“The number one problem in today’s generation and economy is the lack of financial literacy.”

They then need to reach a judgment about the probabilities, costs, and benefits of the various possible outcomes under alternative choices for policy.

A decline in the national housing price level would need to be substantial to trigger a significant rise in foreclosures, because the vast majority of homeowners have built up substantial equity in their homes despite large mortgage.

You can’t have the capitalist system if an increasing number of people think it is unjust.

They seem to sense… that gold and economic freedom are inseparable.

Gold still represents the ultimate form of payment in the world.

It’s not for anything other than an escape from what is perceived to be a fiat money system, paper money, that seems to be deteriorating.

We as central bankers need not be concerned if a collapsing financial asset bubble does not threaten to impair the real economy, its production, jobs and price stability.

The abandonment of the gold standard made it possible for the welfare statists to use the banking system as a means to an unlimited expansion of credit.

The very nature of finance is that it cannot be profitable unless it is significantly leveraged… and as long as there is debt, there can be failure and contagion.

We can see that in the inverse relationship exhibited by price/earnings ratios and the rate of inflation in the past.

Recent episodes in which Fed officials hinted at a shift toward higher interest rates have unleashed significant volatility in markets.

No one has ever eliminated any of that stuff.

Yet deregulation set the stage for an enormous wave of creative destruction in the 1980s.

This is the reason that history has not dealt kindly with the aftermath of protracted periods of low risk premiums.

The increased flexibility of our economy, which has fostered our extraordinary resilience to shocks.

We will have more crises and none of them will look like this because no two crises have anything in common except human nature.

Economists often like startling theorems, results which seem to run counter to conventional wisdom.

GDP tells you nothing about sustainability.

We won’t have an economic recovery until Covid-19 is under control.

Letting bygones be bygones is a basic principle in economics.

A robust economy is a source of national strength for Japan.

Development is about transforming the lives of people, not just transforming economies.

But while I loved all of these courses, there was an irresistible attraction of economics.

Macroeconomic policy can never be devoid of politics: it involves fundamental trade-offs and affects different groups differently.