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.

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.

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.

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

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