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I was raising the question on the side with Governor Mullins of what would happen if the Treasury sold a little gold in this market.

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I made a mistake in presuming that the self-interests of organisations, specifically banks and others, were such that they were best capable of protecting their own shareholders and their equity in the firms.
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Bank Equity Especially Interest Mistake Organisation Presume Self Share
We can see that in the inverse relationship exhibited by price/earnings ratios and the rate of inflation in the past.
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Improvements in lending practices driven by information technology have enabled lenders to reach out to households with previously unrecognized borrowing capacities.
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Revolutions are something you see only in retrospect.
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Although the outlook is clouded by a number of uncertainties, the central tendencies of the projections .. imply continued good economic performance in the United States.
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The recent evidence increasingly suggests that an economic expansion is already well under way, although an array of influences unique to this business cycle seems likely to moderate its speed.
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What an ideology is is a conceptual framework with the way people deal with reality.
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Given our inevitably incomplete knowledge about key structural aspects of our ever-changing economy and the sometimes asymmetric costs or benefits of particular outcomes, a central bank.
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Everyone has one. You have to, to exist you need an ideology. The question is whether it is accurate or not.
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Regulation – which is based on force and fear – undermines the moral base of business dealings. It becomes cheaper to bribe a building inspector than to meet his standards of construction. Protection of the consumer by regulation is thus illusory.
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I’m a plain soap kind of guy.
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I do not deny that many appear to have succeeded in a material way by cutting corners and by manipulating associates, both in their professional and in their personal lives.
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When trust is lost, a nation’s ability to transact business is palpably undermined.
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Productivity is notoriously difficult to predict.
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Fiat money in extremis is accepted by nobody. Gold is always accepted.
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Remember what we’re looking at. Gold is a currency. It is still, by all evidence, a premier currency, that no fiat currency, including the dollar, can match.
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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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Excessive optimism sows the seeds of its own reversal.
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Any informed borrower is simply less vulnerable to fraud and abuse.
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Since I’ve become a central banker, I’ve learned to mumble with great incoherence.
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And whatever their publicized angst over Saddam Hussein’s ‘weapons of mass destruction.
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Without calling the overall national issue a bubble, it’s pretty clear that it’s an unsustainable underlying pattern.
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If we are to remain preeminent in transforming knowledge into economic value, America’s system of higher education must remain the world’s leader in generating scientific and technological breakthrough, and in meeting the challenge to educate workers.
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Well, you probably will always believe there should be laws against fraud, and I don’t think there is any need for a law against fraud.
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The number one problem in today’s generation and economy is the lack of financial literacy.
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Even though some down payments are borrowed, it would take a large, and historically most unusual, fall in home prices to wipe out a significant part of home equity.
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These days, even out of office, I still read economic reports.
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