Federal Reserve Quotes - Page 5

• The New York Federal Reserve is a tool of the big banks.

  Collin Peterson

  New York, Historical, Tools

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• Some people think the Federal Reserve Banks are US government institutions. They are not... they are private credit monopolies which prey upon the people of the US for the benefit of themselves and their foreign and domestic swindlers, and rich and predatory money lenders. The sack of the United States by the Fed is the greatest crime in history. Every effort has been made by the Fed to conceal its powers, but the truth is the Fed has usurped the government. It controls everything here and it controls all our foreign relations. It makes and breaks governments at will.

  Louis Thomas McFadden

  Money, Thinking, Government

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• I don't think the Federal Reserve has any role in how high rates are right now. I don't understand why everyone is paying attention to this tapering. The Fed is using one kind of bond to buy another kind of bond. What's the big deal, and why is anyone taking the Fed seriously?

  Eugene Fama

  Thinking, Attention, Investing

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• the Federal Reserve, has an official commitment to two different policies. One is to prevent inflation from getting too high. The second is to maintain high employment... The European central bank has only the first. It has no commitment to keep employment up.

  Noam Chomsky

  Commitment, Two, Different

  Interview with Renowned Scholar, dialogosmedia.org. October 13, 2012.

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• Almost every aspect of its (Federal Reserve) history should be approached with a discriminating disregard for what is commonly taught or believed.

  John Kenneth Galbraith

  Investing, Taught, Should

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• There's nothing the people love more than a Federal Reserve joke.

  Adam McKay

  People, Jokes, Reserves

  "Will Ferrell, Adam McKay Celebrate 'The Other Guys'". "Fresh Air" with Terry Gross, www.npr.org. August 5, 2010.

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• The Depression, which started in 1929 was rather mild from 1929 to 1930. And, indeed, in my opinion would have been over in 1931 at the latest had it not been that the Federal Reserve followed a policy which led to bank failures, widespread bank failures, and led to a reduction in the quantity of money.

  Milton Friedman

  Opinion, Reduction, Policy

  Source: www.pbs.org

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• What happened was that for every $100 of money, by which I mean the cash that people keep in their pockets, and the deposits they have in the bank, for every $100 of money that there was in 1929, by 1933 there was only $67. The Federal Reserve allowed the quantity of money to decline by a third. While, at all times, it had the possibilities and the power of preventing that from happening.

  Milton Friedman

  Mean, People, Pockets

  Source: www.pbs.org

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• I think the role of the Federal Reserve is enormously exaggerated.

  John Kenneth Galbraith

  Thinking, Roles, Reserves

  Source: www.progressive.org

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• The myth is that if housing prices go up, Americans will be richer. What banks - and behind them, the Federal Reserve - really want is for new buyers to be able to borrow enough money to buy the houses from mortgage defaulters, and thus save the banks from suffering from more mortgage defaults.

  Michael Hudson

  House, Suffering, Want

  Source: www.counterpunch.org

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• Once the government runs out of foreign and private sector bidders for new Treasurys, the Federal Reserve will be the only buyer, and the hyper-inflation cat will be completely out of the bag.

  Peter Schiff

  Running, Cat, Government

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• There is an enormous thrust in our time to have a simple answer. And that simple answer is that all depends on Alan Greenspan and the Federal Reserve. And Alan, who is an old acquaintance of mine, is a marvelous performer in the impression he gives of enormously great perception.

  John Kenneth Galbraith

  Simple, Giving, Perception

  Source: progressive.org

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• Since 2008 you've had the largest bond market rally in history, as the Federal Reserve flooded the economy with quantitative easing to drive down interest rates. Driving down the interest rates creates a boom in the stock market, and also the real estate market. The resulting capital gains not treated as income.

  Michael Hudson

  Real, Income, Gains

  Source: www.counterpunch.org

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• The dollar represents a one dollar debt to the Federal Reserve System. The Federal Reserve Banks create money out of thin air to buy Government Bonds from the U.S. Treasury...and has created out of nothing a ... debt which the American people are obliged to pay with interest.

  Wright Patman

  Government, Air, People

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• There is two things that can disrupt business in this country. One is War, and the other is a meeting of the Federal Reserve Bank.

  Will Rogers

  Country, War, Two

  Will Rogers, Bryan B. Sterling (1995). “Will Rogers Speaks: Over 1,000 Timeless Quotations for Public Speakers (writers, Politicians, Comedians, Browsers ...)”, M Evans & Company

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• The whole financial structure of Wall Street seems to rise or fall on the mere fact that the Federal Reserve Bank raises or lowers the amount of interest. Any business that can't survive a one percent change must be skating on thin ice.
  Why even the poor farmer took a raise of another ten percent just to get a loan from the bank, and nobody from the government paid any attention. But you let Wall Street have a nightmare and the whole country has to help to get them back into bed again.

  Will Rogers

  Country, Wall, Fall

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• Of all the weapons in the Federal Reserve arsenal, words were the the most unpredictable in their consequences.

  John Kenneth Galbraith

  Weapons, Unpredictable, Arsenal

  John Kenneth Galbraith (2009). “The Great Crash 1929”, p.51, Houghton Mifflin Harcourt

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• There's no automatic mechanism in a market system that reconciles the desire to save and the desire to invest. And therefore, the government has to sort of do something or the Federal Reserve, the Fed, or the Central Bank, or whatever, it has to intervene. It has to create enough investment for the economy not to suffer from a fall in aggregate demand. So, if you don't have a balance within the market system itself, then you need an external balance and that's what I think Keynes believed.

  Robert Skidelsky, Baron Skidelsky

  Fall, Thinking, Suffering

  Source: bigthink.com

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• 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

  Country, England, United States

  "The Case against the Fed". Book by Murray Rothbard, 1994.

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• 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

  Country, Strong, Independent

  "This Week" with George Stephanopoulos, abcnews.go.com. March 29, 2009.

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• The tenth amendment said the federal government is supposed to only have powers that were explicitly given in the Constitution. I think the federal government's gone way beyond that. The Constitution never said that you could have a Federal Reserve that would have $2.8 trillion in assets. We've gotten out of control.

  David Malpass

  Thinking, Government, Gone

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• When it appears as though the governors of the Federal Reserve believe that the end of the rate increases is near, that's very good news for investors. A lack of ambiguity from the Federal Reserve is always a little bit of a shocker.

  Hugh S. Johnson

  Believe, News, Littles

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• [On reporters trying to cajole a smile from her husband, Alan Greenspan:] For a Federal Reserve chairman, that was a smile.

  Andrea Mitchell

  Husband, Trying, Chairman

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• The Federal Reserve is no more federal than Federal Express.

  Michael Ruppert

  Reserves

  "America: Freedom to Fascism", www.imdb.com. 2006.

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• Bad as "independence" is, the main fault of the Federal Reserve System - an admirable system if conducted in the public interest - is that too much power and control rests in the hands of people whose private interests are directly affected by the Federal Reserves' actions.

  Wright Patman

  Wisdom, Hands, People

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