For instance, one of the costs of the war is that soldiers today get very seriously injured but stay alive, and we can keep them alive but at an enormous price.

The IMF insisted that both Russia and Brazil maintain their currency at over-valued levels. Who are you protecting when you try to maintain that exchange rate by having high interest rates? You're protecting domestic and foreign firms that have gambled on the exchange rate. And who is paying the price? The small businesses that did not gamble [and no longer can afford loans], the workers who are going to be put out of jobs.

Macroeconomic policy can never be devoid of politics: it involves fundamental trade-offs and affects different groups differently.

For instance, one of the costs of the war is that soldiers today get very seriously injured but stay alive, and we can keep them alive but at an enormous price.

Anybody who has watched government from the inside recognizes that governments need institutions, need ways to respond to crises.

Nationalization of private debts undermines prudential lender behavior and is a government intervention in the market.

If the President asked you to help, I don't think anybody could refuse, unless one felt that one couldn't be effective.