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Paul Volcker

Quote:  “We did better with the nineteenth-century gold standard and passive central banks, with currency boards, or even with 'free banking.'” – Paul Volcker

Submitted by bsfootprint on Sat, 09/10/2011 - 20:02
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Paul Volcker, in the forward to the book The Central Banks, describes the sad record of central banks and inflation.

Quote: 

It is a sobering fact that the prominence of central banks in this century has coincided with a general tendency towards more inflation, not less. [I]f the overriding objective is price stability, we did better with the nineteenth-century gold standard and passive central banks, with currency boards, or even with 'free banking.' The truly unique power of a central bank, after all, is the power to create money, and ultimately the power to create is the power to destroy.

Who Said It?: 
Paul Volcker
Quote Source Links: 
http://mises.org/daily/3208/Book-Review-The-Central-Banks
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