Domestic Inflation Reflects Domestic Monetary Policy.

So Just As I Want Pilots On The Planes That I Fly, When It Comes To Monetary Policy, I Want To Think That There Is Someone With Sound Judgement At The Controls.

A Second Reason Why Science Cannot Replace Judgement Is The Behavior Of Financial Markets.

But Because We In The United States Finance Our Current Account Deficit By Borrowing In Our Own Currency, We Can Move To A More Competitive Dollar Without The Adverse Effects That Followed Currency Declines In Other Countries.

First, I Think The Science Of Monetary Economics Has Clearly Gotten Better.

The Only Way That We Can Reduce Our Financial Dependence On The Inflow Of Funds From The Rest Of The World Is To Reduce Our Trade Deficit.