He who controls the money supply of a nation controls the nation.
Interpretation
Controlling the money supply gives immense power over national governance.
This quote by James A. Garfield highlights the critical influence that monetary policy and control over a nation's currency have on its stability and governance. By stating that whoever controls the money supply controls the nation, Garfield underscores the importance of economic management in shaping the political and social dynamics of a country.
In practice
A financial seminar discussing the impact of monetary policy on national governance.
Statistical science is indispensable to modern statesmanship. In legislation as in physical science it is beginning to be understood that we can control terrestrial forces only by obeying their laws. The legislator must formulate in his statutes not only the national will, but also those great laws of social life revealed by statistics.
I am trying to do two things: dare to be a radical and not a fool, which is a matter of no small difficulty.
Justice and goodwill will outlast passion.
Now more than ever the people are responsible for the character of their Congress. If that body be ignorant, reckless, and corrupt, it is because the people tolerate ignorance, recklessness, and corruption.
If the power to do hard work is not a skill, it's the best possible substitute for it.
Next in importance to freedom and justice is popular education, without which neither freedom nor justice can be permanently maintained.
Conventional economic theory... counts the depletion of resources as the accumulation of wealth.
When people begin anticipating inflation, it doesn't do you any good anymore, because any benefit of inflation comes from the fact that you do better than you thought you were going to do.
Economists who adhere to rational-expectations models of the world will never admit it, but a lot of what happens in markets is driven by pure stupidity - or, rather, inattention, misinformation about fundamentals, and an exaggerated focus on currently circulating stories.
The welfare of a nation can scarcely be inferred from a measurement of national income as defined by the GDP.
This long run is a misleading guide to current affairs. In the long run we are all dead. Economists set themselves too easy, too useless a task if in tempestuous seasons they can only tell us that when the storm is long past the ocean is flat again.
No matter how the financial system is set up, no matter what the economic system is, as long as you have people, you're going to have financial crises; you're going to have bubbles that manifest themselves in the financial system.
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