Beppe Grillo Quotes

All the central banks are doing is substituting one form of debt with another form of debt. They're issuing short term debt and using it to buy long term debt. In finance, we tend to think that's a neutral activity, even though those stimulus programs are huge.

It's time to stop pretending negative rates have any redeemable value - besides the ability to stimulate the market for physical safes.

If you don't have a functioning financial system the world economy won't be revived. All the major economies have their responsibility to assist at a pace which is required to clean up the balance sheet of the banking system and to ensure that credit flows are resumed.

The Fed is the major U.S. firefighter. It's not the Treasury. It's not the Congress. We certainly saw that vividly in 2008.

The Bank of England should lend in times of internal panic as freely and readily as plain principles of banking require.

The government must do all it can to help reduce interest rates for business.

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.

And let the Fed sell bonds to bring bank reserves back down to required reserve levels, so we have restraint on bank lending and bank issuances of liability.

The amount of currency in circulation is not changing. The money supply is not changing in any significant way.

The Federal Reserve can only buy Treasuries and agencies, and moreover quantitative easing typically involves buying longer-term Treasuries and agencies in terms of bills, for example.

All the Federal Reserve can do is make loans against collateral.

When I work with countries struggling to pay for budgets or finance trade deficits, I reflect on how Americans do not spend a moment considering the unique advantages of being able to issue bonds and print money freely.

The modern banking system manufactures money out of nothing.

Well, I think as long as people are talking about stimulus, I think the Fed will be thinking about cutting rates because monetary policy is the better way to go because you can turn it on and turn it off.

The Federal Reserve needs to provide small businesses in America with the same low-interest loans it gave to foreign banks.

Clear communication is always important in central banking, but it can be especially important when economic conditions call for further policy stimulus but the policy rate is already at its effective lower bound.

The ECB's interventions in sovereign bond markets should not be perceived or interpreted as a 'freebie' for governments. They are temporary.

The Fed [Federal Reserve System], whether it likes it or not, is required to provide adequate reserves to the banking system in order for the government to finance its needs, even when that is inflationary.

There is no limit to the amount of money that can be created by the banking system, but there are limits to our productive facilities and our labor supply ...

The nation can't count on the Fed when the Fed can't count.

The Federal Reserve bank buys government bonds without one penny

The modern banking system manufactures money out of nothing. The process is perhaps the most astounding piece of sleight of hand that was ever invented.

If all the bank loans were paid, no one could have a bank deposit, and there would not be a dollar of coin or currency in circulation. This is a staggering thought. We are completely dependent on the commercial Banks. Someone has to borrow every dollar we have in circulation, cash or credit. If the Banks create ample synthetic money we are prosperous; if not, we starve.

We should be humble about our ability to stimulate the economy with monetary policy.

My focus is on the financial sector, on getting credit going, getting lending flowing. I can't imagine anything that would have a bigger stimulative impact.