Credit System Quotes & Sayings

Truth lives, in fact, for the most part on a credit system. Our thoughts and beliefs pass, so long as nothing challenges them, just as bank-notes pass so long as nobody refuses them. — William James

The bank wanted me to sell those customers that debt, because the system needs you to buy that new car, that holiday to Barbados, that latest iPhone or that new extension you've always been dreaming off. The banks are happy to let you do it with their high interest credit products, and they want me to be the guy that sells the idea to you. I was serving the machine that was enslaving me. — K.A. Hill

A great industrial nation is controlled by its system of credit. Our system of credit is privately concentrated. The growth of the nation, therefore, and all our activities are in the hands of a few men who, even if their action be honest and intended for the public interest, are necessarily concentrated upon the great undertakings in which their own money is involved and who necessarily, by very reason of their own limitations, chill and check and destroy genuine economic freedom. — Woodrow Wilson

The collapse of an inflation policy carried to its extreme
as in the United States in 1781 and in France in 1796
does not destroy the monetary system, but only the credit money or fiat money of the State that has overestimated the effectiveness of its own policy. The collapse emancipates commerce from etatism and establishes metallic money again. — Ludwig Von Mises

The electronics industry expanded rapidly and the seeds for the semiconductor and software revolution were planted. The postwar period also saw the suburbanization of America, the rise of the homeowner, the build-out of the interstate highway system, and the rise of automobile culture. Credit availability expanded dramatically. — Barry Ritholtz

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. We have come to be one of the worst ruled, one of the most completely controlled and dominated Governments in the civilized world - no longer a Government by free opinion, no longer a Government by conviction and the vote of the majority, but a Government by the opinion and duress of a small group of dominant men. — Woodrow Wilson

Each economy relies on the credit system, that is, on the erroneous assumption that the other will pay back money pumped. — Kurt Tucholsky

The Christians say, that among the ancient Jews, if you committed a crime you had to kill a sheep. Now they say 'charge it.' 'Put it on the slate.' The Savior will pay it. In this way, rascality is sold on credit, and the credit system in morals, as in business, breeds extravagance. — Robert Green Ingersoll

To attempt to enumerate the complicated variety of mischiefs in the whole system of the social economy, which proceed from a neglect of the maxims that uphold public credit, and justify the solicitude manifested by the House on this point, would be an improper intrusion on their time and patience. — Alexander Hamilton

We hated not knowing something. We hated not knowing who was going to walk Spanish down the hall. How would our bills get paid? And where would we find new work? We knew the power of the credit card companies and the collection agencies and the consequences of bankruptcy. Those institutions were without appeal. They put your name into a system, and from that point forward, vital parts of the American dream were foreclosed upon. A backyard swimming pool. A long weekend in Vegas. A low-end BMW. These were not Jeffersonian ideals, perhaps, on par with life and liberty, but at this advanced stage, with the West won and the Cold War over, they, too, seemed among our inalienable rights. — Joshua Ferris

One crucial fact must be kept in mind: none of the roughly seventy thousand nuclear weapons built by the United States since 1945 has ever detonated inadvertently or without proper authorization. The technological and administrative controls on those weapons have worked, however imperfectly at times - and countless people, military and civilian, deserve credit for that remarkable achievement. Had a single weapon been stolen or detonated, America's command-and-control system would still have attained a success rate of 99.99857 percent. But nuclear weapons are the most dangerous technology ever invented. Anything less than 100 percent control of them, anything less than perfect safety and security, would be unacceptable. And if this book has any message to preach, it is that human beings are imperfect. — Eric Schlosser

If you want to solve a big problem, you need to go from taking credit, to sharing credit, to multiplying credit. The systems that all work, multiply credit. Multiplying credit is just another way of making everyone in the system feel ownership. And the byproduct is both resilience and propulsion. — Thomas L. Friedman

He had been educated in no habits of application and concentration. The system which had addressed him in exactly the same manner as it had addressed hundreds of other boys, all varying in character and capacity, had enabled him to dash through his tasks, always with fair credit and often with distinction, but in a fitful, dazzling way that had confirmed his reliance on those very qualities in himself which it had been most desirable to direct and train. They were good qualities, without which no high place can be meritoriously won, but like fire and water, though excellent servants, they were very bad masters. If they had been under Richard's direction, they would have been his friends; but Richard being under their direction, they became his enemies. — Charles Dickens

If the helplessness and isolation of labour, who have nothing to sell but their labour, can be totally removed by connecting labour with capital through a universal credit system, we'll then have other kinds of actors on the economic scene different from what the existing capitalist world would allow us to bring out. — Muhammad Yunus

The best way for the Government to maintain its credit is to pay as it goes-not by resorting to loans, but by keeping out of debt-through an adequate income secured by a system of taxation, external or internal, or both. — William McKinley

We have the leading companies and the leading sectors in the advanced industrial world, we have an incredibly dynamic society, and we have high levels of entrepreneurship. And we have the best universities in the world ... We also have impeccable credit. What we don't have is a political system that can take the simple measures to deal with our short-term deficit. — Fareed Zakaria

If we are looking for one single action which will enable the poor to overcome their poverty, I would go for credit. Money is power. I have been arguing that credit should be accepted as a human right. If we can come up with a system which allows everybody access to credit while ensuring excellent repayment - I can give you a guarantee that poverty will not last long. — Muhammad Yunus

The farmers in Kansas are sorely in need of a credit system meeting their special requirements, that they may more readily obtain money on short or long time for their farming operations, or that they may become owners of farms. — Arthur Capper

Europe's financial system is fragmented, although the gap in funding costs for banks within the euro area is no longer as wide as it was two years ago. But in lending the differences are still very large, and in some countries the credit flow is disrupted. — Mario Draghi

Most Americans have no real understanding of the operation of the international money lenders. The accounts of the Federal Reserve System have never been audited. It operates outside the control of Congress and manipulates the credit of the United States — Barry M. Goldwater

He spent several days deciding on the artifacts. Much longer than he had spent deciding to kill himself, and approximately the same time required to get that many reds. He would be found lying on his back, on his bed, with a copy of Ayn Rand's The Fountainhead (which would prove he had been a misunderstood superman rejected by the masses and so, in a sense, murdered by their scorn) and an unfinished letter to Exxon protesting the cancellation of his gas credit card. That way he would indict the system and achieve something by his death, over and above what the death itself achieved. Actually, he was not as sure in his mind what the death achieved as what the two artifacts achieved; but anyhow it all added up ... — Philip K. Dick

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 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

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

country devoid of natural resources, but which enjoys peace, a fair judicial system and a free government is likely to receive a high credit rating. As such, it may be able to raise enough cheap capital to support a good education system and foster a flourishing high-tech industry. The — Yuval Noah Harari

Over the last few years, banks and governments have been frenziedly printing money. Everybody is terrified that the current economic crisis may stop the growth of the economy. So they are creating trillions of dollars, euros and yen out of thin air, pumping cheap credit into the system, and hoping that the scientists, technicians and engineers will manage to come up with something really big, — Yuval Noah Harari

The difference between the past and the present is that individual freedom and security no longer fall to be protected solely through the D vehicle of common-law maxims and presumptions which may be altered or repealed by statute, but are now protected by entrenched constitutional provisions which neither the Legislature nor the Executive may abridge. It would accordingly be improper for us to hold constitutional a system which, as Sachs J has noted, confers on creditors the power to consign the person of an impecunious debtor to prison at will and without the interposition at the crucial time of a judicial officer. — Pius Langa

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

The credit reporting system suffers from inaccuracy and often from outright injustice. — Eric Schneiderman

It is entirely possible to build the elements of the new system molecularly within the old. In the cooperatives, the credit unions, the peer-networks, the unmanaged enterprises and the parallel, subcultural economies, these elements already exist — Paul Mason

We see the Jew, then, in business, as promoter, money-lender, salesman par excellence, the author and chief instigator of a system of credit by which a nation-wide usury rises like a Golem (a created monster) with a million hands on a million throats, to choke the honor and the freedom-of-movement of a hard-working people. — Samuel Roth

If some lose their whole fortunes, they will drag many more down with them ... believe me that the whole system of credit and finance which is carried on here at Rome in the Forum, is inextricably bound up with the revenues of the Asiatic province. If Those revenues are destroyed, our whole system of credit will come down with a crash. — Marcus Tullius Cicero

Spinoza was a pantheist: He believed that God was within nature, not a separate Being with an independent will. "In Spinoza's system," Jewish philosopher Louis Jacobs has written, "God and Nature are treated as different names for the same thing. God is not 'outside' or apart from Nature. He did not create Nature but is Nature." This doctrine set Spinoza at loggerheads with both Judaism and Christianity. It was absurd in his view to credit God with attributes such as will or intellect; that was like demanding that Sirius bark, just because people refer to it as the Dog Star. Spinoza tried to posit a system of ethics based on reason, not supernatural revelation. — Joseph Telushkin

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

The 'public' has no history, has no future, lives in a golden moment created by credit, which binds them ineluctably to a fascist system that is never criticized. This is the ultimate consequence of having broken off this symbiotic relationship with the vegetable, feminine, maternal matrix of the planet. — Terence McKenna

I say all the time I think there should be some courses in the regular schooling system that isn't, even like about credit, things that matter later in life. I learned the harder way: 'Look, I got a $500 credit card in the mail, let's go shopping!' — Khloe Kardashian

A critical step was made sometime before the ninth century AD, when a new partial script was invented, one that could store and process mathematical data with unprecedented efficiency. This partial script was composed of ten signs, representing the numbers from 0 to 9. Confusingly, these signs are known as Arabic numerals even though they were first invented by the Hindus (even more confusingly, modern Arabs use a set of digits that look quite different from Western ones). But the Arabs get the credit because when they invaded India they encountered the system, understood its usefulness, refined it, and spread it through the Middle East and then to Europe. — Yuval Noah Harari

The way the system now works, credit is extended to those who don't need it and denied to those who are in desperate need of it. — Louis O. Kelso

If we are going to create a financial system that works for all Americans, we have got to stop financial institutions from ripping off the American people by charging sky-high interest rates and outrageous fees.
In my view, it is unacceptable that Americans are paying a $4 or $5 fee each time they go to the ATM.
It is unacceptable that millions of Americans are paying credit card interest rates of 20 or 30 percent.
The Bible has a term for this practice. It's called usury. And in The Divine Comedy, Dante reserved a special place in the Seventh Circle of Hell for those who charged people usurious interest rates.
Today, we don't need the hellfire and the pitch forks, we don't need the rivers of boiling blood, but we do need a national usury law. — Bernie Sanders

The banks, because of mismanagement, because of huge risk taking, are now in very vulnerable positions. We can expect that we're gonna have to do more to shore up the financial system. We also are gonna have to make sure that we set up financial regulations so that not only does this never happen again, but you start having some sort of - trust in how the credit markets work again. — Barack Obama

In Chicago and across the country, whites looking to achieve the American dream could rely on a legitimate credit system backed by the government. Blacks were herded into the sights of unscrupulous lenders who took them for money and for sport. — Ta-Nehisi Coates

Even the God of the New Testament is not as forgiving as the consumer credit system. — Neal Stephenson

An education system where student selection is based on credit capacity and not merit capacity and where graduating students are no longer indebted to the nation, but increasingly indebted to the Australian Taxation Office - that's no way to improve the quality of education. — Gough Whitlam

No more self-defeating device could be discovered than the one society has developed in dealing with the criminal. It proclaims his career in such loud and dramatic forms that both he and the community accept the judgment as a fixed description. He becomes conscious of himself as a criminal, and the community expects him to live up to his reputation, and will not credit him if he does not live up to it. — Frank Tannenbaum

Clearly, there were far more northern Idaho sex gods than I'd given the region credit for. Further classifications were going to be required. If Vaughan topped the super-cool category, then maybe this new guy should win on the lumbersexual front. Given my abrupt return to singledom, I'd have to give this important man-classification system more thought.
Disclaimer: Objectifying people is wrong and stuff. — Kylie Scott

Oliver, my professor, was a scientific bounder, a journalist by instinct, a thief of ideas, - he was always prying! And you know the knavish system of the scientific world. I simply would not publish, and let him share my credit. I went on working, I got nearer and nearer making my formula into an experiment, a reality. I told no living soul, because I meant to flash my work upon the world with crushing effect and become famous at a blow. I took up the question of pigments to fill up certain gaps. And suddenly, not by design but by accident, I made a discovery in physiology. — H.G.Wells

The credit system has encircled this beautiful globe of ours like a serpent's coil, and if we do not mind, it bids fair to crush us out of breath. — Mahatma Gandhi

If your credit is going to grow at 10-15 percent per year in order to get your 5 percent GDP growth per year, eventually you're going to have a problem. This isn't a stable system. — Adair Turner

There is no means of avoiding the final collapse of a boom brought about by credit expansion. The alternative is only whether the crisis should come sooner as the result of voluntary abandonment of further credit expansion, or later as a final and total catastrophe of the currency system involved. — Ludwig Von Mises

Antinomy, that is, the existence of two laws or tendencies which are opposed to each other, is possible, not only with two different things, but with one and the same thing. Considered in their thesis, that is, in the law or tendency which created them, all the economical categories are rational, - competition, monopoly, the balance of trade, and property, as well as the division of labor, machinery, taxation, and credit. But, like communism and population, all these categories are antinomical; all are opposed, not only to each other, but to themselves. All is opposition, and disorder is born of this system of opposition. Hence, the sub-title of the work, - "Philosophy of Misery." No category can be suppressed; the opposition, antinomy, or contre-tendance, which exists in each of them, cannot be suppressed. — Pierre-Joseph Proudhon

Once public opinion is convinced that the increase in the quantity of money will continue and never come to an end, and that consequently the prices of all commodities will not cease to rise, everybody becomes eager to buy as much as possible and restrict his cash holdings to minimum size ... If the credit expansion is not stopped in time, the boom turns to crack-up boom: the flight into real values begins, and the whole monetary system founders. — Ludwig Von Mises

Capitalism played a decisive role not only in the rise of modern science, but also in the emergence of European imperialism. And it was European imperialism that created the capitalist credit system in the first place. Of course, credit was not invented in modern Europe. It existed in almost all agricultural societies, and in the early modern period the emergence of European capitalism was closely linked to economic developments in Asia. Remember, too, that until the late eighteenth century, Asia was the world's economic powerhouse, meaning that Europeans had far less capital at their disposal than the Chinese, Muslims or Indians. — Yuval Noah Harari

The system we have built refuses to recognize people. Only credit cards are recognized. Drivers' licenses are recognized. But not people. People haven't any use for faces anymore, it seems. They are busy looking at your credit card, your driver's licence, your social security number. If a driver's licence is more reliable than the face I wear, then why do I have a face? — Muhammad Yunus

A system of capitalism presumes sound money, not fiat money manipulated by a central bank. Capitalism cherishes voluntary contracts and interest rates that are determined by savings, not credit creation by a central bank. — Ron Paul

We judged that a sudden, disorderly failure of Bear would have brought with it unpredictable but severe consequences for the functioning of the broader financial system and the broader economy, with lower equity prices, further downward pressure on home values, and less access to credit for companies and households. — Timothy Geithner

One would think that a system loaded with such gross and vulgar absurdities as Scripture religion is could never have obtained credit; yet we have seen what priestcraft and fanaticism can do, and credulity believe. — Thomas Paine

I am a most unhappy man. I accidentally ruined my country. A great industrial nation is now controlled by its system of credit. Our government is no longer based on the freedom of opinion, nor on the conviction and the majority decision, it is now a government which is subjected to the conviction and the compulsion of a small group of dominant men. — Woodrow Wilson

If all the bank loans were paid, no one could have a bank deposit, and there would not be a dollar of coin or currency in circulation. This is a staggering thought. We are completely dependent on the commercial banks. Someone has to borrow every dollar we have in circulation, cash, or credit. If the banks create ample synthetic money we are prosperous; if not, we starve. We are absolutely without a permanent money system. When one gets a complete grasp of the picture, the tragic absurdity of our hopeless situation is almost incredible - but there it is. — Robert W. Hemphill

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

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

It's become clear (to me, at least) that the entire credit card system in the United States is currently set up so that any one party to a transaction can reliably transfer the blame for an incident, dispute, or fraud to another party. The — Brian Krebs

The Kleinrock controversy is interesting because it shows that most of the Internet's creators preferred - to use the metaphor of the Internet itself - a system of fully distributed credit. They instinctively isolated and routed around any node that tried to claim more significance than the others. The Internet was born of an ethos of creative collaboration and distributed decision making, and its founders liked to protect that heritage. It became ingrained in their personalities - and in the DNA of the Internet itself. — Walter Isaacson

I want to see a new system. I believe that the credit scoring system is broken. That's my belief. — Suze Orman

America runs on credit darling. Why do you worry, our credit will take care of this payment. It is not saving or cash in hand that matters. We do not need cash, we just need potential. The system in the US believes in potential. That is
the model of the future. You need not be born rich, but you should be in the league that can make it big. — Ravindra Shukla

Of course most Americans don't know how A.I.G. brought the world's financial system to near-ruin or what credit-default swaps are. They may not even know what A.I.G. stands for. But Americans do make the connection between their fears about their own jobs and their broad understanding of the A.I.G. debacle. — Frank Rich

This immoral system, how do you get outside it? Option one, you drop out, sever the connections. They got that far in '68, okay? People went as far with that as they could, to say, I'm free, you're free, kumbaya and barbaric yawp and yadda yadda, and look what happened. The problem with the whole Rousseau trip is that man is primordially a social animal, in the sense of clan or tribe. Marx says this somewhere. You detach completely, you not only find yourself way out on a limb, against your nature, but you've lost any power for group resistance. And eventually, you come crawling back, clutching credit-card applications, begging to be let in. — Garth Risk Hallberg

[Credit is a system whereby] a person who can't pay, gets another person who can't pay, to guarantee that he can pay. — Charles Dickens

Laissez-faire capitalism, or anarchocapitalism, is simply the economic form of the libertarian ethic. Laissez-faire capitalism encompasses the notion that men should exchange goods and services, without regulation, solely on the basis of value for value. It recognizes charity and communal enterprises as voluntary versions of this same ethic. Such a system would be straight barter, except for the widely felt need for a division of labor in which men, voluntarily, accept value tokens such as cash and credit. Economically, this system is anarchy, and proudly so. — Karl Hess

He smote the rock of the national resources, and abundant streams of revenue gushed forth. He touched the dead corpse of the Public Credit, and it sprung upon its feet. The fabled birth of Minerva, from the brain of Jove, was hardly more sudden or more perfect than the financial system of the United States, as it burst forth from the conceptions of Alexander Hamilton. — Daniel Webster