FastSaying

A U.S. dollar is an IOU from the Federal Reserve Bank. It's a promissory note that doesn't actually promise anything. It's not backed by gold or silver.

P. J. O'Rourke

ActuallyAnythingBackedBankDollarFederalFederal ReserveGoldNotePromiseReserveSilver

Related Quotes

After the 1929 crash, the Federal Reserve mistakenly focused its policies on preserving the gold value of the dollar rather than on stabilizing the domestic economy.
— Ben Bernanke
AfterCrashDollar
The Federal Reserve is incapable of accomplishing its stated objectives.
— G. Edward Griffin
AccomplishingFederalFederal Reserve
Faith is the black person's federal reserve system.
— Hattie McDaniel
BlackFaithFederal
The Federal Reserve cannot solve all the economy's problems on its own.
— Ben Bernanke
CannotEconomyFederal
If Federal Reserve loans are subsidies, it doesn't show up in the federal budget.
— Elizabeth Warren
BudgetFederalFederal Reserve