I would like to thank state Senator Alice Johnson and Executive Director Sia Her for the invitation to attend the 2014 Asian Heritage Dinner. I am honored to participate in this prestigious event. My talk tonight will consist of some reflections on diversity. I’ll first talk about the regional diversity that lies at the heart of the Federal Reserve System.
Indeed, it is not an exaggeration to state that from this failure we have learned as much about why our free capitalist systems work, as about why central planning does not. The Soviet economic failure was so unambiguous that it proffered a new set of standards to better gauge alternative economic paradigms.