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Banking System Quotes


"The modern banking system manufactures money out of nothing." - Josiah Stamp

"We dont have a good legal justification for breaking up the banking system. But if I could wave a magic wand, Id break up the banking system." - Kenneth C Griffin

"It's a safe banking system, a sound banking system. Our regulators are on top of it. This is a very manageable situation." - Henry Paulson

"We don't have a good legal justification for breaking up the banking system. But if I could wave a magic wand, I'd break up the banking system." - Kenneth C Griffin

"Is this complicated, risky [banking] system the best we can have?" - Anat R. Admati

"Only put money in the banking system that you can afford to lose!" - Max Keiser

"Zionists dominate the government of the United States of America and her banking system." - Louis Farrakhan

"Our banking system grew byaccident; and wherever something happens byaccident, it becomes a religion." - Bill Vaughan

"I do think that the banking system is now in the most perilous state we've seen in over 70 years." - Nigel Farage

"A banking system is an act of faith: it survives only for as long as people believe it will." - Michael Lewis

"The lifeblood of the economy is that the banking community is a circulatory system for American capitalism." - Anthony Scaramucci

"They [political leaders ] thought the only problem was the banking system, and if they fixed the banking system, all would be fine. But the banking system and the mortgage problem were symptomatic of some deeper problems, and evidently they still haven't recognized those deeper problems." - Joseph Stiglitz

"Italy spills over to everything. Italy is a huge banking system. It has been the major banking system in Eastern Europe. It's worked with Austria's banking system. There's all sorts of interplays there. So it's not the PIIGS one should worry about. Germany hasn't even begun falling yet. And when Germany falls, and it will, that's when the panic begins to set in." - George Friedman

"In the U.S. more than any other place, the banking system is insane. Millions of Americans lost their houses. Because of what? Because of the banking system. This American banking system is also coming to Europe. We can say today that the banks and high financiers run the world." - Costa-Gavras

"Repeal the entire Banking Act of 1933, and Austrian School economists will cheer, especially if the current system were replaced by a 100%-reserve competitive banking with no central bank. That banking reform would give us a sound money system, meaning no more business cycle, bailouts, or inflation." - Llewellyn Rockwell

"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." - Josiah Stamp

"The eyes of our citizens are not sufficiently open to the true cause of our distress. They ascribe them to everything but their true cause, the banking system" - Thomas Jefferson

"You have to eventually nationalize US banks, you have to take the problem by the horns. In my view actually most of the US banking system is insolvent." - Nouriel Roubini

"In Africa it's difficult to carry the money, it's difficult to have a banking system with tellers, with distribution of cash. So they are using their mobile phones." - Maurice Levy

"Historically, usury was defined as any interest whatever on an unproductive loan.Our whole banking system I have ever abhorred, I continue to abhor, and I shall die abhorring." - John Adams

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

"The 21st Century Glass-Steagall Act will reestablish a wall between commercial and investment banking, make our financial system more stable and secure, and protect American families." - Elizabeth Warren

"There's a loss of faith in the banking system that for so long has been the backbone of prosperity and growth." - Lucy Powell

"The Chinese banking system is built on quicksand and that's the one thing a lot of people don't realize. Everybody seems to think it is a free and clear open checkbook. It's not. The banking system in China is extremely fragile." - James Chanos

"American money was never more sound, or banking more free, than 200 years ago. Since then, it's been a long steady decline from the gold standard and competitive banking to our Fed-run system of inflated paper currency, deposit insurance, and perpetually shaky banks on the dole." - Llewellyn Rockwell

"Having examined the nature of fractional reserve and of central banking, and having seen how the questionable blessings of Central Banking were fastened upon America, it is time to see precisely how the Fed, as presently constituted, carries out its systemic inflation and its control of the American monetary system." - Murray Rothbard

"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

"Among the largest banks, the capital ratios remain good and I don't expect any serious problems . . . . among the large, internationally active banks that make up a very substantial part of our banking system." - Ben Bernanke

"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

"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 did' see any of that coming until it happened." - Janet Yellen

"Among the largest banks, the capital ratios remain good and I do' expect any serious problems . . . . among the large, internationally active banks that make up a very substantial part of our banking system." - Ben Bernanke

"Our international banking system allows banks to accept funds gained from tax evasion and other crimes and thereby facilitates and encourages embezzlement by public officials, especially in developing countries, as well as tax evasion and tax avoidance by multinational corporations." - Thomas Pogge

"You're having government spending on the economy being cut almost everywhere. That means that the only source of spending for growth has to come from borrowing from the banking system." - Michael Hudson

"It is well enough that 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." - Henry Ford

"The public has lost faith in the ability of Social Security and Medicare to provide for old age. They've lost faith in the banking system and in conventional medical insurance." - Ron Chernow

"What the banking system needs is creditors who monitor risk and cut their exposure when that risk is too high. Unlike regulators, creditors and counterparties know the details of a deal and have their own money on the line." - Tyler Cowen

"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." - Frederick Soddy

"If you want to change the way your banking system is regulated, if you want to learn the mistakes of what's gone wrong, then you have to change your government." - George Osborne

"The Fed is pushing a variety of workarounds that would inject trillions in new money into the economy while bypassing the banking system altogether. Time will tell whether or not this will succeed. Meanwhile, a serious danger lurks around the corner. Once the recession is over, the lending will start again. With fractional-reserve banking and limitless supplies of cash on hand, we will likely see the overall price trends reversed, from deflation to inflation to possible hyperinflation." - Llewellyn Rockwell

"It's important that the American people understand that President has proposed and passed this stimulus plan not as the end-all and be-all to our economic woes but as our bridge over troubled water until we get the finance system, the banking system working again." - William J Clinton

"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

"Banking is necessary - banks are not." - Bill Gates

"Elon Musk with PayPal revolutionized banking." - Peter Diamandis

"Capital is kind of a banking concept." - Paul Singer

"Capitalism is a stupid system, a backward system" - Stokely Carmichael

"People work in the system. Management creates the system" - W Edwards Deming

"I had a system, and the system worked." - Arnold Palmer

"The system didn't screw you. The system revealed you." - Michael Crichton

"Capitalism is a stupid system, a backward system." - Stokely Carmichael

"Convert to IRA-based system." - Newt Gingrich

"Culture is your operating system." - Terence Mckenna

"Develop a good filing system." - Randy Pausch

"The peculiar essence of our banking system is an unprecedented trust between man and man. And when that trust is much weakened by hidden causes, a small accident may greatly hurt it, and a great accident for a moment may almost destroy it." - Walter Bagehot

"There is no legislation-I care not what it is-tariff, railroads, corporations, or of a general political character, that all equals in importance the putting of our banking and currency system on the sound basis proposed in the National Monetary Commission plan." - William Howard Taft

"U.S. Government has said they are now going to go after the terrorist's electronic banking system. You know what they should do? They should transfer bin Laden's funds to my bank. They'd mess up his deposits, screw up his statement and nickel and dime him to death with service charges." - Jay Leno

"In the North, neither greenbacks, taxes, nor war bonds were enough to finance the war. So a national banking system was created to convert government bonds into fiat money, and the people lost over half of their monetary assets to the hidden tax of inflation. In the South, printing presses accomplished the same effect, and the monetary loss was total." - G. Edward Griffin

"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

"The system of banking have[for]ever reprobated. I contemplate it as a blot left in all our Constitutions, which, if not covered, will end in their destruction, which is already hit by the gamblers in corruption, and is sweeping away in its progress the fortunes and morals of our citizens." - Thomas Jefferson

"You are a den of vipers. I intend to rout you out and by the Eternal God I will rout you out. If the people only understood the rank injustice of our money and banking system, there would be a revolution before morning." - Andrew Jackson

"Time is running out fast. I think we have maybe a few months - it could be weeks, it could be days - before there is a material risk of a fundamentally unnecessary default by a country like Spain or Italy which would be a financial catastrophe dragging the European banking system and North America with it. So they have to act now." - Willem Buiter

"We are inheriting the worst financial system since the Depression. We're inheriting a situation - when people go back and study major banking crises a quarter century from now, the one that America developed in 2007 and 2008 is going to be one of those crises" - Lawrence Summers

"Stock dealers and banking companies, by the aid of a paper system, are enriching themselves to the ruin of our country, and swaying the government by their possession of the printing presses, which their wealth commands and by any other means, not always honorable to the character of our countrymen." - Thomas Jefferson

"Time is running out fast. I think we have maybe a few months - it could be weeks, it could be days - before there is a material risk of a fundamentally unnecessary default by a country like Spain or Italy which would be a financial catastrophe dragging the European banking system and North America with it. So they have to act now." - Willem Buiter

"It's just very hard to teach a class of students about what has happened in the Global Financial Crisis, how we ended up there and how we got to where we are today, without having some basic, non-trivial understanding of the financial sector, credit, and the banking system." - Alan M. Taylor

"There's no question the crisis demonstrated that the bank system didn't work. And when you looked at the aftermath of the crisis, what needed to be done. You had to make sure banks got back to the basics of banking, and that they had to address the trust issue." - Vikram Pandit

"To save the banks from making losses that would wipe out their net worth, you'll have to get rid of Social Security. It means that you'll essentially have to abolish government and turn it over to the banking system to run, with an idea that the role of governments is to extract income from the economy to pay to the bondholders and the banks." - Michael Hudson

"I think what they've been doing is largely almost in firefighting mode without a good conceptual framework - either at the micro or the macro level. Micro, you would ask: "What kind of financial or banking system do we want?" Macro, you would say: "What are the underlying problems in the structure of our economy?"" - Joseph Stiglitz

"Italy is the fourth-largest economy in Europe and the eighth-largest economy in the world, and its banking system is collapsing. And Germany is desperate. It must maintain its standard of living. It can only do that with exports and Deutsche Bank is very exposed to Italian debt. But so is the rest of Europe." - George Friedman

"This crisis started probably due to the freedom they gave to the banks. First President [Ronald] Reagan and then President [Bill] Clinton. So, for [Barack] Obama it is extremely difficult to change now, to find a way to organize this banking system [differently]." - Costa-Gavras

"Human beings today ... are surrounded by huge institutions we can never penetrate: the City [London's Wall Street], the banking system, political and advertising conglomerates, vast entertainment enterprises. They've made themselves user friendly, but they define the tastes to which we conform. They're rather subtle, subservient tyrants, but no less sinister for that." - J G Ballard

"The attitude of the people proves that not only do we want to, but that we can succeed in pulling our country out of the difficult position it finds itself in. The banking system of our country will survive and grow." - Nicos Anastasiades

"You can't fall back on the private sector and say, 'You take care of the nation's banking system.' That's a fundamental function of the government, the Federal Reserve, the Treasury and the FDIC, etc. All of those agencies have a major role to play there." - Dick Cheney

"We think it would be safer if the Bank of England had responsibility for solvency regulation of UK-based banks, as well as having an overall duty to keep the system solvent. Otherwise, there could be dangerous delays if a banking crisis did hit." - John Redwood

"By the time Obama came into office, Washington had already agreed over a period of a few weeks to a $700 billion government infusion into the world banking system. Nothing of the sort had ever been done before, and it was done spit spot with very little national debate." - John Podhoretz

"We are inheriting the worst financial system since the Depression. We're inheriting a situation - when people go back and study major banking crises a quarter century from now, the one that America developed in 2007 and 2008 is going to be one of those crises." - Lawrence Summers

"Peak oil is already upon us. It is destroying our banking system, that is, our system for marshalling capital, and that is about to put us out of business-as-usual. So, we have to carry on with business-not-so-usual. This could mean anything from your children finding careers in farming (rather than show biz or plastic surgery) to reorganizing households differently to traveling from New York to Boston by boat." - James Howard Kunstler

"On the one hand, I loved being a banker. I loved how numbers could tell a story and how you can invest in ideas and see them translate into products and services and create jobs. What I didn't like, particularly where I was working in Brazil during the debt crisis of the early '80s, was how the poor were excluded from the banking system. I made the decision to try and experiment with whether we could use the tools of banking to extend the benefits of the economy to the poor." - Jacqueline Novogratz

"I'm not against banking. Banking allowed our modern society to happen, it is essential. It connects the work through finance, so banking is good." - Adam Mckay

"All really successful coaches have a system." - Jim Valvano

"Taste has no system and no proofs." - Susan Sontag

"The normal economic system works itself." - James Salter

"A guilty system recognizes no innocents." - Iain Banks

"A system can not understand itself." - W Edwards Deming

"System: Save yourself time, energy and money." - Mark Victor Hansen

"A system-grinder hates the truth." - Ralph Waldo Emerson

"The economy is a thoughtless weather system." - Kurt Vonnegut

"The whole educational and professional training system..." - Noam Chomsky

"Could rivalry be a productive system?" - Sara Genn

"We have to transform our energy system." - Bernie Sanders

"Every weapons system has been gutted." - Jeb Bush

"As one individual changes, the system changes." - Ram Dass

"Injecting some confusion stabilizes the system." - Nassim Nicholas Taleb

"Education is a system of imposed ignorance." - Noam Chomsky

"Our current tax system is broken." - Dick Armey

"My filing system is messy but orderly." - Tony Benn

"History is a vast early warning system." - Norman Cousins

"You can't change the system through violence." - Alex Cox

"The fashion system has killed fashion." - Domenico Dolce

"I have faith in the jury system." - Nancy Grace

"Pressure is calming to the nervous system." - Temple Grandin

"Strategy is a system of expedients" - Helmuth von Moltke the Elder

"Genius is the error in the system." - Paul Klee

"I'm not familiar with the metric system." - Patton Oswalt

"Whenever possible, I operate outside the system." - Andres Serrano

"Freedom is a system based on courage." - Charles Peguy

"The whole f**king system is corrupt." - Frank Serpico

"We've got to change our regulatory system." - Barack Obama

"Banking is a branch of the information business." - Walter Wriston

"The world needs banking but it does not need banks." - Bill Gates

"I happen to know a bit about banking." - Justin Welby

"Banking was conceived in iniquity and born in sin." - Josiah Stamp

"There's more honor in investment management than in investment banking." - Charlie Munger

"Essentially, not only do we believe in this myth of 'de-risking', but it has become the one overriding goal; de-risking above growth, de-risking above innovation, de-risking above everything else. And we've reached the point where the Fed is using $70 Billion a month to 'de-risk' a largely insolvent banking system. And this can only end badly. The idea that you can do capitalism without risk is ridiculous on its face." - Andreas Antonopoulos

"The collapse of the world's banking system and the impending disaster of accelerating climate change are not separate phenomena. They are simply the most visible symptoms of a particular model of capitalism that will bring civilisation to its knees. But those symptoms will not get sorted unless and until we commit to a radical transformation of the way we create and distribute wealth in the world today" - Jonathon Porritt

"The gang that trashed the town was now back in town to trash it even more and you'll never guess.. they decided that the only way to save an economy brought to its knees by their collective actions and the banking system they represent was to, well, no, surely not.. hand trillions of taxpayer-borrowed dollars to the Rothschild-controlled banks and insurance companies like CitiGroup, J. P. Morgan, AIG and a long list of others." - David Icke

"The money problem facing the country from 1789 to 1896 existed because Congress never exercised is authority to "coin money or regulate the value thereof" - but rather delegated that authority, sometimes by charter and sometimes by default, to the banking system. This despite the provision in the Constitution that charged Congress with the power to 'coin money, regulate the value thereof, and of foreign Coin, and fix the Standards of weight and Measures.'" - William Jennings Bryan

"When the Federal Reserve Act was passed, the people of these United States did not perceive that a world banking system was being set up here. A super-state controlled by international bankers and international industrialists acting together to enslave the world for their own pleasure. Every effort has been made by the Fed to conceal its powers but the truth is - The Fed has usurped the government!!" - Louis Thomas McFadden

"I confidently predict the collapse of capitalism and the beginning of history. Something will go wrong in the machinery that converts money into money, the banking system will collapse totally, and we will be left having to barter to stay alive. Those who can dig in their garden will have a better chance than the rest. I'll be all right; I've got a few veg." - Margaret Drabble

"When you own gold you're fighting every central bank in the world. That's because gold is a currency that competes with government currencies and has a powerful influence on interest rates and the price of government bonds. And that's why central banks long have tried to suppress the price of gold. Gold is the ticket out of the central banking system, the escape from coercive central bank and government power." - James Rickards

"The Internet will not become a money machine until the banking industry figures out how to transfer money for free so you can charge USD 0.005 (half a cent) for some simple service like, say, reading a newspaper article you have searched for. With today's payment system, the cost of the transfer of the funds completely dwarf the cost of the service paid for. ... This situation, however, is what acutely prevents the Internet from taking off as a network for paid services." - Erik Naggum

"The ultimate arbiters of the models of banking and the management of banking are the investors. It's the shareholders." - Bob Diamond

"There's no point in comparing an actual, operating system with an ideal system that doesn't exist." - Milton Friedman

"I remember my father explaining, "A capitalist system is a dog-eat-dog system."" - Frances Fox Piven

"A system must have an aim. Without the aim, there is no system." - W Edwards Deming

"Perception is less of a recording system and more of a protection system against external stimuli." - Sigmund Freud

"I am not bigoted enough for a system-and not even for my system." - Friedrich Nietzsche

"I think the American university system still seems to be the best system in the world" - Clifford Geertz

"we have not yet developed a system of education that is not a system of indoctrination." - Doris Lessing

"You should have a value system. You can win if you stick with your value system." - Bob Newhart

"You have to manage a system. The system doesn't manage itself." - W Edwards Deming

"It is not a Justice System. It is just a system." - Bob Enyart

"Good scientists will fight the system rather than learn to work with the system." - Richard Hamming

"America's health care system is neither healthy, caring, nor a system." - Walter Cronkite

"The criminal justice system, like any system designed by human beings, clearly has its flaws." - Ben Whishaw

"A system is said to be coherent if every fact in the system is related every other fact in the system by relations that are not merely conjunctive. A deductive system affords a good example of a coherent system." - Susan Stebbing

"When any system has for its goal the advancement of the system over the betterment of its individual members, such a system is embedded in slavery." - Gerry Spence

"Our system of mass incarceration is better understood as a system of racial and social control than a system of crime prevention or control." - Michelle Alexander

"If you don't fight the system, you can either take advantage of the system or let the system take advantage of you." - Michael Shannon

"Your immune cells are like a circulating nervous system. Your nervous system in fact is a circulating nervous system. It thinks. It's conscious." - Deepak Chopra

"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

"The Federal Reserve Bank of New York is eager to enter into close relationship with the Bank for International Settlements....The conclusion is impossible to escape that the State and Treasury Departments are willing to pool the banking system of Europe and America, setting up a world financial power independent of and above the Government of the United States....The United States under present conditions will be transformed from the most active of manufacturing nations into a consuming and importing nation with a balance of trade against it." - Louis Thomas McFadden

"What would've happened, do you think, had the government not intervened in October 2008? The catastrophe to the economy would've been absolutely unbelievable. And yet classical economists say, "Oh, well, no, it would've adjusted perfectly happily, a few weeks of pain and then everything would've gone on as before, without a banking system left." And that's what makes it so maddening, that these bankers are back saying it was all the government's fault. The government saved their skins. It didn't want to, but it needed to save their skins in order to save the rest of us." - Robert Skidelsky, Baron Skidelsky

"It is extremely difficult for our contemporaries to conceive of the conditions of free banking because they take government interference with banking for granted and as necessary." - Ludwig Von Mises

"I only know one thing: Everything I learned about the banking business, I learned in the banking towers of the Societe." - Jerome Kerviel

"Investment banks manage to go bankrupt through their investment-banking activities, commercial banks manage to go bankrupt through their commercial-banking activities." - Ben Bernanke

"The fundamental problem with banks is what it's always been: they're in the business of banking, and banking, whether plain vanilla or incredibly sophisticated, is inherently risky." - James Surowiecki

"The age of ignorance commenced with the Christian system." - Thomas Paine

"The Moscow energy system has never sustained such a load." - Anatoly Chubais

"I've always been driven to buck the system." - Sam Walton

"The road to freedom is a beautiful system" - Phil Jackson



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