fiat currency

A Quote by Thomas Paine on money, fiat currency, fraud, credit, value, debase, moral, and wealth

Paper money is like dram-drinking, it relieves for a moment by deceitful sensation, but gradually diminishes the natural heat, and leaves the body worse than it found it. Were not this the case, and could money be made of paper at pleasure, every sovereign in Europe would be as rich as he pleased. But the truth is, that it is a bubble and the attempt vanity. Nature has provided the proper materials for money: gold and silver, and any attempt of ours to rival her is ridiculous….

Thomas Paine (1737 - 1809)

Source: http://www.mises.org/story/2942

Contributed by: peter

A Quote by Thomas Paine on money, fiat currency, and fraud

Money, when considered as the fruit of many years' industry, as the reward of labor, sweat and toil, as the widow's dowry and children's portion, and as the means of procuring the necessaries and alleviating the afflictions of life, and making old age a scene of rest, has something in it sacred that is not to be sported with, or trusted to the airy bubble of paper currency.

Thomas Paine (1737 - 1809)

Source: http://www.mises.org/story/2942

Contributed by: peter

A Quote by Thomas Paine on money, fiat currency, fraud, and credit

There are a set of men who go about making purchases upon credit, and buying estates they have not wherewithal to pay for; and having done this, their next step is to fill the newspapers with paragraphs of the scarcity of money and the necessity of a paper emission, then to have a legal tender under the pretense of supporting its credit, and when out, to depreciate it as fast as they can, get a deal of it for a little price, and cheat their creditors; and this is the concise history of paper money schemes.

Thomas Paine (1737 - 1809)

Source: http://mises.org/story/2942

Contributed by: peter

A Quote by Thomas Paine on money, fiat currency, fraud, credit, value, debase, and moral

One of the evils of paper money is that it turns the whole country into stock jobbers. The precariousness of its value and the uncertainty of its fate continually operate, night and day, to produce this destructive effect. Having no real value in itself it depends for support upon accident, caprice, and party; and as it is the interest of some to depreciate and of others to raise its value, there is a continual invention going on that destroys the morals of the country.

Thomas Paine (1737 - 1809)

Source: http://www.mises.org/story/2942

Contributed by: peter

A Quote by Thomas Paine on money, fiat currency, fraud, credit, value, debase, and moral

If anything had or could have a value equal to gold and silver, it would require no tender law; and if it had not that value it ought not to have such a law; and, therefore, all tender laws are tyrannical and unjust and calculated to support fraud and oppression.

Thomas Paine (1737 - 1809)

Source: http://www.mises.org/story/2942

Contributed by: peter

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