Japan rose from the ashes of World War II as a 'trading state,' the model for export-led growth. It is not clear that the old export model of growth will be sustainable in a more 'balanced' global economy that does not rely so heavily on the U.S. consumer.

The Congress has had an uneasy relationship with banks and bankers since Alexander Hamilton. It took the United States until 1913 to set up a central bank. The Federal Reserve earned its hard-won independence over years of effort.

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.

Robert Zoellick Quotes