“The Congress has had an uneasy relationship with banks and bankers since Alexander Hamilton. It took the United States until 1913 to set up a central bank. The Federal Reserve earned its hard-won independence over years of effort.”

“When I consider a problem, it is now instinctive for me to think about the institutions involved, the authorizing environment, possible coalitions, likely opposition, implementation, legal issues, resource dimensions, communications - and how the problem fits into a stream of other issues.”

“When I work with countries struggling to pay for budgets or finance trade deficits, I reflect on how Americans do not spend a moment considering the unique advantages of being able to issue bonds and print money freely.”

“The Congress has had an uneasy relationship with banks and bankers since Alexander Hamilton. It took the United States until 1913 to set up a central bank. The Federal Reserve earned its hard-won independence over years of effort.”