I am unable to think of any critical, complex human activity that could be safely reduced to a simple summary equation.

Perhaps the greatest challenge for the resolution of a systemic global bank is the possibility that public or private actors in different countries might take local actions that would cause the overall resolution to spin out of control.

Regulatory changes have forced banks to closely examine their liquidity planning and to internalize the costs of liquidity provision. The costs of committed liquidity facilities will be passed on to clearing members. These costs are perhaps highest in clearing Treasury securities, where liquidity needs can be especially large.

The financial crisis and the Great Recession posed the most significant macroeconomic challenges for the United States in a half-century, leaving behind high unemployment and below-target inflation and calling for highly accommodative monetary policies.

When TV came, people said who will go to theatres to watch movies? When the Internet came, they said the same. And now it's the digital media... The doomsday predictions are always there but I don't think people will stop going to cinema halls because that is one experience you can't get at home.

The freedom to connect to the world anywhere at anytime brings with it the threat of unscrupulous predators and criminals who mask their activities with the anonymity the Internet provides to its users.

With communication technology in general, there's a kind of certain critical mass of people. Once you get to 15% of the world's entire population using one communication technology, that's a big deal. It's beyond the theoretical at this point. The people who think it's a fad have probably not been paying that much attention.

For me, the Internet's like music. I don't like working without it. I will tune it out for hours at a time, as I get lost in the work, but I'd know if it wasn't there. If that makes sense.