The idea that when people see prices falling they will stop buying those cheaper goods or cheaper food does not make much sense. And aiming for 2 percent inflation every year means that after a decade prices are more than 25 percent higher and the price level doubles every generation. That is not price stability, yet they call it price stability. I just do not understand central banks wanting a little inflation.

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.

It's a whole different attitude toward public service than it once was. I tell you, we can all sit around in our old age and moan about it, but I think the administrative processes and the management effectiveness of the federal government are terrible!

A global economy requires a global currency.

It was probably a mistake to allow gold to rise so high.

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.

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