wealth

A Quote by Umair Haque on business, invisible hand, and wealth

The invisible hand is crippled. What’s going on here? Wasn’t the invisible hand supposed to raise everyone into prosperity and well-being?

Yes – but it’s not. The world is getting phenomenally richer – but the costs of that wealth seem to be endemic poverty for vast swathes of the world’s population, the poisoning of the water we drink, the pollution of the air we breathe, and the fraying of the social and cultural fabric that binds us together.

We’re richer, but that wealth doesn’t reflect durable, authentic economic value – which is hitting fast diminishing returns. The growth that we’re pursuing is neither sustainable – nor is it, in many ways, real growth at all. Boardrooms from finance to autos to energy to pharma to fashion have learned that the hard way.

Umair Haque

Source: A Manifesto for the Next Industrial Revolution: http://discussionleader.hbsp.com/haque/2008/06/a_manifesto_for_the_next_indus_1.html

Contributed by: ~C4Chaos

A Quote by Nut Tmu-Ank Butterfly Dreaming on wealth, womenswisdom, intimacy, and nut tmu-ankh butterfly dreaming

Weath is a measure of the degree to which we are willing to share intimacy with our world.

Nut Tmu-Ank Butterfly Dreaming

Source: podcast on orgasmic wealth

Contributed by: Carla

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 Ludwig von Mises on third world, capital, and wealth

What is lacking to the underdeveloped nations is not knowledge, but capital.

Ludwig von Mises

Source: Mises, Ludwig Von (1962). The Ultimate foundation of Economic Science (2nd ed.). Foundation of Economic Education: Irvington-on-Hudson, NY. p. 127

Contributed by: peter

A Quote by Ludwig von Mises on economic progress, development, wealth, capitalism, economy, politics, and coercion

What is called economic progress is the joint effect of the activities of the three progressive groups—or classes—of the savers, the scientist-inventors, and the entrepreneurs, operating in a market economy as far as it is not sabotaged by the endeavors of the nonprogressive majority of the routinists and the public policies supported by them.

Ludwig von Mises

Source: Mises, Ludwig Von (1962). The Ultimate foundation of Economic Science (2nd ed.). Foundation of Economic Education: Irvington-on-Hudson, NY. p. 127

Contributed by: peter

A Quote by Alan Greenspan on welfare, banking system, inflation, theft, deficit, confiscation, wealth, and property rights

The abandonment of the gold standard made it possible for the welfare statists to use the banking system as a means to an unlimited expansion of credit. In the absence of the gold standard, there is no way to protect savings from confiscation through inflation. There is no safe store of value. Deficit spending is simply a scheme for the hidden confiscation of wealth. Gold stands in the way of this insidious process. It stands as a protector of property rights. If one grasps this, one has no difficulty in understanding the statists' antagonism toward the gold standard.

Alan Greenspan (1926 -)

Contributed by: peter

A Quote by E. C. Riegel on money, politics, money-making, prosperity, wealth, govern, government, banking, and monopoly

Contrary to popular belief, the banker is neither a money creator nor a money lender. He merely profits from the ignorance of businessmen by charging them for authorizing them to create money, a function that is natural to the buyer and which he can exert without cost if he is intelligent enough to form a reciprocal enabling pact with other buyers. The process involves no cost and, therefore, justifies no fee. Since the money is created only by the act of buying, the banker, of course, does not lend it, and since he is not the buyer, he does not create it. Money cannot be loaned or borrowed until it has been created by the act of buying. Therefore it is correct to say that a savings bank makes loans, but a commercial bank makes no loans. It merely permits "borrowers" to create money. thus increasing the money supply. Non-banking corporations, individuals, pawnbrokers, etc., loan money from the existing supply. Therefore interest may be justified in these cases of actual loans, whereas, it cannot be justified where the "borrower" is the actual creator.

E. C. Riegel

Source: http://www.mind-trek.com/treatise/ecr-pem/ch2.htm

Contributed by: peter

A Quote by E. C. Riegel on money, politics, money-making, wealth, govern, government, banking, monopoly, patents, and licensing

There is an analogy between the patent granting power of government and its money granting power. When a citizen invents a device, the government grants him, through the patent office, a monopoly on the sale of it. When a citizen produces anything, he is at liberty to use it; but, if he wishes to sell it, his ability to do so is dependent upon his ability to find someone who has the money. Since buyers can have only such money as the government distributes through its purchases, loans and gifts (or such substitute money as its creature, the banker, will authorize) it may be seen that buying is subject to grant, just as, in the case of a patent, selling is subject to grant. In the case of patents, the patent holder is the grantee of veto power; in the case of money, the banker is the grantee of the veto power. These two are the breeders of our monopolies and of the two, the money granting and vetoing power is by far the greater. It in fact makes possible the acquisition of the patent granting power from inventors who, not having money power, are obliged to sell to those who have. The government, which promulgates laws against monopolies in restraint of competition, is itself the author of these twin creators of monopolies.

E. C. Riegel

Source: http://www.mind-trek.com/treatise/ecr-pem/ch2.htm

Contributed by: peter

A Quote by E. C. Riegel on money, politics, money-making, prosperity, wealth, govern, and government

The first cardinal truth of money is that no one, whether individual or government, can issue money without buying something. By inviting government to become a money issuer, we invite it to become our customer. Then we quarrel with it if it tries to buy something that we deem within the province of private enterprise.

The second cardinal truth of money is that money must be backed with something, and the act of backing can only be the act of selling. Since we object to government buying and selling anything useful, but nevertheless insist that it issue money, we force it into boondoggling or public works that do not conflict with our private enterprise. Thus we compel government to issue unbacked money by making it impossible for it to sell anything in exchange for the money it issues. As this process of issuing unbacked money continues, each unit grows weaker and thus the dosage must be increased. Hedged about, as government is, by our objections to its invading private enterprise and yet keeping it under the pressure to issue money, it is ultimately forced to the most consummate public works spending program, which is war.

E. C. Riegel

Source: http://www.mind-trek.com/treatise/ecr-pem/intro.htm

Contributed by: peter

A Quote by E. C. Riegel on money, politics, money-making, prosperity, wealth, govern, and government

Money is an instrumentality of the profit motive and must be issued and backed only by private enterprisers. Economic and political perversities are inescapable while government is admitted to money power. Since all national governments have, up to the present, been money issuing powers we may justly attribute all the economic and political ills of mankind to this single error.

E. C. Riegel

Source: http://www.mind-trek.com/treatise/ecr-pem/intro.htm

Contributed by: peter

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