A Quote by Arthur Penrhyn Stanley
I think in reality the Japanese have to make changes in monetary policy, otherwise we're still going to be dealing with some upward pressure on the yen against the dollar.
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The yen is trading where it's trading because people are guessing about people's future interest rates, dollar and yen and about the future growth potential of the economies. And, if this policy works, then the yen will probably strengthen.
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.
We've seen the volatility at dollar-yen, U.S. Treasurys, JGBs (Japanese government bonds), German bunds.
Inflation is certainly low and stable and, measured in unemployment and labour-market slack, the economy has made a lot of progress. The pace of growth is disappointingly slow, mostly because productivity growth has been very slow, which is not really something amenable to monetary policy. It comes from changes in technology, changes in worker skills and a variety of other things, but not monetary policy, in particular.
Of course I welcome all the normalization of monetary policy. I think monetary policy should be normal.
Beyond monetary policy, fiscal policy has traditionally played an important role in dealing with severe economic downturns.
We cannot escape the conclusion that because of performance in the pre-existence some of us are born as Chinese, some as Japanese, some as Indians, some as Negroes, some as Americans, some as Latter-day Saints. These are rewards and punishments, fully in harmony with His established policy in dealing with sinners and saints, rewarding all according to their deeds
There is always the potential for a central bank to engage in discretionary monetary policy and to break the one-to-one link between changes in foreign reserves and changes in the money supply.
When there's downward pressure on growth, one choice is to adjust economic policy, increase deficits, relax monetary policy. That might have a short-term benefit, but may not be beneficial for the future.
Well, I don't like the UK. I haven't ever been a fan of the pound (sterling),
and even though they are taking some steps in the right direction - more so than the US - in addressing some of their problems, I still think they're doing it much too slowly. So, I think that the pound will continue to lose value relative to some of these other currencies. I ultimately expect the pound to rise against the dollar, but that's not the best way to take advantage of dollar weakness.
So if you think America's politicians and citizens are willing to make the changes necessary to strengthen the U.S. dollar, then don't buy silver. But if you're like me and don't expect us, as a nation, to take our medicine, then short the dollar - and the way you short the currency is by going long on gold and silver.
Well, let's say Asian. Some are Japanese. Some are Chinese. Some are Thai. Some are Vietnamese. He runs the gamut. And I actually happen to have a very dear daughter-in-law who's Japanese. I don't know what she's going to make of the film, but I say a few disparaging things.
I think that the Japanese - and I do love Japanese cuisine and adore Japanese food culture - I think that they're going to plow through the entire world's fishing. They're going to eat everything anyways.
That day the U.S. announced that the dollar would be devalued by 10 percent. By switching the yen to a floating exchange rate, the Japanese currency appreciated, and a sufficient realignment in exchange rates was realized. Joint intervention in gold sales to prevent a steep rise in the price of gold, however, was not undertaken. That was a mistake.
I'm here. I'm not going anywhere. No matter what the injury - unless it's completely debilitating - I'm going to be the same player I've always been. I'll figure it out. I'll make some tweaks, some changes, but I'm still coming.
The phrase 'perception is reality' is overused generally. But perception can be reality in monetary policy. The bond market doesn't act merely on what it sees. It acts on what it expects of the Fed or the government.
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