Monetary Policy Itself Cannot Sensibly Be Directed

The Plausible Outcomes Range From The Gradual And Benign To The More Precipitous And Damaging.

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

Financial Crises Require Governments.

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

There Is A Basic Lesson On Financial Crises That Governments Tend To Wait Too Long, Underestimate The Risks, Want To Do Too Little. And It Ultimately Gets Away From Them, And They End Up Spending More Money, Causing Much More Damage To The Economy.