"Thirty years ago, many economists argued that inflation was a kind of minor inconvenience and that the cost of reducing inflation was too high a price to pay. No one would make those arguments today."

"Even if the dollar does decline during the coming months, the delays in the response of exports and imports to the more competitive dollar will mean that the increase in aggregate demand from this source may not happen for a year or more."

"We are particularly poor at the open economy issues."

"To finance this trade deficit, the U.S. has to borrow from the rest of the world or sell American assets like stocks, businesses, and real estate to the rest of the world."

"It is impossible to predict the time and progress of revolution. It is governed by its own more or less mysterious laws."

"I've been on a calendar, but I've never been on time."

"So we beat on, boats against the current, borne back ceaselessly into the past."

"Every scene, even the commonest, is wonderful, if only one can detach oneself, casting off all memory of use and custom and behold it, as it were, for the first time."