The old saying holds. Owe your banker $1,000 and you are at his mercy; owe him $1 million and the position is reversed.
- John Maynard Keynes - Topics: Debt, Banking System.
There is no means of avoiding the final collapse of a boom brought about by credit expansion. The alternative is only whether the crisis should come sooner as the result of voluntary abandonment of further credit expansion, or later as a final and total catastrophe of the currency system involved.
- Ludwig von Mises - Topics: Monetary Policy, Debt.
Government spending cannot create additional jobs. If the government provides the funds required by taxing the citizens or by borrowing from the public, it abolishes on the one hand as many jobs as it creates on the other. If government spending is financed by borrowing from the commercial banks, it means credit expansion and inflation.
- Ludwig von Mises - Topics: Tax, Monetary Policy, Government, Debt.
When confidence goes, the end is very near. It always comes faster than anyone expects and it always seems to be unexpected.
- John Mauldin - Topics: Fiat Currency, Default, Debt.
You can't borrow your way out of a debt crisis, whether you are a family or a nation.
- John Mauldin - Topics: Debt.
Europe is just like the sinking Titanic: not even first class passengers can save themselves.
- Giulio Tremonti - Topics: Eurocrisis, Debt.
I could end the deficit in 5 minutes. You just pass a law that says that anytime there is a deficit of more than 3% of GDP all sitting members of congress are ineligible for reelection.
- Warren Buffett - Topics: Politics, Government, Debt.
You have to keep government spending as a fraction of our income. If you do that, you can stop worrying about the debt.
- Milton Friedman - Topics: Tax, Government, Debt.
I put it to you: if you rob people of their ability to determine their own future, they will turn to violence.
- Nigel Farage - Topics: Government, Eurocrisis, Debt, Austerity.
The sad fact is we have no easy way out of the debt situation.
- John Mauldin - Topics: Government, Default, Debt.
The long run is a misleading guide to current affairs. In the long run we are all dead.
- John Maynard Keynes - Topics: Default, Debt, Government.
If you would like to know the value of money, go and try to borrow some.
- Benjamin Franklin - Topics: Debt, Money.
The progress of the enormous debts which at present oppress, and will in the long-run probably ruin, all the great nations of Europe, has been pretty uniform. (written in 1776)
- Adam Smith - Topics: Government, Default, Debt.
There is no such thing as an unbalanced federal budget. You are paying for it. If you're not paying for it in the form of explicit taxes, you're paying for it indirectly in the form of inflation or in the form of borrowing.
Keep your eye on how much the government is spending, because that is the true tax.
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