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

I wish someone would give me one shred of neutral evidence that financial innovation has led to economic growth — one shred of evidence.

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.

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.

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

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.

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