4 Of the Most Important Quotes in Economics:
1. “…the actual creation of money always involves the extension of credit by private commercial banks.”
- Russell L. Munk, Assistant General Counsel, Department of the Treasury
2. “Money is created when loans are issued and debts incurred; money is extinguished when loans are repaid.”
- John B. Henderson, Senior Specialist in Price Economics, Congressional Research Service, Report No. 83-125 E
3. “Thus, the money that one borrower uses to pay interest on a loan has been created somewhere else in the economy by another loan.”
- John M. Yetter, Attorney-Advisor, Department of the Treasury
4. “Someone has to borrow every dollar we have in circulation, cash or credit. If the banks create ample synthetic money we are prosperous; if not, we starve. We are absolutely without a permanent money system. When one gets a complete grasp of the picture, the tragic absurdity of our hopeless position is almost incredible, but there it is. It is the most important subject intelligent persons can investigate and reflect upon.”
- Robert H. Hemphill, Credit Manager of the Federal Reserve Bank of Atlanta
1. “…the actual creation of money always involves the extension of credit by private commercial banks.”
- Russell L. Munk, Assistant General Counsel, Department of the Treasury
2. “Money is created when loans are issued and debts incurred; money is extinguished when loans are repaid.”
- John B. Henderson, Senior Specialist in Price Economics, Congressional Research Service, Report No. 83-125 E
3. “Thus, the money that one borrower uses to pay interest on a loan has been created somewhere else in the economy by another loan.”
- John M. Yetter, Attorney-Advisor, Department of the Treasury
4. “Someone has to borrow every dollar we have in circulation, cash or credit. If the banks create ample synthetic money we are prosperous; if not, we starve. We are absolutely without a permanent money system. When one gets a complete grasp of the picture, the tragic absurdity of our hopeless position is almost incredible, but there it is. It is the most important subject intelligent persons can investigate and reflect upon.”
- Robert H. Hemphill, Credit Manager of the Federal Reserve Bank of Atlanta
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