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A great industrial nation is controlled by its system of credit. Our system of credit is privately concentrated. The growth of the nation, therefore, and all our activities are in the hands of a few men who, even if their action be honest and intended for the public interest, are necessarily concentrated upon the great undertakings in which their own money is involved and who necessarily, by very reason of their own limitations, chill and check and destroy genuine economic freedom. This is the greatest question of all, and to this statesmen must address themselves with an earnest determination to serve the long future and the true liberties of men.
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Section VIII: “Monopoly, Or Opportunity?”, p. 185. Note that this remark has been used as the basis for a fake quotation discussed below.

 

(Thomas) Woodrow Wilson

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I am a most unhappy man. I have unwittingly ruined my country. A great industrial nation is controlled by its system of credit. Our system of credit is concentrated. The growth of the nation, therefore, and all our activities are in the hands of a few men. We have come to be one of the worst ruled, one of the most completely controlled and dominated governments in the civilized world: no longer a government by free opinion, no longer a government by conviction and the vote of the majority, but a government by the opinion and duress of a small group of dominant men.

 

(Thomas) Woodrow Wilson

 

A great industrial nation is controlled by its system of credit.…

 

(Thomas) Woodrow Wilson

 

It is, therefore, a just political maxim, that every man must be supposed a knave: Though at the same time, it appears somewhat strange, that a maxim should be true in politics, which is false in fact. But to satisfy us on this head, we may consider, that men are generally more honest in their private than in their public capacity, and will go greater lengths to serve a party, than when their own private interest is alone concerned. Honour is a great check upon mankind: But where a considerable body of men act together, this check is, in a great measure, removed; since a man is sure to be approved of by his own party, for what promotes the common interest; and he soon learns to despise the clamours of adversaries.

 

David Hume

 

The growth in money and credit has outpaced both savings and economic growth. These inflationary pressures have been concentrated in asset prices, not consumer price inflation--keeping monetary policy too easy. This increase in asset prices has fueled domestic borrowing and spending. Government policy and the increase in securitization are largely responsible for this bubble. In addition to loose monetary policies by the Federal Reserve, government-sponsored enterprises Fannie Mae and Freddie Mac have contributed to the problem. The fourfold increases in their balance sheets from 1997 to 1998 boosted new home borrowings to more than $1.5 trillion in 1998, two-thirds of which were refinances which put an extra $15,000 in the pockets of consumers on average--and reduce risk for individual institutions while increasing risk for the system as a whole.

 

Ron Paul

 

For the harsh facts of the matter are that we stand on this frontier at a turning-point in history. We must prove all over again whether this nation--or any nation so conceived--can long endure--whether our society--with its freedom of choice, its breadth of opportunity, its range of alternatives--can compete with the single-minded advance of the Communist system.
Can a nation organized and governed such as ours endure? That is the real question. Have we the nerve and the will? Can we carry through in an age where we will witness not only new breakthroughs in weapons of destruction--but also a race for mastery of the sky and the rain, the ocean and the tides, the far side of space and the inside of men's minds?
Are we up to the task--are we equal to the challenge? Are we willing to match the Russian sacrifice of the present for the future--or must we sacrifice our future in order to enjoy the present?
That is the question of the New Frontier. That is the choice our nation must make--a choice that lies not merely between two men or two parties, but between the public interest and private comfort--between national greatness and national decline--between the fresh air of progress and the stale, dank atmosphere of "normalcy"--between determined dedication and creeping mediocrity. All mankind waits upon our decision. A whole world looks to see what we will do. We cannot fail their trust, we cannot fail to try.

 

John F. Kennedy