“Italians dream that the ECB (European Central Bank) will make their life easier than the Bundesbank does now… The new central bank is certain to establish itself at the outset as a direct continuation of the German central bank.”

— Rudiger Dornbusch

Euro fantasies, 1996

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Rudiger Dornbusch 10

German economist 1942–2002

John Brooks (writer) (1920–1993) American writer

Business Adventures: Twelve Classic Tales from the World of Wall Street

“So: if the chronic inflation undergone by Americans, and in almost every other country, is caused by the continuing creation of new money, and if in each country its governmental "Central Bank" (in the United States, the Federal Reserve) is the sole monopoly source and creator of all money, who then is responsible for the blight of inflation? Who except the very institution that is solely empowered to create money, that is, the Fed (and the Bank of England, and the Bank of Italy, and other central banks) itself?”

Murray N. Rothbard (1926–1995) American economist of the Austrian School, libertarian political theorist, and historian

The Case against the Fed.

“Nationalisation of the Reichsbank Pub. Ltd. Co., and the central banks.”

Gottfried Feder (1883–1941) German economist and politician

Source: The German State on a National and Socialist Foundation (1923), p. 54

“Economics should be under no illusion that central banking will ever become a science.”

Jürg Niehans (1919–2007) Swiss economist

Source: The theory of money, 1978, p. 296

“I want to make sure you keep your eyes on the ball, that is, the two basic missions of a central bank. The first is maintaining macroeconomic stability: maintaining stable growth and keeping inflation low and stable. The principal policy tool for maintaining macroeconomic stability is monetary policy. In normal times, the Fed and other central banks use open market operations—purchases and sales of securities in markets—to move interest rates up or down, and in doing so try to create a more stable macroeconomic environment.
The second part of a central bank's mission is maintaining financial stability. Central banks are focused on trying to ensure that the financial system functions properly, and in particular, they want to prevent, if possible, and if not, to mitigate the effects of a financial crisis or a financial panic.”

Ben Bernanke (1953) American economist

Lecture 2: The Federal Reserve after World War II
The Federal Reserve and the Financial Crisis (2012)

“In central banking circles, it is viewed as obvious that the accumulation and destruction of reputational capital more closely resembles adaptive than rational expectations — it lags behind reality. Here, I think, the central bankers are closer to the truth than the economic theorists.”

Alan Blinder (1945) economist

Source: Central Banking in Theory and Practice. 1998, p. 52

“Sometimes I think our central bank will keep printing money till we run out of trees.”

Jim Rogers (1942) American writer

The Downward Spiral http://www.jimrogers.com/content/stories/articles/THE_DOWNWARD_SPIRAL.htm

“Any citizen, with the help of the organ banks, can live as long as it takes his central nervous system to wear out.”

Larry Niven (1938) American writer

Millard Parlette's notes, in Ch. 7 : The Bleeding Heart
A Gift From Earth (1968)
Context: Any citizen, with the help of the organ banks, can live as long as it takes his central nervous system to wear out. This can be a very long time if his circulatory system is kept functioning. … But the citizen, cannot take more out of the organ banks than goes into them. He must do his utmost to see that they are supplied. … The only feasible method of supplying the organ banks is through execution of criminals. … A criminal's pirated body can save a dozen lives. There is now no valid argument against capital punishment for any given crime; for all such argument seeks to prove that killing a man does society no good.
Hence the citizen, who wants to live as long and as healthily as possible, will vote any crime into a capital crime if the organ banks are short of material. … Cite Earth's capital punishment for false advertising, income tax evasion, air pollution, having children without a license.
The wonder was that it had taken so long to pass these laws.

“The manifesto had a paragraph on a wish and an aspiration, acknowledging that the Reserve Bank is independent and that there is no intention whatsoever to tamper or tinker with the independence of the central bank. The wish that is expressed is, that as it goes ahead with monetary policy machinations, it will keep an eye on employment.”

Cyril Ramaphosa (1952) 5th President of South Africa

Answering a question by JSE chairperson Nyembezi-Heita in Rosebank, on the eve of the World Economic Forum in Davos, as quoted by Carien du Plessis in Ramaphosa and Magashule contradict each other on Reserve Bank nationalisation https://www.msn.com/en-za/money/politics/ramaphosa-and-magashule-contradict-each-other-on-reserve-bank-nationalisation/ar-BBSjJd5?ocid=spartanntp, Daily Maverick (17 January 2019)

“The most serious criticism of EMU is that by abandoning exchange rate adjustments it transfers to the labor market the task of adjusting for competitiveness and relative prices… losses in output and employment (and pressure on the European central bank to inflate) will predominate.”

Rudiger Dornbusch (1942–2002) German economist

Euro fantasies, 1996

“Italians dream that the ECB (European Central Bank) will make their life easier than the Bundesbank does now… The new central bank is certain to establish itself at the outset as a direct continuation of the German central bank.”

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Rudiger Dornbusch 10

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