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.

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.

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.

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

We’re on this planet for too short a time. And at the end of the day, what’s more important? Knowing that a few meaningless figures balanced—or knowing that you were the person you wanted to be?

And so she shuddered away from the threat of his enduring love. What did he mean? Had she not the power to daunt him? She would see. It was more daring than became a man to threaten her.

Americans cannot realize how many chances for mental improvement they lose by their inveterate habit of keeping six conversations when there are twelve in the room.

Letters are just pieces of paper," I said. "Burn them, and what stays in your heart will stay; keep them, and what vanishes will vanish.

Mr. and Mrs. Darling and Nana rushed into the nursery too late. The birds were flown

Since then, I have not missed five consecutive days in getting some type of aerobic exercise, mostly jogging.

Noah Baumbach writing is really wonderful. I think the way he plays out each character with a unique voice is really impressive, and rhythmically his dialogue works.

The heart should be cultivated with more assiduity than the head.

Something rubs off from everything you read, observe, and tinker with.

To enter a wood is to pass into a different world in which we ourselves are transformed.