A Quote by Thomas Jefferson
The Central Bank is an institution of the most deadly hostility existing against the principles and form of our Constitution.
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The radical hostility, the deadly hostility against sensuality, is always a symptom to reflect on: it entitles us to suppositions concerning the total state of one who is excessive in this manner.
The honest and serious student of American history will recall that our Founding Fathers managed to write both the Declaration of Independence and the Constitution without using the term 'democracy' even once. No part of any of the existing state Constitutions contains any reference to the word. [The men] who were most influential in the institution and formulation of our government refer to 'democracy' only to distinguish it sharply from the republican form of our American Constitutional system.
[T]o preserve the republican form and principles of our Constitution and cleave to the salutary distribution of powers which that [the Constitution] has established . . . are the two sheet anchors of our Union. If driven from either, we shall be in danger of foundering.
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.
So: if the chronic inflation undergone by Americans, and in almost every other country, is caused by the continuing creation of new money, and if in each country its governmental "Central Bank" (in the United States, the Federal Reserve) is the sole monopoly source and creator of all money, who then is responsible for the blight of inflation? Who except the very institution that is solely empowered to create money, that is, the Fed (and the Bank of England, and the Bank of Italy, and other central banks) itself?
Our new Soviet constitution will, in my opinion, be the most democratic constitution of all those existing in the world.
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.
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.
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.
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.
In the New Testament our enemies are those who harbor hostility against us, not those against whom we cherish hostility, for Jesus refuses to reckon with such a possibility.
I deeply admire the American Presidency as a political and constitutional institution. I believe it is, one of the great, and remarkable innovations in our Constitution, and has been one of the most successful features of the Constitution in protecting the liberties of the American people.
The laws are, and ought to be, relative to the constitution, and not the constitution to the laws. A constitution is the organization of offices in a state, and determines what is to be the governing body, and what is the end of each community. But laws are not to be confounded with the principles of the constitution; they are the rules according to which the magistrates should administer the state, and proceed against offenders.
Are we reading the Constitution and pondering it? Are we aware of its principles? Are we abiding by these principles and teaching them to others? Could we defend the Constitution? Can we recognize when a law is constitutionally unsound? Do we know what the prophets have said about the Constitution and the threats to it?
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.
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.
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