Friday, 13 December 2019

Volcker: "Central banks are not exactly the harbingers of free market economies ... central banks were created as a means of financing the government." #QotD


"Central banks are not exactly the harbingers of free market economies... not at the cutting edge of a market economy; they were Johnny-come-latelies. ... Central banking is almost entirely a phenomenon of the twentieth century.... central banks were looked upon and created as a means of financing the government, which I do not think people have in mind when thinking about central banking today.”
~ Paul Volcker (Federal Reserve Chairman from 1979 to 1987) who died this week, speaking in 1990 on 'The Role of Central Banks'
.

No comments:

Post a comment

Comments are moderated to encourage honest conversation, and remove persistent trolls.