Lucius D. Clay Quotes

We have believed for many years, much earlier than anyone else was talking about this issue, that it was in the interest of China to evolve to a more flexible exchange rate system.

I'm largely in favor of financial reform.

I've lived to see key parts of my research absorbed in textbooks and in central banks around the world. And some finance ministries, too.

Most certainly it was a very wrong step to Crush the Private Bank, and set up this Publick Bank in its place

Demonetisation is a disinflationary process. So, this will bring down prices in the long run. It will also help in bringing down interest rates.

By the beginning of the 20th century, the debate about monetary policy and the nation's financial system had been going on for over a century. Increasingly, the shortcomings of the existing system were causing too much harm to ignore.

An honest money system is the only alternative.

The job of the Central Bank is to worry.

In a mature economy like India's, which is becoming modern and a financially-oriented economy, an independent central bank, responsible central bank, is really central to success.

Interest rates are used to achieve overall economic stability.

As an economist specializing in the global economy, international trade and debt, I have spent most of my career helping others make big decisions - prime ministers, presidents and chief executives - and so I'm all too aware of the risks and dangers of poor choices in the public as well as the private sphere.

We will not reform the yuan until the time is right even if there is external pressure.

We are now preparing for the reform of the yuan's exchange rate system. For such reforms to take place, we need good economic conditions... and we need to do it under tight control.

As for when to reform the yuan, there is no timetable yet.

Most of the policies that support robust economic growth in the long run are outside the province of the central bank.

Monetary policy is not a panacea.

The IMF is set up to deal with liquidity crises.

Our dollar is now altogether too greatly influenced by the accidents of international trade, by the internal policies of other nations and by political disturbance in other continents. Therefore the United States must take firmly in its own hands the control of the gold value of our dollar. This is necessary in order to prevent dollar disturbances from swinging us away from our ultimate goal.

The normal half-brained politician sometimes doesn't understand capital markets.

I don't have any influence over the Fed [Federal Reserve System], none at all. It's carefully isolated from any influence by the President or Congress.

To some extent the Federal Reserve considers itself government. Other times, when it serves, it considers itself not government.

If you move up the timetable of when we disclose the transcript of our Open Market Committee, … you will affect what is said and the way that it is said.

Give me the power to issue a nation’s money; then I do not care who makes the laws.

There is no legislation—I care not what it is—tariff, railroads, corporations, or of a general political character, that all equals in importance the putting of our banking and currency system on the sound basis …

Alexander Hamilton set of the Bank of America exactly on the model of the Bank of England which had been so successful…. It was emergency surgery and a time when America was almost expiring.