A Quote by Joseph Stiglitz
Finance ministers and central bank governors have the seats at the table, not labor unions or labor ministers. Finance ministers and central bank governors are linked to financial communities in their countries, so they push policies that reflect the viewpoints and interests of the financial community and barely hear the voices of those who are the first victims of dictated policies.
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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.
Under a democratic form of government, the people elect legislators and ministers to fulfil their policies. The role of the ministers is to give directions. The role of the bureaucracy is to implement those directions. If those who have to do the implementation are on strike, no policies can actually be implemented.
I have dealt with politicians ever since I came into the government in 1971. I have seen many prime ministers, many finance ministers.
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.
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.
Why, man of idleness, labor has rocked you in the cradle, and nourished your pampered life; without it, the woven silk and the wool upon your bank would be in the shepherd's fold. For the meanest thing that ministers to human want, save the air of heaven, man is indebted to toil; and even the air, in God's wise ordination, is breathed with labor.
Let's not forget, it was the government, Department of Finance and Central Bank that decided to unfairly land the taxpayers of this country with unmitigated losses of Anglo and massive legacy issues that would have been expected when nationalising a fraudulent bank.
The king shall singly deliberate over secret matters; for ministers have their own ministers, and these latter some of their own; this kind of successive line of ministers tends to the disclosure of counsels.
Global central banks are working hard to lift their economies through an aggressively easy monetary policy. The ECB [European Central Bank] and BOJ [Bank of Japan] are buying tens of billions of bonds and other financial securities each month in an effort to stimulate their economies, which is pushing down rates everywhere, including in the U.S.
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.
For small community banks and credit unions, like those in Central and Northern Wisconsin, the hundreds of new rules will require an estimated 2,260,631 labor hours just for compliance. Those are hours that your local bank or credit union will spend dealing with some Washington bureaucrat instead of focusing on the needs of customers like you.
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.
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.
We dream of an India where development is the result of all Chief Ministers, the Prime Minister, state Ministers, Union Ministers working together with even Local Body Authorities as one team, a strong and united Team India.
The Prime Minister and the Chief Ministers are one team. The Cabinet Ministers and the State Ministers are another team. The Civil Servants at the Centre and the States are yet another team. This is the only way we can successfully develop India.
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.
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