Tuesday, August 7, 2012
"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 former Federal Reserve chairman Source: in the Foreword of "The Central Banks"
"Is there any reason why the American people should be taxed to guarantee the debts of banks, any more than they should be taxed to guarantee the debts of other institutions, including the merchants, the industries, and the mills of the country?" -- Senator Carter Glass (1858-1946) Newspaper publisher, US Senator (D-VA), author of the Banking Act of 1933, U.S. Secretary of the Treasury under President Woodrow Wilson. Source: during Senate debate on the Banking Act of 1933 (Glass-Steagall Act) [source: Rixey Smith and Norman Beasley, Carter Glass: A Biography (1939)]
"If you find yourself in a hole, stop digging." -- Will Rogers (1879-1935) American humorist