Frank Herbert Quotes

Central banking often comes across as obscure and complicated, and we try to help the public understand what we do.

Economics anxiety may be even more common than the often identified 'math anxiety,' for unlike math, which has its personal uses, economics is seen as a mysterious set of forces manipulated from above.

Remember, Alan Greenspan was a member of Ayn Rand's collective. To understand this is to understand why we are doomed with the Federal Reserve.

The Federal Reserve Board is indefensible in theory and indispensable in practice.

The institution of a bank has also a natural relation to the regulation of trade between the States, in so far as it is conducive to the creation of a convenient medium of exchange between them, and to the keeping up a full circulation, by preventing the frequent displacement of the metals in reciprocal remittances Money is the very hinge on which commerce turns. And this does not merely mean gold and silver; many other things have served the purpose, with different degrees of utility. Paper has been extensively employed.

We have, in this country, one of the most corrupt institutions the world has ever known. I refer to the Federal Reserve Board. This evil institution has impoverished the people of the United States and has practically bankrupted our government. It has done this through the corrupt practices of the moneyed vultures who control it

If there were no debts in our money system, there wouldn't be any money.

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.

Everything reminds Milton of the money supply. Well, everything reminds me of sex, but I keep it out of the paper.

Why does a public discussion of economic policy so often show the abysmal ignorance of the participants?

History has recorded nothing so dramatic in design, nor so skillfully manipulated, as this attempt to create the National Reserve Association, or the Federal Reserve.

In truth, money is not created until the instant it is borrowed. It is the act of borrowing which causes it to spring into existence. And, incidentally, it is the act of paying off the debt that causes it to vanish.

There is another method of obtaining money... It does not presuppose the existence of accumulated results of previous development, and hence may be considered as the only one which is available in strict logic. This method of obtaining money is the creation of purchasing power by banks. The form it takes is immaterial.

The issue of economics is not something I've understood as well as I should. I've got Greenspan's book.

Since I’ve become a central banker, I’ve learned to mumble with great incoherence. If I seem unduly clear to you, you must have misunderstood what I said.

Let’s throw the economists out and use common sense instead.

The Reserve Bank cannot just exist; its ability to say 'no' has to be protected.

I am proud to support the incredible economics department at the University of Chicago.

What is important for a central banker is that you have to convey that you know what you are doing.

War has generally had grave and fateful consequences for the American monetary and financial system. We have seen that the Revolutionary War occasioned a mass of depreciated fiat paper, worthless Continentals, a huge public debt, and the beginnings of central banking in the Bank of North America.

Banks don't come with an internal switch that says, 'Enough! Let's slow down a little.' Or, 'Let's just share this wealth around for the benefit of the community now.' That's the job of government.

It is the ability of governments to acquire money without direct taxation that makes modern warfare possible, and a central bank has become the preferred method of accomplishing that.

The question of how to structure our nation's financial system arose in the early years of the republic.

The new law will create inflation whenever the trusts want inflation. From now on depressions will be scientifically created.

Insanity has infected all the central banks of the world.