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

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.

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.

He was nineteen years old, homeless and rootless, with no family and no purpose in life.

I like fishing. Not actual fishing - I like the peace and quiet of being at sea. It's different.

Just as the world cannot live on wars, so people cannot on revolutions

The important thing is to strive toward a goal which is not immediately visible. That goal is not the concern of the mind, but of the spirit.

August in Florida is God's way of reminding us who's in charge.

To become aware of the subtlety of nature you need to be alert. The moment you become alert you become still... thinking subsides. That is actually a higher state of consciousness than thinking.

Never give up on what makes you smile

There's no diploma in the world that declares you as an artist—it's not like becoming a doctor. You can declare yourself an artist and then figure out how to be an artist.

Don't put things off till it's too late. You are the DJ of your fate.

Oh, flatter me; for love delights in praises.