Monetary Policy Quotes - Page 2

• At best, in such depression times, monetary policy is a feeble reed on which to lean.

  John Kenneth Galbraith

  Reeds, Policy, Monetary

  John Kenneth Galbraith (2009). “The Great Crash 1929”, p.203, Houghton Mifflin Harcourt

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• I've always believed in expansionary monetary policy and if necessary fiscal policy when the economy is depressed.

  Paul Krugman

  Fiscal Policy, Economy, Always Believe

  "Paul Krugman on Debt, but Are Soaring Interest Rates Running Against Him?". Interview with Paul Solman, www.pbs.org. May 29, 2013.

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• Quantitative easing is just the latest chapter in the Federal Reserve’s hundred-year history of failure. (...) The American people have suffered long enough under a monetary policy controlled by an unaccountable, secretive central bank. It is time to finally audit - and then end - the Fed.

  Ron Paul

  Years, Long, People

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• Outsourcing is a reflection of a bad economic environment domestically. If you fix that, you fix outsourcing. Our primary export is paper money, and that should change if you change the monetary policy.

  Ron Paul

  Reflection, Paper, Environment

  "The Candidates: Rep. Ron Paul". Live chat, www.washingtonpost.com. October 12, 2007.

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• The housing and financial crisis could not have occurred in the absence of government housing and monetary policies.

  Sheldon Richman

  Government, Financial, Absence

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• If you continue to use monetary policy to attempt to promote full employment the result would be that you would have higher inflation, and that you would not have lower unemployment.

  Milton Friedman

  Would Be, Unemployment, Use

  Source: www.pbs.org

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• A snarky but accurate description of monetary policy over the past five years is that the Federal Reserve successfully replaced the technology bubble with a housing bubble

  Paul Krugman

  Past, Technology, Years

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• Monetary policy suffers from the unfortunate absence of any occult effect. It has long been clear that economic management...would be greatly facilitated if resort could occasionally be had to witchcraft.

  John Kenneth Galbraith

  Long, Suffering, Would Be

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• Inflation is probably the most important single factor in that vicious circle wherein one kind of government action makes more and more government control necessary. For this reason all those who wish to stop the drift toward increasing government control should concentrate their effort on monetary policy.

  Friedrich August von Hayek

  Government, Circles, Effort

  "The Constitution of Liberty". Book by Friedrich Hayek, Chap. 21 : The Monetary Framework, 1960.

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• Let's say I am a chocoholic and I eat tons of chocolate a day. A hundred thousands of tons a day. I have this craving, but I can't afford it, so I get a printing press, and I start printing money, and I print billions and billions to buy chocolate. So I create this boom in the chocolate industry, so stores are running out of chocolate. So they have demand, so chocolate makers expand. Cocoa growers expand. You create this great boom. But now the feds arrest me and shut me down. And now there is a depression in the chocolate industry. That's what happens with the monetary policy.

  Charles Koch

  Running, Printing Money, Chocolate

  Source: www.washingtonpost.com

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• The risk exists that, with aggregate demand exhibiting considerable momentum, output could overshoot its sustainable path, leading ultimately in the absence of countervailing monetary policy action to further upward pressure on inflation.

  Ben Bernanke

  Risk, Demand, Path

  Ben Bernanke's Semiannual Monetary Policy Report to the Congress Before the Committee on Financial Services, U.S. House of Representatives, www.federalreserve.gov. February 15, 2006.

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• Global central banks are working hard to lift their economies through an aggressively easy monetary policy. The ECB [European Central Bank] and BOJ [Bank of Japan] are buying tens of billions of bonds and other financial securities each month in an effort to stimulate their economies, which is pushing down rates everywhere, including in the U.S.

  Mark Zandi

  Japan, Effort, Each Month

  Source: www.washingtonpost.com

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• We must not forget that … monetary policy all over the world has followed the advice of the stabilizers. It is high time that their influence, which has already done harm enough, should be overthrown.

  Friedrich August von Hayek

  Advice, Done, World

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• I don't think that our problem, our jobs problem, is fundamentally a problem of trade. I think it has much more to do with the fact that we have not sufficiently educated our population. We have not got out of this great recession with adequate stimulus and adequate fiscal and monetary policies over all.

  Robert Reich

  Jobs, Thinking, Population

  Source: www.nbcnews.com

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• The theory of economic shock therapy relies in part on the roleof expectations on feeding an inflationary process. Reining in inflation requires not only changing monetary policy but also changing the behavior of consumers, employers and workers. The role of a sudden, jarring policy shift is that it quickly alters expectations, signaling to the public that the rules of the game have changed dramatically - prices will not keep rising, nor will wages.

  Naomi Klein

  Games, Expectations, Roles

  "The Shock Doctrine: The Rise of Disaster Capitalism". Book by Naomi Klein, 2007.

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• Our first benchmark is to cut the deficit more quickly to safeguard Britain’s credit rating. I know that we are taking a political gamble to set this up as a measure of success. Protecting the credit rating will not be easy The pace of fiscal consolidation will be co-ordinated with monetary policy. And we will protect Britain's credit rating and international reputation.

  George Osborne

  Cutting, Political, Pace

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• The one instrument that has relative political autonomy is monetary policy. Central banks do not need to go to Congress to get approval for an interest rate hike.

  Mohamed El-Erian

  Political, Needs, Approval

  Source: www.pbs.org

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• We're bankrupting our country and we have an empire that we're trying to defend which costs us $1 trillion a year. And the standard of living is going down today. It's going down and the middle class is hurting because of the monetary policy. When you destroy a currency, the middle class gets wiped out.

  Ron Paul

  Country, Hurt, Money

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• The Great Depression in the United States was caused - I won't say caused, was enormously intensified and made far worse than it would have been by bad monetary policy.

  Milton Friedman

  United States, Great Depression, Made

  Source: www.pbs.org

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• I think in reality the Japanese have to make changes in monetary policy, otherwise we're still going to be dealing with some upward pressure on the yen against the dollar.

  Arthur Penrhyn Stanley

  Reality, Thinking, Dollars

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• We do not interpret bitcoin's popularity as having a relationship with the public's view of the Federal Reserve's conduct of monetary policy

  Janet Yellen

  Views, Bitcoin, Popularity

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• Any debate among politicians about monetary policy is counterproductive.

  Gerhard Schroder

  Debate, Politician, Counterproductive

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• Ever since its founding in 1913, the Fed has described itself as an "independent" agency operated by selfless public servants striving to "fine-tune" the economy through monetary policy. In reality, however, a non-political governmental institution is as likely as a barking cat.

  Thomas DiLorenzo

  Cat, Independent, Reality

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• A lot of joblessness in the black community doesn't seem to be reachable through fiscal and monetary policies. People have not been drawn into the labor market even during periods of economic recovery.

  William Julius Wilson

  Recovery, People, Community

  Interview with Gerald Early, www.motherjones.com. September/October, 1996.

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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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