The United States basically accepted protection abroad as the price of post-war recovery. Now, that these countries have caught up to our level of prosperity, it is time for them to catch up to our level of openness.

It's important to remember how fortunate we are as a country to have a currency and a bond market that is seen in every way as a source of strength and it's a huge responsibility for us to keep it that way.

We are inheriting the worst financial system since the Depression. We're inheriting a situation - when people go back and study major banking crises a quarter century from now, the one that America developed in 2007 and 2008 is going to be one of those crises.

You can't have a situation in which companies proceed on a permanent basis relying only on cash from the government.

Global capital markets pose the same kinds of problems that jet planes do. They are faster, more comfortable, and they get you where you are going better. But the crashes are much more spectacular.

Contagion has become very much a phenomenon, and it's a phenomenon of globalization.

We must recognise that in an integrated world, trade cannot be divorced from other concerns. We need to promote free trade and serious global efforts with respect to common problems even as we support every nation's right to chart its own course.