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It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning.
I don't think anyone sets out to malign poor people but certainly that's what we do through organizations such as the World Trade Organization, the World Bank and the International Monetary Fund.
Economics should be defined in terms of what it is about. It should be about how people produce things, how people exchange them, how people earn income, how they pay taxes, how the government provides infrastructure with tax revenue, and how it conducts monetary policy. The subject has to be defined in terms of the object of inquiry.
I'm still a hacker. I get paid for it now. I never received any monetary gain from the hacking I did before. The main difference in what I do now compared to what I did then is that I now do it with authorization.
Earth is abundant with plentiful resources. Our practice of rationing resources through monetary control is no longer relevant and is counter-productive to our survival.
Of course I've already taken a very modest position on the monetary system, I do take the position that we should just end the Fed.
During the last campaign I knew what was happening. You know, they mocked me for my foreign policy and they laughed at my monetary policy. No more. No more.
In our time, the curse is monetary illiteracy, just as inability to read plain print was the curse of earlier centuries.
Monetary success is not success. Career success is not success. Life, someone that loves you, giving to others, doing something that makes you feel complete and full. That is success. And it isn't dependent on anyone else.
The world's central banks and the International Monetary Fund still have vaults full of bullion, even though currencies are no longer backed by gold. Governments hold on to it as a kind of magic symbol, a way of reassuring people that their money is real.
Monetary policy cannot do much about long-run growth, all we can try to do is to try to smooth out periods where the economy is depressed because of lack of demand.
The more I travel around the world, the more I see people want the same thing - to be happy. We wouldn't be in a monetary system if we didn't have to work, so if my music can contribute to happiness, then that's my main responsibility.
I find that many entrepreneurs are trying to do everything when it would be cheaper and more time-efficient to delegate, even if there are monetary costs associated with that.
Conservatives believe that international institutions such as the United Nations are anti-American and anti-Israeli cabals. Progressives do not like the economic medicine that the International Monetary Fund (IMF) and World Bank force down the throats of developing countries.
I think the inflation prospects for the U.S. over the next five or six, seven years, are quite serious. You cannot have a bumper crop in apples without the value or the price of each apple falling. The Fed has had the largest increase in the monetary base in the history of the U.S., from colonial times to the present, times ten.
Domestic inflation reflects domestic monetary policy.
Monetary policy itself cannot sensibly be directed at reducing imbalances.
The fallacy of monetary policy in the U.S. is to believe this money will go to the man on the street. It won't. It goes to the Mayfair economy of the well-to-do people and boosts asset prices of Warhols... Very happy. Very good for the Fed. Congratulations, Mr. Bernanke.
So just as I want pilots on the planes that I fly, when it comes to monetary policy, I want to think that there is someone with sound judgement at the controls.
Europe unified its monetary policy through the euro before it unified politically, therefore sustaining member countries' abilities to pursue the kind of independent fiscal policies that can strain a joint currency.
As financial markets continue to broaden and deepen, the behavior of asset prices will play an important role in the formulation of monetary policy going forward, perhaps a more important role than in the past.
That means following a very restrictive fiscal and monetary policy which will squeeze the monopolies and cut their subsidies. On the micro level we will allow other economic agents, both domestic and foreign, to compete with them.
In 1977, when I started my first job at the Federal Reserve Board as a staff economist in the Division of International Finance, it was an article of faith in central banking that secrecy about monetary policy decisions was the best policy: Central banks, as a rule, did not discuss these decisions, let alone their future policy intentions.
My bottom line is that monetary policy should react to rising prices for houses or other assets only insofar as they affect the central bank's goal variables - output, employment, and inflation.
In principle, there are only three main components of spending that much matter to monetary policy: consumer spending, business investment and exports and trade.
A. P. J. Abdul Kalam
John F. Kennedy
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