When people begin anticipating inflation, it doesn't do you any good anymore, because any benefit of inflation comes from the fact that you do better than you thought you were going to do.

I am suspicious of the idea of a new paradigm, to use that word, an entirely new structure of the economy.

When I hear complaints about less liquidity, remember there is such a thing as too much liquidity.

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

The only thing useful banks have invented in 20 years is the ATM.

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.

That day the U.S. announced that the dollar would be devalued by 10 percent. By switching the yen to a floating exchange rate, the Japanese currency appreciated, and a sufficient realignment in exchange rates was realized. Joint intervention in gold sales to prevent a steep rise in the price of gold, however, was not undertaken. That was a mistake.