A Quote by William McChesney Martin
Our purpose is to lean against the winds of deflation or inflation, whichever way they are blowing.
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With QE3, we are essentially being bought out with our own money...and unemployment is being used to facilitate this process in a very clever manner. Monetary inflation is currently being offset by labor deflation. The way you avoid collapse is by printing money and stealing assets. The way you avoid inflation is with labor deflation.
Deflation isn't good, and inflation is easier to cure than deflation.
When they say inflation is bad, deflation is good, what they mean is, more money for us 1% is good; we're all for asset price inflation, we're all for housing prices going up, and we're all for our stock and bonds prices going up. We're just against you workers getting more income.
If the winds of fortune are temporarily blowing against you, remember that you can harness them and make them carry you toward your definite purpose, through the use of your imagination.
True freedom has more to do with following the North Star than going whichever way the wind blows. Sometimes it seems like freedom is blowing with the winds of the day, but that kind of freedom is really an illusion. It turns your boat in circles. Freedom is sailing toward your dreams.
The essence of the problem is that the war against inflation is over, ... Ever since 1979 the Fed was fighting a war against inflation, and you always knew which way you wanted the inflation rate to go over the long run -- down.
Near-zero policy rates that may be considerably expansionary in an economy with high inflation could be contractionary when inflation is too close to zero, or worse, deflation has set in.
And I am convinced that a single focus on preserving the purchasing power of the dollar, in effect, guarding against inflation or deflation, actually creates a solid foundation for the greatest job growth and the strongest economy that America can have.
We will not bow down to the winds of PC culture whichever way they may blow.
When the snow is still blowing against the window-pane in January and February and the wild winds are howling without, what pleasure it is to plan for summer that is to be.
If inflation is the genie, then deflation is the ogre that must be fought decisively.
The real problem is deflation. That is the opposite of inflation but equally serious to the borrower.
See your disappointments as good fortune. One plan's deflation is another's inflation.
No central banker would disagree with the proposition that inflation is primarily a monetary phenomenon. Not one of them will disagree that every inflation has been accompanied by a rapid increase in the quantity of money and every deflation by a decline in the quantity of money.
It's t'ai chi every time. I'm using your positive energy, and I'm blowing off it. See, most guys can't push, they got to lean. When they lean, I spin.
The winds of God's grace are always blowing, it is for us to raise our sails.
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