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

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.

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!

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

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.

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.

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