Quotes & Sayings About Banking System

The Fed is pushing a variety of workarounds that would inject trillions in new money into the economy while bypassing the banking system altogether. Time will tell whether or not this will succeed. Meanwhile, a serious danger lurks around the corner. Once the recession is over, the lending will start again. With fractional-reserve banking and limitless supplies of cash on hand, we will likely see the overall price trends reversed, from deflation to inflation to possible hyperinflation. — Llewellyn Rockwell

The 21st Century Glass-Steagall Act will reestablish a wall between commercial and investment banking, make our financial system more stable and secure, and protect American families. — Elizabeth Warren

The system of banking have[for]ever reprobated. I contemplate it as a blot left in all our Constitutions, which, if not covered, will end in their destruction, which is already hit by the gamblers in corruption, and is sweeping away in its progress the fortunes and morals of our citizens. — Thomas Jefferson

Central bankers got it right in the United States in 1987 when they avoided deflationary pressures as well as serious trouble in the banking system. — Ben Bernanke

and tightly coupled than the banking system; Charles — Tim Harford

Is this complicated, risky [banking] system the best we can have? — Anat R. Admati

The collapse of the world's banking system and the impending disaster of accelerating climate change are not separate phenomena. They are simply the most visible symptoms of a particular model of capitalism that will bring civilisation to its knees. But those symptoms will not get sorted unless and until we commit to a radical transformation of the way we create and distribute wealth in the world today — Jonathon Porritt

Time is running out fast. I think we have maybe a few months
it could be weeks, it could be days
before there is a material risk of a fundamentally unnecessary default by a country like Spain or Italy which would be a financial catastrophe dragging the European banking system and North America with it. So they have to act now. — Willem Buiter

The Birmingham campaign was a repeat of SCLC's 1961 campaign in Albany, Georgia, which turned out a complete failure. King was banking on being able to fill up the jails and still have recruits willing to engage in civil disobedience, shutting the system down, but the authorities simply made their jails "bottomless" by shipping detainees elsewhere. A couple years later, black residents of Albany rioted, suggesting what they thought about their experience with nonviolence (these riots are not mentioned in most chronologies of the movement). — Anonymous

This crisis started probably due to the freedom they gave to the banks. First President [Ronald] Reagan and then President [Bill] Clinton. So, for [Barack] Obama it is extremely difficult to change now, to find a way to organize this banking system [differently]. — Costa-Gavras

The Internet will not become a money machine until the banking industry figures out how to transfer money for free so you can charge USD 0.005 (half a cent) for some simple service like, say, reading a newspaper article you have searched for. With today's payment system, the cost of the transfer of the funds completely dwarf the cost of the service paid for ... This situation, however, is what acutely prevents the Internet from taking off as a network for paid services. — Erik Naggum

The Lebanese banking system helps Iran, Syria & Hezbollah evade sanctions. — Ziad K. Abdelnour

American money was never more sound, or banking more free, than 200 years ago. Since then, it's been a long steady decline from the gold standard and competitive banking to our Fed-run system of inflated paper currency, deposit insurance, and perpetually shaky banks on the dole. — Llewellyn Rockwell

The bank - or the Company - needs - wants -insists - must have - as though the bank or the Company were a monster, with thought and feeling, which had ensnared them ... The banks were machines and masters all at the same time ...
They breathe profits; they eat the interest on money. If they don't get it they die ... It is a sad thing, but it is so. It is just so. — John Steinbeck

Italy spills over to everything. Italy is a huge banking system. It has been the major banking system in Eastern Europe. It's worked with Austria's banking system. There's all sorts of interplays there. So it's not the PIIGS one should worry about. Germany hasn't even begun falling yet. And when Germany falls, and it will, that's when the panic begins to set in. — George Friedman

By the 1890s, the leading Wall Street bankers were becoming increasingly disgruntled with their own creation, the National Banking System ... while the banking system was partially centralized under their leadership, it was not centralized enough. — Murray Rothbard

Italy is the fourth-largest economy in Europe and the eighth-largest economy in the world, and its banking system is collapsing. And Germany is desperate. It must maintain its standard of living. It can only do that with exports and Deutsche Bank is very exposed to Italian debt. But so is the rest of Europe. — George Friedman

In Africa it's difficult to carry the money, it's difficult to have a banking system with tellers, with distribution of cash. So they are using their mobile phones. — Maurice Levy

To achieve these Jeffersonian ends, Alexander Hamilton - Jefferson's philosophical rival - devised an ingenious strategy that entailed a strong manufacturing base, a national banking system, a centralized federal government, and an export-led economic scheme protected by the U.S. Navy. — Patrick Mendis

When you own gold you're fighting every central bank in the world. That's because gold is a currency that competes with government currencies and has a powerful influence on interest rates and the price of government bonds. And that's why central banks long have tried to suppress the price of gold. Gold is the ticket out of the central banking system, the escape from coercive central bank and government power. — James Rickards

The modern banking system manufactures money out of nothing. — Josiah Stamp

Savers have to be punished so debtors can be saved.

Why? Because if debtors are rescued, that makes it possible for more debts to be issued in the future.

And why is that important? Because the banking system needs ever more loans in order to survive. — Chris Martenson

Having examined the nature of fractional reserve and of central banking, and having seen how the questionable blessings of Central Banking were fastened upon America, it is time to see precisely how the Fed, as presently constituted, carries out its systemic inflation and its control of the American monetary system. — Murray Rothbard

The money problem facing the country from 1789 to 1896 existed because Congress never exercised is authority to "coin money or regulate the value thereof" - but rather delegated that authority, sometimes by charter and sometimes by default, to the banking system. This despite the provision in the Constitution that charged Congress with the power to 'coin money, regulate the value thereof, and of foreign Coin, and fix the Standards of weight and Measures.' — William Jennings Bryan

If you want to change the way your banking system is regulated, if you want to learn the mistakes of what's gone wrong, then you have to change your government. — George Osborne

The Crusaders lead to the Knights Templar; the Knights Templar lead to the Masons; and the Masons lead to the Shriners, a secret society that controls world government, toys with our banking system, and single-handedly keeps the fez industry afloat. — Stephen Colbert

There is nothing left now for us but to get ever deeper and deeper into debt to the banking system in order to provide the increasing amounts of money the nation requires for its expansion and growth. — Frederick Soddy

The attitude of the people proves that not only do we want to, but that we can succeed in pulling our country out of the difficult position it finds itself in. The banking system of our country will survive and grow. — Nicos Anastasiades

What the banking system needs is creditors who monitor risk and cut their exposure when that risk is too high. Unlike regulators, creditors and counterparties know the details of a deal and have their own money on the line. — Tyler Cowen

Repeal the entire Banking Act of 1933, and Austrian School economists will cheer, especially if the current system were replaced by a 100%-reserve competitive banking with no central bank. That banking reform would give us a sound money system, meaning no more business cycle, bailouts, or inflation. — Llewellyn Rockwell

If you don't have a functioning financial system the world economy won't be revived. All the major economies have their responsibility to assist at a pace which is required to clean up the balance sheet of the banking system and to ensure that credit flows are resumed. — Manmohan Singh

Note another element of Switzerland: it is perhaps the most successful country in history, yet it has traditionally had a very low level of university education compared to the rest of the rich nations. Its system, even in banking during my days, was based on apprenticeship models, nearly vocational rather than the theoretical ones. In other words, on techne (crafts and know how), not episteme (book knowledge, know what). — Nassim Nicholas Taleb

You can't fall back on the private sector and say, 'You take care of the nation's banking system.' That's a fundamental function of the government, the Federal Reserve, the Treasury and the FDIC, etc. All of those agencies have a major role to play there. — Dick Cheney

The abandonment of the gold standard made it possible for the welfare statists to use the banking system as a means to an unlimited expansion of credit. 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. 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. If one grasps this, one has no difficulty in understanding the statists' antagonism toward the gold standard. — Alan Greenspan

The Federal Reserve System had been established to prevent what actually happened. It was set up to avoid a situation in which you would have to close down banks, in which you would have a banking crisis. And yet, under the Federal Reserve system, you had the worst banking crisis in the history of the United States — Alan Ebenstein

A concrete embodiment of the jubilee commandment was evidenced in a rural church in Iowa during the "farm crisis." The banker in the town held mortgages on many farms. The banker and the farmers belonged to the same church. The banker could have foreclosed. He did not because, he said, "These are my neighbors and I want to live here a long time." He extended the loans and did not collect the interest that was rightly his. The pastor concluded, "He was practicing the law of the Jubilee year, and he did not even know it." The pastor might also have noted that the reason the banker could take such action is that his bank was a rare exception. It was locally and independently owned, not controlled by a larger Chicago banking system. — Walter Brueggemann

What Ethereum Is Good For Ethereum is suited to building economic systems in pure software. In other words, it's software for business logic, wherein people (users) can move money (data representing value) around with the speed and scale that we normally get with data.12 Not the three- to seven-day floating period you get with the commercial banking system. Or the fees associated with vendors such as Visa, MasterCard, and PayPal. With a simple Ethereum application, for example, it is fairly trivial to pay hundreds of thousands of people, in hundreds of countries, small amounts every few minutes, whereas in the legacy banking system you would need an entire payroll department working overtime to constantly rebalance your account ledgers and deal with the cross-border issues. — Chris Dannen

Given the extent of the exposures of major banks around the world to A.I.G., and in light of the extreme fragility of the system, there was a significant risk that A.I.G.'s failure could have sparked a global banking panic. — Ben Bernanke

Zionists dominate the government of the United States of America and her banking system. — Louis Farrakhan

In the North, neither greenbacks, taxes, nor war bonds were enough to finance the war. So a national banking system was created to convert government bonds into fiat money, and the people lost over half of their monetary assets to the hidden tax of inflation. In the South, printing presses accomplished the same effect, and the monetary loss was total. — G. Edward Griffin

For my own part, I did not see and did not appreciate what the risks were with securitization, the credit ratings agencies, the shadow banking system, the S.I.V.'s - I didn't see any of that coming until it happened. — Janet Yellen

By means of the banking system the distribution of capital as a special business, a social function, is taken out of the hands of the private capitalists and usurers. But at the same time, banking and credit become the most effective means of driving captialist production beyond its own limits and one of the most effective vehicles of crises and swindle. — Karl Marx

The few who understand the system, will either be so interested from it's profits or so dependent on it's favors, that there will be no opposition from that class. — Mayer Amschel Rothschild

They [political leaders ] thought the only problem was the banking system, and if they fixed the banking system, all would be fine. But the banking system and the mortgage problem were symptomatic of some deeper problems, and evidently they still haven't recognized those deeper problems. — Joseph Stiglitz

Under Musk's direction, X tried out some radical banking concepts. Customers received a $20 cash card just for signing up to use the service and a $10 card for every person they referred. Musk did away with niggling fees and overdraft penalties. In a very modern twist, X also built a person-to-person payment system in which you could send someone money just by plugging their e-mail address into the site. The whole idea was to shift away from slow-moving banks with their mainframes taking days to process payments and to create a kind of agile bank account where you could move money around with a couple of clicks on a mouse or an e-mail. This was revolutionary stuff, and more than 200,000 people bought into it and signed up for X within the first couple of months of operation. — Ashlee Vance

By the time Obama came into office, Washington had already agreed over a period of a few weeks to a $700 billion government infusion into the world banking system. Nothing of the sort had ever been done before, and it was done spit spot with very little national debate. — John Podhoretz

The gang that trashed the town was now back in town to trash it even more and you'll never guess.. they decided that the only way to save an economy brought to its knees by their collective actions and the banking system they represent was to, well, no, surely not.. hand trillions of taxpayer-borrowed dollars to the Rothschild-controlled banks and insurance companies like CitiGroup, J. P. Morgan, AIG and a long list of others. — David Icke

You have to eventually nationalize US banks, you have to take the problem by the horns. In my view actually most of the US banking system is insolvent. — Nouriel Roubini

Human beings today ... are surrounded by huge institutions we can never penetrate: the City [London's Wall Street], the banking system, political and advertising conglomerates, vast entertainment enterprises. They've made themselves user friendly, but they define the tastes to which we conform. They're rather subtle, subservient tyrants, but no less sinister for that. — J.G. Ballard

The peculiar essence of our banking system is an unprecedented trust between man and man. And when that trust is much weakened by hidden causes, a small accident may greatly hurt it, and a great accident for a moment may almost destroy it. — Walter Bagehot

Those that think banks and governments are making them poor haven't seen the whole picture. Poverty is the act of trusting their system. — Robin Sacredfire

You're having government spending on the economy being cut almost everywhere. That means that the only source of spending for growth has to come from borrowing from the banking system. — Michael Hudson

Under the gold standard, a free banking system stands as the protector of an economy's stability and balanced growth ... The abandonment of the gold standard made it possible for the welfare statists to use the banking system as a means to an unlimited expansion of credit ... In the absence of the gold standard, there is no way to protect savings from confiscation through inflation — Alan Greenspan

In September 2008, the overleveraged and undermanaged U.S. banking system suffered a terrifying collapse. And that, in turn, nearly took the whole country down. — Roger Altman

When the Federal Reserve Act was passed, the people of these United States did not perceive that a world banking system was being set up here. A super-state controlled by international bankers and international industrialists acting together to enslave the world for their own pleasure. Every effort has been made by the Fed to conceal its powers but the truth is - The Fed has usurped the government!! — Louis Thomas McFadden

I do think that the banking system is now in the most perilous state we've seen in over 70 years. — Nigel Farage

There is no legislation
I care not what it is
tariff, railroads, corporations, or of a general political character, that all equals in importance the putting of our banking and currency system on the sound basis proposed in the National Monetary Commission plan. — William Howard Taft

There's a loss of faith in the banking system that for so long has been the backbone of prosperity and growth. — Lucy Powell

I confidently predict the collapse of capitalism and the beginning of history. Something will go wrong in the machinery that converts money into money, the banking system will collapse totally, and we will be left having to barter to stay alive. Those who can dig in their garden will have a better chance than the rest. I'll be all right; I've got a few veg. — Margaret Drabble

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 tomorrow morning. — Henry Ford

If you've taken Econ 101, you know that the quantity of money rises only when the banking system makes a net loan. — Kenneth Fisher

The smaller man approaching our modern banking system, which controls all issue of credit and therefore pretty well all our industrial and commercial activities, is not what the controllers of that credit call "interesting." He borrows with difficulty and upon high terms, and must pledge security out of all proportion to that which his richer rival has to put down. — Hilaire Belloc

Usury is the cancer of the world, which only the surgeon's knife of fascism can cut out of the life of the nations. — Ezra Pound

In the U.S. more than any other place, the banking system is insane. Millions of Americans lost their houses. Because of what? Because of the banking system. This American banking system is also coming to Europe. We can say today that the banks and high financiers run the world. — Costa-Gavras

Stock dealers and banking companies, by the aid of a paper system, are enriching themselves to the ruin of our country, and swaying the government by their possession of the printing presses, which their wealth commands and by any other means, not always honorable to the character of our countrymen. — Thomas Jefferson

Historically, usury was defined as any interest whatever on an unproductive loan.Our whole banking system I have ever abhorred, I continue to abhor, and I shall die abhorring. — John Adams

Only put money in the banking system that you can afford to lose! — Max Keiser

Our banking system grew byaccident; and wherever something happens byaccident, it becomes a religion. — Bill Vaughan

When corporations are given the ring of Gyges, we can expect catastrophic results (for the ecosystem, the banking system, public health, etc.). — Jonathan Haidt

We think it would be safer if the Bank of England had responsibility for solvency regulation of UK-based banks, as well as having an overall duty to keep the system solvent. Otherwise, there could be dangerous delays if a banking crisis did hit. — John Redwood

The president, the secretary of state, the businessman, the preacher, the vendor, the spies, the clients and managers - all walking around Wall Street like chickens with their heads cut off - rushing to escape bankruptcy - plotting to melt down the Statue of Liberty - to press more copper pennies - to breed more headless chickens - to put more feathers in their caps - medals, diplomas, stock certificates, honorary doctorates - eggs and eggs of headless chickens - multitaskers - system hackers - who never know where they're heading
northward, backward, eastward, forward, and never homeward - (where is home) - home is in the head - (but the head is cut off) - and the nest is full of banking forms and Easter eggs with coins inside. Beheaded chickens, how do you breed chickens with their heads cut off? By teaching them how to bankrupt creativity. — Giannina Braschi

A banking system is an act of faith: it survives only for as long as people believe it will. — Michael Lewis

The Chinese banking system is built on quicksand and that's the one thing a lot of people don't realize. Everybody seems to think it is a free and clear open checkbook. It's not. The banking system in China is extremely fragile. — James Chanos

It's a safe banking system, a sound banking system. Our regulators are on top of it. This is a very manageable situation. — Henry Paulson

We don't have a good legal justification for breaking up the banking system. But if I could wave a magic wand, I'd break up the banking system. — Kenneth C. Griffin

We are inheriting the worst financial system since the Depression. We're inheriting a situation - when people go back and study major banking crises a quarter century from now, the one that America developed in 2007 and 2008 is going to be one of those crises. — Lawrence Summers

If all bank loans were paid, there would not be a dollar of coin or currency in circulation. Someone has to borrow every dollar we have in circulation. We are absolutely without a permanent money system. — Robert W. Hemphill

You are a den of vipers. I intend to rout you out and by the Eternal God I will rout you out. If the people only understood the rank injustice of our money and banking system, there would be a revolution before morning. — Andrew Jackson

Central banking has become the new central planning. Under the old central planning, government attempted to manage production and the supply of goods and services. Under the new central planning, the Fed attempts to manage the financial system and the supply and allocation of credit. — Anonymous

The eyes of our citizens are not sufficiently open to the true cause of our distress. They ascribe them to everything but their true cause, the banking system — Thomas Jefferson

Essentially, not only do we believe in this myth of 'de-risking', but it has become the one overriding goal; de-risking above growth, de-risking above innovation, de-risking above everything else. And we've reached the point where the Fed is using $70 Billion a month to 'de-risk' a largely insolvent banking system. And this can only end badly. The idea that you can do capitalism without risk is ridiculous on its face. — Andreas Antonopoulos

It's important that the American people understand that President has proposed and passed this stimulus plan not as the end-all and be-all to our economic woes but as our bridge over troubled water until we get the finance system, the banking system working again. — William J. Clinton

U.S. Government has said they are now going to go after the terrorist's electronic banking system. You know what they should do? They should transfer bin Laden's funds to my bank. They'd mess up his deposits, screw up his statement and nickel and dime him to death with service charges. — Jay Leno

I think what they've been doing is largely almost in firefighting mode without a good conceptual framework - either at the micro or the macro level. Micro, you would ask: "What kind of financial or banking system do we want?" Macro, you would say: "What are the underlying problems in the structure of our economy?" — Joseph Stiglitz

On the one hand, I loved being a banker. I loved how numbers could tell a story and how you can invest in ideas and see them translate into products and services and create jobs. What I didn't like, particularly where I was working in Brazil during the debt crisis of the early '80s, was how the poor were excluded from the banking system. I made the decision to try and experiment with whether we could use the tools of banking to extend the benefits of the economy to the poor. — Jacqueline Novogratz

Make no mistake. The greatest destroyer of ecology. The greatest source of waste, depletion and pollution. The greatest purveyor of violence, war, crime, poverty, animal abuse and inhumanity. The greatest generator of personal and social neurosis, mental disorders, depression, anxiety. Not to mention the greatest source of social paralysis, stopping us from moving into new methodologies for personal health, global sustainability and progress on this planet, is not some corrupt government or legislation.
Not some rogue corporation or banking cartel.
Not some flaw of human nature and not some secret cabal that controls the world.
It is the socioeconomic system itself at its very foundation. — Peter Joseph

War has generally had grave and fateful consequences for the American monetary and financial system. We have seen that the Revolutionary War occasioned a mass of depreciated fiat paper, worthless Continentals, a huge public debt, and the beginnings of central banking in the Bank of North America. — Murray Rothbard

The public has lost faith in the ability of Social Security and Medicare to provide for old age. They've lost faith in the banking system and in conventional medical insurance. — Ron Chernow

Nothing brings home the fragility of the banking system or the potency of a financial crisis more vividly than writing about these issues from the eye of the storm. Watching the world's central bankers and finance officials grappling with the current situation - trying one thing after another to restore confidence, throwing everything they can at the problem, coping daily with unexpected and startling shifts in market sentiment - reinforces the lesson that there is no magic bullet or simple formula for dealing with financial panics. — Liaquat Ahamed

The Federal Reserve Bank of New York is eager to enter into close relationship with the Bank for International Settlements ... The conclusion is impossible to escape that the State and Treasury Departments are willing to pool the banking system of Europe and America, setting up a world financial power independent of and above the Government of the United States ... The United States under present conditions will be transformed from the most active of manufacturing nations into a consuming and importing nation with a balance of trade against it. — Louis Thomas McFadden