Otherwise a spend-prone fiscal policy teamed with a pro-growth monetary policy could be problematic for the U.S. economy and currency ahead.

Monetary policy is not a panacea.

Japan's big problem was that fiscal stimulus was not there. They haven't coordinated monetary policy with fiscal policy. That's what we're doing differently, and that's why we won't have the same problem.

Domestic inflation reflects domestic monetary policy.

A good monetary policy follows inflationary expectations and not historical numbers.

What we do know is somewhat reassuring, even if there are significant gaps in his international economic policy resume.