“... low interest rates and cheap credit also cause people to act foolishly or greedily ...”

“Thus, increases in interest rates matter greatly for the economy as a whole. They not only cause direct reductions in investment spending and interest-sensitive consumption spending (the main intent of restrictive monetary policy), but they also may reduce aggregate demand indirectly through their impact on asset prices.”

“A system of capitalism presumes sound money, not fiat money manipulated by a central bank. Capitalism cherishes voluntary contracts and interest rates that are determined by savings, not credit creation by a central bank.”

“Impatience can cause wise people to do foolish things. ”

“I take all the credit in the world for my own foolishness.”

“I believe that, not only in chess, but in life in general, people place too much stock in ratings – they pay attention to which TV shows have the highest ratings, how many friends they have on Facebook, and it’s funny. The best shows often have low ratings and it is impossible to have thousands of real friends.”