Assured Quote by Henry Hazlitt
![“In practice [monetary management] is merely a high-sounding euphemism for continuous currency debasement. It consists of constant lying in order to support constant swindling. Instead of automatic currencies based on gold, people are forced to take managed currencies based on guile. Instead of…” quote by Henry Hazlitt](https://sms4smile.com/quotes/img-quotes/c76/henry-hazlitt-2839_assured_in-practice-monetary-management-is-merel_416996.jpg)
“In practice [monetary management] is merely a high-sounding euphemism for continuous currency debasement. It consists of constant lying in order to support constant swindling. Instead of automatic currencies based on gold, people are forced to take managed currencies based on guile. Instead of precious metals they hold paper promises whose value falls with every bureaucratic whim. And they are suavely assured that only hopelessly antiquated minds dream of returning to truth and honesty and solvency and gold.”
About This Quote
Source Book: Economics in One Lesson, Henry Hazlitt, 1949
The passage critiques modern monetary policy as a deceptive practice that devalues currency, arguing it replaces tangible assets like gold with manipulated paper money, eroding trust and solvency.
In simple terms: Monetary policy is seen as a lie that devalues money and replaces real value with promises.
Key Takeaway
Question the integrity of managed currencies and consider alternatives.
Themes
financial criticism
inflation
monetary policy
Mood
skeptical
analytical
Type
economic
philosophical
When to use this quote
- investment decisions
- policy analysis
- personal budgeting
- historical financial study
- advocacy for sound money
Key Concepts
economic deception
currency debasement
gold standard
trust erosion
Questions to Reflect On
- Can managed currencies ever be transparent?
- What safeguards could protect against debasement?
A Different Perspective
The view may ignore benefits of flexible monetary tools for economic stability.
![“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)
![“In Canada, I've had success raising money. I think I was fortunate enough. But today, I would have to write a very, very bad script not to be financed for the next one. I'm assured at least of the next one, but you're always [only] as good as your last film. I think it's true for anyone.” quote by Philippe Falardeau](https://sms4smile.com/quotes/img-quotes/574/philippe-falardeau-11523_assured_in-canada-i-ve-had-success-raising-money_68419.jpg)
