Banking System Quotes - Page 3

• There's a loss of faith in the banking system that for so long has been the backbone of prosperity and growth.

  Lucy Powell

  Loss, Long, Growth

  "Economic bail-out aims to restore confidence for small firms and savers" by Lucy Powell, www.theguardian.com. October 10, 2008.

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• Our banking system grew byaccident; and wherever something happens byaccident, it becomes a religion.

  Bill Vaughan

  Banking, Grew, Happens

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• You can't fall back on the private sector and say, 'You take care of the nation's banking system.' That's a fundamental function of the government, the Federal Reserve, the Treasury and the FDIC, etc. All of those agencies have a major role to play there.

  Dick Cheney

  Fall, Agency, Government

  Interview with Larry Kudlow, www.nationalreview.com. May 28, 2009.

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• Time is running out fast.  I think we have maybe a few months -- it could be weeks, it could be days -- before there is a material risk of a fundamentally unnecessary default by a country like Spain or Italy which would be a financial catastrophe dragging the European banking system and North America with it. So they have to act now.

  Willem Buiter

  Running, Country, Thinking

  "New Italy PM fails to calm financial markets". "AM" with Sabra Lane, www.abc.net.au. November 17, 2011.

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• When you own gold you're fighting every central bank in the world. That's because gold is a currency that competes with government currencies and has a powerful influence on interest rates and the price of government bonds. And that's why central banks long have tried to suppress the price of gold. Gold is the ticket out of the central banking system, the escape from coercive central bank and government power.

  James Rickards

  Powerful, Fighting, Government

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• The eyes of our citizens are not sufficiently open to the true cause of our distress. They ascribe them to everything but their true cause, the banking system

  Thomas Jefferson

  Eye, Citizens, Banking

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• Only put money in the banking system that you can afford to lose!

  Max Keiser

  Banking, Loses

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• The money problem facing the country from 1789 to 1896 existed because Congress never exercised is authority to "coin money or regulate the value thereof" - but rather delegated that authority, sometimes by charter and sometimes by default, to the banking system. This despite the provision in the Constitution that charged Congress with the power to 'coin money, regulate the value thereof, and of foreign Coin, and fix the Standards of weight and Measures.'

  William Jennings Bryan

  Country, Banking, Coins

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• If you don't have a functioning financial system the world economy won't be revived. All the major economies have their responsibility to assist at a pace which is required to clean up the balance sheet of the banking system and to ensure that credit flows are resumed.

  Manmohan Singh

  Responsibility, Balance, Pace

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• To save the banks from making losses that would wipe out their net worth, you'll have to get rid of Social Security. It means that you'll essentially have to abolish government and turn it over to the banking system to run, with an idea that the role of governments is to extract income from the economy to pay to the bondholders and the banks.

  Michael Hudson

  Running, Mean, Loss

  Source: www.counterpunch.org

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• On the one hand, I loved being a banker. I loved how numbers could tell a story and how you can invest in ideas and see them translate into products and services and create jobs. What I didn't like, particularly where I was working in Brazil during the debt crisis of the early '80s, was how the poor were excluded from the banking system. I made the decision to try and experiment with whether we could use the tools of banking to extend the benefits of the economy to the poor.

  Jacqueline Novogratz

  Jobs, Hands, Ideas

  "The Marriage of Love & Power: Conversation w/ Jacqueline Novogratz of Acumen Fund". Interview with Gina Murdock, www.marandapleasantmedia.com. December 1, 2013.

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• A possibility is that we see more and more leverage, and credit-to-GDP ratios rise once more to even higher levels; eventually the banking systems of all advanced economies reach magnitudes of 500 percent, 1000 percent or more of GDP, so that every economy starts to have financial systems that resemble recent cases like Switzerland, Ireland, Iceland, or Cyprus. That might be a very fragile world to live in.

  Alan M. Taylor

  Iceland, Gdp, Switzerland

  Source: www.truth-out.org

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• Well what would happen is that if Greece defaulted and couldn't pay its debts, all the Greek bonds that are held in other banking systems across Western Europe would suddenly have no value. You could as a knock-on effect create a banking crisis in Western Europe.

  John Major

  Banking Crisis, Europe, Greek

  "The Andrew Marr Show", news.bbc.co.uk. October 9, 2011.

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• Our international banking system allows banks to accept funds gained from tax evasion and other crimes and thereby facilitates and encourages embezzlement by public officials, especially in developing countries, as well as tax evasion and tax avoidance by multinational corporations.

  Thomas Pogge

  Country, Banking, Developing Countries

  Source: www.truth-out.org

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• I do think that the banking system is now in the most perilous state we've seen in over 70 years.

  Nigel Farage

  Thinking, Years, Banking

  "On the edge of social breakdown". UK Independence Party Website, May 31, 2012.

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• Italy is the fourth-largest economy in Europe and the eighth-largest economy in the world, and its banking system is collapsing. And Germany is desperate. It must maintain its standard of living. It can only do that with exports and Deutsche Bank is very exposed to Italian debt. But so is the rest of Europe.

  George Friedman

  Italian, Europe, Germany

  Source: www.businessinsider.com

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• They [political leaders ] thought the only problem was the banking system, and if they fixed the banking system, all would be fine. But the banking system and the mortgage problem were symptomatic of some deeper problems, and evidently they still haven't recognized those deeper problems.

  Joseph Stiglitz

  Leader, Political, Would Be

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• In Africa it's difficult to carry the money, it's difficult to have a banking system with tellers, with distribution of cash. So they are using their mobile phones.

  Maurice Levy

  Phones, Banking, Cash

  Source: www.businessinsider.com

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• The Fed is pushing a variety of workarounds that would inject trillions in new money into the economy while bypassing the banking system altogether. Time will tell whether or not this will succeed. Meanwhile, a serious danger lurks around the corner. Once the recession is over, the lending will start again. With fractional-reserve banking and limitless supplies of cash on hand, we will likely see the overall price trends reversed, from deflation to inflation to possible hyperinflation.

  Llewellyn Rockwell

  Hands, Banking, Cash

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• The peculiar essence of our banking system is an unprecedented trust between man and man. And when that trust is much weakened by hidden causes, a small accident may greatly hurt it, and a great accident for a moment may almost destroy it.

  Walter Bagehot

  Hurt, Men, Essence

  Walter Bagehot (2007). “Lombard Street: A Description of the Money Market”, p.160, Cosimo, Inc.

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• It's a safe banking system, a sound banking system. Our regulators are on top of it. This is a very manageable situation.

  Henry Paulson

  Sound, Banking, Safe

  "CBS News' Face the Nation", www.cbsnews.com. July 20, 2008.

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• We dont have a good legal justification for breaking up the banking system. But if I could wave a magic wand, Id break up the banking system.

  Kenneth C. Griffin

  Magic, Banking, Wave

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• It's important that the American people understand that President has proposed and passed this stimulus plan not as the end-all and be-all to our economic woes but as our bridge over troubled water until we get the finance system, the banking system working again.

  William J. Clinton

  Bridges, People, Water

  Source: www.foxnews.com

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• I think what they've been doing is largely almost in firefighting mode without a good conceptual framework - either at the micro or the macro level. Micro, you would ask: "What kind of financial or banking system do we want?" Macro, you would say: "What are the underlying problems in the structure of our economy?"

  Joseph Stiglitz

  Thinking, Banking, Levels

  Interview with Amitabh Pal, www.sharedhost.progressive.org. May 27, 2011.

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