Paul Volcker Quote

“It is a sobering fact that the prominence of central banks in this century has coincided with a general tendency towards more inflation, not less. [I]f the overriding objective is price stability, we did better with the nineteenth-century gold standard and passive central banks, with currency boards, or even with ‘free banking.’ The truly unique power of a central bank, after all, is the power to create money, and ultimately the power to create is the power to destroy.”

~ Paul Volcker

in the Foreword of "The Central Banks"

Ratings and Comments


J Carlton, Calgary

5 stars for an obvious truth. Abolish the Fed and its collection wing.

Mike, Norwalk

We hold this truth to be self evident

Ken, Spokane

Get rid of Dodd-Frank and return competition in the private financial sector. Until this happens there can be no real recovery.

Mary - MI
  • Reply
Mary - MI    8/7/12

More than a little irony in this quote from Paul Volcker who more than helped and enforced the perpetual theft of the privately held and run Federal Reserve Bank.

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