The Lesson Of History Is That You

The Basic Prescription For Preventing Deflation Is Therefore Straightforward, At Least In Principle: Use Monetary And Fiscal Policy As Needed To Support Aggregate Spending, In A Manner As Nearly Consistent As Possible With Full Utilization Of Economic Resources And Low And Stable Inflation. In Other Words, The Best Way To Get Out Of Trouble Is Not To Get Into It In The First Place.

It Must Be Awfully Frustrating To Get A Small Raise At Work And Then Have It All Eaten By A Higher Cost Of Commuting.

It Is Not The Responsibility Of The Federal Bank - Nor Would It Be Appropriate - To Protect Lenders And Investors From The Consequences Of Their Decisions

The Benefit Of Appointing A Hawkish Central Banker Is The Increased Inflation-fighting Credibility That Such An Appointment Brings.

I Generally Leave The Details Of Fiscal Programs To The Administration And Congress. That's Really Their Area Of Authority And Responsibility, And I Don't Think It's Appropriate For Me To Second Guess.