“The president has very little effect on the economy. If you want to put blame or credit, the main person who influences the business cycle is the head of the Federal Reserve Bank.”

—  Robert Fogel

Robert Fogel, in: " Transcript from an interview with Professor Robert W. Fogel, 2004 http://www.nobelprize.org/nobel_prizes/economic-sciences/laureates/1993/fogel-interview-transcript.html" at nobelprize.org.

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Robert Fogel5
American economist, historian 1926–2013

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“In fact, the only person to rival Friedman for policy influence in the twentieth century is John Maynard Keynes, who had a strikingly different view of the role of government. Keynes was influential because he advocated more government intervention into what he perceived as poorly functioning private economies caught up in the Great Depression. In contrast to Keynes, Friedman put the main blame for the Depression on government failures, especially of monetary policy. Hence, the Depression did not make Friedman a fan of big government. He also found in the Federal Reserve’s failure to prevent deflation an argument in favor of monetary rules. As the world evolved— with low inflation becoming the major mission of central banks and free markets and secure property rights becoming the main policies to promote economic growth—Friedman surely won the intellectual battle.”

Robert Barro (1944) American classical macroeconomist

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“The investment banks should either choose to be regulated as banks or should arrange to conduct their affairs to not require the stop-gap support of the Federal Reserve.”

Kenneth Griffin (1968) American hedge fund manager

"A Wishlist for Fixing Wall Street," New York Times (May 13, 2008) http://www.nytimes.com/2008/05/13/business/13sorkin.html?ref=business.

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“At home, as well as abroad, there is paralyzing uncertainty among business men as to whether the Reserve Board will allow that expansion of bank credit without which such prosperity as we have had in recent years simply cannot last. In short, the Board has created a state of mind which breeds business depression.”

William Trufant Foster (1879–1950) American economist

Foster and Catchings, in: The Atlantic Monthly, Vol. 144, (1929), p. 102; cited in: William J. Barber. From New Era to New Deal. 1988, p. 77.

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“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

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“Since the 1980s, the American business cycle has been based on financial and credit bubbles, and therefore on the enrichment, through the capital markets, of a very small number of people in a very few places. Truly we have become a 'trickle-down economy' — as we were not before. A rising tide may lift all boats, but recent business cycles have been more like waves, whereby certain sectors and areas ride the peaks before crashing to the shore. This is a sign, surely, not of the social evil of inequality per se but of the instability of bubble economies, closely associated with inequality of income, wealth, and power, for which we now pay a fearsome price.”

James K. Galbraith (1952) economist

James K. Galbraith (2012), Inequality and Instability: A Study of the World Economy. p. 148; Cite in: " Muddling Towards the Next Crisis: James Kenneth Galbraith in conversation with The Straddler http://www.thestraddler.com/201310/piece2.php" at thestraddler.com, Winter 2013.

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“Some people want to be bank presidents. Other people want to rob banks.”

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“In recent weeks, we have taken bold steps to prevent a severe disruption of the American economy, which would have a devastating effect on other economies around the world. We've promoted stability in the markets by preventing the disorderly failure of major companies. The Federal Reserve has injected urgently needed liquidity into the system. And last week, I announced a decisive action by the federal government to address the root cause of much of the instability in our financial markets, by purchasing illiquid assets that are weighing down balance sheets and restricting the flow of credit. I can assure you that my administration and our Congress are working together to quickly pass legislation approving this strategy, and I'm confident we will act in the urgent time frame required.”

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“The sentence, 'stopping the printing presses,' is a figurative expression, because it is being done now by creating credit by the Federal Reserve System. But this is government action — all inflation is ultimately the result of activities which government determines and can control. And all inflations have been stopped in the past by the government stopping creating money, or preventing the central bank from creating more money. May I add just one thing? See, all inflations have been stopped by people who created or believed in a very naive form of the Quantity Theory, and acted on that. It may be wrong, but it is the only adequate theory effective to stop an inflation.”

Friedrich Hayek (1899–1992) Austrian and British economist and Nobel Prize for Economics laureate

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With No Apologies (1979).

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