“I find odd the view that a Government institution is better placed to evaluate "the technical and financial viability" of a project than a commercial bank. It may well be that our banks are deficient in the kind of expertize required for assessing projects but then what we should be doing is encouraging banks to acquire such expertize or to make use of outside, commercial, expertize. I do not believe in any case that a Government machine can provide a reliable judgement on such matters, an opinion the banking members of the committee appear to have shared, for they have prudently refused to commit themselves to accepting its advice. I myself tend to mistrust the judgement of anyone not involved in the actual process of risktaking.”

— John James Cowperthwaite

October 9, 1970, page 117.
Official Report of Proceedings of the Hong Kong Legislative Council

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John James Cowperthwaite 38

British colonial administrator 1915–2006

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“The destruction of the British building society movement – or much of it – in the two decades after the late 1980s … was one of the great acts of economic vandalism in modern times. And the commercial banks largely abandoned locally based relationship banking in the decade before the recent financial crisis. There is now no institutional structure in place to offer countercyclical lending, particularly small and medium sized businesses, in place of the banks.”

Vince Cable (1943) British Liberal Democrat politician

Comments on demutualisation of Building Societies http://www.libdemvoice.org/vince-cable-centre-forum-speec-29033.html, 18 June 2012.
2012

“International law. Our country should also support efforts which are being made toward the codification of international law. We can look more hopefully, in the first instance, for research and studies that are likely to be productive of results, to a cooperation among representatives of the bar and members of international law institutes and societies, than to a conference of those who are technically representative of their respective governments, although, when projects have been developed, they must go to the governments for their approval. These expert professional studies are going on in certain quarters and should have our constant encouragement and approval.”

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

1920s, Second State of the Union Address (1924)

“I sincerely believe that banking institutions are more dangerous to our liberties than standing armies. Already they have raised up a money aristocracy that has set the government at defiance. The issuing power should be taken from the banks and restored to the people to whom it properly belongs.”

Thomas Jefferson (1743–1826) 3rd President of the United States of America

The earliest known appearance of this statement is from 1895 (Joshua Douglass, "Bimetallism and Currency", American Magazine of Civics, 7:256). It is apparently a combination of paraphrases or approximate quotations from three separate letters of Jefferson (longer excerpts in sourced section):
I sincerely believe, with you, that banking institutions are more dangerous than standing armies...
Letter to John Taylor (1816)
The bank mania...is raising up a moneyed aristocracy in our country which has already set the government at defiance...
Letter to Josephus B. Stuart (1817)
Bank paper must be suppressed, and the circulating medium must be restored to the nation to whom it belongs.
Letter to John W. Eppes (1813)
Misattributed

“In order to be able to meet a general combination of the banks against us in a critical emergency, could we not make a beginning towards an independent use of our own money, towards holding our own bank in all the deposits where it is received, and letting the treasurer give his draft or note for payment at any particular place, which, in a well-conducted government, ought to have as much credit as any private draft or bank note or bill, and would give us the same facilities which we derive from the banks?”

Thomas Jefferson (1743–1826) 3rd President of the United States of America

Letter to Albert Gallatin, 1803. http://www.yamaguchy.netfirms.com/7897401/jefferson/gallatin.html ME 10:439
Posthumous publications, On financial matters

“America had come to the rescue of Korea's "troubled banks". The auction of commercial bank assets was an obvious fraud.”

Michel Chossudovsky (1946) Canadian economist

The Recolonization of Korea, Chapter 22, p. 340
The Globalization of Poverty and the New World Order - Second Edition - (2003)

“I believe that banking institutions are more dangerous to our liberties than standing armies.”

Thomas Jefferson (1743–1826) 3rd President of the United States of America

“[The] Bank of the United States… is one of the most deadly hostility existing, against the principles and form of our Constitution… An institution like this, penetrating by its branches every part of the Union, acting by command and in phalanx, may, in a critical moment, upset the government. I deem no government safe which is under the vassalage of any self-constituted authorities, or any other authority than that of the nation, or its regular functionaries. What an obstruction could not this bank of the United States, with all its branch banks, be in time of war! It might dictate to us the peace we should accept, or withdraw its aids. Ought we then to give further growth to an institution so powerful, so hostile?”

Thomas Jefferson (1743–1826) 3rd President of the United States of America

Letter to Albert Gallatin, 1803. ME 10:437
Posthumous publications, On financial matters

“Like it or not, we have placed our destiny in the hands of the experts. A politician is, after all, a kind of expert, if self-styled. Even the fact that competent experts must serve under politicians of mediocre intelligence and little foresight is a problem that we are stuck with, because the experts themselves cannot agree on any major world issue.”

Stanisław Lem (1921–2006) Polish science fiction author

One Human Minute (1986)
Context: The book does not contain “everything about the human being,” because that is impossible. The largest libraries in the world do not contain “everything.” The quantity of anthropological data discovered by scientists now exceeds any individual’s ability to assimilate it. The division of labor, including intellectual labor, begun thirty thousand years ago in the Paleolithic, has become an irreversible phenomenon, and there is nothing that can be done about it. Like it or not, we have placed our destiny in the hands of the experts. A politician is, after all, a kind of expert, if self-styled. Even the fact that competent experts must serve under politicians of mediocre intelligence and little foresight is a problem that we are stuck with, because the experts themselves cannot agree on any major world issue. A logocracy of quarreling experts might be no better than the rule of the mediocrities to which we are subject. The declining intellectual quality of political leadership is the result of the growing complexity of the world. Since no one, be he endowed with the highest wisdom, can grasp it in its entirety, it is those who are least bothered by this who strive for power.

“Mankind’s problems can no longer be solved by national governments. What is needed is a World Government. This can best be achieved by strengthening the United Nations system. In some cases, this would mean changing the role of UN agencies from advice-giving to implementation. But some of the most important new institutions would be financial—a World Treasury and a World Central Bank. Just as each nation has a system of income redistribution, so there should be a corresponding ‘World Financial Policy’ to be implemented by the World Bank and the World Central Bank. Some of these proposals are, no doubt, far-fetched and beyond the horizon of today’s political possibilities. But the idealist of today often turns out to be the realists of tomorrow.”

Jan Tinbergen (1903–1994) Dutch economist

Source: United Nations, Human Development Report 1994 http://books.google.com/books?id=pSa5Zrg5TnEC&pg=PA88, (1994), p. 88

“What is science? yard-measure and scale to philosophy, expert-accountant, bank clerk. What is poetry? miserable, ill-fed, underpaid, unionized labourer, pleased to oblige, grateful for work, flattering himself that poverty makes him an aristocrat.”

Laura Riding Jackson (1901–1991) poet, critic, novelist, essayist and short story writer

"This Philosophy" from Anarchism Is Not Enough (London: Jonathan Cape, 1928)

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John James Cowperthwaite 38

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