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In the absence of the gold standard, there is no way to protect savings from confiscation through inflation. There is no safe store of value.

To measure prices by a currency that is called by the same names as gold, but that is really inferior in value to gold, and then - because those prices are nominally higher than gold prices - to say that they are inflated, relatively to gold, is a perfect absurdity.

The price of gold was fixed at $35 an ounce in 1934, but by the time the U.S. got through the Korean War, the Vietnam war, with all the associated secular inflation, the price level had gone up nearly three times.

Gold has intrinsic value. The problem with the dollar is it has no intrinsic value. And if the Federal Reserve is going to spend trillions of them to buy up all these bad mortgages and all other kinds of bad debt, the dollar is going to lose all of its value. Gold will store its value, and you'll always be able to buy more food with your gold.

If global oil prices or commodity prices are high, then it is bound to create inflation. So, we should not be too worried if the inflation is created by global commodity prices. When they come down, inflation will automatically come down.

I continue to believe that the American people have a love-hate relationship with inflation. They hate inflation but love everything that causes it.

Inflation is bringing us true democracy. For the first time in history, luxuries and necessities are selling at the same price.

The dollar used to be a gold standard currency. And the dollar is really good in the last century, I mean in the 19th century.

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.