If the debt which the banking companies owe be a blessing to anybody, it is to themselves alone, who are realizing a solid interest of eight or ten per cent on it. As to the public, these companies have banished all our gold and silver medium, which, before their institution, we had without interest, which never could have perished in our hands, and would have been our salvation now in the hour of war; instead of which they have given us two hundred million of froth and bubble, on which we are to pay them heavy interest, until it shall vanish into air... We are warranted, then, in affirming that this parody on the principle of 'a public debt being a public blessing,' and its mutation into the blessing of private instead of public debts, is as ridiculous as the original principle itself. In both cases, the truth is, that capital may be produced by industry, and accumulated by economy; but jugglers only will propose to create it by legerdemain tricks with paper.
Thomas JeffersonRelated topics
affirming air anybody banking blessing debt eight given gold heavy hour hundred industry institution interest mutation now paper parody pay propose public silver ten truth war handsRelated quotes
If a Martian were asked to pick the most efficient and humane economic systems on earth, it would certainly not choose the countries which rely most on markets. The United States is a stagnant economy in which real wages have been constant for more than a decade and the real income of the bottom 40 percent of the population declined. It is an inhumane society in which 11.5 percent of the population, some 32 million people, including 20 percent of all children, live in absolute poverty. It is the oldest democracy on earth but also one with the lowest voting rates among democracies and the highest per capita prison population in the world. The fastest developing countries in the world today are among those where the state pursues active industrial and trade policies; the few countries in the world in which almost no one is poor today are those in which the state has been engaged in massive social welfare and labor market policies.
Adam Przeworski
Welcome to the early twenty-first century, human.
It's night in Milton Keynes, sunrise in Hong Kong. Moore's Law rolls inexorably on, dragging humanity toward the uncertain future. The planets of the solar system have a combined mass of approximately 2 x 10 kilograms. Around the world, laboring women produce forty-five thousand babies a day, representing 10 MIPS of processing power. Also around the world, fab lines casually churn out thirty million microprocessors a day, representing 10 MIPS. In another ten months, most of the MIPS being added to the solar system will be machine-hosted for the first time. About ten years after that, the solar system's installed processing power will nudge the critical 1 MIPS per gram threshold-one million instructions per second per gram of matter. After that, singularity-a vanishing point beyond which extrapolating progress becomes meaningless. The time remaining before the intelligence spike is down to single-digit years ...
Charles Stross
He who doeth good unto Me, it is as if he doeth good unto God, His angels and the entire company of His loved ones. He who doeth evil unto Me, it is as if he doeth evil unto God and His chosen ones. Nay, too exalted is the station of God and of His loved ones for any person's good or evil deed to reach their holy threshold. Whatever reacheth Me is ordained to reach Me; and that which hath come unto Me, to him who giveth will it revert. By the One in Whose hand is My soul, he hath cast no one but himself into prison. For assuredly whatsoever God hath decreed for Me shall come to pass and naught else save that which God hath ordained for us shall ever touch us. Woe betide him from whose hands floweth evil, and blessed the man from whose hands floweth good. Unto no one do I take My plaint save to God; for He is the best of judges. Every state of adversity or bliss is from Him alone, and He is the All-Powerful, the Almighty.
Báb
The profit motive should not be confused with the profit system. By the profit system, of course, we mean the institution of private property in capital goods and the free private enterprise that goes along with it. There is no reason why the "profit motive" should be necessarily connected with the profit system. In a profit system there is nothing to prevent anyone acting on altruistic lines; there is no law that says a businessman must maximize his profits. If a businessman chose to operate with outputs, prices, and wages that yielded him a smaller profit than the maximum, but which he felt were socially more desirable, there is nothing in the profit system that would prevent him from doing this. Nothing in the profit system would prevent the most ardent liberal from refusing an increase in wages, or from accepting an unpleasant and poorly paid job. At the other extreme, there is nothing in a communist system that would do away with the profit motive, or the "advantage motive."
Kenneth Boulding
It is really to be lamented that after a public servant has passed a life in important and faithful services, after having given the most plenary satisfaction in every station, it should yet be in the power of every individual to disturb his quiet, by arraigning him in a gazette and by obliging him to act as if he needed a defence, an obligation imposed on him by unthinking minds which never give themselves the trouble of seeking a reflection unless it be presented to them. However it is a part of the price we pay for our liberty, which cannot be guarded but by the freedom of the press, nor that be limited without danger of losing it. To the loss of time, of labour, of money, then, must be added that of quiet, to which those must offer themselves who are capable of serving the public, and all this is better than European bondage. Your quiet may have suffered for a moment on this occasion, but you have the strongest of all supports that of the public esteem.
Thomas Jefferson