We pay some price when necessary to bring down inflation but that price is temporary and is not large relative to the permanent gain from reduced inflation.

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.

Nuclear is clear so near to fear and tear.

Caesar's messengers didn't go round the world saying, 'Caesar is lord, so if you feel you need to have a Roman-empire kind of experience, you might want to submit to him'.

The Internet is like alcohol in some sense. It accentuates what you would do anyway. If you want to be a loner, you can be more alone. If you want to connect, it makes it easier to connect.

Education is an ornament for the prosperous, a refuge for the unfortunate.

A lot of meetings are held to arrange when to have meetings. ... Meetings today are usually called conferences to make them sound more significant.

Artillery is the god of war.

Children are like crazy, drunken small people in your house.

I'm down to a bottle of wine a day, but my hands still shake a bit.

Prayer does not influence God. Prayer surely does influence God. It does not influence His purpose. It does influence His action.

Conscience connects us with the wisdom of the ages and the wisdom of the heart.