People, recognize that we have responsibilities as well as rights; that our destinies are bound together; that a freedom which only asks what's in it for me, a freedom without a commitment to others, a freedom without love or charity or duty or patriotism, is unworthy of our founding ideals, and those who died in their defense."
"He's basically a good man. But he doesn't know me. Any more than he knew that girl that looked after your mother. He can't know me, not the way I know him. Maybe some of these Hawaiians can, or the Indians on the reservation. They've seen their fathers humiliated. Their mothers desecrated. But your grandfather will never know what that feels like."
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