“As long as we issue fiat currency, I see no alternative to a legal tender law.”

History demonstrates that participants in financial markets are susceptible to waves of optimism.

But how do we know when irrational exuberance has unduly escalated asset values, which then become subject to unexpected and prolonged contractions as they have in Japan over the past decade?

I think that real pressure is going to occur not by the initiation by the Federal Reserve, but by the markets themselves.

The United States can pay any debt it has because we can always print money to do that. So there is zero probability of default.

We need, in effect, to make the phantom ‘lock-boxes’ around the trust fund real.

The process of innovation is, of course, never ending.

In the absence of the gold standard, there is no way to protect savings from confiscation through inflation. There is no safe store of value.

Anything that we can do to raise personal savings is very much in the interest of this country.

Improvements in lending practices driven by information technology have enabled lenders to reach out to households with previously unrecognized borrowing capacities.

We are in the midst of a once-in-a-century credit tsunami. Central banks and governments are being required to take unprecedented measures.

Regulation of derivatives transactions that are privately negotiated by professionals is unnecessary.

Indeed, better risk management may be the only truly necessary element of success in banking.

There are no easy choices. Easy choices are long gone.

I cannot conceive of a politically feasible solution to this problem which will overdo cutting the deficit, where overdoing means harming the economy. It might be technically possible, but it is not realistic.

We can guarantee cash benefits as far out and at whatever size you like, but we cannot guarantee their purchasing power.

I was a good amateur but only an average professional. I soon realized that there was a limit to how far I could rise in the music business, so I left the band and enrolled at New York University.

Only one fellow in ten thousand understands the currency question, and we meet him every day.

The alternative is only whether the crisis should come sooner as the result of voluntary abandonment of further credit expansion, or later as a final and total catastrophe of the currency system involved.

Generosity is not only about money. There is more than one currency. Let your generosity be pervasive in life.

Before things are written down they don’t exist in quite the same way. The act of fixing them in words gives them a kind of currency that can be traded.

From now on, the pound abroad is worth 14 per cent or so less in terms of other currencies. That doesn’t mean, of course, that the Pound here in Britain, in your pocket or purse or in your bank, has been devalued.

There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency.

Is a currency worth anything if no one wants it? We used to buy shoes in Italy. Remember?

Gold is a relic from a time when government’s were less trustworthy in these matters (currency debasement) than they are now.