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Skilled shortages in America exist because we are shielding our skilled labor force from world competition. [Visa quotas] have been substituted for the wage pricing mechanism.

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Competition Country Force Shied Shortage Skill

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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.
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The only effective regulation lies in the propensity of customers to choose alternatives, of investors to move their funds elsewhere and of labour to acquire technical skills’.
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If prices go down, we will have problems – problems in the sense of spillover to other areas.
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It signals problems with respect to currency markets. Central banks should pay attention to it.
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We can guarantee cash benefits as far out and at whatever size you like, but we cannot guarantee their purchasing power.
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Cash is available and we should use that in larger amounts, as is necessary, to solve the problems of the stress of this.
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Market financed withdrawals of home equity in recent years.
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I’m a plain soap kind of guy.
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If we are dealing with psychology, then the thermometers one uses to measure it have an effect.
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The recent period has been marked by a transformation to an economy that is more productive as competitive forces become increasingly intense and new technologies raise the efficiency of our businesses…
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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.
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They then need to reach a judgment about the probabilities, costs, and benefits of the various possible outcomes under alternative choices for policy.
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If one grasps this, one has no difficulty in understanding the statists’ antagonism toward the gold standard.
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I don’t know where the stock market is going, but I will say this, that if it continues higher, this will do more to stimulate the economy than anything we’ve been talking about today or anything anybody else was talking about.
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