"The bandleader is a musician trying to sell a mass commodity; and in order to do so successfully he must accommodate himself to mass standards. Unless he can do this comfortably, sooner or later he is sunk."

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The fact that global savers accommodate U.S. consumers by keeping U.S. interest rates lower than they otherwise would be and the dollar stronger than it otherwise would be is simply a manifestation of America's comparative advantage at supplying wealth storage facilities.

— John H. Makin