“…the power to control the supply of money, which is one of the fundamental aspects of sovereignty, has passed from government into other hands; and therefore new institutions must be set up which will in effect exercise some of the major functions of government. They would set the level of public expenditure, and settle fiscal policy, the exercise of taxing and borrowing powers of the state, since these are indisputedly the mechanism by which the money supply is determined. But they would do more than this. They would be supreme over the economic ends and the social structure of society: for by fixing prices and incomes they would have to replace the entire automatic system of the market and supply and demand—be that good or evil—and put in its place a series of value judgments, economic or social, which they themselves would have to make…There is a specific term for this sort of polity. It is, of course, totalitarian, because it must deliberately and consciously determine the totality of the actions and activities of the members of the community; but it is a particular kind of totalitarian regime, one, namely, in which authority is exercised and the decisions are taken by a hierarchy of unions or corporations—to which, indeed, on this theory the effective power has already passed. For this particular kind of totalitarianism the Twentieth Century has a name. That name is "fascist."”

— Enoch Powell

Speech in Leamington (18 September 1972), quoted in The Times (19 September 1972), p. 12
1970s

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Enoch Powell 155

British politician 1912–1998

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“On the other hand one must not entertain any fantastic illusions on the productive power of the credit system, so far as it supplies or sets in motion money-capital.”

Karl Marx (1818–1883) German philosopher, economist, sociologist, journalist and revolutionary socialist

Vol. II, Ch. XVII, p. 351.
(Buch II) (1893)

“If the States may tax one instrument, employed by the Government in the execution of its powers, they may tax any and every other instrument. They may tax the mail; they may tax the mint; they may tax patent rights; they may tax the papers of the custom house; they may tax judicial process; they may tax all the means employed by the Government to an excess which would defeat all the ends of Government. This was not intended by the American people. They did not design to make their Government dependent on the States. […] If the controlling power of the States be established, if their supremacy as to taxation be acknowledged, what is to restrain their exercising control in any shape they may please to give it? Their sovereignty is not confined to taxation; that is not the only mode in which it might be displayed. The question is, in truth, a question of supremacy, and if the right of the States to tax the means employed by the General Government be conceded, the declaration that the Constitution and the laws made in pursuance thereof shall be the supreme law of the land is empty and unmeaning declamation.”

John Marshall (1755–1835) fourth Chief Justice of the United States

17 U.S. (4 Wheaton) 316, 432-433
McCulloch v. Maryland (1819)

“The central idea is that government fiscal policy, its spending and taxing, its borrowing and repayment of loans, its issue of new money and withdrawal of money, shall be undertaken with an eye only to the results of these actions on the economy and not to any established traditional doctrine what is sound and what is unsound …Government should adjust its rates of expenditure and taxation such that total spending is neither more or less than that which is sufficient to purchase the full employment level of output at current prices. If this means there is deficit, greater borrowing, "printing money," etc., then these things in themselves are neither good or bad, they are simply the means to the desired ends of full employment and price stability.”

Abba Lerner (1903–1982) American economist

On Functional Finance: (1943, pg.354) http://papers.ssrn.com/sol3/papers.cfm?abstract_id=174849

“It is admitted that the power of taxing the people and their property is essential to the very existence of Government, and may be legitimately exercised on the objects to which it is applicable, to the utmost extent to which the Government may choose to carry it. The only security against the abuse of this power is found in the structure of the Government itself. In imposing a tax, the legislature acts upon its constituents. This is, in general, a sufficient security against erroneous and oppressive taxation. The people of a State, therefore, give to their Government a right of taxing themselves and their property, and as the exigencies of Government cannot be limited, they prescribe no limits to the exercise of this right, resting confidently on the interest of the legislator and on the influence of the constituent over their representative to guard them against its abuse.”

John Marshall (1755–1835) fourth Chief Justice of the United States

17 U.S. (4 Wheaton) 316, 428
McCulloch v. Maryland (1819)

“The Delors report is aimed at a federal Europe, a common currency and a common economic policy, which would take many economic policies, including fiscal policy, out of the hands of the House, and that is completely unacceptable. It would also require a treaty amendment, which we do not believe would ever be passed by the House because of the lack of sovereignty that it would imply.”

Margaret Thatcher (1925–2013) British stateswoman and politician

Prime Ministers' Questions (27 April 1989) https://api.parliament.uk/historic-hansard/commons/1989/apr/27/engagements#S6CV0151P0_19890427_HOC_126
Third term as Prime Minister

“That the human mind has a certain order of possible progress, in which some things must precede others, an order which governments and public instructors can modify to some, but not to an unlimited extent: That all questions of political institutions are relative, not absolute, and that different stages of human progress not only will have, but ought to have, different institutions: That government is always either in the hands, or passing into the hands, of whatever is the strongest power in society, and that what this power is, does not depend on institutions, but institutions on it: That any general theory or philosophy of politics supposes a previous theory of human progress, and that this is the same thing with a philosophy of history.”

John Stuart Mill book Autobiography

Source: Autobiography (1873)
Source: https://archive.org/details/autobiography01mill/page/162/mode/1up p. 162

“Our government belongs to the people. Our property belongs to the people. It is distributed. They own it. The taxes are paid by the people. They bear the burden. The benefits of government must accrue to the people. Not to one class, but to all classes, to all the people. The functions, the power, the sovereignty of the government, must be kept where they have been placed by the Constitution and laws of the people. Not private will, but that public will, which speaks with a divine sanction, must prevail.”

Calvin Coolidge (1872–1933) American politician, 30th president of the United States (in office from 1923 to 1929)

1920s, Law and Order (1920)

“It has been said, that the people had already surrendered all their powers to the State sovereignties, and had nothing more to give. But, surely, the question whether they may resume and modify the powers granted to government does not remain to be settled in this country. Much more might the legitimacy of the general government be doubted, had it been created by the States. The powers delegated to the State sovereignties were to be exercised by themselves, not by a distinct and independent sovereignty, created by themselves. To the formation of a league, such as was the confederation, the State sovereignties were certainly competent. But when, "in order to form a more perfect union," it was deemed necessary to change this alliance into an effective government, possessing great and sovereign powers, and acting directly on the people, the necessity of 'referring it to the people, and of deriving its powers directly from them, was felt and acknowledged by all.”

John Marshall (1755–1835) fourth Chief Justice of the United States

17 U.S. (4 Wheaton) 316, 405
McCulloch v. Maryland (1819)

“The absence of effective State, and, especially, national, restraint upon unfair money-getting has tended to create a small class of enormously wealthy and economically powerful men, whose chief object is to hold and increase their power. The prime need to is to change the conditions which enable these men to accumulate power which it is not for the general welfare that they should hold or exercise.”

Theodore Roosevelt (1858–1919) American politician, 26th president of the United States

1910s, The New Nationalism (1910)

“What was needed was a policy that increased the supply of money available for use and then ensured its use. Then the state of trade would have to improve.”

John Kenneth Galbraith (1908–2006) American economist and diplomat

Source: Money: Whence It Came, Where It Went (1975), Chapter XVI, The Coming of J.M. Keynes, p. 217

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Enoch Powell 155

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