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Governments cannot assume or expect that the ECB will always facilitate their funding independently of the achievement of their fiscal and other policy objectives.

We are spending more money on bond holders than we are on our own citizens. It took 204 years to have this happen. The other party will not even allow a recorded vote on this issue so that we can see how people stand on that issue.

There's not a doubt in my mind that you will see a spate of municipal-bond defaults.

Central banks need to be able to buy bonds if there are short-term malfunctions of the markets. But buying bonds without differentiation and without limits would be very problematic.

In the United States, the government is bailing out banks, intervening in the economy, yet in Latin America, the Right continues to talk about 'free markets.' It's totally outdated; they don't have arguments; they don't have any sense.

One way to ease liquidity for banks is that the government can buy all highly rated securities held by the banks. Every single bank in the U.A.E. has some sovereign debts in their portfolios. I am not asking them to buy any junk bonds, rather the high quality U.A.E. government debt.

Within our mandate, the ECB is ready to do whatever it takes to preserve the euro. Believe me, it will be enough.

And let the Fed sell bonds to bring bank reserves back down to required reserve levels, so we have restraint on bank lending and bank issuances of liability.

The free market is at its best when everybody works in a fish bowl and tells you their point of view... The hedge funds and portfolio managers have a right to do this... We've muted the analysts and their presence in the system.

When I work with countries struggling to pay for budgets or finance trade deficits, I reflect on how Americans do not spend a moment considering the unique advantages of being able to issue bonds and print money freely.