“The System is just like the Church. That’s probably why I feel so comfortable with it. It’s got a pope, the chairman; and a college of cardinals, the governors and bank presidents; and a curia, the senior staff. The equivalent of the laity is the commercial banks. If you’re a naughty parishioner in the Catholic Church, you come to confession. In this system, if you’re naughty, you come to the discount window for a loan. We even have different orders of religious thought like Jesuits and Franciscans and Dominicans only we call them pragmatists and monetarists and neo-Keynesians.”
Richard Syron
Richard Syron was Vice President of the Federal Reserve Bank of Boston and served as special assistant to Paul Volcker.
This quote vividly illustrates how the Federal Reserve System, with its hierarchy and roles, resembles religious institutions – a unique perspective on economic power structures.
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Richard Syron on the Federal Reserve System: The US Central Bank as the Church of Money
Richard Syron compares the Federal Reserve System to the Catholic Church, revealing the hidden hierarchy of the US central bank.
Richard Syron served as Vice President at the Federal Reserve Bank of Boston and was a special assistant to Paul Volcker, the then chairman of the Federal Reserve System. He was known for his insightful views on the institutional structure of the US central bank.
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