Quotes on Price Stability

It is a sobering fact that the prominence of central banks in this century has coincided with a general tendency towards more inflation, not less. [I]f the overriding objective is price stability, we did better with the nineteenth-century gold standard and passive central banks, with currency boards, or even with 'free banking.' The truly unique power of a central bank, after all, is the power to create money, and ultimately the power to create is the power to destroy.

‎"But that's the price we have to pay for stability. You've got to choose between happiness and what people used to call high art. We've sacrificed the high art.