The non-institutional elements of Bretton Woods, such as the gold-backed dollar standard, have gone by the wayside, but the World Bank and the IMF soldier on... Western governments tax their citizens to fund the World Bank, lend this money to corrupt Third World dictators who abscond with the funds, and then demand repayment which is extracted through taxation from poor Third World citizens, rather than from the government officials responsible for the embezzlement. It is in essence a global transfer of wealth from the poor to the rich. Taxpayers around the world are forced to subsidize the lavish lifestyles of Third World dictators and highly-paid World Bank bureaucrats who don't even pay income tax.
Ron PaulRelated topics
bank demand dollar embezzlement essence fund government income lavish lend money pay poor repayment responsible rich soldier standard tax taxation third transfer wayside wealth western world funds elements global woods imfRelated quotes
The interviewer Stina Dabrowski said to Thatcher: "So when people criticise you and say what it led to the period when you were prime minister was that the rich became richer and the poor and the became poorer." Thatcher replied "That is not correct. The poor also became less poor, because the benefits at the bottom for those who are genuinely poor do go up. Money spend on education goes up and on the Health Service goes up so that is not true. What happens you might get a bigger gap but you might start here creates a small gap particularly if you're paying top tax today - 83% on earnings and income and 98% on savings. Your gap goes up, it does go up, but the whole thing moves up the gap, you must give people incentive!
Margaret Thatcher
The term money has two very different meanings in popular discourse. We often speak of someone "making money," when we really mean that he or she is receiving an income. We do not mean that he or she has a printing press in the basement churning out greenbacked pieces of paper. In this use, money is a synonym for income or receipts; it refers to a flow, to income or receipts per week or per year. We also speak of someone's having money in his or her pocket or in a safe-deposit box or on deposit at a bank. In that use, money refers to an asset, a component of one's total wealth. Put differently, the first use refers to an item on a profit-and-loss statement, the second to an item on a balance sheet.
Milton Friedman
Men who offer laudatory speeches to the rich ... are insidious because, although mere abundance is by itself quite enough to puff up the souls of its possessors, and to corrupt them, and to turn them aside from the way by which salvation can be reached, these men bring fresh delusion to the minds of the rich by exciting them with the pleasures that come from their immoderate praises, and by rendering them contemptuous of absolutely everything in the world except the wealth which is the cause of their being admired. In the words of the proverb, they carry fire to fire, when they shower pride upon pride, and heap on wealth, heavy by its own nature, the heavier burden of arrogance.
Clement of Alexandria
Property is held and transferred on terms fixed by the States. In short, the structure of social and business relationship is built chiefly about the laws of the States. It depends upon the exercise by the States of that vastly greater share of Government power which resides in them, to the exclusion cf the Federal Government. In ordinary times nearly the entire burden of taxation represents State and local demands. Even now, despite the enormous increase of Federal taxes from pre-war years, State and local taxes far exceed the Federal requirements. Moreover, the national burden is being continually reduced, while that of the local units is growing and likely to continue to grow.
Calvin Coolidge
There are many cases where landlords take advantage of the needs of municipalities and even of national needs and of the monopoly which they have got in land in a particular neighbourhood in order to demand extortionate prices. Take the very well-known case of the Duke of Northumberland, when a county council wanted to buy a small plot of land as a site for a school to train the children who in due course would become the men labouring on his property. The rent was quite an insignificant thing; his contribution to the rates I think it was on the basis of 30s. an acre. What did he demand for it for a school? £900 an acre. All we say is this-if it is worth £900, let him pay taxes on £900.
David Lloyd George
