The Tub Helps Me Relax,

While Local Economies May Experience Significant Price Imbalances, A National Severe Price Distortion Seems Most Unlikely In The United States, Given Its Size And Diversity.

It's A Bubble. It Has To Have Intrinsic Value. You Have To Really Stretch Your Imagination To Infer What The Intrinsic Value Of Bitcoin Is. I Haven't Been Able To Do It. Maybe Somebody Else Can.

We Cannot Rule Out A Situation In Which A Preemptive Policy Tightening Becomes Necessary, ... Such Caution Seems Especially Warranted With Regard To The Sharp Rise In Equity Prices During The Past Two Years. These Gains Have Obviously Raised Questions Of Sustainability.

Developing Protectionism Regarding Trade And Our Reluctance To Place Fiscal Policy On A More Sustainable Path Are Threatening What May Well Be Our Most Valued Policy Asset: The Increased Flexibility Of Our Economy, Which Has Fostered Our Extraordinary Resilience To Shocks.

The True Measure Of A Career Is To Be Able To Be Content, Even Proud, That You Succeeded Through Your Own Endeavors Without Leaving A Trail Of Casualties In Your Wake.