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Wednesday, December 1, 2010

Thoughts about the Federal Reserve/Central Bankers

Paul Volcker, former Chairman of the Federal Reserve (1979-1987):

"I don't get it,"... By setting 2% as an inflation objective, the Fed is "telling people in a generation they're going to be losing half their purchasing power."Calculated Risk, 2009
Thomas Jefferson:
"if the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and the corporations which grow up around them will deprive the people of all property until their children wake up homeless on the continent their fathers conquered."
"I sincerely believe that banking institutions are more dangerous to our liberties than standing armies. The issuing power should be taken from the banks and restored to the people to whom it properly belongs."
Abraham Lincoln:
"The money power preys upon the nation in times of peace and conspires against it in times of adversity. It is more despotic than monarchy, more insolent than autocracy, more selfish than bureaucracy."
James Madison:
"History records that the money changers have used every form of abuse, intrigue, deceit, and violent means possible to maintain their control over governments by controlling money and its issuance."

Rep. Charles August Lindberg (father of Charles Lindberg):
"The financial system [...] has been turned over to the Federal Reserve Board. That board administers the finance system by authority of [...] a purely profiteering group. The system is private, conducted for the sole purpose of obtaining the greatest possible profits from the use of other people's money."

"This [Federal Reserve Act] establishes the most gigantic trust on earth. When the President Woodrow Wilson signs this bill, the invisible government of the monetary power will be legalized....the worst legislative crime of the ages is perpetrated by this banking and currency bill."
Sen.Barry Goldwater:
"Most Americans have no real understanding of the operation of the international moneylenders. The accounts of the Federal Reserve Board have never been audited. It operates outside the control of Congress and manipulates the credit of the United States."
Rep. Ron Paul:
"Nothing good can come from the Federal Reserve... It is the biggest taxer of them all. Diluting the value of the dollar by increasing its supply is a vicious, sinister tax on the poor and middle class."

Calculated Risk

MishTalk - Mike Shedlock

Paul Krugman - NY Times

The Big Picture - Barry Ritholtz

naked capitalism - Yves Smith

Pragmatic Capitalism

Washington's Blog

Safe Haven

Paper Economy

The Daily Reckoning - Australia