It was the biggest inflation and the most sustained inflation that the United States had ever had.

A nation's exchange rate is the single most important price in its economy; it will influence the entire range of individual prices, imports and exports, and even the level of economic activity. So it is hard for any government to ignore large swings in its exchange rate.

Less emphasis on inventories, I think, may tend to dampen business cycles, because business cycles are typically in the grasp of inventory cycles and heavy industry cycles.

Double-digit inflation is a terrible thing - and it got up to 14 or 15 percent on a monthly basis for a while, shortly after I became chairman of the Fed.

What's the subject of life - to get rich? All of those fellows out there getting rich could be dancing around the real subject of life.

The standard of living of the average American has to decline.

It was the biggest inflation and the most sustained inflation that the United States had ever had.