Patrick M. Byrne Quotes

The job of the Central Bank is to worry.

If Congress wanted to intervene with the Federal Reserve, well, we created the Federal Reserve. We could uncreate it. But would you want Congress regulating the money supply? We'd have drowned in inflation, or gone bankrupt, decades ago.

The Fed's policy choices can always be debated, but the quality and commitment of the Federal Reserve as a public institution is second to none, and I am proud to lead it.

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.

The first requisite of a sound monetary system is that it put the least possible power over the quantity or quality of money in the hands of the politicians.

Our focus is on ensuring America has the strongest economy in the world for the next 100 years and to do that, we need to get to the role of the Federal Reserve and we need to get it right.

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.

Monetary stability is a cornerstone of the social contract.

Paul Volcker is a tremendous hero with the Federal Reserve system and for the American economy. He took very tough actions and helped to break the back of double-digit inflation at a time when it had to be done.

The Congress has tasked the Federal Reserve with achieving stable prices and maximum employment - the dual mandate.

Opponents of central-bank intervention are right about one thing: monetary financing carries serious risks. In order to ensure that it is as safe and effective as possible, it must be used primarily in the event of self-fulfilling debt crises.

We as central bankers need not be concerned if a collapsing financial asset bubble does not threaten to impair the real economy, its production, jobs and price stability.

I think we do need to try to not just rely on the central bank to, in its wisdom, adjust interest rates, but allow for people to avoid being exposed to inflation risk.

What is important for a central banker is that you have to convey that you know what you are doing.

There is nobody who would want, in any way, to lose what Paul Volcker won for the American people by fighting inflation and achieving price stability.

The Federal Reserve places great importance on our relations with the Bundesbank. Few such relationships have been as important, over the decades, in promoting financial stability and prosperity around the world.

Historically, bad money always drives out good. Accordingly, if a central bank anywhere in the world sets up its currency to be backed by any kind of hard currency, it would cause people all around the world to desire that currency for their savings, rather than dollars.

Exchange-rate stability is extremely important.

The success of monetary policy should be judged by the economy's performance against our statutory mandates of price stability and maximum employment.

The U.S. currency has been the most attractive currency to be in for very, very long periods of time.

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.

Currency regimes in the past were always destroyed by volatility. So sooner or later, people desire a currency that is stable.

I believe that being in a position, as a central bank, to influence economic growth does not mean losing independence.

The use of crypto-currency as a surrogate for the ruble in trading in goods and services, in our opinion, has a risk of undermining the circulation of money.

I will maintain the position that, long-term, a strong and dependable dollar is in the best interests of the United States while recognizing that, at times over the long-term, that may not be the case.