Michael Badnarik: Money

2004 Libertarian Presidential candidate Michael Badnarik at Liberty for All:

When my brothers and I were very young, one of our neighborhood friends taught us a wonderful, new word: ALLOWANCE. To our amazement, we discovered that a boy who lived near us was given money once a week so he could buy stuff! Without parental supervision!

As we sat at the table for lunch, we presented this great idea to our parents, who listened patiently (no doubt, trying to suppress their laughter) as we outlined our youthful financial hopes and dreams.

We were told that IF we were granted an allowance, we must learn to “spend our money wisely” otherwise our bubble gum bonanza would end. Wisely waiting until we finished our vegetables, Mother announced that we would give the new system a try, and Dad produced one crisp dollar bill for each of us. We rushed out the door, mounting our bicycles like motorcycle cops in hot pursuit of a race car in a school zone. My mother yelled after us, “Where ‘ya goin’ in such a hurry?!” With complete candor we shouted back, “To spend our money wisely!”

Sadly, most adults don’t understand money better than the average pre-teen. The old joke about “I can’t be overdrawn. I still have checks left.” is not far from the truth. Consumer debt in the United States increased 41% during a recent five year period, and personal bankruptcies have doubled during the last decade, according to some Internet sources.

Keep reading….

5 thoughts on “Michael Badnarik: Money

  1. Jerry S.

    “When the Federal Reserve creates money “out of thin air” it is worthless, and the money you have in your wallet becomes worth less.”

    It’s amazing to me but most people still don’t understand this !

  2. Jerry S.

    It seems money is and has always been an important topic…

    “All the perplexities, confusion and distress in America arise not from defects in their Constitution or Confederation, nor from want of honor or virtue, so much as downright ignorance of the nature of coin, credit, and circulation.” – John Adams

    “It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning.” – Henry Ford

    “History records that the money changers have used every form of abuse, intrigue, deceit, and violent means possible to maintain their control over governments by controlling money and its issuance.” – James Madison

    “I hope we shall crush in its birth the aristocracy of our monied corporations which dare already to challenge our government to a trial by strength, and bid defiance to the laws of our country.” – Thomas Jefferson

    “Mischief springs from the power which the moneyed interest derives from a paper currency which they are able to control, from the multitude of corporations with exclusive privileges… which are employed altogether for their benefit.” – Andrew Jackson

    “If Congress has the right under the Constitution to issue paper money, it was given them to use themselves, not to be delegated to individuals or corporations.” – Andrew Jackson

    “The bold effort the present (central) bank had made to control the government … are but premonitions of the fate that await the American people should they be deluded into a perpetuation of this institution or the establishment of another like it.” – Andrew Jackson

    “You are a den of vipers. I intend to rout you out and by the Eternal God I will rout you out. If the people only understood the rank injustice of our money and banking system, there would be a revolution before morning.” – Andrew Jackson, 1828

    “A power has risen up in the government greater than the people themselves, consisting of many and various powerful interests, combined in one mass, and held together by the cohesive power of the vast surplus in banks.” – John C. Calhoun, Vice President June 27, 1836

    “If the American people ever allow private banks to control the issue of their currency, first by inflation then by deflation, the banks and the corporations that will grow up around them, will deprive the people of all property until their children wake up homeless on the continent their fathers conquered.” – Thomas Jefferson

    “I believe that banking institutions are more dangerous to our liberties than standing armies. Already they have raised up a monied aristocracy that has set the government at defiance. The issuing power (of money) should be taken away from the banks and restored to the people to whom it properly belongs.” – Thomas Jefferson

    “The dominion which the banking institutions have obtained over the minds of our citizens…must be broken, or it will break us.” – Thomas Jefferson

    “Money power denounces, as public enemies, all who question its methods or throw light upon its crimes.” – William Jennings Bryan – US Congressman (1891-1895), US Secretary of State (1913-1915)

    “Thus, our national circulating medium is now at the mercy of loan transactions of banks, which lend, not money, but promises to supply money they do not possess.” – Irving Fisher

    “Commercial banks create checkbook money whenever they grant a loan, simply by adding new deposit dollars in accounts on their books in exchange for a borrower’s IOU.” – Federal Reserve Bank of New York

    “The issue which has swept down the centuries and which will have to be fought sooner or later is the people versus the banks.” – Lord Acton

    “But if in the pursuit of the means we should unfortunately stumble again on unfunded paper money or any similar species of fraud, we shall assuredly give a fatal stab to our national credit in its infancy. Paper money will invariably operate in the body of politics as spirit liquors on the human body. They prey on the vitals and ultimately destroy them. 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

    “We are in danger of being overwhelmed with irredeemable paper, mere paper, representing not gold nor silver; no sir, representing nothing but broken promises, bad faith, bankrupt corporations, cheated creditors and a ruined people.” – Daniel Webster

    “Paper money eventually returns to its intrinsic value — zero.” – Voltaire

    “With the exception only of the period of the gold standard, practically all governments of history have used their exclusive power to issue money to defraud and plunder the people.” – Fredrich August von Hayek

    “The bank hath benefit of interest on all moneys which it creates out of nothing.” – William Paterson – (1658-1719) Founder of the privately owned Bank of England in 1694

    “The study of money, above all other fields in economics, is one in which complexity is used to disguise truth or to evade truth, not to reveal it.” – John Kenneth Galbraith

    “Banking was conceived in iniquity and was born in sin. The Bankers own the earth. Take it away from them, but leave them the power to create deposits, and with the flick of the pen they will create enough deposits to buy it back again. However, take it away from them, and all the great fortunes such as mine will disappear, and they ought to disappear, for this would be a happier and better world to live in. But, if you wish to remain the slaves of Bankers and pay the cost of your own slavery, let them continue to create money and control credit.” – Sir Josiah Stamp 1920 – Director of Bank of England

    “Issue of currency should be lodged with the government and be protected from domination by Wall Street. We are opposed to…provisions [which] would place our currency and credit system in private hands.” – Theodore Roosevelt

    “Let me issue and control a nation’s money and I care not who writes the laws.” – Mayer Amschel Rothschild

    “I care not what puppet is placed on the throne of England to rule the Empire, …The man that controls Britain’s money supply controls the British Empire. And I control the money supply.” – Nathan Rothschild

    “There is but one power in Europe, and that is Rothschild.” – Werner Sombart 1841, French Journalist

    “The Rothschilds have conquered the world more thoroughly, more cunningly, and much more lastingly than all the Caesars before…” – Author Frederic Morton

    “Who controls money controls the world.” – Henry Kissinger

    and on that truth, to all a good night.

  3. Bryan

    If I have no money for travel, I have no need – that is, no real and realisable need – to travel. If I have the vocation for study but no money for it, I have no vocation for study – that is, no effective, no true vocation. On the other hand, if I have really no vocation for study but have the will and the money for it, I have an effective vocation for it

    He who can buy bravery is brave, though he be a coward. As money is not exchanged for any one specific quality, for any one specific thing, or for any particular human essential power, but for the entire objective world of man and nature, from the standpoint of its possessor it therefore serves to exchange every quality for every other, even contradictory, quality and object: it is the fraternisation of impossibilities. It makes contradictions embrace.

    Interesting

  4. Bryan

    Dam Paulie…you good….You win the never ending pit of google….Oh, and I didn’t get it from marxists.org, but it is from his 1844 manuscript…..

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