"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.""
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People from New JerseyEconomists from the United StatesLutherans from the United StatesChairs of the Federal Reserve
Original Language: English
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Foreword to The Central Banks by Marjorie Deane and Robert Pringle (1994)
https://en.wikiquote.org/wiki/Paul_Volcker
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Paul Volcker
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