“Money, first and foremost, is a medium of communication, conveying the information we call 'price'. Government control of the money supply is censorship, a violation of the First Amendment. Inflation is a lie.”

— L. Neil Smith

"Some New Tactical Reflections".

Adopted from Wikiquote. Last update June 3, 2021. History

Help us to complete the source, original and additional information

Do you have more details about the quote "Money, first and foremost, is a medium of communication, conveying the information we call 'price'. Government control …" by L. Neil Smith?

L. Neil Smith 99

American writer 1946

L. Neil Smith (1946) American writer

Government control of the money supply is censorship, a violation of the First Amendment. Inflation is a lie.
"Some New Tactical Reflections".

“Inflation may be defined as any increase in the economy's supply of money not consisting of an increase in the stock of the money metal.”

Murray N. Rothbard book What Has Government Done to Our Money?

What Has Government Done to Our Money? (1980)

“Any imposition of government censorship on the media is a step in the direction of State control, a step which big money is most reluctant to take.”

William S. Burroughs book The Adding Machine: Collected Essays

"The Limits of Control"
The Adding Machine: Collected Essays (1985)

“When Government seeks to use its full power, including the criminal law, to command where a person may get his or her information or what distrusted source he or she may not hear, it uses censorship to control thought. This is unlawful. The First Amendment confirms the freedom to think for ourselves.”

Anthony Kennedy (1936) Associate Justice of the Supreme Court of the United States

Citizens United v. Federal Election Commission, 558 U.S. 310 (2010) (Opinion of the Court).

“Labour was the first price, the original purchase-money that was paid for all things.”

Adam Smith (1723–1790) Scottish moral philosopher and political economist

It was not by gold or by silver, but by labour, that all the wealth of the world was originally purchased; and its value, to those who possess it, and who want to exchange it for some new productions, is precisely equal to the quantity of labour which it can enable them to purchase or command.
Source: The Wealth of Nations (1776), Book I, Chapter V, p. 38.

“I do not mean to suggest that all those who call themselves monetarists make this unconscious assumption that an inflation involves this uniform rise of prices. But we may distinguish two schools of monetarism. The first would prescribe a monthly or annual increase in the stock of money just sufficient, in their judgment, to keep prices stable. The second school (which the first might dismiss as mere inflationists) wants a continuous increase in the stock of money sufficient to raise prices steadily by a "small" amount—2 or 3 per cent a year. These are the advocates of a "creeping" inflation. … I made a distinction earlier between the monetarists strictly so called and the "creeping inflationists." This distinction applies to the intent of their recommended policies rather than to the result. The intent of the monetarists is not to keep raising the price "level" but simply to keep it from falling, i. e., simply to keep it "stable." But it is impossible to know in advance precisely what uniform rate of money-supply increase would in fact do this. The monetarists are right in assuming that in a prospering economy, if the stock of money were not increased, there would probably be a mild long-run tendency for prices to decline. But they are wrong in assuming that this would necessarily threaten employment or production. For in a free and flexible economy prices would be falling because productivity was increasing, that is, because costs of production were falling. There would be no necessary reduction in real profit margins. The American economy has often been prosperous in the past over periods when prices were declining. Though money wage-rates may not increase in such periods, their purchasing power does increase. So there is no need to keep increasing the stock of money to prevent prices from declining. A fixed arbitrary annual increase in the money stock "to keep prices stable" could easily lead to a "creeping inflation" of prices.”

Henry Hazlitt (1894–1993) American journalist

Where the Monetarists Go Wrong (1976)

“In the new money system we abolish interest and inflation, thereby reducing the prices of all goods and services as well as taxes by about 40%.”

Margrit Kennedy (1939–2013) German architect

Source: Interest and Inflation Free Money (1995), Chapter Three, Who Would Profit From a New Monetary System?, p. 66

“No — we need money first.”

John Lennon (1940–1980) English singer and songwriter

When asked if they wouldn't sing because they couldn't, in a press conference at John F. Kennedy Airport (7 February 1964) http://www.dmbeatles.com/interviews.php?interview=10

“First and foremost, Keynesian economics is a theory of aggregate demand and of the effects of aggregate demand on real output and inflation.”

Alan Blinder (1945) economist

"The fall and rise of Keynesian economics", (1988)

“The way liberals are interpreting the First Amendment today is that it prevents anyone who is religious from being in government. They say that violates the prohibition against church and state.”

Rush Limbaugh (1951) U.S. radio talk show host, Commentator, author, and television personality

[The Way Things Ought to Be, Pocket Books, October 1992, 277, 978-0671751456, 92028659, 26397008, 1724938M]

“Money, first and foremost, is a medium of communication, conveying the information we call 'price'. Government control of the money supply is censorship, a violation of the First Amendment. Inflation is a lie.”

Help us to complete the source, original and additional information

L. Neil Smith 99

Related quotes

Related topics