{"id":24038,"date":"2013-06-04T15:18:02","date_gmt":"2013-06-04T19:18:02","guid":{"rendered":"http:\/\/www.thedisciplinedinvestor.com\/blog\/?p=24038"},"modified":"2016-09-20T14:06:33","modified_gmt":"2016-09-20T18:06:33","slug":"great-comments-by-paul-volker","status":"publish","type":"post","link":"https:\/\/thedisciplinedinvestor.com\/blog\/2013\/06\/04\/great-comments-by-paul-volker\/","title":{"rendered":"Great Comments By Paul Volker"},"content":{"rendered":"<p>Now these are some great comments. I saw these over the past week and thought that they were so on point that they needed to be shared.<a href=\"https:\/\/podcasts.apple.com\/us\/podcast\/the-disciplined-investor\/id217999782\" target=\"_blank\"><img decoding=\"async\" class=\"size-medium wp-image-257 alignright\" title=\"iTunes Subscribe\" alt=\"\" src=\"https:\/\/thedisciplinedinvestor.com\/blog\/wp-content\/uploads\/2013\/06\/itunes_subscribe3-1.png\" \/><\/a><\/p>\n<p>Makes sense to me!<\/p>\n<ul>\n<li>\u201cThe Federal Reserve, any central bank, should not be asked to do too much to undertake responsibilities that it cannot responsibly meet with its appropriately limited powers,\u201d\u009d Volcker said. He said a central bank\u2018s basic responsibility is for a \u201cstable currency.\u201d\u009d<\/li>\n<li>\u201cCredibility is an enormous asset,\u201d\u009d Volcker said. \u201cOnce earned, it must not be frittered away by yielding to the notion that a little inflation right now is a good a thing, a good thing to release animal spirits and to pep up investment.\u201d\u009d<!--more--><\/li>\n<li>\u201cThe implicit assumption behind that siren call must be that the inflation rate can be manipulated to reach economic objectives,\u201d\u009d according to Volcker. \u201cUp today, maybe a little more tomorrow and then pulled back on command. Good luck in that. All experience demonstrates that inflation, when fairly and deliberately started, is hard to control and reverse.\u201d\u009d<\/li>\n<\/ul>\n<p style=\"text-align: center;\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-24048 aligncenter\" alt=\"volker\" src=\"https:\/\/thedisciplinedinvestor.com\/blog\/wp-content\/uploads\/2013\/06\/volker.jpg\" width=\"240\" height=\"180\" \/><\/p>\n<p>Here are a few more that I found around the web at BrainyQuote.com and other sites:<\/p>\n<ul>\n<li>I am suspicious of the idea of a new paradigm, to use that word, an entirely new structure of the economy.<\/li>\n<li>What&#8217;s the subject of life &#8211; to get rich? All of those fellows out there getting rich could be dancing around the real subject of life.<\/li>\n<li>When people begin anticipating inflation, it doesn&#8217;t do you any good anymore, because any benefit of inflation comes from the fact that you do better than you thought you were going to do.<\/li>\n<li>It is a sobering fact that the prominence of central banks in this century has coincided with a general tendency towards more inflation, not less. [I]f the overriding objective is price stability, we did better with the nineteenth-century gold standard and passive central banks, with currency boards, or even with `free banking.\u2018 The truly unique power of a central bank, after all, is the power to create money, and ultimately the power to create is the power to destroy.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Now these are some great comments. I saw these over the past week and thought that they were so on point that they needed to be shared. Makes sense to me! \u201cThe Federal Reserve, any central bank, should not be asked to do too much to undertake responsibilities that it cannot responsibly meet with its [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[5,12],"tags":[481],"class_list":["post-24038","post","type-post","status-publish","format-standard","hentry","category-economy","category-markets","tag-economy","et-doesnt-have-format-content","et_post_format-et-post-format-standard"],"acf":[],"_links":{"self":[{"href":"https:\/\/thedisciplinedinvestor.com\/blog\/wp-json\/wp\/v2\/posts\/24038","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thedisciplinedinvestor.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thedisciplinedinvestor.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thedisciplinedinvestor.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/thedisciplinedinvestor.com\/blog\/wp-json\/wp\/v2\/comments?post=24038"}],"version-history":[{"count":0,"href":"https:\/\/thedisciplinedinvestor.com\/blog\/wp-json\/wp\/v2\/posts\/24038\/revisions"}],"wp:attachment":[{"href":"https:\/\/thedisciplinedinvestor.com\/blog\/wp-json\/wp\/v2\/media?parent=24038"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thedisciplinedinvestor.com\/blog\/wp-json\/wp\/v2\/categories?post=24038"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thedisciplinedinvestor.com\/blog\/wp-json\/wp\/v2\/tags?post=24038"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}