Category: Quote of the Day

"I would rather be exposed to the inconveniences attending too much liberty than to those attending too small a degree of it." – Thomas Jefferson

“…While every bank tries to pass the toxic parcel on to somebody else, the system has to find the money. So will compensation for the near valueless contracts and thus now uninsured debt ultimately be made – and by whom? And because nobody knows – not the regulators, banks or governments – who owns the swaps and whether they are credit-worthy, nobody can answer the question. Maybe holders of insurance policies will get the cash due to them, but will that weaken somebody else? The result – panic. This is the ultra-dangerous downward vortex in which the system is locked. …

"The wise look ahead to see what is coming, but fools deceive themselves." – Proverbs 14:8 (New Living Translation)

"For I know the plans I have for you, plans to prosper you and not to harm you, plans to give you hope and a future."- Jer 29:11

"… By calling attention to a well-regulated militia for the security of the Nation, and the right of each citizen to keep and bear arms, our founding fathers recognized the essentially civilian nature of our economy. Although it is extremely unlikely that the fear of governmental tyranny, which gave rise to the 2nd amendment, will ever be a major danger to our Nation, the amendment still remains an important declaration of our basic military-civilian relationship, in which every citizen must be ready to participate in the defense of his country. For that reason I believe the 2nd Amendment will always …

"The economic statistics put out by the U.S. government are propaganda, pure and simple. Issued by the government and the financial community, and reported by the mass media, the information we get has been manipulated to mold a public understanding favorable to the agenda of the powers that be." – Peter Schiff, "Crash Proof"

“The current rescue plans, which will force governments to issue more debt, print money and flood the markets with liquidity, will flare up inflation after the crisis is over and will create worse problems. We’re setting the stage for when we come out of this of a massive inflation holocaust.” – Investing Sage Jim Rogers

“The avalanche has already started. It is too late for the pebbles to vote.” – Kosh Naranek, in Babylon 5 Season 1, Episode 10 “Believers” (Screenplay by David Gerrold)

“In one sense, what is happening is not the bankruptcy of America but the transfer of assets from the spendthrift imprudent to the frugal prudent. Is this a bad thing? I don’t think a “good/bad” statement has any meaning here; it is simply a market economy at work. Excesses get unwound, cash is always king, prudent investors tend to be rewarded and gamblers tend to lose all their money.” – Charles Hugh Smith

“O eternal and everlasting God, I presume to present myself this morning before thy Divine majesty, beseeching thee to accept of my humble and hearty thanks, that it hath pleased thy great goodness to keep and preserve me the night past from all the dangers poor mortals are subject to, and has given me sweet and pleasant sleep, whereby I find my body refreshed and comforted for performing the duties of this day, in which I beseech thee to defend me from all perils of body and soul…. Increase my faith in the sweet promises of the gospel; give me …

“University of Maryland economist Herman E. Daly points out that the current crisis is really one of the “overgrowth of financial assets relative to growth of real wealth.” Daly believes that “financial assets have grown by a large multiple of the real economy” and that “paper exchanging for paper is now 20 times greater than exchanges of paper for real commodities.” Exploding debt liens have simply outgrown the wealth. The problem, in other words, cannot be bailed out. Historically, debt that cannot be redeemed has been repealed by inflation. The same inflation that wipes out debt will wipe out savings.” …

"Necessity never made a good bargain." – Benjamin Franklin

"Policies are many, Principles are few, Policies will change, Principles never do." – John C. Maxwell

"There is no counter-party risk — when you are holding Krugerrands." – SurvivalBlog Reader Rob C.

“Keynes explicitly classified the two components in the money supply as ‘industrial circulation’ versus ‘financial circulation.’ The distinction is important; it is like the difference between a woman and a female impersonator. They may be alike in almost every respect, except the essential ones.” – Bill Bonner