Since becoming a central banker, I have learned to mumble with great incoherence. If I seem unduly clear to you, you must have misunderstood what I s… - Alan Greenspan

New England was a land of textile mills powered by water, the South a land of plantations powered by slaves. This division became more pronounced over time as the North invested in new machinery and the South invested in more slavery.

In the absence of the gold standard, there is no way to protect savings from confiscation through inflation. There is no safe store of value. If there were, the government would have to make its holding illegal, as was done in the case of gold. If everyone decided, for example, to convert all his bank deposits to silver or copper or any other good, and thereafter declined to accept checks as payment for goods, bank deposits would lose their purchasing power and government-created bank credit would be worthless as a claim on goods. The financial policy of the welfare state requires that there be no way for the owners of wealth to protect themselves.

I know you think you understand what you thought I said , but I'm not sure realized that what you heard isn't what I meant