Federal Reserve System Quotes & Sayings

Faith is the black person's federal reserve system. — Hattie McDaniel

The dollar represents a one dollar debt to the Federal Reserve System. The Federal Reserve Banks create money out of thin air to buy Government Bonds from the U.S. Treasury ... and has created out of nothing a ... debt which the American people are obliged to pay with interest. — Wright Patman

The financial system has been turned over to the Federal Reserve Board. That board administers the finance system by authority of a purely profiteering group. The system is private, conducted for the sole purpose of obtaining the greatest possible profits from the use of other people's money. — Charles A. Lindbergh

If the federal government is an addict, then the Federal Reserve System is its enabler. — Thomas E. Woods Jr.

We faced a crisis caused by the Federal Reserve, the corporate tax system, Fannie Mae and Freddie Mac, and the Community Reinvestment Act. But the response of many people in Washington was to blame it on capitalism. — David Boaz

Transparency concerning the Federal Reserve's conduct of monetary policy is desirable because better public understanding enhances the effectiveness of policy. More important, however, is that transparent communications reflect the Federal Reserve's commitment to accountability within our democratic system of government. — Janet Yellen

If the Federal Reserve pursues a policy which Congress or the President believes not to be in the public interest, there is nothing Congress can do to reverse the policy. Nor is there anything the people can do. Such bastions of unaccountable power are undemocratic. The Federal Reserve System must be reformed, so that it is answerable to the elected representatives of the people. — Wright Patman

There is no entity in the world that controls our lives more than the Federal Reserve System — Harry Reid

Hyperinflation is not going to happen in this country, will never happen ... The Fed putting so much money into the system is not going to create the risk of hyperinflation in the future. We have a strong independent Federal Reserve with a very strong mandate from the Congress, and they will do what's necessary to keep inflation low and stable over time. — Timothy Geithner

More intriguingly, in poll after poll, when Americans are asked what public institutions they most respect, three bodies are always at the top of their list: the Supreme Court, the armed forces, and the Federal Reserve System. All three have one thing in common: they are insulated from the public pressures and operate undemocratically. It would seem that Americans admire these institutions, preciselly because they lead rather than follow. — Fareed Zakaria

In the United States we have, in effect, two governments ... We have the duly constituted Government ... Then we have an independent, uncontrolled and uncoordinated government in the Federal Reserve System, operating the money powers which are reserved to Congress by the Constitution. — Wright Patman

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

The reason I am so negative about the Federal Reserve's policies is that they only target core inflation and argue that they can't identify bubbles, but when each bubble bursts, they flood the system with liquidity that brings about unintended consequences. — Marc Faber

The Federal Reserve System is nothing more than legalized counterfeit. — Ron Paul

I cannot morally blame all Americans for allowing, for instance, the birth of the Federal Reserve System and the money destruction that has followed. They are simply ignorant about it and don't know what happened or what is happening. They think that prices go up rather than that dollars go down. — Robert Prechter

Most Americans have no real understanding of the operation of the international money lenders. The accounts of the Federal Reserve System have never been audited. It operates outside the control of Congress and manipulates the credit of the United States — Barry M. Goldwater

You can't fall back on the private sector and say, 'You take care of the nation's banking system.' That's a fundamental function of the government, the Federal Reserve, the Treasury and the FDIC, etc. All of those agencies have a major role to play there. — Dick Cheney

Because financially capable consumers ultimately contribute to a stable economic and financial system as well as improve their own financial situations, it's clear that the Federal Reserve has a significant stake in financial education. — Ben Bernanke

It is ironic that the Great Depression was produced by government but was blamed on the private enterprise system. The Federal Reserve System explained in its 1933 annual report how much worse things would have been if the Federal Reserve had not behaved so well, yet the Federal Reserve was the chief culprit in making the depression as deep as it was. So the government produced the depression, the private enterprise system got blamed for it, and there was a tremendous change in attitudes. — Milton Friedman

the Army contracts private carriers to handle the overflow. In the Gulf War, they even had to resort to forcing major airline companies to cough up planes to make ends meet, under a compulsive federal system known as the Civilian Reserve Airfleet Program (my favorite government acronym of all time). — Piers Platt

The Federal Reserve System is not Federal; it has no reserves; and it is not a system at all, but rather, a criminal syndicate. — Eustace Mullins

It may seem strange, but Congress has never developed a set of goals for guiding Federal Reserve policy. In founding the System, Congress spoke about the country's need for "an elastic currency." Since then, Congress has passed the Full Employment Act, declaring its general intention to promote "maximum employment, production, and purchasing power." But it has never directly counseled the Federal Reserve. — Wright Patman

Bad as "independence" is, the main fault of the Federal Reserve System - an admirable system if conducted in the public interest - is that too much power and control rests in the hands of people whose private interests are directly affected by the Federal Reserves' actions. — Wright Patman

I strongly support liquidating the corporation that is the Federal
Reserve and returning to a monetary system based on a marketproduced
precious metal, like gold, which is represented by a currency
printed and managed by the U.S. Treasury Department as stipulated
by our Constitution. The assets currently owned by the Fed should
be liquidated and parceled out on a pro-rata basis to its creditors. All we need is the will. — Ziad K. Abdelnour

The Federal Reserve System is a legal private monopoly of the money supply operated for the benefit of the few under the guise of protecting and promoting the public interest. — Anonymous

What's happening is, there's transfer of wealth from the poor and the middle class to the wealthy. This comes about because of the monetary system that we have. When you inflate a currency or destroy a currency, the middle class gets wiped out. So the people who get to use the money first which is created by the Federal Reserve system benefit. So the money gravitates to the banks and to Wall Street. That's why you have more billionaires than ever before. — Ron Paul

In 2005, attorneys general of 35 states urged the Federal Reserve to end the unsigned check system. — Charles Duhigg

Prices are going up. Unemployment continues to go up. And we have not had the necessary correction for the financial bubble created by our Federal Reserve system. — Ron Paul

I believe that the many administration officials, lawmakers, and regulatory policymakers - and their staffs - who poured a year and a half of prodigious work into the legislation had been guided, knowingly or not, by a simultaneously high-minded and pragmatic sentiment that Woodrow Wilson voiced before he launched the effort that would establish the Federal Reserve System. "We shall deal with our economic system as it is and as it may be modified, not as it might be if we had a clean sheet of paper to write upon; and step by step we shall make it what it should be," Wilson said in his first inaugural address. Wilson's words continued to make good sense a century later. — Ben S. Bernanke

The Federal Reserve System had been established to prevent what actually happened. It was set up to avoid a situation in which you would have to close down banks, in which you would have a banking crisis. And yet, under the Federal Reserve system, you had the worst banking crisis in the history of the United States — Alan Ebenstein

By remaining behind the scenes, they (the Rothschilds) were able to avoid the brunt of public anger which was directed, instead, at the political figures which they largely controlled. This is a technique which has been practiced by financial manipulators ever since, and it is fully utilized by those who operate the Federal Reserve System today. — G. Edward Griffin

The Federal Reserve is the overlord of the money supply. If these two are not steering in the same direction, they can either neutralize each other or have the economy lurching in all directions. This is not a rational system for setting economic policy. It has given us trouble in the past, as the text will establish, and will inevitably in the future. — Wright Patman

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

The American people have no idea they are paying the bill. They know that someone is stealing their hubcaps, but they think it is the greedy businessman who raises prices or the selfish laborer who demands higher wages or the unworthy farmer who demands too much for his crop or the wealthy foreigner who bids up our prices. They do not realize that these groups also are victimized by a monetary system which is constantly being eroded in value by and through the Federal Reserve System. — G. Edward Griffin

When the Federal Reserve Act was passed, the people of these United States did not perceive that a world banking system was being set up here. A super-state controlled by international bankers and international industrialists acting together to enslave the world for their own pleasure. Every effort has been made by the Fed to conceal its powers but the truth is - The Fed has usurped the government!! — Louis Thomas McFadden

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