A Quote by Friedrich August von Hayek
We must not forget that … monetary policy all over the world has followed the advice of the stabilizers. It is high time that their influence, which has already done harm enough, should be overthrown.
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Most of the harm in the world is done by good people, and not by accident, lapse, or omission. It is the result of their deliberate actions, long persevered in, which they hold to be motivated by high ideals toward virtuous ends... ...when millions are slaughtered, when torture is practiced, starvation enforced, oppression made a policy, as at present over a large part of the world, and as it has often been in the past, it must be at the behest of very many good people, and even by their direct action, for what they consider a worthy object.
Of course I welcome all the normalization of monetary policy. I think monetary policy should be normal.
People think of a business cycle, which is a boom followed by a recession and then automatic stabilizers revive the economy. But this time we can't revive. The reason is that every recovery since 1945 has begun with a higher, and higher level of debt. The debt is so high now, that since 2008 we've been in what I call, debt deflation.
Monetary conditions exert an enormous influence on stock prices. Indeed, the monetary climate - primarily the trend in interest rates and Federal Reserve policy - is the dominant factor in determining the stock market's major direction.
By the beginning of the 20th century, the debate about monetary policy and the nation's financial system had been going on for over a century. Increasingly, the shortcomings of the existing system were causing too much harm to ignore.
Back in the 1970s, I ate a high-protein diet to get bigger and stronger. As a senior at Utah State, I weighed 218 pounds with eight percent body fat, and threw the discus over 190 feet. Then I got some advice from the people at the Olympic Training Center. I needed carbs, they advised, and lots of them. They pointed to studies done on the American distance runners. Being an idiot, I took the advice to eat like emaciated, over-trained sub-performers. It took years of high carbohydrate grazing to learn the evils of this advice.
We must not fail to recognise that television can be a hugely positive influence in children's lives, one of the greatest educators in contemporary society and an increasing influence on all the children followed in 'Child of Our Time.'
Inflation is certainly low and stable and, measured in unemployment and labour-market slack, the economy has made a lot of progress. The pace of growth is disappointingly slow, mostly because productivity growth has been very slow, which is not really something amenable to monetary policy. It comes from changes in technology, changes in worker skills and a variety of other things, but not monetary policy, in particular.
If the empire of superstition and hypocrisy should be overthrown, happy indeed will it be for the world; but if all religion and morality should be over-thrown with it, what advantage will be gained?
The Great Depression in the United States, far from being a sign of the inherent instability of the private enterprise system, is a testament to how much harm can be done by mistakes on the part of a few men when they wield vast power over the monetary system of the country.
To the kindly influence of Christianity we owe that degree of civil freedom, and political and social happiness which mankind now enjoys.... Whenever the pillars of Christianity shall be overthrown, our present republican forms of government, and all blessings which flow from them, must fall with them.
Half of the harm that is done in this world is due to people who want to feel important. They don't mean to do harm. But the harm does not interest them.
The Fed's organization reflects a long-standing desire in American history to ensure that power over our nation's monetary policy and financial system is not concentrated in a few hands, whether in Washington or in high finance or in any single group or constituency.
Most of the harm in the world is done by good people, and not by accident, lapse, or omission. It is the result of their deliberate actions, long persevered in, which they hold to be motivated by high ideals toward virtuous ends.
There are roads which must not be followed, armies which must not be attacked, towns which must not be besieged, positions which must not be contested, commands of the sovereign which must not be obeyed.
Long experience, in the United States and in other advanced economies, has demonstrated that monetary policy is most successful when decisions are rendered independent of influence by elected officials.
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