--- title: "3 Central bank Quotes By James Rickards" description: "3 Central bank quotes by James Rickards. Plus more from James Rickards and more Central bank sayings from other authors." image: "https://sms4smile.com/quotes/i/34b/james-rickards-25234_central-bank_policy-makers-respond-to-economic-distre_1969287.png" --- > [“Policy makers respond to economic distress by pursuing polices designed to improve the data. After a while, the data themselves may come…](https://sms4smile.com/quotes/james-rickards/policy-makers-respond-to-economic-distress-by-pursuing-polices/) [James Rickards](https://sms4smile.com/quotes/author/james-rickards/) [Image](https://sms4smile.com/quotes/i/34b/james-rickards-25234_central-bank_policy-makers-respond-to-economic-distre_1969287.png) > [When you own gold you're fighting every central bank in the world. That's because gold is a currency that competes with government…](https://sms4smile.com/quotes/james-rickards/when-you-own-gold-you-re-fighting-every-central-bank-in-the-world/) [James Rickards](https://sms4smile.com/quotes/author/james-rickards/) [Image](https://sms4smile.com/quotes/i/bdb/james-rickards-25234_banking_when-you-own-gold-you-re-fighting-every_2228429.jpg) > [The problem right now is that central banks have not normalized their balance sheet since 2009. They're trying, but it's not even…](https://sms4smile.com/quotes/james-rickards/the-problem-right-now-is-that-central-banks-have-not-normalized-their/) [James Rickards](https://sms4smile.com/quotes/author/james-rickards/) [Image](https://sms4smile.com/quotes/i/ed6/james-rickards-25234_balance_the-problem-right-now-is-that-central-ba_2264184.png) ## Other authors on Central bank - [ ![](https://sms4smile.com/quotes/wp-content/uploads/sms4s/authors/processed/b005/author-ben-bernanke-16920.jpg) Ben Bernanke 18 quotes ](https://sms4smile.com/quotes/about/central-bank/ben-bernanke/) - [ ![](https://sms4smile.com/quotes/wp-content/uploads/sms4s/authors/processed/b018/author-milton-friedman-68333.jpg) Milton Friedman 11 quotes ](https://sms4smile.com/quotes/about/central-bank/milton-friedman/) - [ ![](https://sms4smile.com/quotes/wp-content/uploads/sms4s/authors/processed/b024/author-vladimir-putin-94037.jpg) Vladimir Putin 10 quotes ](https://sms4smile.com/quotes/about/central-bank/vladimir-putin/) - [ ![](https://sms4smile.com/quotes/wp-content/uploads/sms4s/authors/processed/b012/author-janet-yellen-47237.jpg) Janet Yellen 7 quotes ](https://sms4smile.com/quotes/about/central-bank/janet-yellen/) - [Elvira Nabiullina 6 quotes](https://sms4smile.com/quotes/about/central-bank/elvira-nabiullina/) - [ ![](https://sms4smile.com/quotes/wp-content/uploads/sms4s/authors/processed/b003/author-alan-greenspan-10313.jpg) Alan Greenspan 6 quotes ](https://sms4smile.com/quotes/about/central-bank/alan-greenspan/) - [Jerome Powell 5 quotes](https://sms4smile.com/quotes/about/central-bank/jerome-powell/) - [ ![](https://sms4smile.com/quotes/wp-content/uploads/sms4s/authors/processed/b010/author-george-soros-37989.jpg) George Soros 5 quotes ](https://sms4smile.com/quotes/about/central-bank/george-soros/) ## More by James Rickards > [“If an economy has a stagnant labor force operating at a constant level of productivity, it will have constant output but no growth. The…](https://sms4smile.com/quotes/james-rickards/if-an-economy-has-a-stagnant-labor-force-operating-at-a-constant/) [James Rickards](https://sms4smile.com/quotes/author/james-rickards/) > [“The 1962 Cuban Missile Crisis came well before the current age of AI, yet computers were in use and technology played a critical role…](https://sms4smile.com/quotes/james-rickards/the-1962-cuban-missile-crisis-came-well-before-the-current-age-of-ai/) [James Rickards](https://sms4smile.com/quotes/author/james-rickards/) > [“It is one thing when prices drift downward over time due to innovation, scalability or other efficiencies. This might be considered “good” deflation and…](https://sms4smile.com/quotes/james-rickards/it-is-one-thing-when-prices-drift-downward-over-time-due-to/) [James Rickards](https://sms4smile.com/quotes/author/james-rickards/) > [“A country running deficits under the gold exchange standard could find itself like a tenant whose landlord does not collect rent payments for a…](https://sms4smile.com/quotes/james-rickards/a-country-running-deficits-under-the-gold-exchange-standard-could/) [James Rickards](https://sms4smile.com/quotes/author/james-rickards/) > [ “This ... he largest financial bailout in history ... was not just a bailout of SVB \[Silicon Valley Bank\]. It was a bailout of… ](https://sms4smile.com/quotes/james-rickards/this-he-largest-financial-bailout-in-history-was-not-just-a-bailout/) [James Rickards](https://sms4smile.com/quotes/author/james-rickards/) > [Derivatives serve practically no purpose except to enrich bankers through opaque pricing and to deceive investors through off-the-balance-sheet accounting.](https://sms4smile.com/quotes/james-rickards/derivatives-serve-practically-no-purpose-except-to-enrich-bankers/) [James Rickards](https://sms4smile.com/quotes/author/james-rickards/) > [“Printing dollars at home means higher inflation in China, higher food prices in Egypt and stock bubbles in Brazil. Printing money means that U.S.…](https://sms4smile.com/quotes/james-rickards/printing-dollars-at-home-means-higher-inflation-in-china-higher-food/) [James Rickards](https://sms4smile.com/quotes/author/james-rickards/) > [What does reflect reality very well is complexity theory, which comes from physics. I'm the one pioneering the idea of bringing it to capital…](https://sms4smile.com/quotes/james-rickards/what-does-reflect-reality-very-well-is-complexity-theory-which-comes/) [James Rickards](https://sms4smile.com/quotes/author/james-rickards/) > [“On the whole, it is difficult to think of another government agency that has failed more consistently on more of its key missions than…](https://sms4smile.com/quotes/james-rickards/on-the-whole-it-is-difficult-to-think-of-another-government-agency/) [James Rickards](https://sms4smile.com/quotes/author/james-rickards/) > [“Elite support for so-called free trade is due to the fact that elites share a global perspective at odds with the best interests of…](https://sms4smile.com/quotes/james-rickards/elite-support-for-so-called-free-trade-is-due-to-the-fact-that-elites/) [James Rickards](https://sms4smile.com/quotes/author/james-rickards/) > [“The irony is that when you set out to remove bias you use your own possibly unconscious biases in deciding what's harmful and what…](https://sms4smile.com/quotes/james-rickards/the-irony-is-that-when-you-set-out-to-remove-bias-you-use-your-own/) [James Rickards](https://sms4smile.com/quotes/author/james-rickards/) > [“The solutions to this systemic risk overhang are surprisingly straightforward. The immediate tasks would be to break up large banks and ban most derivatives.…](https://sms4smile.com/quotes/james-rickards/the-solutions-to-this-systemic-risk-overhang-are-surprisingly/) [James Rickards](https://sms4smile.com/quotes/author/james-rickards/) > [“Policy makers respond to economic distress by pursuing polices designed to improve the data. After a while, the data themselves may come to reflect…](https://sms4smile.com/quotes/james-rickards/policy-makers-respond-to-economic-distress-by-pursuing-polices/) [James Rickards](https://sms4smile.com/quotes/author/james-rickards/) > [When you own gold you're fighting every central bank in the world. That's because gold is a currency that competes with government currencies and…](https://sms4smile.com/quotes/james-rickards/when-you-own-gold-you-re-fighting-every-central-bank-in-the-world/) [James Rickards](https://sms4smile.com/quotes/author/james-rickards/) > [The problem right now is that central banks have not normalized their balance sheet since 2009. They're trying, but it's not even close. If…](https://sms4smile.com/quotes/james-rickards/the-problem-right-now-is-that-central-banks-have-not-normalized-their/) [James Rickards](https://sms4smile.com/quotes/author/james-rickards/) ```json { "@context": "https://schema.org", "@graph": [ { "@type": "ItemList", "@id": "https://sms4smile.com/quotes/about/central-bank/james-rickards/#itemlist", "name": "3 Central bank Quotes By James Rickards", "numberOfItems": 3, "itemListElement": [ { "@type": "ListItem", "position": 1, "item": { "@type": "Quotation", "text": "“Policy makers respond to economic distress by pursuing polices designed to improve the data. After a while, the data themselves may come to reflect not fundamental economic reality but a cosmetically induced policy result. If these data then guide the next dose of policy, the central banker has entered a wilderness of mirrors in which false signals induce policy, which induces more false signals and more policy manipulation and so on, in a feedback loop that diverges further from reality until it crashes against a steel wall of data that cannot easily be manipulated, such as real income and output.”", "creator": { "@type": "Person", "name": "James Rickards" }, "url": "https://sms4smile.com/quotes/james-rickards/policy-makers-respond-to-economic-distress-by-pursuing-polices/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/34b/james-rickards-25234_central-bank_policy-makers-respond-to-economic-distre_1969287.png", "contentUrl": "https://sms4smile.com/quotes/i/34b/james-rickards-25234_central-bank_policy-makers-respond-to-economic-distre_1969287.png", "url": "https://sms4smile.com/quotes/i/34b/james-rickards-25234_central-bank_policy-makers-respond-to-economic-distre_1969287.png", "width": 1080, "height": 1080, "caption": "“Policy makers respond to economic distress by pursuing polices designed to improve the data. 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Gold is the ticket out of the central banking system, the escape from coercive central bank and government power.", "creator": { "@type": "Person", "name": "James Rickards" }, "url": "https://sms4smile.com/quotes/james-rickards/when-you-own-gold-you-re-fighting-every-central-bank-in-the-world/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/bdb/james-rickards-25234_banking_when-you-own-gold-you-re-fighting-every_2228429.jpg", "contentUrl": "https://sms4smile.com/quotes/i/bdb/james-rickards-25234_banking_when-you-own-gold-you-re-fighting-every_2228429.jpg", "url": "https://sms4smile.com/quotes/i/bdb/james-rickards-25234_banking_when-you-own-gold-you-re-fighting-every_2228429.jpg", "width": 1080, "height": 1080, "caption": "“When you own gold you're fighting every central bank in the world. That's because gold is a currency that…” — James Rickards", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 3, "item": { "@type": "Quotation", "text": "The problem right now is that central banks have not normalized their balance sheet since 2009. They're trying, but it's not even close. If we had another crisis tomorrow, and you had to do QE4 and QE5, how could you do that when you're already at $4 trillion? They might have to turn to the IMF or SDR or to Gold. Then, if you go back to the gold standard, you have to get the price right. People say there's not enough gold to support a gold standard. That's nonsense. There's always enough gold, it's just a question of price.", "creator": { "@type": "Person", "name": "James Rickards" }, "url": "https://sms4smile.com/quotes/james-rickards/the-problem-right-now-is-that-central-banks-have-not-normalized-their/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/ed6/james-rickards-25234_balance_the-problem-right-now-is-that-central-ba_2264184.png", "contentUrl": "https://sms4smile.com/quotes/i/ed6/james-rickards-25234_balance_the-problem-right-now-is-that-central-ba_2264184.png", "url": "https://sms4smile.com/quotes/i/ed6/james-rickards-25234_balance_the-problem-right-now-is-that-central-ba_2264184.png", "width": 1080, "height": 1080, "caption": "“The problem right now is that central banks have not normalized their balance sheet since 2009. 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