The power to determine the quantity of money... is too…
“The power to determine the quantity of money... is too important, too pervasive, to be exercised by a few people, however public-spirited, if there is any feasible alternative. There is no need for such arbitrary power... Any system which gives so much power and so much discretion to a few men, [so] that mistakes - excusable or not - can have such far reaching effects, is a bad system. It is a bad system to believers in freedom just because it gives a few men such power without any effective check by the body politic - this is the key political argument against an independent central bank.”
About This Quote
This interpretation was drafted with AI assistance. It is one reading of the quote, not the author's own explanation.
Concentrating monetary authority in a small, unchecked group risks abuse and systemic harm, so democratic oversight is essential.
In simple terms: Too much power in few hands is dangerous.
Key Takeaway
Demand transparent monetary governance.
Themes
economics
politics
monetary policy
Mood
analytical
concerned
Type
policy
economic
When to use this quote
- government budgeting
- financial regulation
- policy debates
Key Concepts
central banking
checks and balances
fiscal responsibility
Questions to Reflect On
- How can we balance expertise with accountability?
- What alternatives exist to central banking?
A Different Perspective
Independent banks can act without democratic input.