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Al Feldstein Quotes

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Al Feldstein Quotes: "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."

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.



Al Feldstein Quotes: "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."

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.




Al Feldstein Quotes: "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."

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.



Al Feldstein Quotes: "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."

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.




Al Feldstein Quotes: "Inflation is lower and more stable and the real business cycle fluctuations are more modest."

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



Al Feldstein Quotes: "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."

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.



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

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




Al Feldstein Quotes: "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."

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.



Al Feldstein Quotes: "A second reason why science cannot replace judgement is the behavior of financial markets."

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



Al Feldstein Quotes: "The more competitive value of the dollar turned around the trade deficit."

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



Al Feldstein Quotes: "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."

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.



Al Feldstein Quotes: "First, I think the science of monetary economics has clearly gotten better."

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




Al Feldstein Quotes: "But then in April of 1985 the dollar began a sharp decline. The dollar's trade weighted value fell 23 percent in just 12 months and by a total of 37 percent by the beginning of 1988."

But then in April of 1985 the dollar began a sharp decline. The dollar's trade weighted value fell 23 percent in just 12 months and by a total of 37 percent by the beginning of 1988.



Al Feldstein Quotes: "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."

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.



Al Feldstein Quotes: "The good news is that a competitive dollar in the global market and a strong dollar at home are compatible in both the long run and during the transition to a more competitive dollar."

The good news is that a competitive dollar in the global market and a strong dollar at home are compatible in both the long run and during the transition to a more competitive dollar.



Al Feldstein Quotes: "And finally, no matter how good the science gets, there are problems that inevitably depend on judgment, on art, on a feel for financial markets."

And finally, no matter how good the science gets, there are problems that inevitably depend on judgment, on art, on a feel for financial markets.



Al Feldstein Quotes: "Kids, Madison Avenue is lying to you. Your parents are lying to you. The president is lying to you."

Kids, Madison Avenue is lying to you. Your parents are lying to you. The president is lying to you.