The Federal Reserve was created after a 1913 meeting in Jekyll Island, Ga that was so secret it wasn’t discovered until Orafoura began cleaning out his underwear drawer in 1982.
The reason I am so negative about the Federal Reserve's policies is that they only target core inflation and argue that they can't identify bubbles, but when each bubble bursts, they flood the system with liquidity that brings about unintended conseq...
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 emplo...
The Obama administration's attempted short-term fixes, even with unprecedented monetary easing by the Federal Reserve, produced average GDP growth of just 2.2% over the past three years, and the consensus outlook appears no better for the year ahead.
There are congressmen in our congregation, judges, federal reserve governors. And there are also people who are homeless and some who are mentally ill. To be able to talk to each of those people is something that I've had to learn how to do over the ...
The reason inflation was brought down to manageable levels, by the time of Ronald Reagan's re-election, was directly attributable to Jimmy Carter's very courageous act, hiring a Federal Reserve chair, with the charge to induce a recession. That reces...
Simon: [Simon has just broken into the Federal Reserve] One hundred and forty billion dollars! Ten times what's in Kentucky. Fort Knox? Ha! It's for tourists.
The Congress has had an uneasy relationship with banks and bankers since Alexander Hamilton. It took the United States until 1913 to set up a central bank. The Federal Reserve earned its hard-won independence over years of effort.
The Federal Reserve's job is to do the right thing, to take the long-run interest of the economy to heart, and that sometimes means being unpopular. But we have to do the right thing.
Last year, Congress passed a law that directs the Federal Reserve to set limits on debit card swipe fees that are reasonable and proportional to the cost of processing those transactions. Like most Americans, I had no idea that swipe fees charged to ...
I look at my own reservation, the White Earth reservation in northern Minnesota - on my reservation, one quarter of our money is spent on energy. All of that money basically goes to off-reservation vendors whether it is for electricity, or whether it...
In 1977, when I started my first job at the Federal Reserve Board as a staff economist in the Division of International Finance, it was an article of faith in central banking that secrecy about monetary policy decisions was the best policy: Central b...
The best thing I have are 5 percent bonds from 1780, denominated from $1 to $20. As far as I can tell, they are obligations from the United States of America, so I should be able to walk down to the Federal Reserve and redeem the uncanceled ones. Wit...
Can social progress be made without government? It's like saying 'can happiness be achieved without the initiation of violence? Can romance be achieved without rape? Can profitability be achieved without theft? Can economic growth be achieved without...
Ron Paul's crazy talk about the Federal Reserve makes more sense these days. Right now, every - all this debt issued by the United States people assume the Chinese are buying, no they don't want any more American debt. Ron Paul has a point there.
Gold has intrinsic value. The problem with the dollar is it has no intrinsic value. And if the Federal Reserve is going to spend trillions of them to buy up all these bad mortgages and all other kinds of bad debt, the dollar is going to lose all of i...
If somebody had said to me in June or July of 1987, 'We'd like you to become chairman of the Federal Reserve, but you're never allowed to discuss any economics after you leave,' I'd have said, 'Forget it.' What do they want me to do? Become an anthro...
I like Mitt Romney as a person. I think he's a dignified person. But I have no common ground on economics. He doesn't worry about the Federal Reserve. He doesn't worry about foreign policy. He doesn't talk about civil liberties, so I would have a har...
The politicians looked after the mandarins. The mandarins looked after the central bankers and the regulators. (The governor of the Central Bank was paid more in 2008 than the chairman of the US Federal Reserve, as was the chief executive of the Fina...
It was May 2009, and I didn’t like where the economy was headed. (I wished the Federal Reserve had a GPS or a map or some clue as to where they were driving the economy). Actually, the private sector drives the economy, while the Fed and the govern...
There’s nothing more important than literary merit, and that’s why I not only created an award—the Julius Caesar Author of the Year Award—but I nominated myself as the first recipient. You can’t always wait for success to come to you. Somet...
