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There is a limit to how much the United States Treasury can borrow.

Obviously, there has to be a profound change in direction. Otherwise, interest on the national debt will start eating up virtually every penny that we have.

I hope that the United States would cooperate with the partners to reduce its debt. The debt is a problem. The debt is with you, but unfortunately, the debt is not only with you but with us and with the rest of the world because we all, one way or another, are dependent on the dollar.

It's true that monetary policy was too lax for too long, and the government encouraged lending to people who were unlikely to repay their loans.

And that's the one thing that people do not understand is that we have very low interest rates and if those go back to historical levels or even go back to scary thoughts that they're back in the late '70s, early '80s, then that's going to really be hard to actually pay off those debts. It's going to be a - it's going to be a very big problem.

We know that advanced economies with stable governments that borrow in their own currency are capable of running up very high levels of debt without crisis.

Worry is the interest paid by those who borrow trouble.

The real problem is deflation. That is the opposite of inflation but equally serious to the borrower.

We need to think deeply about whether we can sustain banks that are not only too big to fail, but potentially too big to bail.

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.