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I fear for our nation. Nearly half of our people receive some kind of government subsidy. We have grown weak from too much affluence and too little adversity. I fear that soon we will not be able to defend our country from our sure and certain enemies. We have debased our currency to the point that even the most loyal citizen no longer trusts it.
The problems that face Washington—and America
-A Roman Senator in A.D. 63
MZM measure of money supply
Money Supply, MZM
“In the case of the federal government, we can print money to pay for our folly for a time. But we will just continue to debase our currency, and then we will have financial collapse. This is the road we are on today. This is the direction in which the ‘humanitarians’ are leading us. But …There is nothing ‘humanitarian’ about the loss of freedom. That is why we must be concerned about the cancerous growth of government and its steady devouring of our citizens’ productive energy. That is why we must be concerned about deficits and balancing the budget. The issue is not bookkeeping, it is not accounting. The issue is the liberty of the American people.
…I speak of this so insistently because I hear no one discussing this danger. Congress does not discuss it. The press does not discuss it. Look around us---the press isn’t even here! The people do not discuss it—they are unaware of it. No counterforce in America is being mobilized to fight this danger. The battle is being lost, and not a shot is being fired.”—Treasury Secretary William Simon
April 30th, 1976