Topic: Economics, Matches 52 quotes.

Medium Of Exchange Created

In the beginning, trade was carried on by exchange of commodities, rather than by purchase and sale, with a recognized medium of exchange. In fact, in my time I have been in countries where this was almost the universal custom.

As civilization developed it became apparent that for the convenience of commerce and trade some medium of exchange, with a fixed and recognized ratio of value, must be created; and at a very early date gold and silver were used in the beginning counted by weight, as dust or in bars, as shown in the scripture which I have quoted, when Abraham weighed to Ephron, the son of Zohar, 400 shekels of silver, about $250.00, 3,800 years ago. At a later date minted coins, of specific weight, came into use.

Source: President Anthony W. Ivins
General Conference, April 1932

Topics: Economics; Free Market

Banking System Developed

As people, by industry and economy accumulated more than was required for their personal necessities, and merchants began to penetrate new countries with their caravans, and ships to sail the seas, it was common practice for those who had a surplus of money to lend it to those engaged in trade, in order that commerce might be carried on between different peoples and nations.

The borrower was required to pay a reasonable interest on the money obtained, but excessive usury was strictly forbidden.

It was from this simple beginning that our present system of banking has developed, until it has become the most important business occupation of the world.

This may appear to be an extravagant statement, but it is nevertheless true,

The business of the banker brings him in closer contact with every field of human endeavor than that of any other occupation.

He is the custodian of the hard-earned money of the husbandman, the widow, the fatherless, the doctor, lawyer, merchant, manufacturer, and the man who has no occupation at all, of whom I sometimes think we have too many, for it was written long ago that the idler shall not eat the bread nor wear the apparel of the laborer.

Source: President Anthony W. Ivins
General Conference, April 1932

Topics: Economics

Responsibility of the Banker

As custodian of the savings of the depositor, the banker assumes the responsibility of investing the funds entrusted to him in a manner that will bring to the depositor a reasonable return in interest upon his savings, and at the same time compensate the banker for the responsibility be assumes as the agent of the depositor, which is very great

Source: President Anthony W. Ivins
General Conference, April 1932

Topics: Economics

How The Depression May Be Overcome

Every intelligent person who is familiar with current events, knows that a cloud of financial depression, the like of which has never before been known, hovers over the world, so dark and ominous that the sunshine of hope can scarcely penetrate it.

Like the great World War, it has found its way into the most remote corners of the world.

If the government, the states, the counties and municipalities will exercise rigid economy in the expenditure of public funds; if citizens will loyally support and patronize the industries and business of the nation, state and community in which they reside; if bankers will carefully and wisely protect the money of depositors; if depositors will loyally cooperate with the banks to which the care of their money is entrusted; if families and individuals will live within their income and avoid debt, the clouds of adversity will roll away, and the sun of prosperity and peace will shine again upon a happy and prosperous people.

Source: President Anthony W. Ivins
General Conference, April 1932

Topics: Debt; Economics; Government, Spending

We live in a world of plenty—there is plenty of food, plenty of clothing and shelter or the means of making them; yet there are millions of God’s children who are hungry, ragged, and cold at this very moment. And why? Many reasons can be given, but in the last analysis, they are reducible to one—selfishness. And through his servants, the Lord lays down as one condition for the return of prosperity the elimination of selfishness in our inter-relations.

Source: Elder Joseph F. Merrill
General Conference, April 1932

Topics: Economics; Selfishness

Bank Failures

Let me give you another illustration [of selfishness], a delicate one I admit. There have been many bank failures in this intermountain country during the past year. The closing was due in most cases, probably, to a “run on the bank.” Now of course when we think a little about the matter it is clear that no bank can immediately give back to depositors all their money. Some of it is always loaned out on time accounts, and borrowers are not able to pay on demand. Hence if all the depositors make a run on a bank they will inevitably force it to close. Now what causes a run? Selfishness, of course. If the bank is in distress, let the other fellow lose. I want my money and so rush after it, hoping to heat the other fellow to the bank. If in this matter all depositors were to live the Golden Rule there would be few, if any, losers and few, if any, bank closings. This is a self-evident fact.

Source: Elder Joseph F. Merrill
General Conference, April 1932

Topics: Economics; Selfishness

Since that date [1971], or rather since 1933, the world has had a fluctuating fiat standard, that is, exchange rates of currencies have fluctuated in accordance with supply and demand on the market. There are grave problems with fluctuating exchange rates, largely because of the abandonment of one world money (i.e. gold) and the shift to international barter. Because there is no world money, every nation is free to inflate its own currency at will—and hence to suffer a decline in its exchange rates. And because there is no longer a world money, unpredictably fluctuating uncertain exchange rates create a double uncertainty on top of the usual price system—creating, in effect, multi-price systems in the world.

Source: Murray N. Rothbard
Making Economic Sense

Topics: Economics

If an exchange between two parties is voluntary, it will not take place unless both believe they will benefit from it. Most economic fallacies derive from the neglect of this simple insight, from the tendency to assume that there is a fixed pie, that one party can gain only at the expense of another.

Source: Milton Friedman

Topics: Economics

All of us as Americans have a patriotic responsibility not to contribute to the inflation danger by needlessly building still higher the mountain of total debt. All of us as individuals—and above all, as members of families—have an obligation in conscience not to mismanage our resources.

Yes, there is a tendency for all of us to want to “keep up with the Joneses,” but even though our income is low we have plenty of company. This should make it easier to live within our income and resist borrowing from the future except in cases of necessity—never for luxuries.

Source: Elder Ezra Taft Benson
General Conference, April 1957

Topics: Economics; Responsibility

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