Central bank Quotes
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“In fact this is precisely the logic on which the Bank of England—the first successful modern central bank—was originally founded. In 1694, a consortium of English bankers made a loan of £1,200,000 to the king. In return they received a royal monopoly on the issuance of banknotes. What this meant in practice was they had the right to advance IOUs for a portion of the money the king now owed them to any inhabitant of the kingdom willing to borrow from them, or willing to deposit their own money in the bank—in effect, to circulate or "monetize" the newly created royal debt. This was a great deal for the bankers (they got to charge the king 8 percent annual interest for the original loan and simultaneously charge interest on the same money to the clients who borrowed it) , but it only worked as long as the original loan remained outstanding. To this day, this loan has never been paid back. It cannot be. If it ever were, the entire monetary system of Great Britain would cease to exist.”
David Graeber
“The Congress has had an uneasy relationship with banks and bankers since Alexander Hamilton. It took the United States until 1913 to set up a central bank. The Federal Reserve earned its hard-won independence over years of effort.”
Robert Zoellick“The more guidance a central bank can provide the public about how policy is likely to evolve the greater the chance that market participants will make appropriate inferences.”
Ben Bernanke“Clear communication is always important in central banking, but it can be especially important when economic conditions call for further policy stimulus but the policy rate is already at its effective lower bound.”
Ben Bernanke“It is no coincidence that the century of total war coincided with the century of central banking.”
Ron Paul, End the Fed“Let's not forget, it was the government, Department of Finance and Central Bank that decided to unfairly land the taxpayers of this country with unmitigated losses of Anglo and massive legacy issues that would have been expected when nationalising a fraudulent bank.”
Sean Quinn“A system of capitalism presumes sound money, not fiat money manipulated by a central bank. Capitalism cherishes voluntary contracts and interest rates that are determined by savings, not credit creation by a central bank.”
Ron Paul“The principle that a central bank, charged with controlling inflation, should be independent from the government is unassailable. It may also be true that it's easier for the central bank to guard its independence from political pressure when it mainly holds government securities.”
Janet Yellen“The politicians looked after the mandarins. The mandarins looked after the central bankers and the regulators. (The governor of the Central Bank was paid more in 2008 than the chairman of the US Federal Reserve, as was the chief executive of the Financial Regulator.) The Central Bankers looked after the bankers. The bankers looked after IBEC. And IBEC looked after the government. The circle of oligarchs was watertight.”
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