Achieving Price Stability Is Not Only Important

The Risk That The Economy Has Entered A Substantial Downturn Appears To Have Diminished Over The Past Month Or So.

I'd Throw Dollars Out Of Helicopters If I Had To, To Stimulate The Economy.

The Best Approach Here, If At All Possible, Is To Use Supervisory And Regulatory Methods To Restrain Undue Risk-taking And To Make Sure The System Is Resilient In Case An Asset-price Bubble Bursts In The Future.

The Central Bank Needs To Be Able To Make Policy Without Short Term Political Concerns.

Like Gold, U.s. Dollars Have Value Only To The Extent That They Are Strictly Limited In Supply. But The U.s. Government Has A Technology, Called A Printing Press (or, Today, Its Electronic Equivalent), That Allows It To Produce As Many U.s. Dollars As It Wishes At Essentially No Cost. By Increasing The Number Of U.s. Dollars In Circulation, Or Even By Credibly Threatening To Do So, The U.s. Government Can Also Reduce The Value Of A Dollar In Terms Of Goods And Services, Which Is Equivalent To Raising The Prices In Dollars Of Those Goods And Services.