[Niccolò] Machiavelli said it's better to be feared than to be loved.

The Fed wants to raise rates because they've been yelling and screaming about it. They've been crying wolf for so long that their credibility is shot, and I think they feel they need to.

[Donald Trump] is so unpredictable that foreigners are going to look around and say "boy, we've got to head for the safe havens." And one of the safe havens is Treasurys and [another is] the dollar.

TPP is dead anyway, and similar deals in the eurozone are going nowhere.

I said earlier [2015] year that I thought we'd get to 10 or 20 bucks [per barrel ] because that's the marginal cost, and when you're in a price war, it's the marginal cost that determines the price.It is a price war because basically the OPEC reason did not cut production in their November 2014 meeting was that they got tired of cutting production and having American frackers and Russians et cetera grab market share.

Despite the recent conviction of many that we're headed back to inflation, I think deflation remains the more likely prospect. You've just got too much excess capacity in the world.

OPEC production went from 30 million barrels a day to 33 million. They flooded the market, and it's lost them a lot of money. Look at the Saudis: they just floated a $17.5 billion debt offering, they earlier borrowed $10 billion from a group of international banks; they're selling part of Aramco - they're desperate for money.