“In a democracy the responsibility for the Government's economic policies, which so affect the economy, normally rests with the elected representative of the people: in our case, with the President and the Congress. If these two follow economic policies inimical to the general welfare, they are accountable to the people for their actions on election day. With Federal Reserve independence, however, a body of men exist who control one of the most powerful levers moving the economy and who are responsible to no one.” PeopleIfsMenTwoBodyGovernmentActionMovingPoliticsPresidentPowerfulResponsibilityCasesEconomyDemocracyEconomicPolicyResponsibleElectionIndependenceCongressWelfareLiberalismMost PowerfulRepresentativesReservesFederal ReserveElection DayEconomic PolicyLeversGeneral Welfare Author:Wright Patman
“If the Federal Reserve pursues a policy which Congress or the President believes not to be in the public interest, there is nothing Congress can do to reverse the policy. Nor is there anything the people can do. Such bastions of unaccountable power are undemocratic. The Federal Reserve System must be reformed, so that it is answerable to the elected representatives of the people.” PeopleIfsBelievePoliticsPresidentInterestCan DoEconomyPolicyCongressPursueLiberalismRepresentativesReservesReverseFederal ReservePublic Interest Author:Wright Patman
“The president has very little effect on the economy. If you want to put blame or credit, the main person who influences the business cycle is the head of the Federal Reserve Bank.” IfsWantLittlesPersonsPresidentEconomyInfluenceEffectsBlameCreditCyclesReservesFederal Reserve Author:Robert Fogel
“I think I understand the Constitution a little bit because in 1971 we went off the gold standard under President Nixon into the Federal Reserve notes because we were a worldwide currency.” ThinkingLittlesBitsPresidentLittle BitStandardsGoldConstitutionNotesCurrencyReservesFederal ReserveGold StandardPresident Nixon Author:Bill O'Reilly