A Quote by Edmund Phelps
I've lived to see key parts of my research absorbed in textbooks and in central banks around the world. And some finance ministries, too.
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In the old days we were the challenger brand competing against the big banks, but today I go round the world and I sit with governors of central banks and finance ministers and, in some cases, prime ministers. They all know Travelex. We are regarded as the establishment - the world's largest retailer of foreign currency.
The first task of the Federal Reserve system would be to finance the World War. The European nations were already bankrupt, because they had maintained large standing armies for almost fifty years, a situation created by their own central banks, and therefore they could not finance a war. A central bank always imposes a tremendous burden on the nation for "rearmament" and "defense", in order to create inextinguishable debt, simultaneously creating a military dictatorship and enslaving the people to pay the "interest" on the debt which the bankers have artificially created.
Central banks are choosing to increase their gold holdings as a percentage of total reserves. They obviously think there is a reason to do that. It doesn't make sense to back up one currency with a hoard of other paper currencies. There needs to be a real anchor there. I think that central banks are well behind the curve. If you look at the percentage of above-ground gold controlled by central banks, it's historically low. Hence the fact that central banks are trying to increase their holdings. They've got a long way to go to get where they need to be.
In 1977, when I started my first job at the Federal Reserve Board as a staff economist in the Division of International Finance, it was an article of faith in central banking that secrecy about monetary policy decisions was the best policy: Central banks, as a rule, did not discuss these decisions, let alone their future policy intentions.
I actually think that the economy has got some positives. It's got the market. It's got consumer confidence and it's got banks throwing - I mean central bankers throwing money at it around the world.
The financial system has to be regulated, we have to end with the tax havens, and it's necessary that the central banks in the world should control a little bit the banks' financing because they cannot bypass a certain range of leverage.
The Global Financial Crisis and Great Recession posed daunting new challenges for central banks around the world and spurred innovations in the design, implementation, and communication of monetary policy.
What happens at the Fed, what Janet Yellen and the other people decide there, what happens in central banks in other parts of the world is very important. This can make the difference between a high unemployment rate, a slow recovery or a more rapid recovery.
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.
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.
The thing I want to see before I die is women achieving full equality in the world. I'm very passionate about injustice against women and there's too much of it in the world. In so many parts of the world, women are not regarded as worthy or equal to men. In parts of the world, women are bought and sold.
The ministries of finance and industries and commerce require modern-minded, transparent, and efficient leadership.
I like to imagine that the world is one big machine. You know, machines never have any extra parts. They have the exact number and type of parts they need. So I figure if the entire world is a big machine, I have to be here for some reason. And that means you have to be here for some reason, too.
In the past, liberals have competed to see who could shout the loudest to shut down the banks, ridicule success, and penalize anyone working in finance. In fact, the Occupy Wall Street movement was an aggressive liberal effort to shut down Wall Street banks.
Insanity has infected all the central banks of the world.
I think it is absolutely central to our economic plan as a country not only that we put our own house in order but that we better connect ourselves with other parts of the world, particularly the faster growing parts of the world.
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