The arts develop skills and habits of mind that are important for workers in the new economy of ideas.

...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.

Anything that we can do to raise personal savings is very much in the interest of this country.

The arts develop skills and habits of mind that are important for workers in the new economy of ideas.

Clearly, sustained low inflation implies less uncertainty about the future, and lower risk premiums imply higher prices of stocks and other earning assets. We can see that in the inverse relationship exhibited by price/earnings ratios and the rate of inflation in the past. But how do we know when irrational exuberance has unduly escalated asset values, which then become subject to unexpected and prolonged contractions as they have in Japan over the past decade?

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.

Now, I only play very occasionally, and in fact, more piano than clarinet or sax.