A Quote by Ben Bernanke
At the most basic level, a central bank must be clear and open about its actions and operations, particularly when they involve the deployment of public funds.
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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.
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.
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.
Even the National Bank of Romania doesn't have the huge resources needed to intervene in the market and keep the leu at an acceptable level, because they're drawing close to a floor below which the bank's reserves can't drop. The central bank has to wait for a moment of calm to efficiently conduct its interventions.
I don't want to act as though my deployment was particularly rough, because it wasn't. I had a very mild deployment; I was a staff officer.
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.
A private central bank issuing the public currency is a greater menace to the liberties of the people than a standing army. We must not let our rulers load us with perpetual debt.
Even fans of actively managed funds often concede that most other investors would be better off in index funds. But buoyed by abundant self-confidence, these folks aren't about to give up on actively managed funds themselves. A tad delusional? I think so. Picking the best-performing funds is 'like trying to predict the dice before you roll them down the craps table,' says an investment adviser in Boca Raton, FL. 'I can't do it. The public can't do it.'
Get-rich-quick thinking leads to three basic errors: (1) Getting involved with things you cannot understand; (2) Risking funds you cannot afford to lose, that is, borrowed funds; and (3) Making hasty decisions. Each of these actions violates one or more biblical principles... Together they constitute a sin called greed.
The best way that a central bank can support growth on a durable basis is to ensure inflation is low, stable - there is financial stability - and that is the role that the central bank plays.
I know very well about the necessary level of reserves of the Central Bank as well as the purpose.
The expansionary operations of the Second Bank of the United States, coupled with its laxity toward insisting on specie payment by the state banks, impelled a further inflationary expansion of state banks on top of the spectacular enlargement of the central bank. Thus, the number of incorporated state banks rose from 232 in 1816 to 338 in 1818.
The public schools are supported entirely, in most communities, by public funds-funds exacted not only from parents, nor alone from those who hold particular religious views, nor indeed from those who subscribe to any creed at all.
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 child is an eager observer and is particularly attracted by the actions of the adults and wants to imitate them. In this regard an adult can have a kind of mission. He can be an inspiration for the child's actions, a kind of open book wherein a child can learn how to direct his own movements. But an adult, if he is to afford proper guidance, must always be calm and act slowly so that the child who is watching him can clearly see his actions in all their particulars.
The more guidance a central bank can provide the public about how policy is likely to evolve the greater the chance that market participants will make appropriate inferences.
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