In short, both experience and economic theory imply that the US could now t to a more competitive dollar without experiencing either increased inflation or decreased economic growth.

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.

A birthday is a glorious day filled with good laughter, gladness and great memories.

That’s the definition of evil right there: not faking it like everybody else.

No one can insult me, because I do not want respect.No one can defeat me, because I have given up the idea of winning.How can you defeat me? You can only defeat someone who wants to win.

a good friendship euchres the universe.

I like a deep sports massage - a casual beating up. I try to get them whenever I can, usually more if I'm getting in shape for a role.

We must ensure that technology is accessible, affordable, and adds value.

My father left me with a saying that I've carried my entire life and tried to pass on to our kids: 'Tough times don't last, tough people do,'

If they didn't take you seriously, they would never see you coming.

I haven't run out of ideas yet. Usually while I'm working on a book, I'm doing research for the next one!

There are times when I think that the reading I have done in the past has had no effect except to cloud my mind and make me indecisive