Marriner Eccles Quotes

The modern banking system manufactures money out of nothing.

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.

The modern banking system manufactures money out of nothing. The process is perhaps the most astounding piece of sleight of hand that was ever invented.

Money is the kind of instrument which is very speedily produced.

I think the Fed is not designed to have effective tools to deal with the economy. It should settle for just controlling the money supply. And - if it insists, it can worry about inflation.

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.

The study of money, above all other fields in economics, is one in which complexity is used to disguise truth or to evade truth, not to reveal it. The process by which banks create money is so simple the mind is repelled. With something so important, a deeper mystery seems only decent.

If there were no debts in our money system, there wouldn't be any money.

Credit is a promise to deliver money. It will produce GDP but you'll create credit... So you reach a certain point that that you can't do that anymore... There are choices. And how do we best support, apportion the money? How much is going to be transferred?

The amount of currency in circulation is not changing. The money supply is not changing in any significant way.

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

In a world where wealth is growing, you can get away with printing money. Doubling the debt over the next 20 years is not a problem.

The process by which banks create money is so simple that the mind is repelled.

I actually think that the economy has got some positives. It's got the market. It's got consumer confidence and it's got banks throwing - I mean central bankers throwing money at it around the world.

The Fed [Federal Reserve System], whether it likes it or not, is required to provide adequate reserves to the banking system in order for the government to finance its needs, even when that is inflationary.

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

The Federal Reserve bank buys government bonds without one penny

All the perplexities, confusion and distress in America rise, not from defects in their Constitution or Confederation, not from want of honor or virtue, so much as from downright ignorance of the nature of coin, credit and circulation

Our Federal Reserve has unlimited money raising powers.

Tangible currency (coins and dollar bills) together make up less than 3 percent of the U.S. money supply. The other 97 percent exists only as data entries on computer screens, and all of this money was created by banks in the form of loans.

Every time the Fed implements 'quantitative easing,' a.k.a. printing more money, two things go up: taxes and inflation. When taxes and inflation go up, more jobs are lost.

Our wise men flattered us into the adoption of the banking system under the idea that boundless wealth would result from the adoption.

The issue is, you're not going to have a lot of inflation showing up when you have no velocity.

It's time to stop pretending negative rates have any redeemable value - besides the ability to stimulate the market for physical safes.

Cheap money feels like the most natural thing in the world - if you don't think about why it's so cheap.