And Finally, No Matter How Good The

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.

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.

Homeowners Who Refinanced Their Mortgages Took Out Cash And Reduced Their Monthly Payments At The Same Time. Much Of The Cash Obtained By Refinancing Was Spent On Consumer Durables, Home Improvements And The Like.

And Finally, No Matter How Good The Science Gets, There Are Problems That Inevitably Depend On Judgment, On Art, On A Feel For Financial Markets.

Increased Government Spending Can Provide A Temporary Stimulus To Demand And Output But In The Longer Run Higher Levels Of Government Spending Crowd Out Private Investment Or Require Higher Taxes That Weaken Growth By Reducing Incentives To Save, Invest, Innovate, And Work.