Paul Volcker, (1927-2019) American economist, Chairman of the Federal Reserve (1979-1987) Share on Facebook Share on Twitter Comment on this quote Share via Email Print this Page [1-2] of 2 Paul Volcker quotesPaul Volcker QuotesPaul Volcker 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 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 Share on Facebook Tweet Email Print