"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."
Paul Volcker
(1927-2019) American economist, Chairman of the Federal Reserve (1979-1987)
in the Foreword of "The Central Banks"
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Reader comments about this quote:
5 stars for an obvious truth. Abolish the Fed and its collection wing.
 -- J Carlton, Calgary     
     -- jim k, Austin, Tx      
    We hold this truth to be self evident
     -- Mike, Norwalk     
    Get rid of Dodd-Frank and return competition in the private financial sector. Until this happens there can be no real recovery.
     -- Ken, Spokane     
    More than a little irony in this quote from Paul Volcker who more than helped and enforced the perpetual theft of the privately held and run Federal Reserve Bank.
     -- Mary - MI     
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