Clearly, sustained low inflation implies less uncertainty about the future, and lower risk premiums imply higher prices of stocks and other earning assets. We can see that in the inverse relationship exhibited by price/earnings ratios and the rate of inflation in the past. But how do we know when irrational exuberance has unduly escalated asset values, which then become subject to unexpected and prolonged contractions as they have in Japan over the past decade?
You are not the product of your circumstances. You are a composite of all the things you believe, and all the places you believe you can go. Your past does not define you. You can step out of your history and create a new day for yourself. Even if the entire culture is saying, "You can't." Even if every single possible bad thing that can happen to you does. You can keep going forward.
It continues to be my strong belief that the way we are going to make sure that everybody feels a part of this global economy is not by shutting ourselves off from each other, even if we could, but rather by working together more effectively than we have in the past.
There will be occasions in each of our lives when we will be called upon to explain or to defend our beliefs. When the time for performance arrives, the time for preparation is past.
I don't really think that, as a society, we [americans] want to confer blessings on generation after generation who contribute nothing to society, simply because somebody in the far distant past happened to amass a great sum of wealth.
The Chinese government wants me to say that for many centuries Tibet has been part of China. Even if I make that statement, many people would just laugh. And my statement will not change past history. History is history.