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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
Think
Thinking
Enormously
Reserve
Exaggerated
Reserves
Federal
Role
Roles

More quotes by John Kenneth Galbraith

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The present age of contentment will come to an end only when and if the adverse developments that it fosters challenge the sense of comfortable well-being
John Kenneth Galbraith
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Few economic problems, if any, are difficult of solution. The difficulty, all but invariably, is in confronting them. We know what needs to be done for reasons of inertia, pecuniary interest, passion or ignorance, we do not wish to say so.
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.
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[Franklin Delano] Roosevelt was the central world figure in the two great disasters of this century - the Great Depression and World War II. By contrast, JFK came in relatively peaceful, agreeable times.
John Kenneth Galbraith
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Ideas do not respect national frontiers, and this is especially so where language and other traditions are in common.
John Kenneth Galbraith
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In the affluent society, no useful distinction can be made between luxuries and necessities.
John Kenneth Galbraith
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American university presidents are a nervous breed I have never thought well of them as a class.
John Kenneth Galbraith
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Agriculture is one economic activity that does not obey the laws of demand and supply.
John Kenneth Galbraith
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Because of his compassion Owen was always in trouble with his partners. They would have much preferred a tough, down-to-earth manager who would get a days work out of the little bastards.
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All, the intelligent and stupid, diligent and idle, have been swept along on a current of increased output that, in the usual case, owed nothing whatever to their efforts.
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We shall have a race of men who are strong on telemetry and space communications but who cannot read anything but a blueprint or write anything but a computer program.
John Kenneth Galbraith
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No solution [to the problem of poverty] is so effective as providing income to the poor. Whether in the form of food, housing, health services, education or money, income is an excellent antidote for deprivation. No truth has spawned so much ingenious evasion.
John Kenneth Galbraith
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Power is not something that can be assumed or discarded at will like underwear.
John Kenneth Galbraith
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The commencement speech is not, I think, a wholly satisfactory manifestation of our culture.
John Kenneth Galbraith
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But it can be laid down as a rule that those who speak most of liberty are least inclined to use it.
John Kenneth Galbraith
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The sense of responsibility in the financial community for the community as a whole is not small. It is nearly nil.
John Kenneth Galbraith
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A [New Yorker ] is what it has always been. It combines those who pursue the truth with those who pursue the rewards of orthodoxy and those who pursue what is comfortable to the rich.
John Kenneth Galbraith
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I've long believed alas, that in highly organized industrial societies, capitalist or socialist, the stronger tendency is to converge - that if steel or automobiles are wanted and must be made on a large scale, the process will stamp its imprint on the society, whether that me be Magnitogorsk or Gary, Indiana.
John Kenneth Galbraith
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In dealing with Mr. Nixon, it is not easy to be unfair. He invites and justifies all available criticism.
John Kenneth Galbraith
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There are a significant number of learned men and women who hold that any successful effort to make ideas lively, intelligible and interesting is a manifestation of deficient scholarship. This is the fortress behind which the minimally coherent regularly find refuge.
John Kenneth Galbraith