There does seem to me a latent danger— no part of the intention of present European leaders— implicit in the development [of the euro]. Regional mone… - Paul Volcker

Fred Hirsch's last dicta: "A controlled disintegration in the world economy is a legitimate objective for the 1980's"… The phrase captures what seems to me the prevailing attitudes and practices of most gov­ernments in this decade.

In the 1950s and 1960s, a substantial number of economists taking on a role of social philosopher defended a "little" inflation as a kind of social solvent, helping to reconcile competing political and economic pressures.… It was a game of mirrors, but it seemed acceptable for a while, more acceptable than imposing the degree of fiscal, monetary and other restraints necessary to deal with inflation.

The happy days of Bretton Woods, often viewed today with nostalgia, were a special case, workable because of a particular economic and political setting… the inherent contradictions in the system were too great. With the benefit of hindsight, it would seem that an erosion of the United States competitive position was implicit in the postwar arrangements.