Paper money Quotes

“To a naive observer, money made out of precious metal was 'sound money' because the piece of precious metal was an 'intrinsically' valuable object, while paper money was 'bad money' because its value was only 'artificial'. But even the layman who holds this opinion accepts the money in the course of business transactions, not for the sake of its industrial use-value, but for the sake of its objective exchange-value, which depends largely upon its monetary employment. He values a gold coin not merely for the sake of its industrial use-value, say because of the possibility of using it as jewellery, but chiefly on account of its monetary utility. But, of course, to do something, and to render an account to oneself of what one does and why one does it, are quite different things.”

“To a naive observer, money made out of precious metal was 'sound money' because the piece of precious metal was an 'intrinsically' valuable object, while paper money was 'bad money' because its value was only 'artificial'. But even the layman who holds this opinion accepts the money in the course of business transactions, not for the sake of its industrial use-value, but for the sake of its objective exchange-value, which depends largely upon its monetary employment. He values a gold coin not merely for the sake of its industrial use-value, say because of the possibility of using it as jewellery, but chiefly on account of its monetary utility. But, of course, to do something, and to render an account to oneself of what one does and why one does it, are quite different things.”

“Paper money in time of war, the new notes will first go into the pockets of the war contractors. 'As a result, these persons' demands for certain articles will increase and so also the price and the sale of these articles, but especially in so far as they are luxury articles. Thus the position of the producers of these articles will be improved, their demand for other commodities will also increase, and thus the increase of prices and sales will go on, distributing itself over a constantly augmented number of articles, until at last it has reached them all.”

“Thinking in its lower grades, is comparable to paper money, and in its higher forms it is a kind of poetry.”

“The mundanes put their faith in their paper money, and when that turns to ash, the world will turn upside down.”

“I fear we face a new kind of man along with this new kind of affluence. When lands meant wealth, men could perhaps have enough. Too much land was difficult to govern. But with paper money, more is simply more. In France, you know, where they suffer from their own financial mania, they have a word - the millionaire - to denote men whose wealth is measured in the millions. Millions. It is inconceivable, but there are more than a few men who hold this title.”

“I wonder of what you must daily endure in America, having no government to protect you, no one to tell you what to do. Is it true you're given no ration card, that you must find food for yourself? Is it true that you labor for no higher purpose than paper money? What is California, this place you come from? I have never seen a picture. What plays over the American loudspeakers, when is your curfew, what is taught at your child-rearing collectives? Where does a woman go with her children on Sunday afternoons, and if a woman loses her husband, how does she know the government will assign her a good replacement? With whom would she curry favor to ensure her children got the best Youth Troop leader?”

“The dark ages are obscure but they were not weird. Magicians there were, to be sure, and miracles. In the flickering firelight of the winter hearth, mead songs were sung of dragons and ring-givers, of fell deeds and famine, of portents and vengeful gods. Strange omens in the sky were thought to foretell evil times. But in a world where the fates seemed to govern by whimsy and caprice, belief in sympathetic magic, superstition and making offerings to spirits was not much more irrational than believing in paper money: trust is an expedient currency. There were charms to ward of dwarfs, water-elf disease and swarms of bees; farmers recited spells against cattle thieves and women knew of potions to make men more - or less - virile. Soothsayers, poets and those who remembered the genealogies of kings were held in high regard. The past was an immense source of wonder and inspiration, of fear and foretelling.”