--- title: "Meaning & Key Takeaway of: It is not wise for us to permit a few…" description: "\"It is not wise for us to permit a few people on the Federal Reserve Board to have life and death power over our economy. My recommendation for reducing..." image: "https://sms4smile.com/quotes/i/4b6/walter-e-williams-2709_ability_it-is-not-wise-for-us-to-permit-a-few-pe_3054753.png" --- # It is not wise for us to permit a few people on the… ![“It is not wise for us to permit a few people on the Federal Reserve Board to have life and death power over our economy. My recommendation for reducing some of that power is to repeal legal tender laws and eliminate all taxes on gold, silver and platinum transactions. That way there would be money…” quote by Walter E. Williams](https://sms4smile.com/quotes/i/4b6/walter-e-williams-2709_ability_it-is-not-wise-for-us-to-permit-a-few-pe_3054753.png) [Download](https://sms4smile.com/quotes/i/4b6/walter-e-williams-2709_ability_it-is-not-wise-for-us-to-permit-a-few-pe_3054753.png) [Open image](https://sms4smile.com/quotes/i/4b6/walter-e-williams-2709_ability_it-is-not-wise-for-us-to-permit-a-few-pe_3054753.png) > “It is not wise for us to permit a few people on the Federal Reserve Board to have life and death power over our economy. My recommendation for reducing some of that power is to repeal legal tender laws and eliminate all taxes on gold, silver and platinum transactions. That way there would be money substitutes and the government money monopoly would be reduced and hence the ability to tax - some people would say steal from - us through inflation.” [Walter E. Williams](https://sms4smile.com/quotes/author/walter-e-williams/) ## About This Quote This interpretation was drafted with AI assistance. It is one reading of the quote, not the author's own explanation. Williams argues that concentrating monetary power in a few officials is dangerous; he suggests abolishing legal tender laws and taxing precious metals to dilute that power. **In simple terms:** Too much power in few hands harms the economy. Key Takeaway Limit central control over money. Themes economics freedom monetary policy government taxation Mood critical analytical Type political economic When to use this quote - policy debate - financial education - legislative reform - investment strategy - public discourse Key Concepts libertarianism inflation decentralization Questions to Reflect On - What alternatives protect economies without central control? - How would a gold‑based system affect everyday transactions? A Different Perspective Eliminating taxes may reduce revenue for essential services. ★ ★ ★ ★ ★ No ratings yet [Ability](https://sms4smile.com/quotes/about/ability/) [Boards](https://sms4smile.com/quotes/about/boards/) [Customer](https://sms4smile.com/quotes/about/customer/) [Economy](https://sms4smile.com/quotes/about/economy/) [Eliminate Taxes](https://sms4smile.com/quotes/about/eliminate-taxes-5096795/) [Federal reserve](https://sms4smile.com/quotes/about/federal-reserve/) [Gold](https://sms4smile.com/quotes/about/gold/) [Gold and silver](https://sms4smile.com/quotes/about/gold-and-silver/) [Government](https://sms4smile.com/quotes/about/government/) [Inflation](https://sms4smile.com/quotes/about/inflation/) [Law](https://sms4smile.com/quotes/about/law/) [Life](https://sms4smile.com/quotes/about/life/) [Life and death](https://sms4smile.com/quotes/about/life-and-death/) [Money Monopoly](https://sms4smile.com/quotes/about/money-monopoly-4132193/) [Money Substitutes](https://sms4smile.com/quotes/about/money-substitutes-5096796/) [Monopoly](https://sms4smile.com/quotes/about/monopoly/) [People](https://sms4smile.com/quotes/about/people/) [Permit](https://sms4smile.com/quotes/about/permit/) [Platinum](https://sms4smile.com/quotes/about/platinum/) [Recommendations](https://sms4smile.com/quotes/about/recommendations/) [Reducing](https://sms4smile.com/quotes/about/reducing/) [Reserves](https://sms4smile.com/quotes/about/reserves/) [Silver](https://sms4smile.com/quotes/about/silver/) [Steal Inflation](https://sms4smile.com/quotes/about/steal-inflation-5096794/) [Stealing](https://sms4smile.com/quotes/about/stealing/) [Substitutes](https://sms4smile.com/quotes/about/substitutes/) [Taxes](https://sms4smile.com/quotes/about/taxes/) [Transactions](https://sms4smile.com/quotes/about/transactions/) [Way](https://sms4smile.com/quotes/about/way/) [Wise](https://sms4smile.com/quotes/about/wise/) [Would be](https://sms4smile.com/quotes/about/would-be/) ## Related quotes > [The great monopoly in this country is the money monopoly. So long as it exists, our old variety of freedom and individual energy of…](https://sms4smile.com/quotes/woodrow-wilson/the-great-monopoly-in-this-country-is-the-money-monopoly-so-long-as/) [Woodrow Wilson](https://sms4smile.com/quotes/author/woodrow-wilson/) > [With 300 million people in America, you can fail to impress 299 million of them and still go platinum.](https://sms4smile.com/quotes/kareem-abdul-jabbar/with-300-million-people-in-america-you-can-fail-to-impress-299/) [Kareem Abdul-Jabbar](https://sms4smile.com/quotes/author/kareem-abdul-jabbar/) > [People in the media, it makes their day when someone they say is a five-star artist goes platinum.](https://sms4smile.com/quotes/soulja-boy/people-in-the-media-it-makes-their-day-when-someone-they-say-is-a/) [Soulja Boy](https://sms4smile.com/quotes/author/soulja-boy/) > [I made myself platinum, but I was born a dirty blonde.](https://sms4smile.com/quotes/anonymous/i-made-myself-platinum-but-i-was-born-a-dirty-blonde/) [Anonymous](https://sms4smile.com/quotes/author/anonymous/) > [Each of us chooses the tone for telling his or her own story. I would like to choose the durable clarity of a platinum…](https://sms4smile.com/quotes/isabel-allende/each-of-us-chooses-the-tone-for-telling-his-or-her-own-story-i-would/) [Isabel Allende](https://sms4smile.com/quotes/author/isabel-allende/) > [The way Leo figured it, he spent more time crashing than he did flying. If there was a rewards card for frequent crashers, he'd…](https://sms4smile.com/quotes/rick-riordan/the-way-leo-figured-it-he-spent-more-time-crashing-than-he-did-flying/) [Rick Riordan](https://sms4smile.com/quotes/author/rick-riordan/) > ['Rapper's Delight' was done in 17 minutes. Just one take, no mistakes, and it went to press from there. The record went platinum in 8 days.](https://sms4smile.com/quotes/big-bank-hank/rapper-s-delight-was-done-in-17-minutes-just-one-take-no-mistakes-and/) [Big Bank Hank](https://sms4smile.com/quotes/author/big-bank-hank/) > [Rippin life from the plastic turning every song to platinum.](https://sms4smile.com/quotes/big-sean/rippin-life-from-the-plastic-turning-every-song-to-platinum/) [Big Sean](https://sms4smile.com/quotes/author/big-sean/) > [Achievements are precious and timeless, just like the precious metal platinum. And what better way to celebrate milestones in your life than with precious…](https://sms4smile.com/quotes/vijender-singh/achievements-are-precious-and-timeless-just-like-the-precious-metal/) [Vijender Singh](https://sms4smile.com/quotes/author/vijender-singh/) > [ They \[US Administration\] have exploited hip-hop and some of the culture around it - magazines, videos, etc. - to recruit people into the military.… ](https://sms4smile.com/quotes/chuck-d/they-us-administration-have-exploited-hip-hop-and-some-of-the-culture/) [Chuck D](https://sms4smile.com/quotes/author/chuck-d/) > [You can have the platinum album, but when you still feel like you haven't quite found your place in the world - it kind…](https://sms4smile.com/quotes/kendrick-lamar/you-can-have-the-platinum-album-but-when-you-still-feel-like-you/) [Kendrick Lamar](https://sms4smile.com/quotes/author/kendrick-lamar/) > [The whole world may begin to burn, but the National Socialist State and Idea will emerge from the conflagration like platinum.](https://sms4smile.com/quotes/adolf-hitler/the-whole-world-may-begin-to-burn-but-the-national-socialist-state/) [Adolf Hitler](https://sms4smile.com/quotes/author/adolf-hitler/) > [I'm not anti single. I'm not one of them niggas that say "Aww record sales ain't everything." No. I wanna sell good. I would…](https://sms4smile.com/quotes/schoolboy-q/i-m-not-anti-single-i-m-not-one-of-them-niggas-that-say-aww-record/) [Schoolboy Q](https://sms4smile.com/quotes/author/schoolboy-q/) > [I take 2 steps back and release myself to put platinum and gold on my record shelf…](https://sms4smile.com/quotes/anonymous/i-take-2-steps-back-and-release-myself-to-put-platinum-and-gold-on-my/) [Anonymous](https://sms4smile.com/quotes/author/anonymous/) > [I have a platinum-selling record but I can walk around fine.](https://sms4smile.com/quotes/ben-howard/i-have-a-platinum-selling-record-but-i-can-walk-around-fine/) [Ben Howard](https://sms4smile.com/quotes/author/ben-howard/) ## More by Walter E. Williams > [Vote for me. I'll use my office to take another American's money and give it to you.](https://sms4smile.com/quotes/walter-e-williams/vote-for-me-i-ll-use-my-office-to-take-another-american-s-money-and/) [Walter E. Williams](https://sms4smile.com/quotes/author/walter-e-williams/) > [Elect me to office. I will protect and defend the U.S. Constitution. Because there's no constitutional authority for Congress spending on the objects of…](https://sms4smile.com/quotes/walter-e-williams/elect-me-to-office-i-will-protect-and-defend-the-u-s-constitution/) [Walter E. Williams](https://sms4smile.com/quotes/author/walter-e-williams/) > [More important than anything else is for Americans to wise up to class warfare demagoguery and reject the politics of envy.](https://sms4smile.com/quotes/walter-e-williams/more-important-than-anything-else-is-for-americans-to-wise-up-to/) [Walter E. Williams](https://sms4smile.com/quotes/author/walter-e-williams/) > [Wal-Mart has become the whipping boy for political demagogues, unions and anti-traders. I suggest that they have the wrong target… Wal-Mart exists and prospers…](https://sms4smile.com/quotes/walter-e-williams/wal-mart-has-become-the-whipping-boy-for-political-demagogues-unions/) [Walter E. Williams](https://sms4smile.com/quotes/author/walter-e-williams/) > [When the Founders thought of democracy, they saw democracy in the political sphere - a sphere strictly limited by the Constitution's well-defined and enumerated…](https://sms4smile.com/quotes/walter-e-williams/when-the-founders-thought-of-democracy-they-saw-democracy-in-the/) [Walter E. Williams](https://sms4smile.com/quotes/author/walter-e-williams/) > [Reaching into one's own pocket to assist his fellow man is noble and worthy of praise. Reaching into another person's pocket to assist one's…](https://sms4smile.com/quotes/walter-e-williams/reaching-into-one-s-own-pocket-to-assist-his-fellow-man-is-noble-and/) [Walter E. Williams](https://sms4smile.com/quotes/author/walter-e-williams/) > [If there's a distinct group of Americans who harbor open contempt for constitutional principles and rule of law, it's lawyers, judges and members of…](https://sms4smile.com/quotes/walter-e-williams/if-there-s-a-distinct-group-of-americans-who-harbor-open-contempt-for/) [Walter E. Williams](https://sms4smile.com/quotes/author/walter-e-williams/) > [Conservatives and liberals are kindred spirits as far as government spending is concerned. First, let's make sure we understand what government spending is. Since…](https://sms4smile.com/quotes/walter-e-williams/conservatives-and-liberals-are-kindred-spirits-as-far-as-government/) [Walter E. Williams](https://sms4smile.com/quotes/author/walter-e-williams/) > [Students who are alien and hostile to the education process ought to be removed. You say, "What will we do with them?" I say…](https://sms4smile.com/quotes/walter-e-williams/students-who-are-alien-and-hostile-to-the-education-process-ought-to/) [Walter E. Williams](https://sms4smile.com/quotes/author/walter-e-williams/) > [Minimum-wage laws are one of the most powerful tools in the arsenal of racists.](https://sms4smile.com/quotes/walter-e-williams/minimum-wage-laws-are-one-of-the-most-powerful-tools-in-the-arsenal/) [Walter E. Williams](https://sms4smile.com/quotes/author/walter-e-williams/) > [What we call the market is really a democratic process involving millions, and in some markets billions, of people making personal decisions that express…](https://sms4smile.com/quotes/walter-e-williams/what-we-call-the-market-is-really-a-democratic-process-involving/) [Walter E. Williams](https://sms4smile.com/quotes/author/walter-e-williams/) > [The bottom line is that the true test of one's commitment to freedom of association doesn't come when he allows people to associate in…](https://sms4smile.com/quotes/walter-e-williams/the-bottom-line-is-that-the-true-test-of-one-s-commitment-to-freedom/) [Walter E. Williams](https://sms4smile.com/quotes/author/walter-e-williams/) > [The difference between a thief and a congressman: When a thief steals your money, he doesn't expect you to thank him.](https://sms4smile.com/quotes/walter-e-williams/the-difference-between-a-thief-and-a-congressman-when-a-thief-steals/) [Walter E. Williams](https://sms4smile.com/quotes/author/walter-e-williams/) > [The global warming scare has provided a field day for politicians and others who wish to control our lives. After all, only the imagination…](https://sms4smile.com/quotes/walter-e-williams/the-global-warming-scare-has-provided-a-field-day-for-politicians-and/) [Walter E. Williams](https://sms4smile.com/quotes/author/walter-e-williams/) > [Legislators aren't known for being rocket scientists.](https://sms4smile.com/quotes/walter-e-williams/legislators-aren-t-known-for-being-rocket-scientists/) [Walter E. Williams](https://sms4smile.com/quotes/author/walter-e-williams/) [Explore all 153 Walter E. Williams quotes ](https://sms4smile.com/quotes/author/walter-e-williams/) ## More Ability quotes > [I don't think there's a direct correlation between my sexuality and my skiing ability. But I think because I was so concerned about it…](https://sms4smile.com/quotes/gus-kenworthy/i-don-t-think-there-s-a-direct-correlation-between-my-sexuality-and/) [Gus Kenworthy](https://sms4smile.com/quotes/author/gus-kenworthy/) > [“the importance of ability. The things that make a great job great, I discovered, are rare and valuable. If you want them in your…](https://sms4smile.com/quotes/cal-newport/the-importance-of-ability-the-things-that-make-a-great-job-great-i/) [Cal Newport](https://sms4smile.com/quotes/author/cal-newport/) > [Ambition drives you on, ability certainly helps, but the fickle finger of fate and luck are great things.](https://sms4smile.com/quotes/fergus-henderson/ambition-drives-you-on-ability-certainly-helps-but-the-fickle-finger/) [Fergus Henderson](https://sms4smile.com/quotes/author/fergus-henderson/) > [The ability of the gospel to unite us on common strengths and common truths is one of the great miracles . . . of the gospel.](https://sms4smile.com/quotes/jeffrey-r-holland/the-ability-of-the-gospel-to-unite-us-on-common-strengths-and-common/) [Jeffrey R. 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I'd be more frightened by procrastination and laziness.](https://sms4smile.com/quotes/denzel-washington/i-d-be-more-frightened-by-not-using-whatever-abilities-i-d-been-given/) [Denzel Washington](https://sms4smile.com/quotes/author/denzel-washington/) > [Bring into captivity every thought to the obedience of Christ. Take what I cannot give: my heart, body, thoughts, time, abilities, money, health, strength,…](https://sms4smile.com/quotes/elizabeth-prentiss/bring-into-captivity-every-thought-to-the-obedience-of-christ-take/) [Elizabeth Prentiss](https://sms4smile.com/quotes/author/elizabeth-prentiss/) > [You can only do the work to the very best of your ability.](https://sms4smile.com/quotes/christine-baranski/you-can-only-do-the-work-to-the-very-best-of-your-ability/) [Christine Baranski](https://sms4smile.com/quotes/author/christine-baranski/) > [Judge a person not by his ability to make money but by his ability to retain it.](https://sms4smile.com/quotes/vikrant-parsai/judge-a-person-not-by-his-ability-to-make-money-but-by-his-ability-to/) [Vikrant Parsai](https://sms4smile.com/quotes/author/vikrant-parsai/) > [Balance is the ability to be happy in the midst of the most chaotic or even boring or transient circumstance.](https://sms4smile.com/quotes/frederick-lenz/balance-is-the-ability-to-be-happy-in-the-midst-of-the-most-chaotic/) [Frederick Lenz](https://sms4smile.com/quotes/author/frederick-lenz/) > [Bobby had faith in my ability as a singer.](https://sms4smile.com/quotes/julie-london/bobby-had-faith-in-my-ability-as-a-singer/) [Julie London](https://sms4smile.com/quotes/author/julie-london/) [Browse all 9,990 Ability quotes ](https://sms4smile.com/quotes/about/ability/) ```json { "@context": "https://schema.org", "@graph": [ { "@type": "Quotation", "text": "It is not wise for us to permit a few people on the Federal Reserve Board to have life and death power over our economy. 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