Attributes Quote by E.C. Riegel
“Money is an instrumentality of the profit motive and must be issued and backed only by private enterprisers. Economic and political perversities are inescapable while government is admitted to money power. Since all national governments have, up to the present, been money issuing powers we may justly attribute all the economic and political ills of mankind to this single error.”
About This Quote
Source Treat: Monetary Theory and Policy, 1932
The author argues that only private enterprises should issue money, blaming government‑issued currency for economic and political problems.
In simple terms: Government money causes systemic issues.
Key Takeaway
Advocate private monetary systems.
Themes
economics
politics
monetary policy
private enterprise
critique
Mood
critical
analytical
Type
economic
political
When to use this quote
- banking reform
- private currency experiments
- policy debates
- academic research
Key Concepts
Monetary sovereignty
market libertarianism
institutional critique
Questions to Reflect On
- Is a fully private monetary system feasible?
- What safeguards prevent abuse?
A Different Perspective
Private issuance may lack public accountability and stability.
![“[There is] a strange split in thinking common to those on the religious left, who are quick to denounce the profit motive and commercialism. Yet, they seem to think that the key to happiness is giving people more stuff - by enlisting the coercive power of government. This perverse way of thinking…” quote by Robert Sirico](https://sms4smile.com/quotes/img-quotes/8d5/robert-sirico-66948_commercialism_there-is-a-strange-split-in-thinking-com_437064.jpg)
