It is very important for people to understand that the United States of America and no country around the world can devalue its way to prosperity, to be competitive. It is not a viable, feasible strategy, and we will not engage in it.

Never before in modern times has so much of the world been simultaneously hit by a confluence of economic and financial turmoil such as we are now living through.

Looking past the immediate crisis, a more resilient system must be built on stronger and better designed shock absorbers, both in the major institutions and in the infrastructure of the financial system.

The major economic policy challenges facing the nation today - pick your favorites among the usual suspects of low public and household savings, concerns about educational quality and achievement, high and rising income inequality, the large imbalances between our social insurance commitments and resources - are not about monetary policy.

The underconsumptionist of 1819 believed that consumption would be stimulated by tariffs, while the underconsumptionist of a later day urged monetary expansion as the remedy. On the other hand, the remedy proposed for the shortage of money capital was monetary inflation in 1819, encouragement of savings and thrift in the 1930s.

The best way that a central bank can support growth on a durable basis is to ensure inflation is low, stable - there is financial stability - and that is the role that the central bank plays.

Bitcoin and other cryptocurrencies are a form of money that's a stable field that the government can't destroy and can't distort. Because its creation is governed by the laws of mathematics. It can't happen any faster or slower than a certain rate, and it all sort of self-adjusts.

What they will try to do is get symbolic victories. Symbolism is important to them. They have little else. But they will strike, I believe, at centers of media, of financial, of American power, of American culture; and that is where we should place our bet.