Stripped of its academic jargon, the welfare state is nothing more than a mechanism by which governments confiscate the wealth of the productive members of a society to support a wide variety of welfare schemes.

There is no evidence that the business cycle has been repealed.

It's a bubble. It has to have intrinsic value. You have to really stretch your imagination to infer what the intrinsic value of Bitcoin is. I haven't been able to do it. Maybe somebody else can.

History cannot be reduced to a set of statistics and probabilities.

I have found no greater satisfaction than achieving success through honest dealing and strict adherence to the view that, for you to gain, those you deal with should gain as well.

The United States can pay any debt it has because we can always print money to do that. So there is zero probability of default.

...our market system depends critically on trust-trust in the word of our colleagues and trust in the word of those with whom we do business.