A Quote by Andrew Jackson
The bold effort the present (central) bank had made to control the government ... are but premonitions of the fate that await the American people should they be deluded into a perpetuation of this institution or the establishment of another like it.
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The principle that a central bank, charged with controlling inflation, should be independent from the government is unassailable. It may also be true that it's easier for the central bank to guard its independence from political pressure when it mainly holds government securities.
When you own gold you're fighting every central bank in the world. That's because gold is a currency that competes with government currencies and has a powerful influence on interest rates and the price of government bonds. And that's why central banks long have tried to suppress the price of gold. Gold is the ticket out of the central banking system, the escape from coercive central bank and government power.
A government cannot be expected to allow independence to its central bank unless that bank is also accountable to it and to the wider public. That is, the central bank must be able to be judged on whether or not it has achieved its agreed objective.
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.
All of us should remember that the federal government is not some mysterious institution comprised of buildings, files and paper. The people are the government. What we create we ought to be able to control.
In a mature economy like India's, which is becoming modern and a financially-oriented economy, an independent central bank, responsible central bank, is really central to success.
The cardinal maxim is, that any aid to a present bad Bank is the surest mode of preventing the establishment of a future good Bank.
Imperialism is an institution under which one nation asserts the right to seize the land or at least to control the government or resources of another people.
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?
The stability of the rate is the main issue and the Central Bank manages to ensure it one way or another. This was finally achieved after the Central Bank switched to a floating national currency exchange rate.
Parties do not maintain themselves. They are maintained by effort. The government is not self-existent. It is maintained by the effort of those who believe in it. The people of America believe in American institutions, the American form of government and the American method of transacting business.
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.
Children should be educated and instructed in the principles of freedom. Aristotle speaks plainly to this purpose, saying, 'that the institution of youth should be accommodated to that form of government under which they live; forasmuch as it makes exceedingly for the preservation of the present government, whatsoever it be.
The establishment of a central bank is 90% of communizing a nation.
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.
In the current situation, particular attention should be given to the quality of financial and economic management. The Government and the Central Bank should have a strategic action plan
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