"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)
Bookmark and Share  
Reader comments about this quote:
Now that the Fed has so totally failed at it's primary mission of "controlling" inflation, you would think that someone like Ron Paul would finally start to end this radical, usurious period in our banking history, but I await results from his inquiries in his new official capacity, and the actions of others. I wish Kucinich would reintroduce his 111th, HR6550 and get rid of the domestic portion of the national debt at least ! His idea was so dangerous, that they are trying to put him "outofbusiness" by gerrymandering... dirty tricks as usual.
 -- Dr. Tom LaMar, Keeseville, NY     
    Currency manipulation is going to be the undoing of the USA. And this will be thanks to the IMF, the World Bank, the Bank for International Settlements...in short, The Rothschilds.
     -- J Carlton, Calgary     
    Banks versus the American Dream LEARN THE TRUTH ....http://www.youtube.com/watch?v=kD1G7f4bE0w&feature=related
     -- J Carlton, Calgary     
    If anyone should know, it would be Volcker.
     -- jim k, Austin, Tx     
    Not shooting the messenger, he is fairly accurate in the above quote's extremely narrow subject matter. It is what he left out that would have gotten a complete thumbs down. 'The rest of the story' is what should be putting he and all his cohorts and facilitators behind bars.
     -- Mike, Norwalk     
    The quote needs little or no comment...
     -- Robken     
    What he leaves out is who this "we" are... and it ain't you and I, its he & his cronies who are in the big business power seats, not "we the people".
     -- Anonymous, Reston, VA, US     
    Well, Reston, 'we the people' haven't had a say in a LONG time. We are now officially ruled by bureaucrats we call our government whose sole purpose now is to funnel trillions to mega-banks and corporations by loading 'we the people' with a massive and unpayable debt. 'We the People' will have to stop it, because the Fed and its junkies are not going to. True classic liberalism will thrive once the Fed has been ended -- it sucks the lifeblood of the country creating poverty and desperation -- that is its purpose!!
     -- E Archer, NYC     
     -- wayne, naples      
    Rate this quote!
    How many stars?

    What do YOU think?
    Your name:
    Your town:

    More Quotations
    Get a Quote-A-Day! Free!
    Liberty Quotes sent to your mail box.
    RSS Subscribe
    Quotes & Quotations - Send This Quote to a Friend

    © 1998-2023 Liberty-Tree.ca