Jerome Powell Quotes

The one thing people don't appreciate, I think, is that central banking is not a new development. It's been around for a very long time.

Alexander Hamilton started the U.S. Treasury with nothing, and that was the closest our country has ever been to being even.

In this way, the charge that the bank makes for the use of its notes - the interest - is a continual and universal tax upon all the members of the community.

We have, in this country, one of the most corrupt institutions the world has ever known. I refer to the Federal Reserve Board. This evil institution has impoverished the people of the United States and has practically bankrupted our government. It has done this through the corrupt practices of the moneyed vultures who control it

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.

Genealogy of American Finance is a treasure trove of information on American banking and its history, in an unusual -- and unusually useful -- format.

Money was intended to be used in exchange, but not to increase at interest. And this term interest, which means the birth of money from money, is applied to the breeding of money because the offspring resembles the parent. Wherefore of all modes of getting wealth this is the most unnatural.

There's a loss of faith in the banking system that for so long has been the backbone of prosperity and growth.

The trouble with America is that when the dollar only earns 6 percent over here, then it gets restless and goes overseas to get 100 percent. Then the flag follows the dollar and the soldiers follow the flag.

No one can solve an issue where there is no economic model yet.

Japan rose from the ashes of World War II as a 'trading state,' the model for export-led growth. It is not clear that the old export model of growth will be sustainable in a more 'balanced' global economy that does not rely so heavily on the U.S. consumer.

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.

But if you want to continue to be slaves of the banks and pay the cost of your own slavery, then let bankers continue to create money and control credit.

All money is a matter of belief.

I'm sort of suspicious of most economic development projects, but the ones that encourage taxpayer-funded relocation bidding wars should be declared unconstitutional.

Those who are lovers of trade and delight to see manufacturing encouraged will be for having a large addition to our currency.

Mr. Chairman, we have in this Country one of the most corrupt institutions the world has ever known. I refer to the Federal Reserve Board and the Federal Reserve Banks… The Fed has cheated the Government of these United States and the people of the United States out of enough money to pay the Nation's debt. The depredations and iniquities of the Fed has cost enough money to pay the National debt several times over. This evil institution has impoverished and ruined the people of these United States, has bankrupted itself, and has practically bankrupted our Government.

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

All the banks in Christendom could not control money.

The institution of a bank has also a natural relation to the regulation of trade between the States, in so far as it is conducive to the creation of a convenient medium of exchange between them, and to the keeping up a full circulation, by preventing the frequent displacement of the metals in reciprocal remittances Money is the very hinge on which commerce turns. And this does not merely mean gold and silver; many other things have served the purpose, with different degrees of utility. Paper has been extensively employed.

When Interest is less, Trade is incourag'd, and the Merchant can be a Gainer; whereas, when it is great, the Usurer, or Money-owner takes all. The Dutch, with whom Interest is low, Trade cheaper, and under-sell us.

All the perplexities, confusion and distress in America rise, not from defects in their Constitution or Confederation, not from want of honor or virtue, so much as from downright ignorance of the nature of coin, credit and circulation

Everyone has an interest in the economy: in how it functions, how well it functions, and in whose interests it functions.

The study of money, above all other fields in economics, is one in which complexity is used to disguise truth or to evade truth, not to reveal it. The process by which banks create money is so simple the mind is repelled. With something so important, a deeper mystery seems only decent.

If there were no debts in our money system, there wouldn't be any money.