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The only way that we can reduce our financial dependence
by Martin Feldstein

The only way that we can reduce our financial dependence
on the inflow of funds from the rest of the world is
to reduce our trade deficit.
- Martin Feldstein

Related topics: Finance

Inflation is lower and more stable and the real business
cycle fluctuations are more modest.
- Martin Feldstein

The price of imported oil in the US doubled between
summer 2003 and summer 2005,
reducing consumers' purchasing power by more than 1
per cent of gross domestic product.
- Martin Feldstein

The more competitive value of the dollar turned around the trade deficit.
- Martin Feldstein

 

A second reason why science cannot replace judgement
is the behavior of financial markets.
- Martin Feldstein

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.
- Martin Feldstein

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.
- Martin Feldstein

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I think that over the last few decades,
we have seen better economic outcomes than in the past.
- Martin Feldstein

Unless the trade deficit shrinks, the combination of
the trade deficit and the interest and dividend payments
to foreigners will grow ever more rapidly.
- Martin Feldstein

We are particularly poor at the open economy issues.
- Martin Feldstein

First, I think the science of monetary economics has clearly gotten better.
- Martin Feldstein

We pay some price when necessary to bring down inflation
but that price is temporary and is not large relative
to the permanent gain from reduced inflation.
- Martin Feldstein

Domestic inflation reflects domestic monetary policy.
- Martin Feldstein

And finally, no matter how good the science gets,
there are problems that inevitably depend on judgement,
on art, on a feel for financial markets.
- Martin Feldstein

An increase in the relative price of products from
the low wage manufacturers in Asia and Latin America
will also make those products less attractive to American consumers.
- Martin Feldstein

My theme this evening is that America needs a competitive dollar.
- Martin Feldstein

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.
- Martin Feldstein

In short, both experience and economic theory imply
that the US could now t to a more competitive dollar
without experiencing either increased inflation or
decreased economic growth.
- Martin Feldstein

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.
- Martin Feldstein

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.
- Martin Feldstein

Although economists have studied the sensitivity of
import and export volumes to changes in the exchange rate,
there is still much uncertainty about just how much
the dollar must change to bring about any given reduction in our trade deficit.
- Martin Feldstein

After all, an overvalued dollar gives us the ability
to buy foreign goods at lower prices.
And the existing volume of exports brings more yen
and euros than they would if the dollar were more competitive.
- Martin Feldstein

But the primary reason for wanting the dollar to become
more competitive in the near future is that we may
need an increase in exports this year and in 2007 to
sustain the economy's current pace of expansion.
- Martin Feldstein

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.
- Martin Feldstein

The good news is that a competitive dollar in the global
market and a strong dollar at home are compatible in
both the long run and during the transition to a more competitive dollar.
- Martin Feldstein

But then in April of 1985 the dollar began a sharp decline.
The dollar's trade weighted value fell 23 percent in
just 12 months and by a total of 37 percent by the beginning of 1988.
- Martin Feldstein

A rise in the level of saving can reduce aggregate
activity temporarily but only a sustained high level
of saving makes it possible to have the sustained high
level of business investment that contributes to the
long-run growth of output.
- Martin Feldstein

If the Federal Reserve pursues a strong dollar at home
while the dollar becomes more competitive in global markets,
we can achieve both price stability and a more balanced path of economic growth.
- Martin Feldstein

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.
- Martin Feldstein

People only see what they are prepared to see.
- Ralph Waldo Emerson

You're only here for a short visit.
Don't hurry. Don't worry.
And be sure to smell the flowers along the way.
- Walter Hagen

Darkness cannot drive out darkness;
only light can do that.
Hate cannot drive out hate;
only love can do that.
- Martin Luther King, Jr.

Hate is never conquered by hate,
Hate is only conquered by love.
- The Buddha

There are no facts, only interpretations.
- Friedrich Nietzsche

The only thing necessary for evil to triumph
is for enough good men to do nothing.
- Edmund Burke

Life is an adventure.
I can only wonder what treasure
awaits at the top of the path.
- Jonathan Lockwood Huie

Play with life, laugh with life,
dance lightly with life,
and smile at the riddles of life,
knowing that life's only true lessons
are writ small in the margin.
- Jonathan Lockwood Huie

There are only two ways to live your life.
One is as though nothing is a miracle.
The other is as though everything is a miracle.
- Albert Einstein

Choose Inner Peace.
Nothing is worth losing your inner peace.
Take action as circumstances require,
but never surrender your inner peace.
Stop. Breathe deeply.
Close your eyes and breathe deeply again.
Then, and only then, take action -
from a peaceful heart.
- Jonathan Lockwood Huie

If the only prayer you said in your whole life was,
Thank you, that would suffice.
- Meister Eckhart

We have only this moment,
sparkling like a star in our hand -
and melting like a snowflake.
- Marie B. Ray

There are only two or three human stories,
and they go on repeating themselves as fiercely
as if they had never happened before.
- Willa Cather

Universal compassion is the only guarantee of morality.
- Arthur Schopenhauer

We can only be said to be truly alive in those moments
when our hearts are conscious of our treasures.
- Thornton Wilder

Move out of your comfort zone. You can only
grow if you are willing to feel awkward and
uncomfortable when you try something new.
- Brian Tracy

Minds are like parachutes.
They only function when they are open.
- James Dewar

Don't hurry. Don't worry.
You're only here for a short visit.
So don't forget to stop and smell the roses.
- Walter Hagen

A thankful heart is not only the greatest virtue,
but the parent of all other virtues.
- Cicero

Life is NOT "Supposed to be Fair."
Know that there is no single way that life is "supposed" to be.
Demanding that life meet our expectations
is a sure fire recipe for a miserable existence.
Life is a game with no rules.
Life just happens to us regardless of our best intentions.
Our only path to happiness lies in being open
to receiving whatever life throws at us -
with Gratitude. Have NO Expectations of life.
- Jonathan Lockwood Huie

Only those who dare to fail greatly can ever achieve greatly.
- Robert F. Kennedy

Nothing in life is to be feared.
It is only to be understood.
- Marie Curie

One can not reflect in streaming water.
Only those who know internal peace can give it to others.
- Lao Tzu

Imagine all the people living life in peace.
You may say I'm a dreamer,
but I'm not the only one.
I hope someday you'll join us,
and the world will be as one.
- John Lennon

Majority rule only works if you're also
considering individual rights,
because you can't have five wolves and one sheep
voting on what to have for dinner.
- Larry Flynt

Miracles are the natural way of the Universe -
our only job is to move our doubting minds aside
and let the miracles flow.
- Jonathan Lockwood Huie

Find your balance and stand with it.
Find your song and sing it out.
Find your cadence and let it appear like a dance.
Find the questions that only you know how to ask and
The answers that you are content to not know.
- Mary Anne Radmacher

You are important. You are the star -
the only star - of your own life show.
Everyone else is a bit player in the great drama of your life.
Be of service to humanity, but never be anyone's doormat.
- Jonathan Lockwood Huie

For some of us, the world appears to provide
only a fixed quantity of each resource -
a limited amount of food, of money,
of love, of success, of appreciation.
For others, life is unlimited.
Their world expands with the generosity, compassion,
inventiveness, and service that they contribute.
In this world-view, money that is spent
or given away returns multiplied.
- Jonathan Lockwood Huie

The essence of all religions is one.
Only their approaches are different.
- Mohandas (Mahatma) Gandhi

People are like stained glass windows,
they sparkle and shine when the sun is out,
but when darkness sets in their true beauty
is revealed only if there is a light from within.
- Elisabeth Kubler-Ross

Life only
appears to be
rushing toward us
- Jonathan Lockwood Huie

Just stop it. Seriously.
Whatever it is. Just stop it.
If only for an hour, a day, a week.
Stop doing it long enough to get a glimpse
of what the change would actually look like.
- Mary Anne Radmacher

Friendship is born at that moment
when one person says to another,
"What! You too? I thought I was the only one."
- C. S. Lewis

Feeling sorry for yourself, and your present condition,
is not only a waste of energy
but the worst habit you could possibly have.
- Dale Carnegie

I have found the paradox,
that if you love until it hurts,
there can be no more hurt, only more love.
- Mother Teresa

An optimist is a person who sees a green light everywhere,
while the pessimist sees only the red stoplight.
The truly wise person is colorblind.
- Albert Schweitzer

Play the game for more than you can afford to lose...
only then will you learn the game.
- Winston Churchill

To be what we are,
and to become what we are capable of becoming,
is the only end in life.
- Baruch Spinoza

Peace cannot be kept by force;
it can only be achieved by understanding.
- Albert Einstein

Intellectual growth should commence at birth
and cease only at death.
- Albert Einstein

If only the people who worry about their liabilities
would think about the riches they do possess,
they would stop worrying.
- Dale Carnegie


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- Jonathan Lockwood Huie

 


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