If none of us will allow our currencies to appreciate against the others, ... then they'll all depreciate against something else. Gold, copper, oil.
More Quotes from Paul Kasriel:
I agree with Gross. It's been refinancing of mortgages -- basically eating into one's seed corn -- that has been sustaining consumer spending. When that peters out, it's not clear what's going to kick in.Paul Kasriel
I've thought there would be some moderation in consumer spending this year, but I also thought that job growth would be better at this point than it has been. It may be that consumer spending will moderate even more than what I'm forecasting.
Paul Kasriel
He goes up to Congress, and they ask him questions about everything except monetary policy. It's unprecedented that a central banker is sort of viewed as an omniscient economic policy czar. It's not his responsibility.
Paul Kasriel
For the Bush administration, Hubbard is a good soldier, he's out there being a cheerleader and the Fed says everything's OK. But you can't see their hands behind their backs, with their fingers crossed.
Paul Kasriel
You're going to see good profit growth over the next several quarters, but it's not going to be as strong as it's been of late. Still, it will be better than a poke in the eye.
Paul Kasriel
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Charles Baudelaire
Sometimes the things we have to do are objectionable in the eyes of others.
Richard Perle