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"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 (more quotes by Paul Volcker or books by/about Paul Volcker)
(1927-2019) American economist, Chairman of the Federal Reserve (1979-1987)
Economics, Fed, Fiat, Inflation, Money