Central Banks Quotes - Page 4

• Thanks to the central bank, most "monetary experts" and "leading macro-economists" can, by putting them on the payroll, be turned into government propagandists "explaining," like alchemists, how stones (paper) can be turned into bread (wealth).

  Hans-Hermann Hoppe

  Government, Alchemist, Experts

  "Dr. Hans-Hermann Hoppe on the Impracticality of One-World Government and the Failure of Western-style Democracy". Interview with Anthony Wile, www.thedailybell.com. March 27, 2011.

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• More paper money cannot make a society richer, of course, – it is just more printed-paper. Otherwise, why is it that there are still poor countries and poor people around? But more money makes its monopolistic producer (the central bank) and its earliest recipients (the government and big, government-connected banks and their major clients) richer at the expense of making the money's late and latest receivers poorer.

  Hans-Hermann Hoppe

  Country, Government, People

  "Dr. Hans-Hermann Hoppe on the Impracticality of One-World Government and the Failure of Western-style Democracy". Interview with Anthony Wile, www.thedailybell.com. March 27, 2011.

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• There could be some compromise, but I think we have to stick to the provisions of the treaty, and the provisions of the treaty are saying that the president is appointed for a mandate of eight years time. I think it would be very damaging for the European Central Bank if there would be a splitting of this mandate.

  Jacques Santer

  Thinking, Eight, Years

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• The world changes! So we're in a situation today where the only policymakers that have flexibility are central banks. But they don't have the instruments! So they've had to experiment, and the more you experiment, the more uncertainty and the higher the risk of collateral damage.

  Mohamed El-Erian

  Risk, World, Today

  Source: www.pbs.org

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• Look at Ukraine. Its currency, the hernia, is plunging. The euro is really in a problem. Greece is problematic as to whether it can pay the IMF, which is threatening not to be part of the troika with the European Central Bank and the European Union making more loans to enable Greece to pay the bondholders and the banks. Britain is having a referendum as to whether to withdraw from the European Union, and it looks more and more like it may do so. So the world's politics are in turmoil.

  Michael Hudson

  Ukraine, Looks, Imf

  Source: www.counterpunch.org

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• I did not criticize the Central Bank's position.

  Vladimir Putin

  Criticize, Position

  Source: thesaker.is

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• Banks are concerned the central bank is imposing too many regulations. If the trend continues, we'll swing to heavy regulation. We need to have balanced regulation to encourage the economy.

  Abdul Aziz Al Ghurair

  Swings, Needs, Trends

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• I have always thought and I still think that the Central Bank should act independently. Indeed, it does, you can take my word. I do not interfere in the decisions of the Central Bank and I do not give instructions to the Bank management or to its head.

  Vladimir Putin

  Thinking, Giving, Decision

  Source: thesaker.is

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• What's brilliant about the United States system of government is separation of power. Not only the executive, legislative, judicial branches, but also the independence of the military from civilians, an independent media and press, an independent central bank.

  Feisal Abdul Rauf

  Military, Independent, Media

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• In 1977, when I started my first job at the Federal Reserve Board as a staff economist in the Division of International Finance, it was an article of faith in central banking that secrecy about monetary policy decisions was the best policy: Central banks, as a rule, did not discuss these decisions, let alone their future policy intentions.

  Janet Yellen

  Jobs, Decision, Boards

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• My bottom line is that monetary policy should react to rising prices for houses or other assets only insofar as they affect the central bank's goal variables - output, employment, and inflation.

  Janet Yellen

  Rising Prices, Goal, House

  "In 2004 Janet Yellen Feared Housing Bust But Did Not Raise Public Alarm" by Marilyn W. Thompson, Ann Saphir, and Alister Bull, www.businessinsider.com. October 30, 2013.

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• I'm just opposed to a pure inflation-only mandate in which the only thing a central bank cares about is inflation and not employment.

  Janet Yellen

  Care, Employment, Inflation

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• Quantitatve easing is NOT going away. Every major country is running a deficit. If they are all net borrowers then who is the lender? The central banks. For this reason – QE is not going away for a long time.

  Jeffrey Gundlach

  Running, Country, Long

  "GUNDLACH: Anyone Who Says Interest Rates Will Rise Soon Is 'Absolutely Wrong'" by Lance Roberts, www.businessinsider.com. May 3, 2013.

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• I don't think I've been too optimistic. The government believes the contraction will be around 1.5 per cent, as the central bank said. However, we're waiting to see the Commission estimate.

  Luis de Guindos

  Believe, Optimistic, Thinking

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• However, in spite of the general perception that monetary policy should be conducted so as to avert deflation, a central bank cannot lower interest rates below the zero lower bound.

  Toshihiko Fukui

  Zero, Perception, Should

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• If all currencies are moving up or down together, the question is: relative to what? Gold is the canary in the coal mine. It signals problems with respect to currency markets. Central banks should pay attention to it.

  Alan Greenspan

  Moving, Together, Gold

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• The goal of what Japan's central bank is doing is to create growth. If it actually creates growth, in the long run, it will lead to appreciation.

  Jamie Dimon

  Running, Appreciation, Japan

  Source: asia.nikkei.com

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• When the secretary of treasury, the head of the central bank, the head of the FDIC (Federal Deposit Insurance Corp.), and the head of the New York Fed say, "We want you to do this because we think it's in the best interest of the United States of America," you know, we're like the Japanese. We're a little patriotic that way. We said, "Yes, sir!"

  Jamie Dimon

  New York, Patriotic, Thinking

  Source: asia.nikkei.com

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• There is a well-established conviction that the central banks always do what is necessary to keep the system going and then afterwards you then take care of the legal aspects. In a crisis, you simply do not have time to think about such concerns for too long.

  George Soros

  Thinking, Long, Care

  Source: www.spiegel.de

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• The lesson for Asia is; if you have a central bank, have a floating exchange rate; if you want to have a fixed exchange rate, abolish your central bank and adopt a currency board instead. Either extreme; a fixed exchange rate through a currency board, but no central bank, or a central bank plus truly floating exchange rates; either of those is a tenable arrangement. But a pegged exchange rate with a central bank is a recipe for trouble.

  Milton Friedman

  Recipes, Want, Asia

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• [When] the market is trying to get to terms with, first, lower global growth, particularly out of emerging markets and China. And, second, the market is worried the central banks have run out of ammunition. So put these two things together, and then investors are repricing the market lower.

  Mohamed El-Erian

  Running, Two, Growth

  Source: www.pbs.org

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• For a small open economy that trades mostly with the euro zone it makes absolute sense to be part of the currency union. Our currency has already pegged to the euro since 2002. We don't have an independent monetary policy. We are regulated by the European Central Bank in Frankfurt, but we are not able to reap all the profits. Our businesses want to save the transaction costs.

  Dalia Grybauskaite

  Independent, Cost, Unions

  Source: www.spiegel.de

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• There's only one thing that all of the central banks control and that is the base, their own liability, and they can control that in various ways. They can control it directly by open market operations, buying and selling government securities or other assets, for example, buying and selling gold, or they can control it indirectly by altering the rate at which banks lend to one another.

  Milton Friedman

  Government, Gold, Way

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• The central banks cannot control interest rates. That's a mistake. They can control a particular rate, such as the Federal Funds rate, if they want to, but they can't control interest rates.

  Milton Friedman

  Mistake, Want, Interest

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• What central banks can control is a base and one way they can control the base is via manipulating a particular interest rate, such as a Federal Funds rate, the overnight rate at which banks lend to one another. But they use that control to control what happens to the quantity of money. There is no disagreement.

  Milton Friedman

  Way, Use, Interest

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