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I think the role of the Federal Reserve is enormously exaggerated.

John Kenneth Galbraith

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John Kenneth Galbraith
Age: 97 †
Born: 1908
Born: October 15
Died: 2006
Died: April 29
Diplomat
Economist
Non-Fiction Writer
Politician
University Teacher
John K. Galbraith
Thinking
Enormously
Reserve
Exaggerated
Reserves
Federal
Role
Roles
Think

More quotes by John Kenneth Galbraith

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Preservationists are the only people in the world who are invariably confirmed in their wisdom after the fact.
John Kenneth Galbraith
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One of the little-celebrated powers of Presidents (and other high government officials) is to listen to their critics with just enough sympathy to ensure their silence.
John Kenneth Galbraith
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People who are in a fortunate position always attribute virtue to what makes them so happy.
John Kenneth Galbraith
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Men are, in fact, either sustained by organization or they sustain organization.
John Kenneth Galbraith
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I never enjoyed writing a book more indeed, it is the only one I remember in no sense as a labor but as a joy.
John Kenneth Galbraith
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There is little that can be said about most economic goods. A toothbrush does little but clean teeth. Aspirin does little but dull pain. Alcohol is important mostly for making people more or less drunk ... There being so little to be said, much is to be invented.
John Kenneth Galbraith
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THE GENIUS of the industrial system lies in its organized use of capital and technology. This is made possible, as we have duly seen, by extensively replacing the market with planning.
John Kenneth Galbraith
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All crises have involved debt that, in one fashion or another, has become dangerously out of scale in relation to the underlying means of payment.
John Kenneth Galbraith
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Economists are economical, among other things, of ideas most make those of their graduate days do for a lifetime.
John Kenneth Galbraith
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Only in very recent times has the average man been a source of savings.
John Kenneth Galbraith
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A more important antidote to American democracy is American gerontocracy. The positions of eminence and authority in Congress are allotted in accordance with length of service, regardless of quality.
John Kenneth Galbraith
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A drastic reduction in weapons competition following a general release from the commitment to the Cold War would be sharply in conflict with the needs of the industrial system.
John Kenneth Galbraith
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Emancipation of belief is the most formidable of the tasks of reform and the one on which all else depends.
John Kenneth Galbraith
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Financial operations do not lend themselves to innovation. What is recurrently so described and celebrated is, without exception, a small variation on an established design . . . The world of finance hails the invention of the wheel over and over again, often in a slightly more unstable version.
John Kenneth Galbraith
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No nice philosophical point has ever been so decisively resolved as this: that those who are not conceived do not miss the pleasure of consuming the goods they do not get born to enjoy.
John Kenneth Galbraith
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It has been the acknowledged right of every Marxist scholar to read into Marx the particular meaning that he himself prefers and to treat all others with indignation.
John Kenneth Galbraith
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All writers know that on some golden mornings they are touched by the wand they are on intimate terms with poetry and cosmic truth. I have experienced these moments myself. Their lesson is simple: It's a total illusion. And the danger in the illusion is that you will wait for those moments.
John Kenneth Galbraith
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The family which takes it mauve and cerise, air conditioned, power-steered, and power braked automobile out for a tour passes through cities that are badly paved, made hideous by litter, blighted buildings, billboards, and posts for wires that should long since have been put underground.
John Kenneth Galbraith
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When people are least sure, they are often most dogmatic.
John Kenneth Galbraith
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Commencement oratory must eschew anything that smacks of partisan politics, political preference, sex, religion or unduly firm opinion. Nonetheless, there must be a speech: Speeches in our culture are the vacuum that fills a vacuum.
John Kenneth Galbraith