Europe unified its monetary policy through the euro before it unified politically, therefore sustaining member countries' abilities to pursue the kind of independent fiscal policies that can strain a joint currency.
Amity ShlaesToday we care about budgets more than anything. Our American future hangs on the ability of government to cut budget.
Amity ShlaesTo investors, job creation is a second-order effect. Market participants care first about interest rates, exchange rates, bond prices and the one great factor that affects all three: the long-term solvency of a bond company called the U.S. government.
Amity ShlaesPeople value Halloween, like Valentine's Day, because they can tell themselves that it's not merely secularized but actually secular, which is to say, not Christian, Jewish, Hindu or Muslim.
Amity ShlaesThe lucky biographers find themselves drawn into a sort of friendship with their subject.
Amity ShlaesRight now we're concerned about budget. Right now we're concerned about the prospect of interest rate rise. We're concerned about government corruption, government handing out deals to specific groups. Coolidge fixed a problem like that. He came into a rough time and he, and Harding before him, fixed that by budgeting.
Amity Shlaes