Posts Tagged ‘paper money’

James Garfield: Paper Money Lies

Posted by admin on Tuesday, April 5, 2022

James A. Garfield Money Quote saying a belief in paper currency requires faith in the valuation, and the government. James A. Garfield said:
 
paper money He who controls the money supply of a nation controls the nation Quote
 

“I am an advocate of paper money, but that paper money must represent what it professes on its face. I do not wish to hold in my hands the printed lies of government. He who controls the money supply of a nation controls the nation” — James A. Garfield

 
 

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In this quote, James A. Garfield is expressing support for fiat currency or “paper money” while also underscoring the importance of maintaining its integrity and value. The best interpretation is:

  • Garfield supports the use of paper money/fiat currency rather than gold-backed notes as the standard monetary system.
  • However, he emphasizes that such currency must truthfully represent its stated worth (“what it professes”) and not become debased through excessive issuance.
  • Garfield does not want to hold currency that amounts to “printed lies” through inflation caused by losing anchoring to its proclaimed value.
  • He acknowledges that whoever controls the money supply of a nation in turn controls the nation, since monetary policy can powerfully influence both the economy and political landscape.

Overall, Garfield endorses fiat money but stresses the need for responsible monetary stewardship to back the currency’s value and prevent its manipulation as a means of indirect control over a country.

Kabir Sehgal: Cash is Dirty

Posted by admin on Monday, March 16, 2020

Kabir Sehgal Money Quote saying Paper cash is filthy because of all the situations where it is handled – take care in handling paper money. Kabir Sehgal said:
 
Tip: Avoid Touching Paper Money Passage from
 

Tip: 🚫💵 Avoid Touching Paper Money Passage from “Coined” my book: “Cash is dirty…Researchers found three thousand types of bacteria on dollars: microbes that can cause acne, pneumonia, and staph infections” — Kabir Sehgal

 

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In this quote, Kabir Sehgal seems to be cautioning against handling paper money due to potential health risks. By advising to “avoid touching paper money” and citing research finding cash harbors “three thousand types of bacteria” linked to various infections, Sehgal implies physical currency can transmit pathogens.

The quote conveys Sehgal’s perspective that cash exchanges hands so frequently in public that bills easily accumulate microbes posing infection threats if money is brought into contact with mucous membranes.

Overall, Sehgal appears to be arguing for exercising hygienic care when interacting with currency, given data suggesting bills may carry disease-causing microorganisms that could spread among frequent cash users without basic precautions like handwashing after transactions involving cash.


 

Lawrence Weschler: Paper Money as Art

Posted by admin on Wednesday, January 25, 2017

Lawrence Weschler Money Quote talking about the controversial money art of J.S.G. Boggs (who died today at 62 in Florida) and our understanding of the value of art and the art of money which Boggs explored. Lawrence Weschler said:
 
What, precisely, is it that we value in art, or, for that matter, in money? How do we value one in terms of the other? Indeed, how do we place a value on anything at all? And, more specifically, how is it that we continue to redit the legitimacy of anything as confoundingly insubstantial as paper money? Quote
 

“What, precisely, is it that we value in art, or, for that matter, in money? How do we value one in terms of the other? Indeed, how do we place a value on anything at all? And, more specifically, how is it that we continue to redit the legitimacy of anything as confoundingly insubstantial as paper money?” — Lawrence Weschler

 

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This quote seems to be questioning how we determine and assign value to different things in society, especially things that are not very tangible.

It first asks what exactly we value in art, and also in money. Both of these – art and money – are not very concrete or substantial in themselves. Money is just paper, and art is an intangible creation.

The quote then questions how we can value one (art or money) in terms of the other. If they are both not very tangible, how can we compare their values?

It further questions how we place a value on anything at all, since value is a subjective construct determined by humans rather than an inherent property.

Finally, the quote specifically wonders how we continue to believe in and accept the legitimacy of something as insubstantial as paper money. If money is just paper, how can it be a stable store of value and means of exchange?

Overall, the quote seems to be raising philosophical questions about the nature of value and how societies determine the worth of different things, especially intangible creations and representations like art and money.

George Washington: Cash Ruins Commerce

Posted by admin on Tuesday, August 19, 2014

George Washington Money Quotation saying his concerns over effects of paper money ruining business via fraud. George Washington said:
 
Paper money ruin commerce, open door to fraud & injustice Quote
 

Paper money has had the effect in your state that it will ever have, to ruin commerce, oppress the honest, and open the door to every species of fraud and injustice” — George Washington

 

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In this quote, George Washington is expressing strong skepticism about paper money and fiat currency not backed by precious metals like gold or silver.

His interpretation is that the use of paper money will inevitably lead economies to be “ruined”, with honest merchants and traders being unfairly burdened (“oppressed”), while at the same time enabling widespread corruption, deception and inequity (“every species of fraud and injustice”).

Washington seems to believe that removing the gold/silver standard behind a currency leaves it open to abuse and negative economic effects.

The overall message is one of Washington viewing paper money systems as prone to distorting commerce in harmful ways and benefiting the dishonest at the expense of the honest through a lack of inherent value and stability in an unbacked currency.

Thomas Jefferson on Paper Money Abuses

Posted by admin on Sunday, August 17, 2014

Thomas Jefferson Money Quote saying risks and abuses of currency are inevitable. Thomas Jefferson said:
 
Thomas Jefferson Paper money abuses also are inevitable, and, by breaking up the measure of value, makes a lottery of all private property, cannot be denied quote
 

“That paper money has some advantages, is admitted. But that its abuses also are inevitable, and, by breaking up the measure of value, makes a lottery of all private property, cannot be denied” — Thomas Jefferson

 

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This money quote suggests that Thomas Jefferson acknowledged paper money (or fiat currency not backed by gold/silver reserves) had certain benefits. However, he also believed that abuse and mismanagement of paper currency systems were inevitable due to their instability.

Jefferson appears to be arguing that when the value of money fluctuates unpredictably as the “measure of value” changes, it undermines people’s ability to reliably assess the worth of private property and financial assets. He seems to view such instability as essentially turning every person’s wealth into a random “lottery” over which they have no control.

The quote conveys Jefferson’s skepticism of paper money due to the risks he felt it posed to the security of private property ownership and overall economic certainty.

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