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Any central bank should only be in charge of liquidity. solvency is a matter for the treasury.
-George Soros
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Any Central Bank Should Only Be In

George Soros
Any central bank should only be in charge of liquidity. solvency is a matter for the treasury.
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Matter Should Treasury

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The lesson for asia is; if you have a central bank, have a floating exchange rate; if you want to have a fixed exchange rate, abolish your central bank and adopt a currency board instead. either extreme; a fixed exchange rate through a currency board, but no central bank, or a central bank plus truly floating exchange rates; either of those is a tenable arrangement. but a pegged exchange rate with a central bank is a recipe for trouble.
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I have always thought and i still think that the central bank should act independently. indeed, it does, you can take my word. i do not interfere in the decisions of the central bank and i do not give instructions to the bank management or to its head.
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So: if the chronic inflation undergone by americans, and in almost every other country, is caused by the continuing creation of new money, and if in each country its governmental "central bank" (in the united states, the federal reserve) is the sole monopoly source and creator of all money, who then is responsible for the blight of inflation? who except the very institution that is solely empowered to create money, that is, the fed (and the bank of england, and the bank of italy, and other central banks) itself?
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The secretary of labor is in charge of finding you a job, the secretary of the treasury is in charge of taking half the money you make away from you, and the attorney general is in charge of suing you for the other half.
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Why, just a couple of economic seasons ago, was idle cash considered an indication of bad management or lazy management? because it meant that management didn't have this money out at work ... now look. presto! a new fashion! cash is back in! denigrating liquidity has dropped quicker than hemlines. a management is now saluted if it has some cash, some liquidity, doesn't have to go to the money market at huge interest rates to get the wherewithal to keep going and growing. along with ben franklin, my father and your father would understand and applaud this new economic fashion.
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Of the maxims of orthodox finance none, surely, is more anti-social than the fetish of liquidity, the doctrine of that it is a positive virtue on the part of investment institutions to concentrate their resources upon the holding of 'liquid' securities. it forgets that there is no such thing as liquidity of investment for the community as a whole.
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