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

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.

The number of mistakes I have made are just awesome. There is no number large enough to account for that.

American and British authorities were also concerned about violence in an area that harbors a resource indispensable for the functioning of the word economy.

The more flexible an economy, the greater its ability to self-correct in response to inevitable, often unanticipated, disturbances and thus to contain the size and consequences of cyclical imbalances.

I love facts and figures. It’s like following a detective story, piecing together what’s going on in the economy.

I don’t believe that economic equality is possible; indeed some measure of inequality is essential for the spirit of envy and keeping up with the Joneses that is, like greed, a valuable spur to economic activity.

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

Six million jobs in the US depend on trade with Mexico. Ten border states – six in Mexico and four in the United States – combined have the third or fourth largest economy in the world.

Landlords grow rich in their sleep without working, risking or economizing. The increase in the value of land, arising as it does from the efforts of an entire community, should belong to the community and not to the individual who might hold title.