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

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.

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.

If, at the end of the day, we need to raise taxes, we should raise taxes.

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

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.

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