Patrick Cox Quotes

Believe me, the next step is a currency crisis because there will be a rejection of the dollar, the rejection of the dollar is a big, big event, and then your personal liberties are going to be severely threatened.

What would a loss of confidence in the dollar actually look like? Gold going absolutely nuts.

If you print money like in Zimbabwe... the purchasing power of money goes down, and the standards of living go down, and eventually, you have a civil war.

At some point, the dollar has to give. You can't just keep printing money, and monetizing debt, and buying bonds, without the dollar imploding.

At present, financial crises occur, chiefly because the paper currency is redeemable in gold only.

The Great Inflation of the 1970s destroyed faith in paper assets, because if you held a bond, suddenly the bond was worth much less money than it was before.

Inflation is as violent as a mugger, as frightening as an armed robber and as deadly as a hit man.

The world is constantly in a race to the top, in terms of there's a limited amount of capital and you've got to figure where it's going. And if your currency is weakening, that means you're paying a load.

France is the country where the money falls apart and you can't tear the toilet paper.

A disordered currency is one of the greatest political evils.

We have lost control over the financial system ... by printing much more money than in previous years.

There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction, and does it in a manner which not one man in a million is able to diagnose

The great fear of every patriot at this moment relates to our currency. The vast over issues of paper money have raised prices to such a pitch as to make the expenses of the Government enormous.... The poor suffer from this enormous inflation of currency. Beef is 1.25 per lb—Butter $4—Eggs 3—clothing is unobtainable ... coffee is $8—sugar 3, etc. so on. Shoes cannot be had under $50 to $60 the pr. for very common ones. God only knows where all this will stop.

Nothing so weakens governments as persistent inflation.

Americans have seen the value of the dollar slowly decline due to the steady erosion of inflation.

We have a government that purposely counterfeits and debases the currencies, and I believe that the alternative would be a competition. That means that anything that wants to substitute for the American dollar should be permitted.

The dollar has lost over 90 percent of its value since the Fed was created.

Governments have a tendency to screw up currencies.

I can tell you what happens to countries that go bankrupt. I've been to Argentina. I'm familiar with the history of Mexico and Great Britain. We'll see the same things here shortly: inflation, huge tax increases, capital flight and, eventually, capital controls.

The United States has experienced high rates of inflation in the past and appears to be running the same type of fiscal policies that engendered hyperinflations in 20 countries over the past century.

You really have to go searching desperately to find any contemporary examples of good, old-fashioned runaway inflation.

A penny will not buy a penny postcard or a penny whistle or a single piece of penny candy. It will not even, if you're managing the U.S. Mint, buy a penny.

Our government is printing money, and it's degrading the living standard of every person in America. It's the cause of frustration, anger, and confusion.

Inflation destroys savings, impedes planning, and discourages investment. That means less productivity and a lower standard of living.

I am concerned about the erraticness of the dollar. The dollar is up, the dollar is down. We print a lot of dollars. The dollar gets devalued. That is really the concern. If people think the gold price up and down is a reflection of something wrong with gold, no - I say it is something wrong with the dollar.