Top 10 Jacob Goldstein Quotes (2024 Update)

Jacob Goldstein Quote: “A pretty good working definition of money is: it’s the thing you pay taxes with.”

1. “A pretty good working definition of money is: it’s the thing you pay taxes with.”

— Jacob Goldstein

Jacob Goldstein Quote: “The thing that makes money money is trust – when we trust that we will be able to buy stuff with this piece of paper, or this lump of metal, tomorrow, and next month, and next year.”

2. “The thing that makes money money is trust – when we trust that we will be able to buy stuff with this piece of paper, or this lump of metal, tomorrow, and next month, and next year.”

— Jacob Goldstein

Jacob Goldstein Quote: “The essence of finance is time travel,” the banker-turned-writer Matt Levine wrote. “Saving is about moving resources from the present into the future; financing is about moving resources from the future back into the present.”

3. “The essence of finance is time travel,” the banker-turned-writer Matt Levine wrote. “Saving is about moving resources from the present into the future; financing is about moving resources from the future back into the present.”

— Jacob Goldstein

Jacob Goldstein Quote: “Money feels cold and mathematical and outside the realm of fuzzy human relationships. It isn’t. Money is a made-up thing, a shared fiction. Money is fundamentally, unalterably social. The social part of money – the “shared” in “shared fiction” – is exactly what makes it money. Otherwise, it’s just a chunk of metal, or a piece of paper, or, in the case of most money today, just a number stored on a bank’s computers.”

4. “Money feels cold and mathematical and outside the realm of fuzzy human relationships. It isn’t. Money is a made-up thing, a shared fiction. Money is fundamentally, unalterably social. The social part of money – the “shared” in “shared fiction” – is exactly what makes it money. Otherwise, it’s just a chunk of metal, or a piece of paper, or, in the case of most money today, just a number stored on a bank’s computers.”

— Jacob Goldstein

Jacob Goldstein Quote: “By 1715, John Law had cooked up a plan to take what the Bank of England had done and push it much, much further. When Law closed his eyes, he could see a whole financial system that linked together all of the hot new things – a bank, a stock market, a trading company, a new way for the government to get money.”

5. “By 1715, John Law had cooked up a plan to take what the Bank of England had done and push it much, much further. When Law closed his eyes, he could see a whole financial system that linked together all of the hot new things – a bank, a stock market, a trading company, a new way for the government to get money.”

— Jacob Goldstein

Jacob Goldstein Quote: “Shadow banking, and the shadow money it created, managed to get all of the safety net, after going decades without paying any of the cost. Shadow money was now real money.”

6. “Shadow banking, and the shadow money it created, managed to get all of the safety net, after going decades without paying any of the cost. Shadow money was now real money.”

— Jacob Goldstein

Jacob Goldstein Quote: “In 2012, a survey asked dozens of US economists from across the political spectrum about the gold standard. Thirty-nine economists opposed returning to the gold standard. Not a single one supported it. Among today’s economists, the gold standard is not a controversial issue. Almost all of them think it’s a terrible idea.”

7. “In 2012, a survey asked dozens of US economists from across the political spectrum about the gold standard. Thirty-nine economists opposed returning to the gold standard. Not a single one supported it. Among today’s economists, the gold standard is not a controversial issue. Almost all of them think it’s a terrible idea.”

— Jacob Goldstein

Jacob Goldstein Quote: “Eventually, the Chinese government started developing its own digital currency. In other words, a technology originally conceived to “make Big Brother obsolete” was now being advanced by a state built on surveillance of its citizens.”

8. “Eventually, the Chinese government started developing its own digital currency. In other words, a technology originally conceived to “make Big Brother obsolete” was now being advanced by a state built on surveillance of its citizens.”

— Jacob Goldstein

Jacob Goldstein Quote: “The solution, Fisher thought, was obvious: redefine the meaning of money. Instead of defining the dollar as a fixed amount of gold, define it as a fixed basket of stuff. “We want a dollar which will always buy the same aggregate quantity of bread, butter, beef, bacon, beans, sugar, clothing, fuel, and the other essential things for which we spend it,” he wrote. Fisher’s idea was brilliant – and very close to the way the dollar works today.”

9. “The solution, Fisher thought, was obvious: redefine the meaning of money. Instead of defining the dollar as a fixed amount of gold, define it as a fixed basket of stuff. “We want a dollar which will always buy the same aggregate quantity of bread, butter, beef, bacon, beans, sugar, clothing, fuel, and the other essential things for which we spend it,” he wrote. Fisher’s idea was brilliant – and very close to the way the dollar works today.”

— Jacob Goldstein

Jacob Goldstein Quote: “Law won because he discovered an intellectual discipline – a way of looking at the world – that was emerging during his lifetime and that would eventually shape the way millions of people thought about God, money, death, and the unknown future. The discipline is probability theory. It’s the basis of much of modern finance and, for that matter, much of modern thought. It was invented by gamblers.”

10. “Law won because he discovered an intellectual discipline – a way of looking at the world – that was emerging during his lifetime and that would eventually shape the way millions of people thought about God, money, death, and the unknown future. The discipline is probability theory. It’s the basis of much of modern finance and, for that matter, much of modern thought. It was invented by gamblers.”

— Jacob Goldstein

Jacob Goldstein Quote: “The important question at the time – and, indeed, the question we should always be asking – is: How can we design a monetary system that channels that greed and selfishness and wile toward socially useful ends, and limits the potential harm inherent in finance?”

11. “The important question at the time – and, indeed, the question we should always be asking – is: How can we design a monetary system that channels that greed and selfishness and wile toward socially useful ends, and limits the potential harm inherent in finance?”

— Jacob Goldstein

Jacob Goldstein Quote: “By 2007, shadow banking was bigger than traditional banking. And the depositors in the shadow banks – the corporate treasurers and money-market funds and pension funds that had trillions of dollars of cash – were starting to demand their money back. It was the start of the biggest bank run in history.”

12. “By 2007, shadow banking was bigger than traditional banking. And the depositors in the shadow banks – the corporate treasurers and money-market funds and pension funds that had trillions of dollars of cash – were starting to demand their money back. It was the start of the biggest bank run in history.”

— Jacob Goldstein

Jacob Goldstein Quote: “The money changers sat on benches on a busy bridge over the Grand Canal, so they were called banchieri, which translates as “bench-sitters,” and which is the root of our words banker and bank.”

13. “The money changers sat on benches on a busy bridge over the Grand Canal, so they were called banchieri, which translates as “bench-sitters,” and which is the root of our words banker and bank.”

— Jacob Goldstein

$Jacob Goldstein Quote: “This is called fractional-reserve banking, and it’s how the vast majority of money in the world is created.”$

14. “This is called fractional-reserve banking, and it’s how the vast majority of money in the world is created.”

— Jacob Goldstein

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