A good monetary policy follows inflationary expectations and not historical numbers.
These are the multinationals, like General Motors and Nestle; these are the big industrial groups that weigh, on the monetary scale, much more than big countries like Egypt.
I don't think that the ECB should compensate for the lack of reforms in some countries... But it is clear that monetary policy can help countries and continents to rebound faster.
At Standing Rock, we experienced, first-hand, people coming together in their communities and trying to use the levers of representative democracy to try and say, 'We don't want this in our community; we don't want this in our backyard,' and corporations using their monetary influence to completely erode that process.
Maybe other musicians are interested in different things, maybe they have greater monetary concerns. I hear people who have not changed, who haven't elevated anything, who are the same as they were back in the '50s and '60s.
The phrase 'perception is reality' is overused generally. But perception can be reality in monetary policy. The bond market doesn't act merely on what it sees. It acts on what it expects of the Fed or the government.
Europe unified its monetary policy through the euro before it unified politically, therefore sustaining member countries' abilities to pursue the kind of independent fiscal policies that can strain a joint currency.
Hank Paulson, obviously, had spent his career on Wall Street, had a deep knowledge of the Street, and also was a very forceful personality, had a very good relationship with the president, and was in a very different place, for example, than Ben Bernanke, who is an academic, quiet guy: spent most of his time thinking about monetary policy.
The monetary market is going to value people's time less and less as time goes on, so you need another way to structure their day that rewards them.
Here we have the Schengen agreement, and the truth is that for years we trusted each other and set border controls on the outer borders of the European Union. And as was the case with the economic and monetary union, with this step, regarding the management of the Schengen area, we did not go all the way in terms of political solutions.
