“Anyone willing to do what is required to become president of the United States is thereby barred from taking that office. I’m only half joking”

But rules cannot substitute for character.

Revolutions are something you see only in retrospect.

When trust is lost, a nation’s ability to transact business is palpably undermined.

It keeps interest rates lower than they otherwise would be and frees savings to finance increases in the capital stock, thereby boosting productivity and real incomes.

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

I don’t think it’s possible for the Fed to end its easy-money policies in a trouble-free manner.

Any informed borrower is simply less vulnerable to fraud and abuse.

The free lunch has still to be invented.

Some succeed for a time. But while there may occasionally be mis-configurations among market prices that allow abnormal returns, they do not persist.

The gut-feel of the 55-year old trader is more important than the mathematical elegance of the 25-year old genius.

Since I’ve become a central banker, I’ve learned to mumble with great incoherence.

I am saddened that it is politically inconvenient to acknowledge what everyone knows: the Iraq war is largely about oil.

History cannot be reduced to a set of statistics and probabilities.

Nor can private counterparties restrict supplies of gold, another commodity whose derivatives are often traded over-the-counter, where central banks stand ready to lease gold in increasing quantities should the price rise.

The companies could hire the educated workers they need. And those workers would compete with high-income people, driving more income equality.

I have one other issue I’d like to throw on the table. I hesitate to do it, but let me tell you some of the issues that are involved here.

A turkey which was no doubt a lively, intelligent bird… a social being… capable of actual affection… nuzzling its young with almost human- like compassion. Anyway, it’s dead and we’re gonna eat it. Please give our respects to its family.

Trying to pick individual stocks is a trap. I can’t do it. Warren Buffett can, but hardly anyone else can beat the indexes over a long period of time.

Do not let anyone else run your business

Ill put my progressive credentials up against anyones.

In my experience, anyone can paint if he doesn’t have to.

Can anyone expect that a step of this kind will improve the quality of our long-term investments?’

Anyone who puts 110% into their work deserves as much success as they can get.

This leads to deep humility and deep confidence at the same time. It undermines both swaggering and sniveling. I cannot feel superior to anyone, and yet I have nothing to prove to anyone. I do not think more of myself nor less of myself. Instead, I think of myself less.