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James A. Garfield: Control of Commerce

Posted by admin on Monday, November 29, 2010

U.S. President James A. Garfield Money Quote saying those who control significant portions of the money in an economy, also control production and demand. Garfield said:
 
Whoever controls the volume of money in any country is absolute master of all industry and commerce Quote
 

“Whoever controls the volume of money in any country is absolute master of all industry and commerce” — James A. Garfield

 

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James A. Garfield seems to be emphasizing the immense power and influence held by those who determine the overall money supply within an economic system. The quote suggests that the entities or bodies that have control over how much money is circulated and available for use (“controls the volume of money”) essentially wield ultimate authority (“is absolute master”) over all business activity and trade (“all industry and commerce”).

Garfield appears to be acknowledging that the ability to expand or contract the money supply at will grants unprecedented sway over the functioning and fortunes of the entire commercial sphere. In essence, the message is that monetary policy is a supremely powerful tool that can impact every aspect of an economy, according to those designing and implementing such financial mechanisms and regulations.

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