A Quote by Will Rogers
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.
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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?
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.
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 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.
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.
The whole financial structure of Wall Street seems to rise or fall on the mere fact that the Federal Reserve Bank raises or lowers the amount of interest. Any business that can't survive a one percent change must be skating on thin ice.
Why even the poor farmer took a raise of another ten percent just to get a loan from the bank, and nobody from the government paid any attention. But you let Wall Street have a nightmare and the whole country has to help to get them back into bed again.
The Federal Reserve bank buys government bonds without one penny.
The Federal Reserve Act requires the Federal Reserve to report annually on its operations and to publish its balance sheet weekly.
There are few historians who would challenge the fact that the funding of World War I, World War II, the Korean War, and the Vietnam War was accomplished by the Mandrake Mechanism through the Federal Reserve System.
Nothing did more to spur the boom in stocks than the decision made by the New York Federal Reserve bank, in the spring of 1927, to cut the rediscount rate. Benjamin Strong, Governor of the bank, was chief advocate of this unwise measure, which was taken largely at the behest of Montagu Norman of the Bank of England....At the time of the Banks action I warned of its consequences....I felt that sooner or later the market had to break.
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.
A U.S. dollar is an IOU from the Federal Reserve Bank. It's a promissory note that doesn't actually promise anything. It's not backed by gold or silver.
The Federal Reserve has an official commitment to two different policies. One is to prevent inflation from getting too high. The second is to maintain high employment... the European Central Bank has only the first. It has no commitment to keep employment up.
the Federal Reserve, has an official commitment to two different policies. One is to prevent inflation from getting too high. The second is to maintain high employment... The European central bank has only the first. It has no commitment to keep employment up.
Before passage of this [Federal Reserve] Act, the New York Bankers could only dominate the reserves of New York. Now, we are able to dominate the bank reserves of the entire country.
I think it would be interesting to know about the Federal Reserve. I think we should audit the Federal Reserve - it's taxpayer's money that's being used there.
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