The sentence, 'stopping the printing presses,' is a figurative expression, because it is being done now by creating credit by the Federal Reserve System. But this is government action - all inflation is ultimately the result of activities which government determines and can control. And all inflations have been stopped in the past by the government stopping creating money, or preventing the central bank from creating more money. May I add just one thing? See, all inflations have been stopped by people who created or believed in a very naive form of the Quantity Theory, and acted on that. It may be wrong, but it is the only adequate theory effective to stop an inflation.
Friedrich HayekRelated topics
action add bank central control credit done federal form government inflation money now past printing result see stop thing wrongRelated quotes
Do everything simply and meekly. Do nothing with an ulterior motive. Don't say, I'll do this in order to have that result, but do it naturally, without taking cognizance of it. That is, pray simply and don't think about what God will bestow on your soul. Don't make any calculations. You know, of course, what God bestows when you enter into communion with Him, but it is as if you don't know. Don't discuss the matter even with yourself. So when you repeat the prayer, "Lord Jesus Christ, have mercy on me”, say it simply and ingenuously and think of nothing other than the prayer. These are very delicate matters and the intervention of the grace of God is required.
Porphyrios of Kafsokalyvia
In the absence of the gold standard, there is no way to protect savings from confiscation through inflation. There is no safe store of value. If there were, the government would have to make its holding illegal, as was done in the case of gold. If everyone decided, for example, to convert all his bank deposits to silver or copper or any other good, and thereafter declined to accept checks as payment for goods, bank deposits would lose their purchasing power and government-created bank credit would be worthless as a claim on goods. The financial policy of the welfare state requires that there be no way for the owners of wealth to protect themselves.
Alan Greenspan
Under the Socialists, rapid strides have been taken towards the Iron Curtain State. We have seen increased nationalisation measures, increased powers of central Government over both large and small companies, increased levels of tax on the pay packet and on savings alike, and an increased proportion of the national income spent not by the wage-earner but by the Government or Government agencies. In the result, the Prime Minister has become the first Socialist Minister since the Chancellor of the Exchequer in 1951 to say that his policies will mean a reduced standard of living for our people...it is clear that Socialist systems are not good at creating wealth; they can only spend the wealth that others create.
Margaret Thatcher
Recently in our country, there has been a steadily increasing number of people who dislike work and pursue leisure and extravagance. Almost everywhere individuals and organizations are fighting with resultant loss of energy that is needed for positive action. In order to save them from this situation, a principle of judo, based on the maximum efficiency concept should be applied as one aspect of modern society and as a natural result of the application of the principle of maximum efficiency, a mutual welfare and prosperity is believed to be the only effective way to ease and neutralize the forces among these individuals and organizations.
Jigoro Kano
If we assume the viewpoint claimed as his own by Lenin and we fear the influence of intellectuals in the proletarian movement, we can conceive of no greater danger to the Russian party than Lenin's plan of organization. Nothing will more surely enslave a young labor movement to an intellectual elite hungry for power than this bureaucratic straightjacket, which will immobilize the movement and turn it into an automaton manipulated by a Central Committee. On the other hand there is no more effective guarantee against opportunist intrigue and personal ambition than the independent revolutionary action of the proletariat, as a result of which the workers acquire the sense of political responsibility and self-reliance.
Rosa Luxemburg