Tag Archives: roubini

Nouriel Roubini had this to tweet today:

Here is what Paul Volcker, the former U.S. Federal Reserve chairman who arguably saved the dollar during his tenure to die another day:

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.’ 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.