The Iraq War is largely about oil.

Without calling the overall national issue a bubble, it's pretty clear that it's an unsustainable underlying pattern.

I'm always amazed that my wife can handle different subjects - one day politics, the next day foreign policy. And she always has so much fun doing it. We make a good team.

The very nature of finance is that it cannot be profitable unless it is significantly leveraged... and as long as there is debt, there can be failure and contagion.

The current financial crisis in the US is likely to be judged in retrospect as the most wrenching since the end of the Second World War.

Fear and euphoria are dominant forces, and fear is many multiples the size of euphoria. Bubbles go up very slowly as euphoria builds. Then fear hits, and it comes down very sharply. When I started to look at that, I was sort of intellectually shocked. Contagion is the critical phenomenon which causes the thing to fall apart.

Deficit spending is simply a scheme for the confiscation of wealth.