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First, we are working hard now on creating a genuine multiparty system. {...} Second, we are redistributing powers between the federal, regional and municipal authorities.

 

Vladimir Putin

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The federal government is the balance wheel of the federal system, and the federal system means using counterweights.

 

Pierre Trudeau

 

This Assembly doth explicitly and peremptorily declare, that it views the powers of the federal government, as resulting from the compact, to which the states are parties, as limited by the plain sense and intention of the instrument constituting the compact; as no further valid than they are authorized by the grants enumerated in that compact; and that in case of deliberate, palpable, and dangerous exercise of other powers, not granted by the said compact, the states who are parties thereto, have the right, and are in duty bound, to interpose, for arresting the progress of the evil, and for maintaining within their respective limits, the authorities, rights and liberties appertaining to them.

 

James Madison

 

In such an environment there operates an unfortunate natural selection. Since not only the rewards but also the means and opportunities of public activity belong to the organized system, a bright boy will try to get ahead in it. He will do well in school, keep out of trouble, and apply for the right jobs. It would follow from this that the organized system is sparked by a good proportion of the bright boys, and so it is. On the other hand, in sheer self-protection, smart boys who are sensitive, have strong animal spirits or great souls, cannot play that game. There are two alternative possibilities: (1) Either the advantages of the organized system cause them to inhibit their powers, and they turn into cynical pushers or obsessional specialists or timid hard workers that make up the middle status of the system. Or (2) their natural virtues and perhaps alternative training are too strong and they become independents; but as such they are hard put, not so much hard put for money as for means to act; and so they are likely to become bitter, eccentric, etc., and so much the less effective in changing the system they disapprove

 

Paul Goodman

 

The system wasn't working, and I thought it was time to err on the side of a new model. What might work, I thought, was a system that promoted personal accountability, consistency, and certainty. Congress could say people who committed the same federal crime, under the same circumstances, were going to jail for the same amount of time. We could give judges a narrower set of sentencing guidelines to work with, and felons would be required to pay the same price. We'd be judging the crime, not the person.

 

Joseph (Joe) Biden

 

The stock of money, prices and output was decidedly more unstable after the establishment of the Reserve System than before. The most dramatic period of instability in output was, of course, the period between the two wars, which includes the severe (monetary) contractions of 1920-1, 1929-33, and 1937-8. No other 20 year period in American history contains as many as three such severe contractions.
This evidence persuades me that at least a third of the price rise during and just after World War I is attributable to the establishment of the Federal Reserve System... and that the severity of each of the major contractions — 1920-1, 1929-33 and 1937-8 is directly attributable to acts of commission and omission by the Reserve authorities...
Any system which gives so much power and so much discretion to a few men, [so] that mistakes — excusable or not — can have such far reaching effects, is a bad system. It is a bad system to believers in freedom just because it gives a few men such power without any effective check by the body politic — this is the key political argument against an independent central bank...
To paraphrase Clemenceau, money is much too serious a matter to be left to the central bankers.

 

Milton Friedman