The American People Are Among

Life Is Amazingly Unpredictable; Any 22-year-old Who Thinks They Know Where They Will Be In 10 Years, Much Less In 30, Is Simply Lacking Imagination.

Monetary Policy Is Not A Panacea.

The Risk Exists That, With Aggregate Demand Exhibiting Considerable Momentum, Output Could Overshoot Its Sustainable Path, Leading Ultimately In The Absence Of Countervailing Monetary Policy Action To Further Upward Pressure On Inflation.

The Federal Reserve Will Not Monetize The Debt.

The Sources Of Deflation Are Not A Mystery. Deflation Is In Almost All Cases A Side Effect Of A Collapse Of Aggregate Demand.. A Drop In Spending So Severe That Producers Must Cut Prices On An Ongoing Basis In Order To Find Buyers.