fraud

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 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

A Quote by G. Edward Griffin on money, fraud, and banking

As we have already shown, every dollar that exists today, either in the form of currency, checkbook money, or even credit card money -- in other words, our entire money supply -- exists only because it was borrowed by someone; perhaps not you, but someone.

That means all the American dollars in the entire world are earning daily and compounding interest for the banks which created them. A portion of every business venture, every investment, every profit, every transaction which involves money -- and that even includes losses and the payment of taxes -- a portion of all that is earmarked as payment to a bank.

And what did the banks do to earn this perpetually flowing river of wealth? Did they lend out their own capital obtained through investment of stockholders? Did they lend out the hard-earned savings of their depositors? No, neither of these were their major source of income. They simply waved the magic wand called fiat money.

Edward Griffin

Source: The Creature from Jekyll Island: A Second Look at the Federal Reserve

Contributed by: peter

A Quote by G. Edward Griffin on money, fraud, debt, banks, and moral

When banks place credits into your account, they are merely pretending to lend you money. In reality, they have nothing to lend. Even the money that non-indebted depositors have placed with them was originally created out of nothing in response to someone else's loan. So what entitles the banks to collect rent on nothing? It is immaterial that men everywhere are forced by law to accept these nothing certificates in exchange for real goods and services. We are talking here not about what is legal, but what is moral.

Edward Griffin

Source: The Creature from Jekyll Island: A Second Look at the Federal Reserve

Contributed by: peter

A Quote by Steven Silbiger on ethics, fraud, business, mba, and business school

Unlike most topics in the MBA curriculum, which have remained fairly consistent for decades, ethics is a new area. What appeared at first to be only a trendy elective course has now become institutionalized as part of the MBA curriculum at Harvard, Wharton, and Darden. With the criminal convictions of insider traders in the 1980s, business schools took notice and jumped on the ethics bandwagon in the 1990s. In the new century, the collapses on Enron, WorldCom, and Arthur Andersen, the mutual fund trading scandals, Martha Stewart's stock sales, and the revelations of accounting fraud have kept ethics on the front burner.   

Steven Silbiger

Source: The Ten-Day MBA 3rd Ed.: A Step-By-Step Guide To Mastering The Skills Taught In America's Top Business Schools, Pages: 61

Contributed by: Siona

A Quote by Thomas Paine on action, fraud, and necessity

It is with a pious fraud as with a bad action; it begets a calamitous necessity of going on.

Thomas Paine (1737 - 1809)

Source: The Age of Reason, pt I, 1793

Contributed by: Zaady

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