fiat money

A Quote by Thomas Jefferson on inflation defined, fiat money, tax, politics, stealing, injustice, fraud, dollar, continental, money, inflation, and monetary system

It will be asked how will the two masses of Continental and of State money have cost the people of the United States seventy-two millions of dollars, when they are to be redeemed now with about six million? I answer that the difference, being sixty-six millions, has been lost on the paper bills separately by the successive holders of them. Every one, through whose hands a bill passed, lost on that bill what it lost in value during the time it was in his hands. This was a real tax on him; and in this way the people of the United States actually contributed those sixty-six millions of dollars during the war, and by a mode of taxation the most oppressive of all because the most unequal of all.

Thomas Jefferson (1743 - 1826)

Source: Observations on the Article Etats-Unis Prepared for the Encyclopedia, June 22, 1786, Vol. IV, p. 165

Contributed by: peter

A Quote by Count Leo Nikolaevich Tolstoi or Tolstoy on money, slavery, monetary system, and fiat money

Money is a new form of slavery, and distinguishable from the old simply by the fact that it is impersonal - that there is no human relation between master and slave.

Leo Tolstoy (1828 - 1910)

Contributed by: peter

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