Reserve Quotes
The truth is, I do indulge myself a little the more in pleasure, knowing that this is the proper age of my life to do it; and out of my observation that most men that do thrive in the world, do forget to take pleasure during the time that they are getting their estate, but reserve that till they have got one, and then it is too late for them to enjoy it with any pleasure.
Samuel Pepys
From the Great Depression, to the stagflation of the seventies, to the current economic crisis caused by the housing bubble, every economic downturn suffered by this country over the past century can be traced to Federal Reserve policy. The Fed has followed a consistent policy of flooding the economy with easy money, leading to a misallocation of resources and an artificial 'boom' followed by a recession or depression when the Fed-created bubble bursts.
Ron Paul
No man must encroach upon my province nor I upon his. He may advise me, moderately and without perniciousness, but he must not expect to dictate to me. He may censure me freely and without reserve but he should remember that I am to act by my deliberation and not his. He may exercise a republican boldness in judging, but he must not be peremptory and imperious in prescribing. Force may never be resorted to but, in the most extraordinary and imperious emergency.
William Godwin
The distribution of troops devoted to the defence of a place includes a garrison, an occupying force, numerically as weak as possible; a reserve as strong as possible, designed for counterattacking and for providing itself, at the moment it goes into action, with a security service which will guard it from any possible surprise.
Ferdinand Foch
[Australian Reserve Bank] Governor MacFarlane said recently when Paul Volcker broke the back of American inflation it's regarded as the policy triumph of the Western world. When I broke the back of Australian inflation they say, "Oh, you're the fellow that put the interest rates up." Am I not the same fellow that gave them the 15 years of good growth and high wealth that came from it?
Paul Keating
So: if the chronic inflation undergone by Americans, and in almost every other country, is caused by the continuing creation of new money, and if in each country its governmental "Central Bank" (in the United States, the Federal Reserve) is the sole monopoly source and creator of all money, who then is responsible for the blight of inflation? Who except the very institution that is solely empowered to create money, that is, the Fed (and the Bank of England, and the Bank of Italy, and other central banks) itself?
Murray Rothbard
Hyperinflation is not going to happen in this country, will never happen... The Fed putting so much money into the system is not going to create the risk of hyperinflation in the future. We have a strong independent Federal Reserve with a very strong mandate from the Congress, and they will do what's necessary to keep inflation low and stable over time.
Timothy Geithner
