Quotes from Currency Wars: The Making of the Next Global Crisis

“A prohibition on the hoarding or possession of gold was integral to the plan to devalue the dollar against gold and get people spending again. Against this background, FDR issued Executive Order 6102 on April 5, 1933, one of the most extraordinary executive orders in U.S. history. The blunt language over the signature of Franklin Delano Roosevelt speaks for itself: I, Franklin D. Roosevelt . . . declare that [a] national emergency still continues to exist and . . . do hereby prohibit the hoarding of gold coin, gold bullion, and gold certificates within the . . . United States by individuals, partnerships, associations and corporations.... All persons are hereby required to deliver, on or before May 1, 1933, to a Federal reserve bank . . . or to any member of the Federal Reserve System all gold coin, gold bullion and gold certificates now owned by them.... Whoever willfully violates any provision of this Executive Order . . . may be fined not more than $10,000 or . . . may be imprisoned for not more than ten years. The people of the United States were being ordered to surrender their gold to the government and were offered paper money at the exchange rate of $20.67 per ounce. Some relatively minor exceptions were made for dentists, jewelers and others who made “legitimate and customary” use of gold in their industry or art. Citizens were allowed to keep $100 worth of gold, about five ounces at 1933 prices, and gold in the form of rare coins. The $10,000 fine proposed in 1933 for those who continued to hoard gold in violation of the president’s order is equivalent to over $165,000 in today’s money, an extraordinarily large statutory fine. Roosevelt followed up with a”
― James Rickards, quote from Currency Wars: The Making of the Next Global Crisis

“There is hardly a part of the United States where men are not aware that secret private purposes and interests have been running the government.” President Woodrow Wilson”
― James Rickards, quote from Currency Wars: The Making of the Next Global Crisis

“It is one thing when prices drift downward over time due to innovation, scalability or other efficiencies. This might be considered “good” deflation and is familiar to any contemporary consumer who has seen prices of computers or wide-screen TVs fall year after year. It is another matter when prices are forced down by unnecessary monetary contraction, credit constraints, deleveraging, business failures, bankruptcies and mass unemployment. This may be considered “bad” deflation. This bad deflation was exactly what was required in order to return the most important currencies to their prewar parity with gold.”
― James Rickards, quote from Currency Wars: The Making of the Next Global Crisis

“Worse yet, when the public realizes that it is being deceived, a feedback loop is created in which trust is broken and even the truth, if it can be found, is no longer believed. The United States is dangerously close to that point. ■”
― James Rickards, quote from Currency Wars: The Making of the Next Global Crisis

“Regulators and bankers were using the wrong tools and the wrong metrics. Unfortunately, they still are.”
― James Rickards, quote from Currency Wars: The Making of the Next Global Crisis

“the Knickerbocker Trust and the Panic of 1907 in”
― James Rickards, quote from Currency Wars: The Making of the Next Global Crisis

“broad-based tax cut . . . accommodated by a program of open market purchases . . . would almost certainly be an effective stimulant to consumption.... A money-financed tax cut is essentially equivalent to Milton Friedman’s famous “helicopter drop” of money.... Of course . . . the government could . . . even acquire existing real or financial assets. If . . . the Fed then purchased an equal amount of Treasury debt with newly created money, the whole operation would be the economic equivalent of direct open market operations in private assets.”
― James Rickards, quote from Currency Wars: The Making of the Next Global Crisis

“Printing dollars at home means higher inflation in China, higher food prices in Egypt and stock bubbles in Brazil. Printing money means that U.S. debt is devalued so foreign creditors get paid back in cheaper dollars. The devaluation means higher unemployment in developing economies as their exports become more expensive for Americans. The resulting inflation also means higher prices for inputs needed in developing economies like copper, corn, oil and wheat. Foreign countries have begun to fight back against U.S.-caused inflation through subsidies, tariffs and capital controls; the currency war is expanding fast.”
― James Rickards, quote from Currency Wars: The Making of the Next Global Crisis

“On the whole, it is difficult to think of another government agency that has failed more consistently on more of its key missions than the Fed.”
― James Rickards, quote from Currency Wars: The Making of the Next Global Crisis

“America has, in fact, run trade deficits large enough to wipe out its gold hoard under the old rules of the game. Still, the idea of the gold standard was not to deplete nations of gold, but rather to force them to get their financial house in order long before the gold disappeared. In the absence of a gold standard and the real-time adjustments it causes, the American people seem unaware of how badly U.S. finances have actually deteriorated.”
― James Rickards, quote from Currency Wars: The Making of the Next Global Crisis

“Hyperinflation produces fairly predictable sets of winners and losers and prompts certain behaviors and therefore can be used politically to rearrange social and economic relations among debtors, creditors, labor and capital, while gold is kept available to clean up the wreckage if necessary.”
― James Rickards, quote from Currency Wars: The Making of the Next Global Crisis

“From its creation in 1913, the most important Fed mandate has been to maintain the purchasing power of the dollar; however, since 1913 the dollar has lost over 95 percent of its value. Put differently, it takes twenty dollars today to buy what one dollar would buy in 1913.”
― James Rickards, quote from Currency Wars: The Making of the Next Global Crisis

“In 1922, the inflation turned to hyperinflation as the Reichsbank gave up trying to control the situation and printed money frantically to meet the demands of union and government workers. A single U.S. dollar became so valuable thatAmerican visitors could not spend it because merchants could not locate the millions of marks needed to make change. Diners offered to pay for meals in advance because the price would be vastly higher by the time they finished eating.”
― James Rickards, quote from Currency Wars: The Making of the Next Global Crisis

“A country running deficits under the gold exchange standard could find itself like a tenant whose landlord does not collect rent payments for a year and then suddenly demands immediate payment of twelve months’ back rent. Some tenants would have saved for the inevitable rainy day, but many others would not be able to resist the easy credit and would find themselves short of funds and facing eviction.”
― James Rickards, quote from Currency Wars: The Making of the Next Global Crisis

“University biologists working with infectious viruses have airtight facilities to ensure that the objects of their study do not escape from the laboratory and damage the population at large. Unfortunately, no such safeguards are imposed on economics departments.”
― James Rickards, quote from Currency Wars: The Making of the Next Global Crisis

About the author

Popular quotes

“I was born singing. Most babies cry, I sang an aria.”
― Gail Carson Levine, quote from Fairest

“He sought his former accustomed fear of death and did not find it. "Where is it? What death?" There was no fear because there was no death.

In place of death there was light.”
― Leo Tolstoy, quote from The Death of Ivan Ilych

“I will not make you a vampire," Mr. Crepsley insisted. "You must forget about it. Go home and get on
with your life."
"No!" Steve screamed. "I won't forget!" He stumbled to his feet and pointed a shaking ringer at the tall,
ugly vampire. "I'll get you for this," he promised. "I don't care how long it takes. One day, Vur Horston,
I'll track you down and kill you for rejecting me!"
Steve jumped from the stage and ran toward the exit. "One day!" he called back over his shoulder, and I
could hear him laughing as he ran, a crazy kind of laugh.”
― Darren Shan, quote from A Living Nightmare

“I’d done so many things I wasn’t supposed to do that by then I was ready to try any idea that came to me.”
― Jean M. Auel, quote from The Shelters of Stone

“The Clock on the Morning Lenape Building

Must Clocks be circles?
Time is not a circle.
Suppose the Mother of All Minutes started
right here, on the sidewalk
in front of the Morning Lenape Building, and the parade
of minutes that followed--each of them, say, one inch long--
headed out that way, down Bridge Street.
Where would Now be? This minute?
Out past the moon?
Jupiter?
The nearest star?

Who came up with minutes, anyway?
Who needs them?
Name one good thing a minute's ever done.
They shorten fun and measure misery.
Get rid of them, I say.
Down with minutes!
And while you're at it--take hours
with you too. Don't get me started
on them.

Clocks--that's the problem.
Every clock is a nest of minutes and hours.
Clocks strap us into their shape.
Instead of heading for the nearest star, all we do
is corkscrew.
Clocks lock us into minutes, make Ferris wheel
riders of us all, lug us round and round
from number to number,
dice the time of our lives into tiny bits
until the bits are all we know
and the only question we care to ask is
"What time is it?"

As if minutes could tell.
As if Arnold could look up at this clock on
the Lenape Building and read:
15 Minutes till Found.
As if Charlie's time is not forever stuck
on Half Past Grace.
As if a swarm of stinging minutes waits for Betty Lou
to step outside.
As if love does not tell all the time the Huffelmeyers
need to know.”
― Jerry Spinelli, quote from Love, Stargirl

Interesting books

About BookQuoters

BookQuoters is a community of passionate readers who enjoy sharing the most meaningful, memorable and interesting quotes from great books. As the world communicates more and more via texts, memes and sound bytes, short but profound quotes from books have become more relevant and important. For some of us a quote becomes a mantra, a goal or a philosophy by which we live. For all of us, quotes are a great way to remember a book and to carry with us the author’s best ideas.

We thoughtfully gather quotes from our favorite books, both classic and current, and choose the ones that are most thought-provoking. Each quote represents a book that is interesting, well written and has potential to enhance the reader’s life. We also accept submissions from our visitors and will select the quotes we feel are most appealing to the BookQuoters community.

Founded in 2023, BookQuoters has quickly become a large and vibrant community of people who share an affinity for books. Books are seen by some as a throwback to a previous world; conversely, gleaning the main ideas of a book via a quote or a quick summary is typical of the Information Age but is a habit disdained by some diehard readers. We feel that we have the best of both worlds at BookQuoters; we read books cover-to-cover but offer you some of the highlights. We hope you’ll join us.