Steve Forbes > Quotes

“Gold is a constant. It's like a North Star.”
― Steve Forbes

“Imagine how tricky it would be to bake a cake if the recipe called for 45 minutes in the oven, and you had to figure out if those were nominal minutes or inflation-adjusted minutes.”
― Steve Forbes, Money: How the Destruction of the Dollar Threatens the Global Economy – and What We Can Do About It

“With all thy getting, get understanding.”
― Steve Forbes

“The Case of the Swiss Franc. If a giant money supply was the cause of rising prices, you’d think Switzerland would be overwhelmed by hyperinflation. With a population of just less than nine million, that country has eight times more base money per capita than Canada, whose population is nearly four times the size at thirty-eight million. Instead, the Swiss franc has been one of the world’s most reliable currencies over the past hundred years, with less inflation than the US dollar, British pound, euro, or the preceding German mark. As a result of this track record, many people outside Switzerland are eager to hold assets denominated in Swiss francs. In other words, demand for the Swiss franc is high. To meet this expanding demand, and keep the currency from rising uncomfortably, the Swiss central bank has had to increase supply aggressively.”
― Steve Forbes, Inflation: What It Is, Why It's Bad, and How to Fix It

“At the G-20 meeting in Paris in 2011, finance ministers expressed fears that U.S.-driven global inflation was threatening global stability. George Melloan was among those who made the connection between this unrest and QE. He acknowledged in the Wall Street Journal: “Probably few of the protesters in the streets connect their economic travail to Washington. But central bankers do.” To appreciate the depth of political upheaval created by the 2008 financial crisis, just tally the power shifts that occurred in its wake. In addition to the turmoil in the Middle East, 13 out of 17 European governments changed over as a result of the initial financial crisis. In the United States, the stock market panic in September 2008 reversed the slight lead of John McCain and helped sweep the far-left Barack Obama into office.”
― Steve Forbes, Money: How the Destruction of the Dollar Threatens the Global Economy – and What We Can Do About It

“Since I’ve become a central banker, I’ve learned to mumble with great incoherence. If I seem unduly clear to you, you must have misunderstood what I said.”
― Steve Forbes, Money: How the Destruction of the Dollar Threatens the Global Economy – and What We Can Do About It

“The central bank’s bond purchases or sales are also an important indication of where the value of the dollar is headed. Is the Fed continuing its bond purchases and further expanding the money supply? Or, is it shrinking the monetary base by selling those securities? The answers may be found on the Federal Reserve balance sheet.”
― Steve Forbes, Inflation: What It Is, Why It's Bad, and How to Fix It

“The ultimate lesson of history— and of this book—is that no nation has ever gotten rich by eroding the value of its money.”
― Steve Forbes, Inflation: What It Is, Why It's Bad, and How to Fix It

“Others active in this sector include Royal Gold (RGLD), Sandstorm Gold (SAND), and Osisko Gold Royalties (OR).”
― Steve Forbes, Inflation: What It Is, Why It's Bad, and How to Fix It

“The real cause of the beginning of the Great Depression was the Smoot-Hawley Tariff Act. This shocking and totally unprecedented legislation ended up imposing an average 60 percent tax on more than 3,000 import items. It was the equivalent of exploding a bomb that devastated the global trading system.”
― Steve Forbes, Inflation: What It Is, Why It's Bad, and How to Fix It

“How do you end inflation? The good news is that a nation doesn’t need tax hikes, super-high interest rates, horrible recessions—or even fishing restrictions. The way to do it, very simply, is to stabilize the value of money. How to achieve this? When a currency begins to slide, the first step should be for a government to publicly declare its intention to support its money, i.e., maintain its value. The way to do so is, very simply, by shrinking the monetary base.”
― Steve Forbes, Inflation: What It Is, Why It's Bad, and How to Fix It