Globalization and Government Policy
Remarks at the Fifth Annual Federal Reserve Bank of Philadelphia Policy Forum
Philadelphia, Pennsylvania
December 2, 2005
"Coddling inflation by monetizing deficits is not an option in a globalized world. It would erode our currency's value and undermine our economy's potential to grow and create jobs." 

Globalization and Monetary Policy
Warren and Anita Manshel Lecture in American Foreign Policy
Harvard University, Cambridge, Mass.
November 3, 2005
"The destruction of communism and the creation of vast new sources of inputs and production have upset all the calculations and equations that the very best economics minds, including those of the Federal Reserve staff—and I consider them the best of all—have used as their guideposts. The old models simply do not apply to the new, real world."

Globalization and Texas
Remarks before The Houston Forum
Houston, Texas
October 19, 2005
"We have millions of managers in our business community who have become experts at adapting to economic change with breathtaking alacrity. I am talking not just about CEOs but also about middle managers who operate supply chains, control inventories and fine-tune operations in our mighty economic machine. They are an important reason we have succeeded in growing our economy while others—great nations like Japan and Germany—had been stagnant, at least until adopting recent market-oriented reforms."

Contemplating the Nature of Money and the Capillaries of Capitalism
Remarks Before Downtown Waco Inc.
Waco, Texas
October 6, 2005
"Money flows are an economy’s lifeblood, and the Federal Reserve’s great responsibility lies in maintaining the cardiovascular system of American capitalism. The Federal Reserve’s factory operations—from payments processing to bank regulation to the New York desk’s trading activities—keep open the arteries, veins and even the capillaries of capitalism. We cannot let the equivalent of sclerosis block the arteries and disrupt the workings of the circulatory system. Nor can we let the inflation virus infect the blood supply and poison the system."

A Perspective on the Economic Outlook
Remarks before the Seventh Annual Economic Forum of the Greater Dallas Chamber
Dallas, Texas
October 4, 2005
"We heard that the pace of economic growth had begun to slow slightly prior to Katrina and that the disruptions from Katrina, and later from Rita, would initially slow growth a bit more. The U.S. economy grew at a 3.3 percent annual rate in the second quarter. Now, most forecasters anticipate growth closer to 3 percent in the fourth quarter. Many of them expect the bounce back from rebuilding the Gulf Coast to begin in early 2006, though the impact will be spread over several years. In the past, this pattern has repeated itself for a wide range of shocks and natural disasters. The one common element has been the resilience and flexibility of our free market economy."

An Overview of Banking, and the U.S. and Texas Economies
Remarks before the Texas Department of Banking Staff Conference
Saluting Texas Bank Examiners’ 100th Anniversary
Austin, Texas
September 12, 2005
"While Katrina’s damage to Louisiana, Mississippi and Alabama is massive, the first-tier macroeconomic hit to the overall economy will be less so. Early estimates are notoriously unreliable. What’s more, we tend to underestimate the inventiveness and cleverness of people and markets to respond to adversity."

The World Economy: Sharpening Our Peripheral Vision
Remarks before the Council of Economic Advisors to Utah Governor Jon Huntsman Jr.
Salt Lake City, Utah
July 29, 2005
"China’s emergence will trigger changes to our economy, but they will not come so fast or be so big as to overwhelm us. We will have time to adjust. We have proven time and again that we thrive when we face up to the challenge of vigorous competition." 

China's Economic Growth
Remarks before the Annual Symposium on Critical Global Markets: China's Remarkable Rise, Center for American and International Law
Dallas, Texas
June 14, 2005
"If you’re not willing to eliminate protectionism, reduce red tape and regulation, encourage free markets for capital as well as goods and services, live by the rule of law, punish public corruption and corporate malfeasance, if you’re not willing to let old jobs go by the wayside and otherwise unleash the competitive forces that make an economy nimble, you won’t keep pace with the leaders. Leaders do these things. That is how they stay leaders. That is how the U.S.A. got to where it is today, becoming the mightiest economic machine in history."

A Walk Around the World Economy
Remarks before the Joint World Affairs Council/Dallas Friday Group
Dallas, Texas
May 10, 2005
"Cheaper inputs help American producers lower their costs. Just as important, foreign competition forces U.S. producers to cut costs and bolster efficiency, providing a spur to productivity. We thus pave the way to move up to the “superfine processes,” like bio- and nano- and the higher reaches of technology. They will keep us at the forefront of the global economy and allow business to do what it does in a capitalist system, creating jobs and profits that in turn lead to more jobs and profits in a virtual cycle that, properly nurtured, goes on indefinitely."

2004

Can Germany Hold Its Own in the New World of a Reconfigured Europe, an Ascendant China, and 21st Century America? Is German Economic Decline Exaggerated? Or Inevitable?
Remarks before the Atlantik-Brücke Annual Meeting
Berlin, Germany
June 9, 2004
"The massive changes required of Germany will be hard. It is always easier to choose a certain present over an uncertain future. The beginning of the end of an old regime, of the old way, of business as usual, is always a troubled time. It requires new thinking, bold thinking. Transitions are full of pitfalls, of risk, of pain. I implore you to stop hiding behind both the failures and the successes of your past. Identify a leader or leaders who will take the kernels of promise that begin with Agenda 2010 and truly make this the beginning of the end of a Germany that no longer delivers. Make this the end of the beginning of reform. Get on with the real reform and a vital, renewed Germany that can lead Europe upward rather than downward."