Money Quotes

“Imagine how tricky it would be to bake a cake if the recipe called for 45 minutes in the oven, and you had to figure out if those were nominal minutes or inflation-adjusted minutes.”
― Steve Forbes, Money: How the Destruction of the Dollar Threatens the Global Economy – and What We Can Do About It

“Since I’ve become a central banker, I’ve learned to mumble with great incoherence. If I seem unduly clear to you, you must have misunderstood what I said.”
― Steve Forbes, Money: How the Destruction of the Dollar Threatens the Global Economy – and What We Can Do About It

“At the G-20 meeting in Paris in 2011, finance ministers expressed fears that U.S.-driven global inflation was threatening global stability. George Melloan was among those who made the connection between this unrest and QE. He acknowledged in the Wall Street Journal: “Probably few of the protesters in the streets connect their economic travail to Washington. But central bankers do.” To appreciate the depth of political upheaval created by the 2008 financial crisis, just tally the power shifts that occurred in its wake. In addition to the turmoil in the Middle East, 13 out of 17 European governments changed over as a result of the initial financial crisis. In the United States, the stock market panic in September 2008 reversed the slight lead of John McCain and helped sweep the far-left Barack Obama into office.”
― Steve Forbes, Money: How the Destruction of the Dollar Threatens the Global Economy – and What We Can Do About It