--- title: "Meaning & Key Takeaway of: If we are going to have a Fed, it should…" description: "\"If we are going to have a Fed, it should not fall into the tyranny of experts with the a fatal conceit that a few wise people can determine interest ra..." image: "https://sms4smile.com/quotes/i/4ba/charles-koch-2666_conceit_if-we-are-going-to-have-a-fed-it-should_523429.jpg" --- # If we are going to have a Fed, it should not fall into the… ![“If we are going to have a Fed, it should not fall into the tyranny of experts with the a fatal conceit that a few wise people can determine interest rates. Interest rates should be driven by the market, and people's time preference, and we see these boom-bust cycles.” quote by Charles Koch](https://sms4smile.com/quotes/i/4ba/charles-koch-2666_conceit_if-we-are-going-to-have-a-fed-it-should_523429.jpg) [Download](https://sms4smile.com/quotes/i/4ba/charles-koch-2666_conceit_if-we-are-going-to-have-a-fed-it-should_523429.jpg) [Open image](https://sms4smile.com/quotes/i/4ba/charles-koch-2666_conceit_if-we-are-going-to-have-a-fed-it-should_523429.jpg) > “If we are going to have a Fed, it should not fall into the tyranny of experts with the a fatal conceit that a few wise people can determine interest rates. Interest rates should be driven by the market, and people's time preference, and we see these boom-bust cycles.” [Charles Koch](https://sms4smile.com/quotes/author/charles-koch/) ## About This Quote This interpretation was drafted with AI assistance. It is one reading of the quote, not the author's own explanation. Markets, not a few experts, should set interest rates to avoid cycles. **In simple terms:** Let markets decide rates, not experts. Key Takeaway Trust market signals over expert control. Themes economics policy market dynamics Mood critical analytical Type political economic When to use this quote - central bank decisions - investment planning - personal finance - policy advocacy Key Concepts interest rates expert authority boom bust cycles Questions to Reflect On - How can we balance expertise with market input? - What safeguards prevent market failures? A Different Perspective Experts may lack diverse perspectives, risking blind spots. ★ ★ ★ ★ ★ No ratings yet [Conceit](https://sms4smile.com/quotes/about/conceit/) [Customer](https://sms4smile.com/quotes/about/customer/) [Cycles](https://sms4smile.com/quotes/about/cycles/) [Driven](https://sms4smile.com/quotes/about/driven/) [Experts](https://sms4smile.com/quotes/about/experts/) [Feds](https://sms4smile.com/quotes/about/feds/) [Interest](https://sms4smile.com/quotes/about/interest/) [People](https://sms4smile.com/quotes/about/people/) [Preference](https://sms4smile.com/quotes/about/preference/) [Time](https://sms4smile.com/quotes/about/time/) [Tyranny](https://sms4smile.com/quotes/about/tyranny/) [Wise](https://sms4smile.com/quotes/about/wise/) [Wise people](https://sms4smile.com/quotes/about/wise-people/) ## Related quotes > [If think the pig was terrified because he was fully aware that after segment he was going to be fed to Al Roker.](https://sms4smile.com/quotes/christian-finnegan/if-think-the-pig-was-terrified-because-he-was-fully-aware-that-after/) [Christian Finnegan](https://sms4smile.com/quotes/author/christian-finnegan/) > [It's an earnings-driven market. The big question is whether the flow of earnings can rescue the market from the twin dreadnoughts of higher oil…](https://sms4smile.com/quotes/larry-wachtel/it-s-an-earnings-driven-market-the-big-question-is-whether-the-flow/) Larry Wachtel > [We create these boom-bust cycles by manipulating the money supply and the interest rates and directing it where it went in. And that is…](https://sms4smile.com/quotes/charles-koch/we-create-these-boom-bust-cycles-by-manipulating-the-money-supply-and/) [Charles Koch](https://sms4smile.com/quotes/author/charles-koch/) > [Latin Americans are all too familiar with the boom and bust cycles associated with economic populism.](https://sms4smile.com/quotes/arancha-gonzalez/latin-americans-are-all-too-familiar-with-the-boom-and-bust-cycles/) [Arancha Gonzalez](https://sms4smile.com/quotes/author/arancha-gonzalez/) > [Under this Government, Britain will not return to the boom and bust of the past.](https://sms4smile.com/quotes/gordon-brown/under-this-government-britain-will-not-return-to-the-boom-and-bust-of/) [Gordon Brown](https://sms4smile.com/quotes/author/gordon-brown/) > [Indeed, Britain was set to repeat the old, familiar cycle of boom and bust. Since then, we have created and rigorously adhered to a…](https://sms4smile.com/quotes/gordon-brown/indeed-britain-was-set-to-repeat-the-old-familiar-cycle-of-boom-and/) [Gordon Brown](https://sms4smile.com/quotes/author/gordon-brown/) > [Boom and bust cycles are very difficult for businesses because you're hiring a bunch because you're planning for the future. And if the future…](https://sms4smile.com/quotes/reid-hoffman/boom-and-bust-cycles-are-very-difficult-for-businesses-because-you-re/) [Reid Hoffman](https://sms4smile.com/quotes/author/reid-hoffman/) > [Britain does not want a return to boom and bust.](https://sms4smile.com/quotes/gordon-brown/britain-does-not-want-a-return-to-boom-and-bust/) [Gordon Brown](https://sms4smile.com/quotes/author/gordon-brown/) > [Between 1857 and 1929, while regulators largely stood idle, the American economy swung through 19 national boom-and-bust gyrations that sometimes threatened to wipe out…](https://sms4smile.com/quotes/charles-duhigg/between-1857-and-1929-while-regulators-largely-stood-idle-the/) [Charles Duhigg](https://sms4smile.com/quotes/author/charles-duhigg/) > [Boom and bust is a term that applied to the Conservative years and two of the worst recessions in history.](https://sms4smile.com/quotes/gordon-brown/boom-and-bust-is-a-term-that-applied-to-the-conservative-years-and/) [Gordon Brown](https://sms4smile.com/quotes/author/gordon-brown/) > [The 'boom-bust' cycle is generated by monetary intervention in the market, specifically bank credit expansion to business.](https://sms4smile.com/quotes/murray-rothbard/the-boom-bust-cycle-is-generated-by-monetary-intervention-in-the/) [Murray Rothbard](https://sms4smile.com/quotes/author/murray-rothbard/) > [The 20th Century approach to economics, resource depletion and over-consumption means we boom and bust until we bust more than we boom; that is…](https://sms4smile.com/quotes/phil-harding/the-20th-century-approach-to-economics-resource-depletion-and-over/) [Phil Harding](https://sms4smile.com/quotes/author/phil-harding/) > [As I discovered, there is a great deal of similarity between a boom-bust process in the financial markets and the rise and fall of…](https://sms4smile.com/quotes/george-soros/as-i-discovered-there-is-a-great-deal-of-similarity-between-a-boom/) [George Soros](https://sms4smile.com/quotes/author/george-soros/) > [Moreover, for decades we have been prone to far greater swings in the economic cycle than our continental counterparts. It has been boom and…](https://sms4smile.com/quotes/tony-blair/moreover-for-decades-we-have-been-prone-to-far-greater-swings-in-the/) [Tony Blair](https://sms4smile.com/quotes/author/tony-blair/) > [All markets have boom and bust cycles, and I think venture capital market has even more exaggerated boom and bust cycles.](https://sms4smile.com/quotes/fred-wilson/all-markets-have-boom-and-bust-cycles-and-i-think-venture-capital/) [Fred Wilson](https://sms4smile.com/quotes/author/fred-wilson/) ## More by Charles Koch > [If you're a leader at any level and your people aren't challenging you, you've got to change that or you can't be a leader…](https://sms4smile.com/quotes/charles-koch/if-you-re-a-leader-at-any-level-and-your-people-aren-t-challenging/) [Charles Koch](https://sms4smile.com/quotes/author/charles-koch/) > [Our system here of creating value for others and having people do the right thing, exchange information, and so on only works if people…](https://sms4smile.com/quotes/charles-koch/our-system-here-of-creating-value-for-others-and-having-people-do-the/) [Charles Koch](https://sms4smile.com/quotes/author/charles-koch/) > [You can't start taking away benefits if people don't have any opportunities.](https://sms4smile.com/quotes/charles-koch/you-can-t-start-taking-away-benefits-if-people-don-t-have-any/) [Charles Koch](https://sms4smile.com/quotes/author/charles-koch/) > [I've been blessed by learning certain principles and values that transformed my life and enabled me to accomplish more than I really had the…](https://sms4smile.com/quotes/charles-koch/i-ve-been-blessed-by-learning-certain-principles-and-values-that/) [Charles Koch](https://sms4smile.com/quotes/author/charles-koch/) > [In business, real jobs profitably produce goods and services that people value more highly than their alternatives. Subsidizing inefficient jobs is costly, wastes resources,…](https://sms4smile.com/quotes/charles-koch/in-business-real-jobs-profitably-produce-goods-and-services-that/) [Charles Koch](https://sms4smile.com/quotes/author/charles-koch/) > [Just Donald Trump's tenor and insulting of people is just beyond the pale.](https://sms4smile.com/quotes/charles-koch/just-donald-trump-s-tenor-and-insulting-of-people-is-just-beyond-the/) [Charles Koch](https://sms4smile.com/quotes/author/charles-koch/) > [I studied what principles under-laid peace and prosperity and concluded the only way to achieve societal well-being was through a system of economic freedom.](https://sms4smile.com/quotes/charles-koch/i-studied-what-principles-under-laid-peace-and-prosperity-and/) [Charles Koch](https://sms4smile.com/quotes/author/charles-koch/) > [They say your genetics are going to set your direction regardless of what happens, but I think there's more to it than that.](https://sms4smile.com/quotes/charles-koch/they-say-your-genetics-are-going-to-set-your-direction-regardless-of/) [Charles Koch](https://sms4smile.com/quotes/author/charles-koch/) > [I have been a libertarian in my past but now I consider myself a classical liberal.](https://sms4smile.com/quotes/charles-koch/i-have-been-a-libertarian-in-my-past-but-now-i-consider-myself-a/) [Charles Koch](https://sms4smile.com/quotes/author/charles-koch/) > [We oppose all corporate welfare, whether we benefit or not. You will find that our policy positions mainly hurt our profitability rather than help…](https://sms4smile.com/quotes/charles-koch/we-oppose-all-corporate-welfare-whether-we-benefit-or-not-you-will/) [Charles Koch](https://sms4smile.com/quotes/author/charles-koch/) > [ The trajectory of this country \[USA\] is not positive and particularly for the disadvantaged, as we see what's happening. The gains in productivity have… ](https://sms4smile.com/quotes/charles-koch/the-trajectory-of-this-country-usa-is-not-positive-and-particularly/) [Charles Koch](https://sms4smile.com/quotes/author/charles-koch/) > [The role of business is to provide products and services that make people's live better - while using fewer resources - and to act…](https://sms4smile.com/quotes/charles-koch/the-role-of-business-is-to-provide-products-and-services-that-make/) [Charles Koch](https://sms4smile.com/quotes/author/charles-koch/) > [To end cronyism we must end government's ability to dole out favors and rig the market.](https://sms4smile.com/quotes/charles-koch/to-end-cronyism-we-must-end-government-s-ability-to-dole-out-favors/) [Charles Koch](https://sms4smile.com/quotes/author/charles-koch/) > [How do we make people's lives better unless we find the truth of what works and what doesn't?](https://sms4smile.com/quotes/charles-koch/how-do-we-make-people-s-lives-better-unless-we-find-the-truth-of-what/) [Charles Koch](https://sms4smile.com/quotes/author/charles-koch/) > [You pass a program and get people dependent on it, making it brutal to get rid of. The key is not letting it get…](https://sms4smile.com/quotes/charles-koch/you-pass-a-program-and-get-people-dependent-on-it-making-it-brutal-to/) [Charles Koch](https://sms4smile.com/quotes/author/charles-koch/) [Explore all 155 Charles Koch quotes ](https://sms4smile.com/quotes/author/charles-koch/) ## More Conceit quotes > [“A session of boasting won't attract any real friends.  It will set you up on a pedestal, however, making you a clearer target.”](https://sms4smile.com/quotes/richelle-e-goodrich/a-session-of-boasting-won-t-attract-any-real-friends-it-will-set-you/) [Richelle E. Goodrich](https://sms4smile.com/quotes/author/richelle-e-goodrich/) > [Most of us think of pride as self-centeredness, conceit, boastfulness, arrogance, or haughtiness. All of these are elements of the sin, but the heart,…](https://sms4smile.com/quotes/ezra-taft-benson/most-of-us-think-of-pride-as-self-centeredness-conceit-boastfulness/) [Ezra Taft Benson](https://sms4smile.com/quotes/author/ezra-taft-benson/) > [Conceit is a sure sign of insecurity; humility denotes awareness.](https://sms4smile.com/quotes/sivaya-subramuniyaswami/conceit-is-a-sure-sign-of-insecurity-humility-denotes-awareness/) [Sivaya Subramuniyaswami](https://sms4smile.com/quotes/author/sivaya-subramuniyaswami/) > [Conceit is a weird disease - it makes everybody sick except the guy who has it.](https://sms4smile.com/quotes/james-dobson/conceit-is-a-weird-disease-it-makes-everybody-sick-except-the-guy-who/) [James Dobson](https://sms4smile.com/quotes/author/james-dobson/) > [Be very slow to believe that you are wiser than all others; it is a fatal but common error. Where one has been saved…](https://sms4smile.com/quotes/charles-caleb-colton/be-very-slow-to-believe-that-you-are-wiser-than-all-others-it-is-a/) [Charles Caleb Colton](https://sms4smile.com/quotes/author/charles-caleb-colton/) > [History repeats the old conceits, the glib replies, the same defeats.](https://sms4smile.com/quotes/elvis-costello/history-repeats-the-old-conceits-the-glib-replies-the-same-defeats/) [Elvis Costello](https://sms4smile.com/quotes/author/elvis-costello/) > [Being carefree, you can fit in anywhere. If you’re not carefree you keep on bumping up against things. Your life becomes so narrow, so…](https://sms4smile.com/quotes/tsoknyi-rinpoche/being-carefree-you-can-fit-in-anywhere-if-you-re-not-carefree-you/) [Tsoknyi Rinpoche](https://sms4smile.com/quotes/author/tsoknyi-rinpoche/) > [This man, who for twenty-five years has been reading and writing about art, and in all that time has never understood anything about art,…](https://sms4smile.com/quotes/anton-chekhov/this-man-who-for-twenty-five-years-has-been-reading-and-writing-about/) [Anton Chekhov](https://sms4smile.com/quotes/author/anton-chekhov/) > [There is nothing like a good bit of pain for taking the conceit out of one.](https://sms4smile.com/quotes/jane-welsh-carlyle/there-is-nothing-like-a-good-bit-of-pain-for-taking-the-conceit-out/) [Jane Welsh Carlyle](https://sms4smile.com/quotes/author/jane-welsh-carlyle/) > [If you want to conquer conceit, do not desire praise, laurels, nice garments, respect, favor, but like to be blamed and slandered by people.](https://sms4smile.com/quotes/vladimir-aleksandrovich-antonov/if-you-want-to-conquer-conceit-do-not-desire-praise-laurels-nice/) [Vladimir Aleksandrovich Antonov](https://sms4smile.com/quotes/author/vladimir-aleksandrovich-antonov/) > [The smaller the mind, the greater the ego.](https://sms4smile.com/quotes/tom-clancy/the-smaller-the-mind-the-greater-the-ego/) [Tom Clancy](https://sms4smile.com/quotes/author/tom-clancy/) > [If a man thinks he is not conceited, he is very conceited indeed.](https://sms4smile.com/quotes/anonymous/if-a-man-thinks-he-is-not-conceited-he-is-very-conceited-indeed/) [Anonymous](https://sms4smile.com/quotes/author/anonymous/) > [There is simple ignorance, which is the source of lighter offenses, and double ignorance, which is accompanied by a conceit of wisdom.](https://sms4smile.com/quotes/aristotle/there-is-simple-ignorance-which-is-the-source-of-lighter-offenses-and/) [Aristotle](https://sms4smile.com/quotes/author/aristotle/) > [Jesus regularly visualized the success of his efforts ... 'I always do what pleases God.' ... Was this conceit? Or was it enlightened creativity…](https://sms4smile.com/quotes/laurie-beth-jones/jesus-regularly-visualized-the-success-of-his-efforts-i-always-do/) [Laurie Beth Jones](https://sms4smile.com/quotes/author/laurie-beth-jones/) > [“Took long enough,” she called out, not wanting to admit how the sight of him made her throat hitch, how the man was so…](https://sms4smile.com/quotes/katherine-mcintyre/took-long-enough-she-called-out-not-wanting-to-admit-how-the-sight-of/) [Katherine McIntyre](https://sms4smile.com/quotes/author/katherine-mcintyre/) [Browse all 360 Conceit quotes ](https://sms4smile.com/quotes/about/conceit/) ```json { "@context": "https://schema.org", "@graph": [ { "@type": "Quotation", "text": "If we are going to have a Fed, it should not fall into the tyranny of experts with the a fatal conceit that a few wise people can determine interest rates. 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