The major challenge for the United States is whether it can become the first outward-looking, continental, nonimperialist power in history.

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.

Where countries have been able to carry through on their reform commitments - as in Korea, Thailand and the Philippines - results are starting to come in the form of lower interest rates, new investment and increased growth.

I promise you that there are a lot of people involved in various kinds of retail activities who think they have a crucial role in the economy, and they're right.

Deflation and secular stagnation are the risks of our time.

In politics, as in poetry, it is sometimes true that it is darkest before dawn.

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.