What Is Fiat Currency

What Is Fiat Money?

The amount of people who don’t know what fiat currency is, is a testament to how well the system is hiding in plain sight.

When you think about it it’s quite phenomenal. Phenomenal that the term fiat money is rarely, if ever, mentioned on the news. It’s like “Republic”. We live in a Republic – But who knows it?

Who knows the money they count on is nothing more than an agreement? Who knows it’s not their money, or their government’s money? Who knows that all federal reserve notes are just loans?

I think what a human being should be doing here is enjoying themselves and each other, free of fear in the great garden that is Earth.

Maybe there is some responsibility on some of us to be the voice and hand of the defender

Quotes On Fiat Currency,

“The problem with fiat money is that it rewards the minority that can handle money, but fools the generation that has worked and saved money.”

Adam Smith

“At the end fiat money returns to its inner value—zero.”

 Voltaire

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

Thomas Jefferson

“The money power preys upon the nation in times of peace and conspires against it in times of adversity. It is more despotic than monarchy, more insolent than autocracy, more selfish than bureaucracy”

Abraham Lincoln

“Give me control of a nation’s money and I care not who makes the laws.”

Amschel Rothschild

“I am a most unhappy man. I have unwittingly ruined my country. A great industrial nation is controlled by its system of credit. Our system of credit is concentrated. The growth of the nation, therefore, and all our activities are in the hands of a few men. No longer a government by free opinion, no longer a government by conviction and vote of majority, but a government by the opinion and duress of a small group of dominant men.”

President Woodrow Wilson (regretting signing into law the Federal Reserve Act)

“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 morning”

Henry Ford

“By this means (fractional reserve banking) government may secretly and unobserved, confiscate the wealth of the people, and not one man in a million will detect the theft.”

John Maynard Keynes, The Economic Consequences of the Peace (1920)

“The modern banking process manufactures currency out of nothing. The process is perhaps the most astounding piece of slight hand that was ever invented…If you want to be slaves of the bankers, and pay the cost of your own slavery, then let the banks create currency”.

Lord Josiah Stemp, Former Director of the Bank of England (1937)

“If the governments devalue the currency in order to betray all creditors, you politely call this procedure inflation.”

George Bernard Shaw

“In the absence of the gold standard, there is no way to protect savings from confiscation through inflation […] Deficit spending is simply a scheme for the ‘hidden’ confiscation of wealth. Gold stands in the way of this insidious process. It stands as a protector of property rights.”

Alan Greenspan, Gold and Economic Freedom (1968)

“Emitting bills of credit, or the creation of money by private corporations, is what is expressly forbidden by Article 1, Section 10 of the U.S. Constitution.”

U.S. Supreme Court,
Craig v. Missouri,
4 Peters 410.

“Whoever controls the volume of money in any country is absolute master of all industry and commerce.”

James A. Garfield

“When plunder becomes a way of life for a group of men living together in society, they create for themselves in the course of time a legal system that authorizes it and a moral code that glorifies it.”

Frederic Bastiat

“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

“If, however, a government refrains from regulations and allows matters to take their course,  essential commodities soon attain a level of price out of the reach of all but the rich, the worthlessness of the money becomes apparent, and the fraud upon the public can be concealed no longer.”

“Lenin is said to have declared that the best way to destroy the Capitalistic System was to debauch the currency. . .  Lenin was certainly right. There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction, and does it in a manner which not one man in a million can diagnose.”

John Maynard Keynes,
The Economic Consequences of the Peace,
1920, page 240, page 235

“Banks lend by creating credit. They create the means of payment out of nothing.”

Ralph M. Hawtrey,
former Secretary of Treasury,
England

“Money is the most important subject intellectual persons can investigate and reflect upon. It is so important that our present civilization may collapse unless it is widely understood and its defects remedied very soon.”

Robert H. Hemphill,
former credit manager,
Federal Reserve Bank of Atlanta

“Bankers own the earth. Take it away from them, but leave them the power to create money and control credit, and with a flick of a pen they will create enough to buy it back.”

Sir Josiah Stamp, former President,
Bank of England

“Those who create and issue money and credit direct the policies of government and hold in the hollow of their hands the destiny of the people.”

Rt. Hon. Reginald McKenna, former
Chancellor of Exchequer, England

“All the perplexities, confusion and distresses in America arise not from defects in the constitution or confederation, nor from want of honor or virtue, as much from downright ignorance of the nature of coin, credit, and circulation.”

John Adams, letter to
Thomas Jefferson

“Money power denounces, as public enemies, all who question its methods or throw light upon its crimes.”

Wm. Jennings Bryan

“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, in letter to
J. Bowen, Rhode Island,
Jan. 9, 1787

“Madison, agreeing with the journal of the convention, records that the grant of power to emit bills of credit was refused by a majority of more than four to one. The evidence is perfect; no power to emit paper money was granted to the legislature of the United States.”

George Bancroft,  
A Plea for the Constitution
 (1886)

“No state shall emit bills of credit, make any thing but gold and silver coin a tender in payment of debts, coin money—.”

Article One, Section Ten,  
United States Constitution

“A power has risen up in the government greater than the people themselves, consisting of many and various powerful interest, combined in one mass; and held together by the cohesive power of the vast surplus in banks.”

John C. Calhoun,
Speech 5/27/1836

“You are a den of vipers and thieves. I intend to rout you out, and by the eternal God, I will rout you out.”

Andrew Jackson: To delegation of
bankers discussing the
Bank Renewal Bill, 1832

“Where would we be if we had I.O.U.’s scrip and certificates floating all around the country?” Instead he decided to “issue currency against the sound assets of the banks. [As opposed to issuing currency against gold.] The Federal Reserve Act lets us print all we’ll need. And it won’t frighten the people. It won’t look like stage money. It’ll be money that looks like real money.”  (Source: ‘Closed for the Holiday: The Bank Holiday of 1933’, p20 – Federal Reserve Bank of Boston)

Treasury Secretary Woodin,
3/7/33

“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
 Money: Whence it came, where it went – 1975, p15

“The process by which banks create money is so simple that the mind is repelled.”  

Money: Whence it came, where it went – 1975, p29

“Is there any reason why the American people should be taxed to guarantee the debts of banks, any more than they should be taxed to guarantee the debts of other institutions, including merchants, the industries, and the mills of the country?”

Senator Carter Glass,
Author of the Banking Act of 1933

“The legal tender quality [of money] is only valuable for the purposes of dishonesty.”

Chief Justice Salmon Chase, formerly Secretary of Treasury in President Lincoln’s administration, in dissent of Knox vs. Lee (The Legal Tender Cases, 1871)

Visit Dr. Paul Hein – All Work and No Pay: Life Saving Lessons in Modern Money where lots of these quotes came from.

May be available at Amazon, See – All Work and No Pay: Life Saving Lessons in Modern Money