First, I think the science of monetary economics has clearly gotten better.

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.

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.

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.

Iron turns red when it corrodes, and copper turns green. Meat turns to maggots, and thoughts turn to speech.

A good short definition of grace is "one-way love.

Just for a handful of silver he left us Just for a ribbon to stick in his coat.

For until ye become as a savior, as a help to some soul that has lost hope, lost its way, ye do not fully comprehend the god within, the god without.

My poems are like a dagger Sprouting flowers from the hilt; My poetry is like a fountain Sprinkling streams of coral water.

Nobody looks good in their darkest hours. But it's those hours that make us what we are.

Being God would be the ultimate.

I'm from Hope, Arkansas, you may have heard of it. All I'm asking is, give us one more chance.

May the saddest day of your future be no worse than the happiest day of your past.

Through selfless work, love of God grows in heart.