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Quote from Paul Volcker,


"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."


By:

Paul Volcker (more quotes by Paul Volcker or books by/about Paul Volcker)


former Federal Reserve chairman

Source:

in the Foreword of "The Central Banks"

Rating:

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