Last modified on 24 November 2014, at 22:17

Banking

Quotes about the business of Banks: institutions where one can place and borrow money and take care of financial affairs.

QuotesEdit

  • The best way to rob a bank is to own one.
  • We {Banks} have a "right to make a profit"
    • Brian Moynihan, CEO Bank of America, 2011 Source: Money.CNN.com October 5th, 2011.
  • I am just a banker "doing God’s work".
    • Lloyd Blankfein, CEO Goldman Sachs, 2009 Source: Wall Street Journal, May 2010.
  • Banks are the temples of America. This is a holy war. Our economy is our religion.
  • Banks do not have an obligation to promote the public good.
    • Alexander Dielius, CEO Germany, Austria, Eastern Europe Goldman Sachs, January 2010, Source: Wall Street Journal, May 2010.
  • 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 that the mind is repelled.
  • The modern banking system manufactures “money” out of nothing; and the process is, perhaps, the most, astounding piece of “sleight of hand” that was ever invented. In fact, it was not invented. It merely “grew”. … Banks in fact are able to create (and cancel) modern “deposit money”, just as much as they were originally able to create, or call in, their own original forms of private notes. They can, in fact, inflate and deflate, i.e., mint, and un-mint the modern “ledger-entry” currency.
    • Angas, Major L. L. B. (Lawrence Lee Bazley) (1937). Slump ahead in bonds. Somerset Pub. Co.. pp. 20-21. OCLC 3506072. 
  • The actual process of money creation takes place in commercial banks. As noted earlier, demand liabilities of commercial banks are money. … Confidence in these forms of money also seems to be tied in some way to the fact that assets exist on the books of the government and the banks equal to the amount of money outstanding, even though most of the assets themselves are no more than pieces of paper...
    • Federal Reserve Bank of Chicago; Nichols, Dorothy M (1961). Modern Money Mechanics; a workbook on deposits, currency and bank reserves.. p. 3. OCLC 510802.  The 1992 revision of this booklet is available on wikisource
  • Commercial banks create checkbook money whenever they grant a loan, simply by adding new deposit dollars in accounts on their books in exchange for a borrower's IOU.
  • The 12 regional reserve banks aren't government institutions, but corporations nominally 'owned' by member commercial banks.
    • Federal Reserve Bank of New York, I Bet You Thought... (1977), p. 27.
  • The use of money does not disestablish the normal process of creating credit. Money, it is true, is always being paid into the banks by the retailers and others who receive it in the course of business, and they of course receive bank credits in return for the money thus deposited. But for the manufacturers and others who have to pay money out, credits are still created by the exchange of obligations, the banker's immediate obligation being given to his customer in exchange for the customer's obligation to repay at a future date. We shall still describe this dual operation as the creation of credit. By its means the banker creates the means of payment out of nothing, whereas when he receives a bag of money from his customer, one means of payment, a bank credit, is merely substituted for another, an equal amount of cash.
  • And I sincerely believe, with you, that banking establishments are more dangerous than standing armies; and that the principle of spending money to be paid by posterity, under the name of funding, is but swindling futurity on a large scale.
  • So limited is our knowledge that we resort, not to science, but to shamans. We place control of the world's largest economy in the hands of a few elderly men, the central bankers.
  • With money every form of intercourse, and intercourse itself, is considered fortuitous for the individuals.
  • The banks do create money. They have been doing it for a long time, but they didn't quite realise it, and they did not admit it. Very few did. You will find it in all sorts of documents, financial textbooks, etc. But in the intervening years, and we must all be perfectly frank about these things, there has been a development of thought, until today I doubt very much whether you would get many prominent bankers to attempt to deny that banks create credit.
    • H. W. White, Chairman of the Associated Banks of New Zealand, to the New Zealand Monetary Commission, 1955.
  • But please do not think that I am not fond of banks,
    Because I think they deserve our appreciation and thanks.
    • Ogden Nash. ‘Bankers are Just Like Everybody Else, Except Richer’, The Face is Familiar (1954).
  • There is no group of people on the planet more stupid than bankers. They should be called bonkers. Look at the famous banks that are suddenly losing billions, because they handed out loans like lunatics.
    • Michael Winner, English film director and producer. From his interview in The Daily Mail (UK) newspaper, 17th June 2008.
  • Bankers have no right to establish a customary law among themselves, at the expence of other men.
    • Foster, J., Hankey v. Trotman (1746), 1 Black. Rep. 2; reported in James William Norton-Kyshe, The Dictionary of Legal Quotations (1904), p. 17.



DisputedEdit

  • The death of Lincoln was a disaster for Christendom. There was no man in the United States great enough to wear his boots and the bankers went anew to grab the riches. I fear that foreign bankers with their craftiness and tortuous tricks will entirely control the exuberant riches of America and use it to systematically corrupt modern civilization.
    • Sometimes attributed to Otto von Bismarck, German Chancellor (1815-1898). The apparent source of this is a German-American named Conrad Siem (d. 1931), who, in 1915, published recollections of conversations he allegedly had as a youth (about 12 years old) with Bismarck 37 years earlier. Should be treated skeptically. Siem, Conrad (1915). The C.S.L.T.: containing views on Abraham Lincoln as expressed by Bismarck in 1878, from the recollections of Conrad von Bauditz Siem. OCLC 52297724. 
  • Banking was conceived in iniquity and was born in sin. The Bankers own the earth. Take it away from them, but leave them the power to create deposits, and with the flick of the pen they will create enough deposits to buy it back again. However, take this power away from them, and all the great fortunes disappear, and they ought to disappear, for this would be a happier and better world to live in. But, if you wish to remain the slaves of Bankers and pay the cost of your own slavery, let them continue to create money and control credit.
    • Attributed to Josiah Stamp by Silas W. Adams in The Legalized Crime of Banking (1958).

See alsoEdit

External linksEdit

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