But how do we know when irrational exuberance has unduly escalated asset values, which then become subject to unexpected and prolonged contractions a….

We need, in effect, to make the phantom 'lock-boxes' around the trust fund real..

Nor can private counterparties restrict supplies of gold, another commodity whose derivatives are often traded over-the-counter, where central banks ….

This decade is strewn with examples of bright people who thought they built a better mousetrap that could consistently extract abnormal returns from ….

A decline in the national housing price level would need to be substantial to trigger a significant rise in foreclosures, because the vast majority o….

Regulators have not been able to achieve the level of future clarity required to act pre-emptively. The problem is not lack of regulation but unreali….

Anyone willing to do what is required to become president of the United States is thereby barred from taking that office. I'm only half joking.

Productivity is notoriously difficult to predict..

Gold, unlike all other commodities, is a currency...and the major thrust in the demand for gold is not for jewelry. It's not for anything other than ….

It has been my experience that competency in mathematics, both in numerical manipulations and in understanding its conceptual foundations, enhances a….

Crony capitalism is essentially a condition in which... public officials are giving favours to people in the private sector in payment of political f….

We as central bankers need not be concerned if a collapsing financial asset bubble does not threaten to impair the real economy, its production, jobs….

In the absence of the gold standard, there is no way to protect savings from confiscation through inflation. There is no safe store of value..

Rules cannot take the place of character..

History demonstrates that participants in financial markets are susceptible to waves of optimism. Excessive optimism shows the seeds of its own rever….

The need for values is inbred. Their content is not..

Gold still represents the ultimate form of payment in the world. Fiat money in extremis is accepted by nobody. Gold is always accepted..

If we are to remain preeminent in transforming knowledge into economic value, America's system of higher education must remain the world's leader in ….

...our market system depends critically on trust-trust in the word of our colleagues and trust in the word of those with whom we do business..

Corruption, embezzlement, fraud, these are all characteristics which exist everywhere. It is regrettably the way human nature functions, whether we l….

The true measure of a career is to be able to be content, even proud, that you succeeded through your own endeavors without leaving a trail of casual….