A Quote by Robert Fogel
The president has very little effect on the economy. If you want to put blame or credit, the main person who influences the business cycle is the head of the Federal Reserve Bank.
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I was Chairman of the Federal Reserve Bank of Kansas City. As you know, there are twelve banks and they have their citizens board, and I got elected to the Fed Chairmanship for the Federal Reserve Kansas City Bank back in the mid-'90s. It might have been 1995-'96.
Census data influences decisions made from Main Street to Wall Street, in Congress and with the Federal Reserve. Not to mention, the American people who look to, and trust, the data the government releases on our nation's unemployment, state of our economy, and health insurance coverage.
When it appears as though the governors of the Federal Reserve believe that the end of the rate increases is near, that's very good news for investors. A lack of ambiguity from the Federal Reserve is always a little bit of a shocker.
There is two things that can disrupt business in this country. One is War, and the other is a meeting of the Federal Reserve Bank.
The States is run by the Federal Reserve, an institution that answers only to itself and to a few large banks. It's modelled on the Bank of England. Ben Franklin said that one of the main reasons America revolted was to get away from the Bank of England, the mother of all central banks - the most pernicious and insidious of all.
The 'boom-bust' cycle is generated by monetary intervention in the market, specifically bank credit expansion to business.
Citigroup, Bank of America, and JP Morgan Chase should not be permitted to charge consumers 25- to 30-percent interest on their credit cards, especially while these banks received over $4 trillion in loans from the Federal Reserve.
When the secretary of treasury, the head of the central bank, the head of the FDIC (Federal Deposit Insurance Corp.), and the head of the New York Fed say, "We want you to do this because we think it's in the best interest of the United States of America," you know, we're like the Japanese. We're a little patriotic that way. We said, "Yes, sir!"
In early 2008, before the criminal greed of America's mortgage and investment bank industry nearly destroyed the world's economy, the balance sheet of the U.S. Federal Reserve stood at about $870 billion.
We own? the Federal Reserve. There is this misconception that the Federal Reserve is some private entity. But if I might give an analogy here, we - U.S. taxpayers - own all the stock in the Federal Reserve.
The Federal Reserve ranks among the most transparent central banks. We publish a summary of our balance sheet every week. Our financial statements are audited annually by an outside auditor and made public. Every security we hold is listed on the website of the Federal Reserve Bank of New York.
As 'Austrian' business cycle theory has pointed out, any bank credit inflation sets up conditions for boom-and-bust; there is no need for prices actually to rise.
The greatest economic power might in fact remain in the hands of the Federal Reserve. Economists credit the Fed's policy of keeping interest rates at historic lows with helping to pump up the economy and bring unemployment down.
If the Federal Reserve pursues a policy which Congress or the President believes not to be in the public interest, there is nothing Congress can do to reverse the policy. Nor is there anything the people can do. Such bastions of unaccountable power are undemocratic. The Federal Reserve System must be reformed, so that it is answerable to the elected representatives of the people.
If Congress wanted to intervene with the Federal Reserve, well, we created the Federal Reserve. We could uncreate it. But would you want Congress regulating the money supply? We'd have drowned in inflation, or gone bankrupt, decades ago.
The Federal Reserve bank buys government bonds without one penny.
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