Productivity is notoriously difficult to predict.

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...While these tendencies were no doubt in train in the "old," pre-1990s economy, they accelerated over the past decade as a number of technologies with their roots in the cumulative innovations of the past half-century began to yield dramatic economic returns.

What we have found over the years in the marketplace is that derivatives have been an extraordinarily useful vehicle to transfer risk from those who shouldn't be taking it to those who are willing to and are capable of doing so.

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

An almost hysterical antagonism toward the gold standard is one issue which unites statists of all persuasions. They seem to sense... that gold and economic freedom are inseparable.

Without calling the overall national issue a bubble, it's pretty clear that it's an unsustainable underlying pattern.

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