“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

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)

Adopted from Wikiquote. Last update June 3, 2021. History

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Cyril Ramaphosa 8

5th President of South Africa 1952

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“Economic and monetary union…is incompatible with independent sovereign states with control over their own fiscal and monetary policies. It would be impossible…to have irrevocably fixed exchange rates while individual countries retained independent monetary policies…such a system could never have the credibility necessary to persuade the market that there was no risk of realignment. Thus EMU inevitably implies a single European currency, with monetary decisions…taken not by national Governments and/or central banks, but by a European Central Bank. Nor would individual countries be able to retain responsibility for fiscal policy. With a single European monetary policy there would need to be central control over the size of budget deficits and, particularly, over their financing. New European institutions would be required, to determine overall Community fiscal policy and agree the distribution of deficits between individual Member States…It is clear that Economic and Monetary Union implies nothing less than European Government…and political union: the United States of Europe. That is simply not on the agenda now, nor will it be for the forseeable future.”

Nigel Lawson (1932) British Conservative politician and journalist

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“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

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“If the Bank of England is “independent” who took the decision to steal Venezuela’s gold?”

George Galloway (1954) British politician, broadcaster, and writer

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Raghuram G. Rajan (1963) Indian economist

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“Does he concede that the whole basis of the Maastricht treaty is the establishment of a European central bank which is staffed by bankers, independent of national Governments and national economic policies, and whose sole policy is the maintenance of price stability? That will undermine any social objective that any Labour Government in the United Kingdom—or any other Government—would wish to carry out. Does my hon. Friend recognise that the imposition of a bankers' Europe on the people of this continent will endanger the cause of socialism in the United Kingdom and in any other country?”

Jeremy Corbyn (1949) British Labour Party politician

Question http://hansard.millbanksystems.com/commons/1993/jan/13/treaty-on-european-union-1 in the House of Commons (13 January 1993).
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“My hon. Friend is right in saying that the Bank of England has often operated against the interests of Labour Governments. That is due to the mandarins who run it. If the hon. Gentleman has such doubts about the running of a bank which theoretically is state-owned and state-controlled, what influence does he think will be possible in the case of an independent central bank dedicated to a course of Euro-monetarism?”

Jeremy Corbyn (1949) British Labour Party politician

Question http://hansard.millbanksystems.com/commons/1993/jan/14/treaty-on-european-union in the House of Commons (14 January 1993).
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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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“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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“Basel has several first-rate restaurants, and it may be that in the view of the central-bank delegates this advantage outweighs the travel inconvenience, for central banking -or at least European central banking- has a firmly established association with good living.”

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“I really wish the Jews again in Judea, an independent nation”

John Adams (1735–1826) 2nd President of the United States

Letter to Mordecai Manuel Noah (1819), as quoted in The Jews, Judea, and Christianity : A Discourse on the Restoration of the Jews (1849) by M. M. Noah, p. xi
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Context: I really wish the Jews again in Judea, an independent nation, for, as I believe, the most enlightened men of it have participated in the amelioration of the philosophy of the age; once restored to an independent government, and no longer persecuted, they would soon wear away some of the asperities and peculiarities of their character, possibly in time become liberal Unitarian Christians, for your Jehovah is our Jehovah, and your God of Abraham, Isaac, and Jacob is our God.

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Cyril Ramaphosa 8

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