And the reason the federal government wasn't given that power [to create paper money or issue bills of credit] was because the framers didn't want it to have the power to create inflation. They had just experienced it firsthand with the Continental dollar, which ended up being worth around 10 cents and gave rise to the expression "not worth a Continental.”. (Peter Schiff)

And the reason the federal government wasn't given that power [to create paper money or issue bills of credit] was because the framers didn't want it to have the power to create inflation. They had just experienced it firsthand with the Continental dollar, which ended up being worth around 10 cents and gave rise to the expression "not worth a Continental.”.

Peter Schiff

Related topics

continental credit federal given government inflation money paper power reason rise worth Framers

Related quotes

Now, since the time of Newton there had been a debate about whether light was a wave---that is, a traveling disturbance in some background medium---or a particle, which travels regardless of the presence of a background medium. The observation of Maxwell that electromagnetic waves must exist and that their speed was identical to that of light ended the debate: light was an electromagnetic wave. View quote
Lawrence M. Krauss
The first impression and a natural one is, that the fine arts have risen or declined in proportion as patronage has been given to them or withdrawn, but it will be found that there has often been more money lavished on them in their worst periods than in their best, and that the highest honours have frequently been bestowed on artists whose names are scarcely now known. View quote
John Constable
I could buy myself paper, a pen, a pencil and a brush and could create pictures whenever and wherever I wanted. ... That evening, in the spring of 1947, on the embankment of the Seine in Paris, at the age of thirty, I saw that it was possible to live and work in the world, and that I could participate in the exchange of ideas that was taking place all around, bound to no country. View quote
Peter Weiss
Most gun dealers follow the law and run honest businesses. But the statistics show that 1 percent of dealers sell more than half of all illegal guns. Why isn't the federal government going after them? Here's one reason: unlike mayors, members of Congress don't get a phone call in the middle of the night when a cop is shot and killed. They don't deliver the eulogies. View quote
Michael Bloomberg
Real success in business is to be found in achievements comparable rather with those of the artist or the scientist, of the inventor or statesman. And the joys sought in the profession of business must be like their joys and not the mere vulgar satisfaction which is experienced in the acquisition of money, in the exercise of power or in the frivolous pleasure of mere winning. View quote
Louis Brandeis