Federal Bank Quotes & Sayings

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 Rothbard

Eli Willard just looked at her for a long moment, and then he announced, 'Lady of the Lake strikes iceberg in mid-Atlantic; 215 drown. New York City fire destroys 700 buildings. Japanese earthquake kills 12,000. Worldwide cholera epidemic kills millions. Wages rise, but prices rise faster. Financial crash occurs on Van Buren's 36th day in office. Nation begins first great depression. Bank failures and closings spread like plague. 200,000 are unemployed. Business bankrupt; only pawnbrokers prosper. Van Buren declares ten-hour days on all federal jobs. There. Does that make you feel any better? — Donald Harington

The depression was the calculated 'shearing' of the public by the World Money powers, triggered by the planned sudden shortage of supply of call money in the New York money market ... The One World Government leaders and their ever close bankers have now acquired full control of the money and credit machinery of the U.S. via the creation of the privately owned Federal Reserve Bank. — Curtis Bean Dall

We have left behind the rosy agrarian rhetoric and slaveholding reality of Jeffersonian democracy and reside in the bustling world of trade, industry, stock markets, and banks that Hamilton envisioned. (Hamilton's staunch abolitionism formed an integral feature of this economic vision.) He has also emerged as the uncontested visionary in anticipating the shape and powers of the federal government. At a time when Jefferson and Madison celebrated legislative power as the purest expression of the popular will, Hamilton argued for a dynamic executive branch and an independent judiciary, along with a professional military, a central bank, and an advanced financial system. Today, we are indisputably the heirs to Hamilton's America, and to repudiate his legacy is, in many ways, to repudiate the modern world. — Ron Chernow

The federal [bank deposit] insurance scheme has worked up to now simply and solely because there have been very few bank failures. The next time we have a pestilence of them it will come to grief quickly enough, and if the good banks escape ruin with the bad ones it will be only because the taxpayer foots the bill. — H.L. Mencken

The Depression, which started in 1929 was rather mild from 1929 to 1930. And, indeed, in my opinion would have been over in 1931 at the latest had it not been that the Federal Reserve followed a policy which led to bank failures, widespread bank failures, and led to a reduction in the quantity of money. — Milton Friedman

The Marine Corps assumes maximum ignorance from its enlisted folks. It assumes that no one taught you anything about physical fitness, personal hygiene, or personal finances. I took mandatory classes about balancing a checkbook, saving, and investing. When I came home from boot camp with my fifteen-hundred-dollar earnings deposited in a mediocre regional bank, a senior enlisted marine drove me to Navy Federal - a respected credit union - and had me open an account. When I caught strep throat and tried to tough it out, my commanding officer noticed and ordered me to the doctor. We — J.D. Vance

Prior to 1968, the gullible gentiles could take a one dollar Federal Reserve note into any bank in America and redeem it for a dollar which was by law a coin containing 412 1/2 grains of 90 per cent silver. Up until 1933, one could have redeemed the same note for a coin of 25 4/5ths grains of 90 per cent gold. All we do is give the goy more non-redeemable notes, or else copper slugs. But we never give them their gold and silver. Only more paper, — Harold Wallace Rosenthal

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

Perhaps more to the point for TBTF (Too Big To Fail bank), if a SIFI (Systemically Important Financial Institution) does fail I have little doubt that private investors will in fact bear the losses-even if this leads to an outcome that is messier and more costly to society than we would ideally like. Dodd-Frank is very clear in saying that the Federal Reserve and other regulators cannot use their emergency authorities to bail out an individual failing institution — Jeremy C. Stein

The problems of 2008 were never cured. The Federal Reserve's solution to the crisis was to lend the economy enough money to borrow its way out of debt. It thought that if it could subsidize banks lending homeowners enough money to buy houses from people who are defaulting, then the bank balance sheets would end up okay. — Michael Hudson

There is a European Central Bank, of course, established and it has the structure similar to the Federal Reserve system, not precisely the same but similar. — Robert C. Solomon

I was Chairman of the Federal Reserve Bank of Kansas City. As you know, there are twelve banks and they have their citizens board, and I got elected to the Fed Chairmanship for the Federal Reserve Kansas City Bank back in the mid-'90s. It might have been 1995-'96. — Herman Cain

Today, banks are allowed to loan out at least ten times the amount they actually are holding, so while you wonder how they get rich charging you 11% interest, it's not 11% a year they make on that amount but actually 110%. The bank lends other people's money to those that need loans, and when the bank runs out of money, they call the Federal Reserve for more. — Joseph P. Kauffman

The Federal Reserve bank buys government bonds without one penny ... — John C. Danforth

I know the Federal Reserve Bank can continue to print more and more money ... but city and state governments cannot. — Robert Kiyosaki

There is two things that can disrupt business in this country. One is War, and the other is a meeting of the Federal Reserve Bank. — Will Rogers

Democracy means doing whatever you want without asking permission of anybody but your boss, your doctor, your lawyer, your landlord, your bank, your city, your state and federal authorities, and your wife and children. — Sam Levenson

In numerous years following the war, the Federal Government ran a heavy surplus. It could not (however) pay off its debt, retire its securities, because to do so meant there would be no bonds to back the national bank notes. To pay off the debt was to destroy the money supply. — John Kenneth Galbraith

Before passage of this [Federal Reserve] Act, the New York Bankers could only dominate the reserves of New York. Now, we are able to dominate the bank reserves of the entire country. — Nelson W. Aldrich

What happened was that for every $100 of money, by which I mean the cash that people keep in their pockets, and the deposits they have in the bank, for every $100 of money that there was in 1929, by 1933 there was only $67. The Federal Reserve allowed the quantity of money to decline by a third. While, at all times, it had the possibilities and the power of preventing that from happening. — Milton Friedman

It is no coincidence that the century of total war coincided with the century of central banking. — Ron Paul

We have a balance of $ .32 in the bank ... Which makes us four-and-a-half trillion dollars richer than the federal government. — Jim Borgman

The Congress has had an uneasy relationship with banks and bankers since Alexander Hamilton. It took the United States until 1913 to set up a central bank. The Federal Reserve earned its hard-won independence over years of effort. — Robert Zoellick

Quantitative easing is just the latest chapter in the Federal Reserve's hundred-year history of failure. ( ... ) The American people have suffered long enough under a monetary policy controlled by an unaccountable, secretive central bank. It is time to finally audit - and then end - the Fed. — Ron Paul

Von Pein's family was a little known, but highly influential entity within American banking circles. Banking Royalty, some called it. His grandfather had been one of the chief orchestrators of the Federal Reserve Act of 1913, which effectively took ownership of the bank from the American people. — James Morcan

It is not the responsibility of the Federal Bank - nor would it be appropriate - to protect lenders and investors from the consequences of their decisions — Ben Bernanke

There are a number of institutions globally where the Federal Reserve typically leads the U.S. effort to work with financial regulators from other countries, and we try to, to the extent possible, establish international standards for how - the amount of capital a bank should hold, for example, or how much. — Ben Bernanke

The whole financial structure of Wall Street seems to rise or fall on the mere fact that the Federal Reserve Bank raises or lowers the amount of interest. Any business that can't survive a one percent change must be skating on thin ice.
Why even the poor farmer took a raise of another ten percent just to get a loan from the bank, and nobody from the government paid any attention. But you let Wall Street have a nightmare and the whole country has to help to get them back into bed again. — Will Rogers

The Federal Reserve has an official commitment to two different policies. One is to prevent inflation from getting too high. The second is to maintain high employment ... the European Central Bank has only the first. It has no commitment to keep employment up. — Noam Chomsky

A U.S. dollar is an IOU from the Federal Reserve Bank. It's a promissory note that doesn't actually promise anything. It's not backed by gold or silver. — P. J. O'Rourke

For Social Security to be financially sound, the federal government should have $100 trillion - a sum of money six-and-a-half times the size of our entire economy - in the bank and earning interest right now. But it doesn't. And while many believe that Social Security represents our greatest entitlement problem, Medicare is six times larger in terms of unfunded obligations. — John C. Goodman

The Federal Reserve Bank of New York is eager to enter into close relationship with the Bank for International Settlements ... The conclusion is impossible to escape that the State and Treasury Departments are willing to pool the banking system of Europe and America, setting up a world financial power independent of and above the Government of the United States ... The United States under present conditions will be transformed from the most active of manufacturing nations into a consuming and importing nation with a balance of trade against it. — Louis Thomas McFadden

Nothing did more to spur the boom in stocks than the decision made by the New York Federal Reserve bank, in the spring of 1927, to cut the rediscount rate. Benjamin Strong, Governor of the bank, was chief advocate of this unwise measure, which was taken largely at the behest of Montagu Norman of the Bank of England ... At the time of the Banks action I warned of its consequences ... I felt that sooner or later the market had to break. — Bernard Baruch

The first interview I went on I got at age 5. It was a commercial for First Federal Bank. — Erin Moran

The first task of the Federal Reserve system would be to finance the World War. The European nations were already bankrupt, because they had maintained large standing armies for almost fifty years, a situation created by their own central banks, and therefore they could not finance a war. A central bank always imposes a tremendous burden on the nation for "rearmament" and "defense", in order to create inextinguishable debt, simultaneously creating a military dictatorship and enslaving the people to pay the "interest" on the debt which the bankers have artificially created. — Eustace Mullins

Although every country thought itself superior in its own way, was there ever a country that coined so many "super" terms from the federal bank of its narcissism, was not only superconfident but also truly superpowerful, that would not be satisfied until it locked every nation of the world into a full nelson and made it cry Uncle Sam? — Viet Thanh Nguyen

The Federal Reserve the privately owned U.S. central bank definitely caused The Great Depression by contracting the amount of currency in circulation by one third from 1929 to 1933. — Milton Friedman

The financial collapse of 2008 got its start with predatory mortgages, that weren't sold by community banks and credit unions, they were sold by fly by night mortgage brokers who had almost zero federal oversight and then the big banks looked over, saw the profit potential and they wanted it bad. So they jumped in and sold millions of these terrible mortgages while the bank regulators just looked the other way. — Elizabeth Warren

Citigroup, Bank of America, and JP Morgan Chase should not be permitted to charge consumers 25- to 30-percent interest on their credit cards, especially while these banks received over $4 trillion in loans from the Federal Reserve. — Bernie Sanders

The Federal Reserve ranks among the most transparent central banks. We publish a summary of our balance sheet every week. Our financial statements are audited annually by an outside auditor and made public. Every security we hold is listed on the website of the Federal Reserve Bank of New York. — Janet Yellen

The politicians looked after the mandarins. The mandarins looked after the central bankers and the regulators. (The governor of the Central Bank was paid more in 2008 than the chairman of the US Federal Reserve, as was the chief executive of the Financial Regulator.) The Central Bankers looked after the bankers. The bankers looked after IBEC. And IBEC looked after the government. The circle of oligarchs was watertight. — Shane Ross