Inflation is certainly low and stable and, measured in unemployment and labour-market slack, the economy has made a lot of progress. The pace of growth is disappointingly slow, mostly because productivity growth has been very slow, which is not really something amenable to monetary policy. It comes from changes in technology, changes in worker skills and a variety of other things, but not monetary policy, in particular.

The Federal Reserve is not currently forecasting a recession.

How much would you pay to avoid a second Depression?

I assure this committee that, if I am confirmed, I will be strictly independent of all political influences... essential to that institution's ability to function effectively and achieve its mandated objectives.

September and October of 2008 was the worst financial crisis in global history, including the Great Depression.

The Federal Reserve will not monetize the debt.

The lesson of history is that you do not get a sustained economic recovery as long as the financial system is in crisis.