“In my early days, I wrote my dissertation for MIT at the London School...” — Robert Mundell Quote

In my early days, I wrote my dissertation for MIT at the London School of Economics, really under James Meade, but my dissertation was five chapters on the theory of capital movement, but it didn't mention money.

It's political glue inside Europe to keep it together - the euro is the best thing going for it since the creation of the common market.

The price of gold was fixed at $35 an ounce in 1934, but by the time the U.S. got through the Korean War, the Vietnam war, with all the associated secular inflation, the price level had gone up nearly three times.

The problem started before World War I. The gold standard was working fairly well. But it broke down because of the war and what happened in the 1920s. And then the U.S. started to become so dominant in the world, with the dollar becoming the central currency after the 1930s, the whole world economy shifted.

Walk across any of the trading floors - they are full of 29-year-old kids. The capital markets of America are controlled by a bunch of right-out-of-business-school young guys who haven't really seen that much.

Even though there wasn't much damage, it's a disgrace that the skies over the imperial capital should have been defiled without a single enemy plane being shot down. It provides a regrettably graphic illustration of the saying that a bungling attack is better than the most skillful defense.

Venture capital is always wanting to go up market.

Legislation to create a new 10 percent tax bracket, reduce the marriage penalty, cut the tax rate on dividends and capital gains, and increase the child tax credit have been essential elements in this economic expansion.