Monetary Policy Itself Cannot Sensibly Be Directed

Monetary Policy Itself Cannot Sensibly Be Directed At Reducing Imbalances.

We Believe In A Strong Dollar. Chinese Financial Assets Are Very Safe.

The Substantial Uncertainty About The Path Of Asset Price Movements Going Forward Necessarily Reduces The Case For Altering Policy In Advance Of The Move.

Looking Past The Immediate Crisis, A More Resilient System Must Be Built On Stronger And Better Designed Shock Absorbers, Both In The Major Institutions And In The Infrastructure Of The Financial System.

Most Consequential Choices Involve Shades Of Gray, And Some Fog Is Often Useful In Getting Things Done