"It is a sobering fact that the prominence of central banks in this century has coincided with a general tendency towards more inflation, not less. [I]f the overriding objective is price stability, we did better with the nineteenth-century gold standard and passive central banks, with currency boards, or even with ‘free banking.’ The truly unique power of a central bank, after all, is the power to create money, and ultimately the power to create is the power to destroy." | Quote by: | Paul Volcker
(1927-2019) American economist, Chairman of the Federal Reserve (1979-1987) |
Source: | in the Foreword of "The Central Banks" |
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