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The big money in booms is always made first by the public - on paper.
And it remains on paper.
--
Chapter XXI, P. 257

 

Edwin Lefevre

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"Here's what's not beautiful about it: from here, you can't see the rust or the cracked paint or whatever, but you can tell what the place really is. You see how fake it all is. It's not even hard enough to be made out of plastic. It's a paper town. I mean look at it, Q: look at all those cul-de-sacs, those streets that turn in on themselves, all the houses that were built to fall apart. All those paper people living in their paper houses, burning the future to stay warm. All the paper kids drinking beer some bum bought for them at the paper convenience store. Everyone demented with the mania of owning things. All the things paper-thin and paper-frail. And all the people, too. I've lived here for eighteen years and I have never once in my life come across anyone who cares about anything that matters."

 

John Green

 

He [Turgot] now, in 1749, at the age of twenty two, wrote... a letter which has been an object of wonder among political thinkers ever since. Its subject was paper money. Discussing the ideas of John Law, and especially the essay of Terrasson which had supported them, he dissected them mercilessly, but in a way useful not only in those times but in these. ...Terrasson's arguments in behalf of unlimited issues of paper had been put forth in 1720. ...and he declared that the material used for bearing the sign of value is indifferent ...and that if a sovereign issues enough of paper promises, he will be able to loan or even to give money in unlimited amounts to his needy subjects. ...without danger of depreciation. ...Terrasson also made the distinction between the note of a business man and notes issued by a government, that the former comes back and must be paid, but that the latter need not come back and can be kept afloat forever by simple governmental command, thus becoming that blessed thing—worshiped widely, not many years since, in our own country—"fiat money."

 

Andrew Dickson White

 

Standards are paper. I use paper to wipe my butt every day. That's how much that paper is worth.

 

Linus Torvalds

 

We see only the script and not the paper on which the script is written. The paper is there, whether the script is on it or not. To those who look upon the script as real, you have to say that it is unreal--an illusion--since it rests upon paper. The wise person looks upon both paper and script as one.

 

Ramana Maharshi

 

Turgot's attempt... showed how the results that had followed Law's issues of paper money must follow all such issues. As regards currency inflation, Turgot saw that the issue of paper money beyond the point where it is convertible into coin is the beginning of disaster—that a standard of value must have value, just as a standard of length must have length, or a standard of capacity, capacity, or a standard of weight, weight. He showed that if a larger amount of the circulating medium is issued than is called for by the business of the country, it will begin to be discredited, and that paper, if its issue be not controlled by its relation to some real standard of value, inevitably depreciates no matter what stamp it bears. Turgot developed his argument [on currency inflation] with a depth, strength, clearness, and breadth, which have amazed every dispassionate reader from that day to this. It still remains one of the best presentations of this subject ever made; and what adds to our wonder is that it was not the result of a study of authorities, but was worked out wholly from his own observation and thought. Up to this time there were no authorities and no received doctrine on the subject; there were simply records of financial practice more or less vicious; it was reserved for this young student, in a letter not intended for publication, to lay down for the first time the great law in which the modern world, after all its puzzling and costly experiences, has found safety.

 

Andrew Dickson White