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Borrowing money on what's called 'easy terms,' is a one-way ticket to the poor house. if you think it ain't a sucker game, why is your banker the richest man in your town? why is your bank the biggest and finest building in your town? instead of passing bills to make borrowing easy, if congress had passed a bill that no person could borrow a cent of money from any other person, they would have gone down in history as committing the greatest bit of legislation in the world.
-Will Rogers
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Borrowing Money On What's Called 'easy Terms,'

Will Rogers
Borrowing money on what's called 'easy terms,' is a one-way ticket to the poor house. if you think it ain't a sucker game, why is your banker the richest man in your town? why is your bank the biggest and finest building in your town? instead of passing bills to make borrowing easy, if congress had passed a bill that no person could borrow a cent of money from any other person, they would have gone down in history as committing the greatest bit of legislation in the world.
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I will continue to fight for legislation that forces congress to read the bills! i will fight for a vote on my bill that calls for a waiting period for each page of legislation. i will continue to object when congress sticks special interest riders on bills in the dead of night! and if congress refuses to obey its own rules, if congress refuses to pass a budget, if congress refuses to read the bills, then i say: sweep the place clean. limit their terms and send them home!
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To walk in money through the night crowd, protected by money, lulled by money, dulled by money, the crowd itself a money, the breath money, no least single object anywhere that is not money. money, money everywhere and still not enough! and then no money, or a little money, or less money, or more money but money always money. and if you have money, or you don't have money, it is the money that counts, and money makes money, but what makes money make money?
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I think people forget that when people lose medicaid coverage, they still show up at the hospital when they have a chronic illness or a traumatic impact on their health. and those bills are paid by the hospital who then passes those costs on. they do not have a magic fairy paying the bills for people who show up without insurance. those bills are passed on to all the people in our country that do have insurance. that's why this bill is not going to break the cycle of higher premiums - because we're going to have fewer people insured.
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When you live in a poor neighborhood, you are living in an area where you have poor schools. when you have poor schools, you have poor teachers. when you have poor teachers, you get a poor education. when you get a poor education, you can only work in a poor-paying job. and that poor-paying job enables you to live again in a poor neighborhood. so, it's a very vicious cycle.
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Then came the second amsterdam discovery, although the principle was known elsewhere. bank deposits...did not need to be left idly in the bank. they could be lent. the bank then got interest. the borrower then had a deposit that he could spend. but the original deposit still stood to the credit of the original depositor. that too could be spent. money, spendable money, had been created. let no one rub his or her eyes. it's still being done-every day. the creation of money by a bank is as simple as this, so simple, i've often said, that the mind is slightly repelled.
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The lesson for asia is; if you have a central bank, have a floating exchange rate; if you want to have a fixed exchange rate, abolish your central bank and adopt a currency board instead. either extreme; a fixed exchange rate through a currency board, but no central bank, or a central bank plus truly floating exchange rates; either of those is a tenable arrangement. but a pegged exchange rate with a central bank is a recipe for trouble.
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