Harry Reid Quotes

When they so-called 'target the interest rate', what they're doing is controlling the money supply via the interest rate. The interest rate is only an intermediary instrument.

I think the role of the Federal Reserve is enormously exaggerated.

Our Federal Reserve has unlimited money raising powers.

For the first time the committee [Federal Reserve] was using communication — mere words — as its primary monetary policy tool.

There's no hidden secrets going on in the Federal Reserve...

The Fed is the greatest hedge fund in history.

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.

The Fed has one power that is unique to it alone: it enables the creation of money out of thin air. Sometimes it makes vast new amounts. Sometimes it makes lesser amounts. The money takes a variety of forms and enters the system in various ways. And the Fed does this through techniques such as open-market operations, changing reserve ratios, and manipulating interest rates, operations that all result in money creation.

The Fed is totally open.

Whoever controls the volume of money in any country is absolute master of all industry and commerce.

There's no other job in public life that is like chairman of the Fed.

It's true that the Federal Reserve faces a lot of political pressure and is unpopular in many circles.

I think the Fed is not designed to have effective tools to deal with the economy. It should settle for just controlling the money supply. And - if it insists, it can worry about inflation.

The powers vested in the Federal Reserve Board seen to me highly dangerous especially where there is political control of the Board.

I don’t think that the Fed [Federal Reserve] ever can be or should be a prisoner of the markets.

Having examined the nature of fractional reserve and of central banking, and having seen how the questionable blessings of Central Banking were fastened upon America, it is time to see precisely how the Fed, as presently constituted, carries out its systemic inflation and its control of the American monetary system.

I think it would be interesting to know about the Federal Reserve. I think we should audit the Federal Reserve - it's taxpayer's money that's being used there.

The Fed's ability to raise and lower short-term interest rates is its primary control over the economy.

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

He who controls the money supply of a nation controls the nation.

To minimize market uncertainty and achieve the maximum effect of its policies, the Federal Reserve is committed to providing the public as much information as possible about the uses of its balance sheet, plans regarding future uses of its balance sheet, and the criteria on which the relevant decisions are based.

The Fed's independence is critical.

We print money. The people that print the money is actually us. The government of the United States of America. By its very nature, we control that, and this system is there as representation of us.

I am afraid that the ordinary citizen will not like to be told that the banks can and do create and destroy money. And they who control the credit of a nation direct the policy of governments, and hold in the hollow of their hands the destiny of the people.

I was Chairman of the Federal Reserve Bank of Kansas City. As you know, there are twelve banks and they have their citizens board, and I got elected to the Fed Chairmanship for the Federal Reserve Kansas City Bank back in the mid-'90s. It might have been 1995-'96.