A Quote by Charles L. Evans
There is nobody who would want, in any way, to lose what Paul Volcker won for the American people by fighting inflation and achieving price stability.
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Paul Volcker is a tremendous hero with the Federal Reserve system and for the American economy. He took very tough actions and helped to break the back of double-digit inflation at a time when it had to be done.
The idea that when people see prices falling they will stop buying those cheaper goods or cheaper food does not make much sense. And aiming for 2 percent inflation every year means that after a decade prices are more than 25 percent higher and the price level doubles every generation. That is not price stability, yet they call it price stability. I just do not understand central banks wanting a little inflation.
[Australian Reserve Bank] Governor MacFarlane said recently when Paul Volcker broke the back of American inflation it's regarded as the policy triumph of the Western world. When I broke the back of Australian inflation they say, "Oh, you're the fellow that put the interest rates up." Am I not the same fellow that gave them the 15 years of good growth and high wealth that came from it?
In the long run, the gold price has to go up in relation to paper money. There is no other way. To what price, that depends on the scale of the inflation - and we know that inflation will continue.
We pay some price when necessary to bring down inflation but that price is temporary and is not large relative to the permanent gain from reduced inflation.
The essence of the problem is that the war against inflation is over, ... Ever since 1979 the Fed was fighting a war against inflation, and you always knew which way you wanted the inflation rate to go over the long run -- down.
The administration says the American people want tax cuts. Well, duh. The American people also want drive-through nickel beer night. The American people want to lose weight by eating ice cream. The American people love the Home Shopping Network because it's commercial-free.
Thirty years ago, many economists argued that inflation was a kind of minor inconvenience and that the cost of reducing inflation was too high a price to pay. No one would make those arguments today.
I ask the American administration not to participate in any resolution that will double the suffering of the Palestinian people. I am convinced that the American people would not want to see the Palestinians suffer the way they do.
The incredible stability in inflation is really a novel human experience. And the inflation is being the result of money.
Another thing I like to say to my students is this: "How many Corinthians read Paul's letters?" The answer is none. They couldn't have cared less! There aren't even any Corinthians left, but Paul's letters persist. Paul was not a professional writer. He was called to something, and he sent his letters. That's a good way to look at it. That you might be making something that nobody cares about, but you have to do it. It's not that people should care, but that you should care.
Inflationary trends are under way. Wage increases, through strikes or threatened strikes, are rampant. Government expenditures are ballooning ominously. Hoarding has contributed unconscionably to price-boosting. The Government should institute measures calculated to arrest inflation. America's commitments are already so mountainous, international and domestic, that the pruning knife should be applied. You and I, all American taxpayers, don't possess limitless resources-our pockets are not bottomless. Curb inflation at every turn!
The unique aspect of today's monetary inflation is that it is not limited to one country, but a host of countries are all inflating together. As a result of the monetary inflation (when all of the newly created money begins to leave the banks and enter the system), the price inflation will be worldwide.
I would like to keep fighting until I have my 100th victory. But if I lose, I'll lose fighting hard, with pride and dignity.
Ron Paul's crazy talk about the Federal Reserve makes more sense these days. Right now, every - all this debt issued by the United States people assume the Chinese are buying, no they don't want any more American debt. Ron Paul has a point there.
Achieving price stability is not only important in itself, it is also central to attaining the Federal Reserve's other mandate objectives of maximum sustainable employment and moderate long-term interest rates.
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