Currency Quote by Garet Garrett
“The spectacle of a great, solvent government paying a fictitious price for gold it did not want and did not need and doing it on purpose to debase the value of its own paper currency was one to astonish the world.”
About This Quote
A government deliberately inflates its currency by buying gold at an inflated price, undermining monetary stability.
In simple terms: Governmental currency debasement through gold purchases.
Key Takeaway
Inflationary policy can be self‑defeating.
Themes
monetary policy
inflation
government intervention
currency stability
economic manipulation
Mood
critical
cautious
skeptical
Type
political
economic
historical
When to use this quote
- central bank operations
- budget deficits
- currency crises
- policy debates
Key Concepts
fiat money
gold standard
price distortion
fiscal strategy
Practical Applications
- economic analysis
- policy critique
Questions to Reflect On
- What are the long‑term effects of such monetary tactics?
- How does this reflect on governmental credibility?
![“We were not foolish enough to try to make a currency [backed by] gold of which we had none, but for every mark that was issued we required the equivalent of a mark's worth of work done or goods produced ... we laugh at the time our national financiers held the view that the value of a currency is…” quote by Adolf Hitler](https://sms4smile.com/quotes/img-quotes/db1/adolf-hitler-253_currency_we-were-not-foolish-enough-to-try-to-mak_791068.jpg)
![“It is a [disputed] question, whether the circulation of paper, rather than of specie [gold and silver coin], is a good or an evil I believe it to be one of those cases where mercantile clamor will bear down reason, until it is corrected by ruin.” quote by Thomas Jefferson](https://sms4smile.com/quotes/img-quotes/8ed/thomas-jefferson-43_bears_it-is-a-disputed-question-whether-the-ci_2519938.jpg)
