Urjit Patel Quotes

If I were to put labels on demonetization, it would be transparency and traceability.

The institution of a bank has also a natural relation to the regulation of trade between the States, in so far as it is conducive to the creation of a convenient medium of exchange between them, and to the keeping up a full circulation, by preventing the frequent displacement of the metals in reciprocal remittances Money is the very hinge on which commerce turns. And this does not merely mean gold and silver; many other things have served the purpose, with different degrees of utility. Paper has been extensively employed.

If raising or allaying [revaluing or devaluing] the Money could add to its Value, or have any good Effect on Home or Foreign Trade; Then no Nation would want Money [from that nation.]

Why should a country have to take on itself a huge burden of managing a totally cash economy?

Remonetisation has happened at a fast pace, and that was part of the plan that, subsequent to the withdrawal of the specified bank notes, our production plans and supply processes would ensure that the remonetisation happened as quickly as possible.

There is never enough gold to redeem all the currency in circulation.

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

Of course I've already taken a very modest position on the monetary system, I do take the position that we should just end the Fed.

For us in England, the relative value of the pound against the dollar, that has a huge impact on how easy it is to get our films made in the U.K.

It is with government paper, and bank paper, as it is with the paper of private persons; that is, it is worth just what can be delivered in redemption of it, and no more. We all understand that the notes of the Astors, and Stewarts, and Vanderbilts, though issued by millions, and tens of millions, are really worth their nominal values.

In this way, the charge that the bank makes for the use of its notes - the interest - is a continual and universal tax upon all the members of the community.

Today the financial market is no good, but the money is there.

There is no limit to the amount of money that can be created by the banking system, but there are limits to our productive facilities and our labor supply ...

It is well enough that the 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.

All the banks in Christendom could not control money.

The currency of any country, whether it be coin or bank-notes, cannot be increased beyond the mercantile wants of that country, without producing a depreciation in the parts which compose the currency.

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.

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.

Had it not been for the groundswell of support by the people of India, we would not have seen such a huge exercise of demonetisation bounce off without a single riot or a single law and order issue.

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 Jacksonians were not monetary nationalists; specie was specie, and they saw no reason that foreign gold or silver coins should not circulate with the same full privileges as American-minted coins.

Demonetisation is going to result in long-term gains for the country.