An increase in the relative price of products from the low wage manufacturers in Asia and Latin America will also make those products less attractive to American consumers.

Domestic inflation reflects domestic monetary policy.

So just as I want pilots on the planes that I fly, when it comes to monetary policy, I want to think that there is someone with sound judgement at the controls.

The price of imported oil in the US doubled between summer 2003 and summer 2005, reducing consumers' purchasing power by more than 1 per cent of gross domestic product.

To finance this trade deficit, the U.S. has to borrow from the rest of the world or sell American assets like stocks, businesses, and real estate to the rest of the world.

Thirty years ago, many economists argued that inflation was a kind of minor inconvenience and that the cost of reducing inflation was too high a price to pay. No one would make those arguments today.

Inflation is lower and more stable and the real business cycle fluctuations are more modest.

Unless the trade deficit shrinks, the combination of the trade deficit and the interest and dividend payments to foreigners will grow ever more rapidly.

The only way that we can reduce our financial dependence on the inflow of funds from the rest of the world is to reduce our trade deficit.

A second reason why science cannot replace judgement is the behavior of financial markets.

The more competitive value of the dollar turned around the trade deficit.

Joy is a loyal companion, love is a faithful friend, fear is a terrible adversary, and hatred is a merciless enemy.

Ego seeks the domination by war, but spirit seeks the peace through love.

I always seem to get inspiration and renewed vitality by contact with this great novel land of yours which sticks up out of the Atlantic.

I can write with authority only about what I know well, which means that I end up using surface details of my own life in my fiction.

If it feels right and I'm not going against any energy in myself or the situation, there would be no limit.

I'm a child of the Sixties.

Necessity is cruel, but it is the only test of inward strength. Every fool may live according to his own likings.

You can assume all you want about me. It doesn't mean that it's true.

Forgiveness is hard. Acceptance is doable.

I'm a safety - I play free, strong, whatever you ask me to play.