Steve Hanke Quotes

The value of money comes from the private sector in the form of price for product, services rendered, what people are willing to pay for something they want or need. That's where value happens. Government has nothing to do with that.

There is no need for government to intervene in money and prices because of changing population or for any other reason. The 'problem' of the proper supply of money is not a problem at all.

The most important thing that most countries around the world believe in is letting the markets determine the currency.

In stating the principles which regulate exchangeable value and price, we should carefully distinguish between those variations which belong to the commodity itself, and those which are occasioned by a variation in the medium in which value is estimated, or price expressed.

All peoples are entangled in the net of the world market.

It's sort of like a teeter-totter; when interest rates go down, prices go up.

No one single thing that we do will control inflation

Most of the expressions we use in economics are relative terms. All of us are votaries of free trade.

I understand that the rupee is fairly market determined.

All money is a matter of belief.

I was quite ready to accept certain restrictions on the United States. After all, there was a great dollar shortage. It was quite clear that the more prosperous Europe became, the more business there would be in the United States.

Economics is all about consumption. People either spend money now or they use financial instruments - like bonds, stocks and savings accounts - so they can spend more later.

The conservative argument is that the economy is like the weather, that it just operates automatically.

A currency serves three functions: providing a means of payment, a unit of account and a store of value. Gold may be a store of value for wealth, but it is not a means of payment. You cannot pay for your groceries with it. Nor is it a unit of account. Prices of goods and services, and of financial assets, are not denominated in gold terms.

A weaker currency is a national tariff. After we get a weaker currency, we have to take advantage of that. Or else, we will waste it once more in inflation and in the inability to raise competitiveness.

I don't want the United States to be in a global economy where our economic future is bound to that of Zimbabwe. We can't necessarily trust the decisions that are being made financially in other countries.

The human world lives in a framework called global economics. We live in a system based on GDP, which drives consumption. it causes people to compete with each other through trade in a way that they all grow.

The IMF is set up to deal with liquidity crises.

Our dollar is now altogether too greatly influenced by the accidents of international trade, by the internal policies of other nations and by political disturbance in other continents. Therefore the United States must take firmly in its own hands the control of the gold value of our dollar. This is necessary in order to prevent dollar disturbances from swinging us away from our ultimate goal.

Our system works best if the value of money stays the same.

Once you change your currency to another dominant nation's currency you become dependent, you stop being the master of your economy. You submit yourself to the rules and regulations of another country.

The money wanted by the public must be purchased at its market price.

When a nation devalues its currency, it, in effect, increases its tariffs.

We should rely on the markets to move on their own.

No country can violate the laws of economic gravity too long.