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The government will always tell you that it wants low inflation. The real issue is the horizon over which to bring inflation down.

I continue to think many of the factors holding down inflation are transitory... We want to be careful not to jump to a premature conclusion about what's in store for the U.S. economy.

We have to keep our eye on inflation, but so far inflation remains reasonably in check on the global stage.

Well, I think the global economy is in the position for continuing good growth with inflation well in check.

In reality there is no such thing as an inflation of prices, relatively to gold. There is such a thing as a depreciated paper currency.

I don't think anyone can speculate what will happen with respect to oil prices and gas prices because they are set on the global economy.

Any commodity that sees its price going higher will see new mines opening up. When the supply increases, the prices soften. When prices fall, some mines with higher production costs will shut down as they become unviable.

Businesses that have gone through an episode of hyperinflation become understandably alert to the threat of it: at the first hint of inflation, they're likely to increase prices, since they've learned that if they don't, and inflation hits, their businesses will be wrecked.

I don't think we're going to see the price of oil going down in the near future, that's the reality.

Over time, there's a very close correlation between what happens to the dollar and what happens to the price of oil. When the dollar gets week, the price of oil, which, as you know, and other commodities are denominated in dollars, they go up. We saw it in the '70s, when the dollar was savagely weakened.